CNX Resources Posts Adj. Loss In Q4; Updates 2020 Production Volume Outlook

(RTTNews) - CNX Resources Corp. (CNX) reported a fourth-quarter adjusted loss per share of $0.14 compared to profit of $0.61, prior year. Adjusted EBITDAX declined 20.7 percent to $214 million. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.05, for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter total revenue and other operating income increased to $508.99 million from $435.46 million, prior year. Analysts expected revenue of $390.41 million, for the quarter. Sales volumes were 143.4 Bcfe, an increase of 5.4% from 136.1 Bcfe sold, prior year.

CNX updated its 2020 outlook for production volumes to 525-555 Bcfe, compared to the previous guidance of 535-565 Bcfe. Consolidated adjusted EBITDAX is estimated in a range of $885 million to $950 million, unchanged from prior outlook. For 2020, the company reduced its capital guidance by $40 million, primarily due to plan optimization and streamlined activity.