CNX Resources Q4 Net Income Declines

(RTTNews) - CNX Resources Corp. (CNX) reported fourth-quarter net income attributable to CNX shareholders of $102 million, or earnings of $0.50 per diluted share, compared to net income attributable to CNX shareholders of $277 million, or earnings of $1.21 per diluted share, in the fourth quarter of 2017. Adjusted net income per outstanding share to CNX shareholders was $0.67 compared to $0.97.

For the fourth-quarter, total revenue and other operating income declined to $435.45 million from $476.95 million, a year ago.

During the fourth quarter of 2018, CNX sold 136 Bcfe of natural gas, or an increase of 14% from the 119 Bcfe sold in the year-earlier quarter, driven primarily from an increase in Marcellus volumes. The company set a new daily production volume record of 1.64 net Bcfe per day in the quarter. During the fourth quarter, the company reported total production costs of $1.89 per Mcfe, compared to $2.17 per Mcfe, in the year-earlier quarter.

For 2019, CNX expects a minimum base of production volumes of at least 495-515 Bcfe, which equates to an approximately 5% annual increase, based on the midpoint of the minimum guidance, compared to 2018 volumes from retained assets of 480 Bcfe.