CNX Resources Expects Adj. EBITDAX To Be Higher In FY19, Lower In FY20

(RTTNews) - CNX Resources Corp. (CNX), while announcing third-quarter results, provided updated 2019 and 2020 guidance.

Despite lower natural gas prices since the previous guidance update, the company expects full-year 2019 adjusted EBITDAX to increase due to higher production volumes and lower costs.

In addition, CNX raised 2019 production volumes outlook to 530-540 Bcfe, compared to the previous guidance of 510-530 Bcfe.

For fiscal 2020, the company expects lower adjusted EBITDAX, compared to the previous guidance update, due to lower volumes and a decline in natural gas prices since July 8, 2019, which is the date used for the previous guidance.

The company also lowered 2020 production volumes outlook to 535-565 Bcfe, compared to the previous guidance of 570-595 Bcfe.

Further, despite a lower commodity strip, the company expects to generate $146 million of FCF in 2020, which is an increase compared to the previous guidance of $135 million.

CNX now expects $25 million in selling, general, and administrative cash cost savings in 2020 compared to the previous guidance;

In its third quarter, the company reported net income attributable to CNX shareholders of $116 million, or $0.61 per share, compared to $125 million or $0.59 per share last year.

On a consolidated basis, the company reported net income of $144 million, compared to $147 million a year ago.

Total revenue and Other Operating Income grew to $530 million from $397.13 million last year.