CNX Resources Corp. has reported $432.52 million in net profit, or $2.53 per diluted share, for the second quarter, rebounding from two consecutive quarters of losses.
That was partly due to a $421.12 million gain on commodity derivative instruments. The prior two quarters logged derivatives losses of $811.21 million.
Higher sales volumes of 167.6 billion cubic feet equivalent (Bcfe) compared to 147.8 Bcfe for Q1 also boosted results for the Marcellus and Utica natural gas producer. Gas sales totaled 156.3 Bcfe, natural gas liquids (NGLs) 11.1 Bcfe, and oil and condensate 0.2 Bcfe. Production averaged 1.84 Bcfe per day.
The increase in volumes was partially offset by a fall in prices across commodities. Gas averaged $2.84 per thousand cubic feet equivalent (Mcfe), and $2.68 per Mcfe including derivatives cash settlement. Oil and condensate sold for $8.74 per Mcfe. NGLs averaged $3.58 per Mcfe.
Sales revenue was $485.03 million. Total revenue and other operating income were $962.42 million.
CNX noted, “The company generated approximately $19 million from environmental attribute sales, capturing and selling 4.4 Bcf of remediated mine gas (RMG). CNX is positioned to benefit further as federal programs recognize the value of capturing and utilizing RMG, potentially generating $30 million annually, with some expected contribution starting in 2026”.
Q2 operating activities generated $282.49 million in net cash. Free cash flow was $188 million. Q2 2025 marked the 22nd consecutive quarter of positive free cash flow, the company said.
CNX repurchased 3.7 million shares at an average price of $31.24 per share for a total of $114 million. “This activity brought the total shares retired since 2020 to approximately 40 percent of outstanding shares – a record achieved through $1.6 billion in buybacks at an average price of $18.01 per share”, the company said.
“Operationally, CNX made significant strides with efficiency improvements in its drilling program”, it said. “The company completed drilling three deep Utica wells with lateral lengths averaging about 11,100 feet at an average pace of 36 days per well – a 46 percent reduction in drilling days from 2023.
“Fully burdened cash costs decreased to $1.05 per Mcfe, reflecting a continued focus on cost leadership.
“As a result of strong production, annual production guidance was raised to 615-620 Bcfe”.
CNX ended Q2 with $3.39 million in cash and cash equivalents. Current assets totaled $394.23 million.
The current portion of long-term debt stood at $328.84 million. Current liabilities totaled $1.2 billion.
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