CNX Resources Posts Wider Loss In Q1 On Impairment Charges - Quick Facts

(RTTNews) - CNX Resources Corp. (CNX) reported a first quarter loss per share of $1.76 compared to a loss of $0.44, prior year. The first quarter 2020 included non-cash impairment charges of $473 million for goodwill attributable to the midstream reporting unit and $62 million related to Southwestern Pennsylvania coalbed methane operations. Consolidated free cash flow was $129 million, an increase from $15 million, last year.

First quarter total revenue and other operating income increased to $416.36 million from $278.43 million, previous year.

In 2020, CNX expects consolidated free cash flow of approximately $300 million. In 2021, the company projects consolidated free cash flow of approximately $400 million. CNX expects annual consolidated free cash flow for 2022-2026 that averages $500 million each year, or about $2.5 billion in total.

Nicholas DeIuliis, CEO, said: "First quarter results and strong free cash flow were a harbinger of things to come. Going-forward activity pace and capital investment, largely driven by a maintenance of production approach, for the next seven years will leave years of core SWPA Marcellus and CPA Utica inventory remaining for post-2026 development. CNX expects to be free cash flow positive in each and every one of those seven years, with cumulative consolidated free cash flow exceeding $3.0 billion."