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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CNX Resources Corporation | NYSE:CNX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.59 | -2.51% | 22.93 | 23.63 | 22.82 | 23.55 | 2,720,367 | 01:00:00 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 51-0337383 | |||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
Common Stock ($.01 par value) | CNX | New York Stock Exchange | ||||||||||||
Preferred Share Purchase Rights | -- | New York Stock Exchange |
Page | ||||||||
PART I | ||||||||
ITEM 1. | Business | |||||||
ITEM 1A. | Risk Factors | |||||||
ITEM 1B. | Unresolved Staff Comments | |||||||
ITEM 2. | Properties | |||||||
ITEM 3. | Legal Proceedings | |||||||
ITEM 4. | Mine Safety Disclosures | |||||||
PART II | ||||||||
ITEM 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |||||||
ITEM 6. | Selected Financial Data | |||||||
ITEM 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk | |||||||
ITEM 8. | Financial Statements and Supplementary Data | |||||||
ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures | |||||||
ITEM 9A. | Controls and Procedures | |||||||
ITEM 9B. | Other Information | |||||||
PART III | ||||||||
ITEM 10. | Directors, Executive Officers and Corporate Governance | |||||||
ITEM 11. | Executive Compensation | |||||||
ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||
ITEM 13. | Certain Relationships and Related Transactions and Director Independence | |||||||
ITEM 14. | Principal Accountant Fees and Services | |||||||
PART IV | ||||||||
ITEM 15. | Exhibits and Financial Statement Schedules | |||||||
ITEM 16. | Form 10-K Summary | |||||||
SIGNATURES |
Shale | CBM | Other Gas | ||||||||||||||||||||||||
Segment | Segment | Segment | Total | |||||||||||||||||||||||
Estimated Net Proved Reserves (MMcfe)
|
8,443,926 | 1,099,627 | 6,205 | 9,549,758 | ||||||||||||||||||||||
Percent Developed (1) | 52 | % | 71 | % | 100 | % | 54 | % | ||||||||||||||||||
Net Producing Wells (including oil and gob wells) | 491 | 3,852 | 57 | 4,400 | ||||||||||||||||||||||
Net Acreage Position: | ||||||||||||||||||||||||||
Net Proved Developed Acres | 77,369 | 235,388 | 38,780 | 351,537 | ||||||||||||||||||||||
Net Proved Undeveloped Acres | 43,713 | — | — | 43,713 | ||||||||||||||||||||||
Net Unproved Acres(2) | 716,581 | 1,943,671 | 977,730 | 3,637,982 | ||||||||||||||||||||||
Total Net Acres(3) | 837,663 | 2,179,059 | 1,016,510 | 4,033,232 |
Gross(1) | Net(2) | |||||||||||||
Producing Gas Wells (including gob wells) - Working Interest | 4,712 | 4,401 | ||||||||||||
Producing Oil Wells - Working Interest | — | — | ||||||||||||
Producing Gas Wells - Royalty Interest | 1,810 | — | ||||||||||||
Producing Oil Wells - Royalty Interest | 152 | — | ||||||||||||
Net Acreage Position: | ||||||||||||||
Proved Developed Acreage | 351,537 | 351,537 | ||||||||||||
Proved Undeveloped Acreage | 43,713 | 43,713 | ||||||||||||
Unproved Acreage | 4,986,196 | 3,637,982 | ||||||||||||
Total Acreage | 5,381,446 | 4,033,232 |
Gross Unproved Acres | Net Unproved Acres | Gross Proved Undeveloped Acres | Net Proved Undeveloped Acres | |||||||||||||||||||||||
Held by Production/Fee | 4,889,527 | 3,578,943 | 30,594 | 30,594 | ||||||||||||||||||||||
Expiration Within 2 Years | 55,298 | 30,429 | 4,732 | 4,732 | ||||||||||||||||||||||
Expiration Beyond 2 Years | 41,370 | 28,610 | 8,387 | 8,387 | ||||||||||||||||||||||
Total Acreage | 4,986,195 | 3,637,982 | 43,713 | 43,713 |
For the Year | ||||||||||||||||||||
Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Shale Segment | 25.0 | 64.7 | 77.9 | |||||||||||||||||
CBM Segment | 4.0 | 11.0 | 6.0 | |||||||||||||||||
Other Gas Segment | — | — | — | |||||||||||||||||
Total Development Wells (Net) | 29.0 | 75.7 | 83.9 |
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Producing | Dry | Still Eval*. | Producing | Dry | Still Eval. | Producing | Dry | Still Eval. | ||||||||||||||||||||||||||||||||||||||||||||||||
Shale Segment | — | — | 2.0 | 4.0 | — | 1.0 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
CBM Segment | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other Gas Segment | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Exploratory Wells (Net) | — | — | 2.0 | 4.0 | — | 1.0 | — | — | — |
Net Reserves (Million of Cubic Feet Equivalent) | As of December 31, | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Proved Developed Reserves | 5,199,748 | 4,838,858 | 4,494,878 | |||||||||||||||||
Proved Undeveloped Reserves | 4,350,010 | 3,586,809 | 3,386,457 | |||||||||||||||||
Total Proved Developed and Undeveloped Reserves (1) | 9,549,758 | 8,425,667 | 7,881,335 |
As of December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Future Net Cash Flows | $ | 6,313 | $ | 7,744 | $ | 13,132 | ||||||||||||||
Total PV-10 Measure of Pre-Tax Discounted Future Net Cash Flows (1) | $ | 3,603 | $ | 4,176 | $ | 6,172 | ||||||||||||||
Total Standardized Measure of After-Tax Discounted Future Net Cash Flows | $ | 2,636 | $ | 3,070 | $ | 4,655 |
As of December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
NYMEX Natural Gas Prices (MMbtu) | $ | 1.985 | $ | 2.578 | $ | 3.100 | ||||||||||||||
Future Cash Inflows | $ | 16,578 | $ | 19,490 | $ | 26,610 | ||||||||||||||
Future Production Costs | (6,072) | (7,903) | (7,730) | |||||||||||||||||
Future Development Costs (including Abandonments)* | (1,958) | (1,121) | (1,600) | |||||||||||||||||
Future Net Cash Flows (pre-tax) | 8,548 | 10,466 | 17,280 | |||||||||||||||||
10% Discount Factor | (4,945) | (6,290) | (11,108) | |||||||||||||||||
PV-10 (Non-GAAP Measure) | 3,603 | 4,176 | 6,172 | |||||||||||||||||
Undiscounted Income Taxes | (2,235) | (2,721) | (4,147) | |||||||||||||||||
10% Discount Factor | 1,268 | 1,615 | 2,630 | |||||||||||||||||
Discounted Income Taxes | (967) | (1,106) | (1,517) | |||||||||||||||||
Standardized GAAP Measure | $ | 2,636 | $ | 3,070 | $ | 4,655 |
For the Year | ||||||||||||||||||||
Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Natural Gas | ||||||||||||||||||||
Sales Volume (MMcf) | ||||||||||||||||||||
Shale | 428,679 | 449,669 | 403,244 | |||||||||||||||||
CBM | 52,609 | 55,445 | 60,268 | |||||||||||||||||
Other | 138 | 241 | 4,714 | |||||||||||||||||
Total | 481,426 | 505,355 | 468,226 | |||||||||||||||||
NGL | ||||||||||||||||||||
Sales Volume (Mbbls) | ||||||||||||||||||||
Shale | 4,675 | 5,428 | 6,080 | |||||||||||||||||
Other | 2 | — | 1 | |||||||||||||||||
Total | 4,677 | 5,428 | 6,081 | |||||||||||||||||
Oil and Condensate | ||||||||||||||||||||
Sales Volume (Mbbls) | ||||||||||||||||||||
Shale | 250 | 195 | 364 | |||||||||||||||||
Other | 14 | 8 | 35 | |||||||||||||||||
Total | 264 | 203 | 399 | |||||||||||||||||
Total Sales Volume (MMcfe) | ||||||||||||||||||||
Shale | 458,231 | 483,413 | 441,907 | |||||||||||||||||
CBM | 52,609 | 55,445 | 60,268 | |||||||||||||||||
Other | 232 | 291 | 4,929 | |||||||||||||||||
Total | 511,072 | 539,149 | 507,104 |
For the Year | ||||||||||||||||||||
Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Average Sales Price - Gas (Mcf) | $ | 1.71 | $ | 2.48 | $ | 2.97 | ||||||||||||||
Gain (Loss) on Commodity Derivative Instruments - Cash Settlement- Gas (Mcf)* | $ | 0.78 | $ | 0.14 | $ | (0.15) | ||||||||||||||
Average Sales Price - NGLs (Mcfe)** | $ | 2.29 | $ | 3.20 | $ | 4.55 | ||||||||||||||
Average Sales Price - Oil (Mcfe)** | $ | 6.55 | $ | 8.13 | $ | 9.89 | ||||||||||||||
Average Sales Price - Condensate (Mcfe)** | $ | 5.85 | $ | 7.47 | $ | 8.43 | ||||||||||||||
Total Average Sales Price (per Mcfe) Including Effect of Derivative Instruments* | $ | 2.49 | $ | 2.66 | $ | 2.97 | ||||||||||||||
Total Average Sales Price (per Mcfe) Excluding Effect of Derivative Instruments
|
$ | 1.75 | $ | 2.53 | $ | 3.11 | ||||||||||||||
Average Lifting Costs Excluding Ad Valorem and Severance Taxes (per Mcfe)
|
$ | 0.08 | $ | 0.12 | $ | 0.19 | ||||||||||||||
Average Sales Price - NGLs (Bbl)
|
$ | 13.74 | $ | 19.20 | $ | 27.30 | ||||||||||||||
Average Sales Price - Oil (Bbl)
|
$ | 39.30 | $ | 48.78 | $ | 59.34 | ||||||||||||||
Average Sales Price - Condensate (Bbl)
|
$ | 35.10 | $ | 44.82 | $ | 50.58 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||||
CNX Resources Corporation | 100.0 | 230.9 | 214.0 | 167.2 | 129.6 | 158.1 | ||||||||||||||||||||||||||||||||
Peer Group | 100.0 | 130.1 | 107.3 | 60.4 | 39.1 | 43.2 | ||||||||||||||||||||||||||||||||
S&P 500 Stock Index | 100.0 | 109.5 | 130.7 | 122.6 | 158.1 | 183.8 | ||||||||||||||||||||||||||||||||
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||
Period |
Total Number of Shares Purchased (1)
|
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (000's omitted) | ||||||||||
October 1, 2020-
October 31, 2020 |
— | $ | — | — | $ | 148,466 | ||||||||
November 1, 2020-
November 30, 2020 |
725,784 | $ | 9.63 | 725,641 | $ | 141,480 | ||||||||
December 1, 2020-
December 31, 2020 |
3,418,437 | $ | 10.60 | 3,412,886 | $ | 105,302 | ||||||||
Total | 4,144,221 |
(Dollars in thousands, except per share data) | For the Years Ended December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
Revenue and Other Operating Income from Continuing Operations | $ | 1,257,978 | $ | 1,922,449 | $ | 1,730,434 | $ | 1,455,131 | $ | 759,968 | ||||||||||||||||||||||
(Loss) Income from Continuing Operations | $ | (428,744) | $ | 31,948 | $ | 883,111 | $ | 295,039 | $ | (550,945) | ||||||||||||||||||||||
Net (Loss) Income Attributable to CNX Resources Shareholders | $ | (483,775) | $ | (80,730) | $ | 796,533 | $ | 380,747 | $ | (848,102) | ||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||||||||||
(Loss) Income from Continuing Operations | $ | (2.43) | $ | (0.42) | $ | 3.75 | $ | 1.29 | $ | (2.40) | ||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | 0.37 | (1.30) | |||||||||||||||||||||||||||
Net (Loss) Income | $ | (2.43) | $ | (0.42) | $ | 3.75 | $ | 1.66 | $ | (3.70) | ||||||||||||||||||||||
Diluted: | ||||||||||||||||||||||||||||||||
(Loss) Income from Continuing Operations | $ | (2.43) | $ | (0.42) | $ | 3.71 | $ | 1.28 | $ | (2.40) | ||||||||||||||||||||||
Income (Loss) from Discontinued Operations | — | — | — | 0.37 | (1.30) | |||||||||||||||||||||||||||
Net (Loss) Income | $ | (2.43) | $ | (0.42) | $ | 3.71 | $ | 1.65 | $ | (3.70) | ||||||||||||||||||||||
Assets from Continuing Operations
|
$ | 8,041,764 | $ | 9,060,806 | $ | 8,592,170 | $ | 6,931,913 | $ | 6,682,770 | ||||||||||||||||||||||
Assets from Discontinued Operations | — | — | — | — | 2,496,921 | |||||||||||||||||||||||||||
Total Assets | $ | 8,041,764 | $ | 9,060,806 | $ | 8,592,170 | $ | 6,931,913 | $ | 9,179,691 | ||||||||||||||||||||||
Long-Term Debt from Continuing Operations (including current portion) | $ | 2,424,001 | $ | 2,754,443 | $ | 2,378,205 | $ | 2,187,289 | $ | 2,422,472 | ||||||||||||||||||||||
Long-Term Debt from Discontinued Operations (including current portion) | — | — | — | — | 302,200 | |||||||||||||||||||||||||||
Total Long-Term Debt (including current portion) | $ | 2,424,001 | $ | 2,754,443 | $ | 2,378,205 | $ | 2,187,289 | $ | 2,724,672 | ||||||||||||||||||||||
Cash Dividends Declared Per Share of Common Stock | $ | — | $ | — | $ | — | $ | — | $ | 0.010 |
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
Gas: | ||||||||||||||||||||||||||||||||
Net Sales Volumes Produced (in Bcfe) | 511.1 | 539.1 | 507.1 | 407.2 | 394.4 | |||||||||||||||||||||||||||
Average Sales Price ($ per Mcfe) (A) | $ | 2.49 | $ | 2.66 | $ | 2.97 | $ | 2.66 | $ | 2.63 | ||||||||||||||||||||||
Average Cost ($ per Mcfe) | $ | 1.64 | $ | 1.72 | $ | 1.82 | $ | 2.23 | $ | 2.32 | ||||||||||||||||||||||
Proved Reserves (in Bcfe) (B) | 9,550 | 8,426 | 7,881 | 7,582 | 6,252 |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | Variance | ||||||||||||||
Net (Loss) Income | $ | (428,744) | $ | 31,948 | $ | (460,692) | |||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 55,031 | 112,678 | (57,647) | ||||||||||||||
Net Loss Attributable to CNX Resources Shareholders | $ | (483,775) | $ | (80,730) | $ | (403,045) | |||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | Variance | |||||||||||||||||||||||||||||||||
in Millions | Per Mcfe | in Millions | Per Mcfe | in Millions | Per Mcfe | ||||||||||||||||||||||||||||||
Total Sales Volumes (Bcfe)* | 511.1 | 539.1 | (28.0) | ||||||||||||||||||||||||||||||||
Natural Gas, NGL and Oil Revenue | $ | 897 | $ | 1.71 | $ | 1,364 | $ | 2.52 | $ | (467) | $ | (0.81) | |||||||||||||||||||||||
Gain on Commodity Derivative Instruments - Cash Settlement - Gas** | 377 | 0.78 | 70 | 0.14 | 307 | 0.64 | |||||||||||||||||||||||||||||
Total Revenue | 1,274 | 2.49 | 1,434 | 2.66 | (160) | (0.17) | |||||||||||||||||||||||||||||
Lease Operating Expense | 40 | 0.08 | 65 | 0.12 | (25) | (0.04) | |||||||||||||||||||||||||||||
Production, Ad Valorem, and Other Fees | 24 | 0.04 | 27 | 0.05 | (3) | (0.01) | |||||||||||||||||||||||||||||
Transportation, Gathering and Compression | 286 | 0.56 | 331 | 0.61 | (45) | (0.05) | |||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization (DD&A) | 492 | 0.96 | 506 | 0.94 | (14) | 0.02 | |||||||||||||||||||||||||||||
Average Costs | 842 | 1.64 | 929 | 1.72 | (87) | (0.08) | |||||||||||||||||||||||||||||
Average Margin | $ | 432 | $ | 0.85 | $ | 505 | $ | 0.94 | $ | (73) | $ | (0.09) |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | Variance | |||||||||||||||||||||||||||||||||
in Millions | Per Mcfe | in Millions | Per Mcfe | in Millions | Per Mcfe | ||||||||||||||||||||||||||||||
Total Company Sales Volumes (Bcfe)* | 511.1 | 539.1 | (28.0) | ||||||||||||||||||||||||||||||||
Total Other Revenue and Operating Income | $ | 82 | $ | 0.16 | $ | 88 | $ | 0.16 | $ | (6) | $ | 0.00 | |||||||||||||||||||||||
Depreciation, Depletion and Amortization | $ | 10 | $ | 0.02 | $ | 2 | $ | 0.00 | $ | 8 | $ | 0.02 | |||||||||||||||||||||||
Exploration and Production Related Other Costs | 15 | 0.03 | 44 | 0.08 | (29) | (0.05) | |||||||||||||||||||||||||||||
Selling, General and Administrative Costs | 109 | 0.21 | 144 | 0.27 | (35) | (0.06) | |||||||||||||||||||||||||||||
Other Operating Expense | 85 | 0.17 | 80 | 0.15 | 5 | 0.02 | |||||||||||||||||||||||||||||
Total Selected Operating Costs and Expenses | 219 | 0.43 | 270 | 0.50 | (51) | (0.07) | |||||||||||||||||||||||||||||
Other Expense | 24 | 0.05 | 3 | 0.01 | 21 | 0.04 | |||||||||||||||||||||||||||||
Interest Expense | 171 | 0.33 | 151 | 0.28 | 20 | 0.05 | |||||||||||||||||||||||||||||
Total Selected Other Expense | 195 | 0.38 | 154 | 0.29 | 41 | 0.09 | |||||||||||||||||||||||||||||
Total Selected Costs and Expenses | $ | 414 | $ | 0.81 | $ | 424 | $ | 0.79 | $ | (10) | $ | 0.02 | |||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||
in thousands (unless noted) | 2020 | 2019 | Variance | Percent Change | ||||||||||||||||||||||
LIQUIDS | ||||||||||||||||||||||||||
NGL: | ||||||||||||||||||||||||||
Sales Volume (MMcfe) | 28,062 | 32,571 | (4,509) | (13.8) | % | |||||||||||||||||||||
Sales Volume (Mbbls) | 4,677 | 5,428 | (751) | (13.8) | % | |||||||||||||||||||||
Gross Price ($/Bbl) | $ | 13.74 | $ | 19.20 | $ | (5.46) | (28.4) | % | ||||||||||||||||||
Gross NGL Revenue | $ | 64,138 | $ | 104,139 | $ | (40,001) | (38.4) | % | ||||||||||||||||||
Oil/Condensate: | ||||||||||||||||||||||||||
Sales Volume (MMcfe) | 1,584 | 1,223 | 361 | 29.5 | % | |||||||||||||||||||||
Sales Volume (Mbbls) | 264 | 204 | 60 | 29.4 | % | |||||||||||||||||||||
Gross Price ($/Bbl) | $ | 35.91 | $ | 45.00 | $ | (9.09) | (20.2) | % | ||||||||||||||||||
Gross Oil/Condensate Revenue | $ | 9,475 | $ | 9,173 | $ | 302 | 3.3 | % | ||||||||||||||||||
GAS | ||||||||||||||||||||||||||
Sales Volume (MMcf) | 481,426 | 505,355 | (23,929) | (4.7) | % | |||||||||||||||||||||
Sales Price ($/Mcf) | $ | 1.71 | $ | 2.48 | $ | (0.77) | (31.0) | % | ||||||||||||||||||
Gross Gas Revenue | $ | 823,132 | $ | 1,251,013 | $ | (427,881) | (34.2) | % | ||||||||||||||||||
Hedging Impact ($/Mcf) | $ | 0.78 | $ | 0.14 | $ | 0.64 | 457.1 | % | ||||||||||||||||||
Gain on Commodity Derivative Instruments - Cash Settlement* | $ | 377,219 | $ | 69,780 | $ | 307,439 | 440.6 | % |
For the Year Ended | Difference to Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Shale | CBM | Other | Total | Shale | CBM | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 781 | $ | 114 | $ | 2 | $ | 897 | $ | (418) | $ | (50) | $ | 1 | $ | (467) | |||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Commodity Derivative Instruments | 337 | 40 | (204) | 173 | 275 | 33 | (511) | (203) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Gas Revenue | — | — | 106 | 106 | — | — | 12 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue and Operating Income | 65 | — | 17 | 82 | (9) | — | 3 | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue and Other Operating Income | 1,183 | 154 | (79) | 1,258 | (152) | (17) | (495) | (664) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Operating Expense | 26 | 14 | — | 40 | (23) | (2) | — | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Production, Ad Valorem, and Other Fees | 19 | 5 | — | 24 | (2) | (2) | 1 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation, Gathering and Compression | 248 | 39 | (1) | 286 | (42) | (1) | (2) | (45) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization | 416 | 70 | 16 | 502 | (10) | (3) | 7 | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Exploration and Production Properties | — | — | 62 | 62 | — | — | (265) | (265) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Unproved Properties and Expirations | — | — | — | — | — | — | (119) | (119) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Goodwill | — | — | 473 | 473 | — | — | 473 | 473 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration and Production Related Other Costs | — | — | 15 | 15 | — | — | (29) | (29) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Gas Costs | — | — | 101 | 101 | — | — | 10 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Expense | — | — | 85 | 85 | — | — | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, General and Administrative Costs | — | — | 109 | 109 | — | — | (35) | (35) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Operating Costs and Expenses | 709 | 128 | 860 | 1,697 | (77) | (8) | 46 | (39) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expense | — | — | 24 | 24 | — | — | 21 | 21 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on Asset Sales and Abandonments, net | — | — | (21) | (21) | — | — | 15 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on Debt Extinguishment | — | — | (10) | (10) | — | — | (18) | (18) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | — | — | 171 | 171 | — | — | 20 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Expenses | — | — | 164 | 164 | — | — | 38 | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 709 | 128 | 1,024 | 1,861 | (77) | (8) | 84 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Before Income Tax | $ | 474 | $ | 26 | $ | (1,103) | $ | (603) | $ | (75) | $ | (9) | $ | (579) | $ | (663) |
For the Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | Variance |
Percent
Change |
||||||||||||||||||||
Shale Gas Sales Volumes (Bcf) | 428.7 | 449.6 | (20.9) | (4.6) | % | ||||||||||||||||||
NGLs Sales Volumes (Bcfe)* | 28.1 | 32.6 | (4.5) | (13.8) | % | ||||||||||||||||||
Oil/Condensate Sales Volumes (Bcfe)* | 1.5 | 1.2 | 0.3 | 25.0 | % | ||||||||||||||||||
Total Shale Sales Volumes (Bcfe)* | 458.3 | 483.4 | (25.1) | (5.2) | % | ||||||||||||||||||
Average Sales Price - Gas (per Mcf) | $ | 1.65 | $ | 2.42 | $ | (0.77) | (31.8) | % | |||||||||||||||
Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf) | $ | 0.79 | $ | 0.14 | $ | 0.65 | 464.3 | % | |||||||||||||||
Average Sales Price - NGLs (per Mcfe)* | $ | 2.29 | $ | 3.20 | $ | (0.91) | (28.4) | % | |||||||||||||||
Average Sales Price - Oil/Condensate (per Mcfe)* | $ | 5.83 | $ | 7.47 | $ | (1.64) | (22.0) | % | |||||||||||||||
Total Average Shale Sales Price (per Mcfe) | $ | 2.44 | $ | 2.61 | $ | (0.17) | (6.5) | % | |||||||||||||||
Average Shale Lease Operating Expenses (per Mcfe) | 0.06 | 0.10 | (0.04) | (40.0) | % | ||||||||||||||||||
Average Shale Production, Ad Valorem, and Other Fees (per Mcfe) | 0.04 | 0.05 | (0.01) | (20.0) | % | ||||||||||||||||||
Average Shale Transportation, Gathering and Compression Costs (per Mcfe) | 0.54 | 0.60 | (0.06) | (10.0) | % | ||||||||||||||||||
Average Shale Depreciation, Depletion and Amortization Costs (per Mcfe) | 0.91 | 0.88 | 0.03 | 3.4 | % | ||||||||||||||||||
Total Average Shale Costs (per Mcfe) | $ | 1.55 | $ | 1.63 | $ | (0.08) | (4.9) | % | |||||||||||||||
Average Margin for Shale (per Mcfe) | $ | 0.89 | $ | 0.98 | $ | (0.09) | (9.2) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | Variance |
Percent
Change |
||||||||||||||||||||
CBM Gas Sales Volumes (Bcf) | 52.6 | 55.4 | (2.8) | (5.1) | % | ||||||||||||||||||
Average Sales Price - Gas (per Mcf) | $ | 2.17 | $ | 2.96 | $ | (0.79) | (26.7) | % | |||||||||||||||
Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf) | $ | 0.76 | $ | 0.13 | $ | 0.63 | 484.6 | % | |||||||||||||||
Total Average CBM Sales Price (per Mcf) | $ | 2.93 | $ | 3.09 | $ | (0.16) | (5.2) | % | |||||||||||||||
Average CBM Lease Operating Expenses (per Mcf) | 0.27 | 0.29 | (0.02) | (6.9) | % | ||||||||||||||||||
Average CBM Production, Ad Valorem and Other Fees (per Mcf) | 0.10 | 0.12 | (0.02) | (16.7) | % | ||||||||||||||||||
Average CBM Transportation, Gathering and Compression Costs (per Mcf) | 0.73 | 0.72 | 0.01 | 1.4 | % | ||||||||||||||||||
Average CBM Depreciation, Depletion and Amortization Costs (per Mcf) | 1.33 | 1.32 | 0.01 | 0.8 | % | ||||||||||||||||||
Total Average CBM Costs (per Mcf) | $ | 2.43 | $ | 2.45 | $ | (0.02) | (0.8) | % | |||||||||||||||
Average Margin for CBM (per Mcf) | $ | 0.50 | $ | 0.64 | $ | (0.14) | (21.9) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | Variance | Percent Change | ||||||||||||||||||||
Other Gas Sales Volumes (Bcf) | 0.1 | 0.3 | (0.2) | (66.7) | % | ||||||||||||||||||
Oil/Condensate Sales Volumes (Bcfe)* | 0.1 | — | 0.1 | 100.0 | % | ||||||||||||||||||
Total Other Sales Volumes (Bcfe)* | 0.2 | 0.3 | (0.1) | (33.3) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | Variance | Percent Change | ||||||||||||||||||||
Purchased Gas Sales Volumes (in Bcf) | 66.6 | 40.6 | 26.0 | 64.0 | % | ||||||||||||||||||
Average Sales Price (per Mcf) | $ | 1.59 | $ | 2.32 | $ | (0.73) | (31.5) | % | |||||||||||||||
Average Cost (per Mcf) | $ | 1.52 | $ | 2.23 | $ | (0.71) | (31.8) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | Variance | Percent Change | |||||||||||||||||||
Water Income | $ | 6 | $ | 2 | $ | 4 | 200.0 | % | |||||||||||||||
Excess Firm Transportation Income | 12 | 10 | 2 | 20.0 | % | ||||||||||||||||||
Equity in (Loss) Earnings of Affiliates | (1) | 2 | (3) | (150.0) | % | ||||||||||||||||||
Total Other Operating Income | $ | 17 | $ | 14 | $ | 3 | 21.4 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | Variance | Percent Change | |||||||||||||||||||
Lease Expiration Costs | $ | 10 | $ | 31 | $ | (21) | (67.7) | % | |||||||||||||||
Seismic Activity | 1 | 8 | (7) | (87.5) | % | ||||||||||||||||||
Land Rentals | 3 | 3 | — | — | % | ||||||||||||||||||
Other | 1 | 2 | (1) | (50.0) | % | ||||||||||||||||||
Total Exploration and Production Related Other Costs | $ | 15 | $ | 44 | $ | (29) | (65.9) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | Variance | Percent Change | |||||||||||||||||||
Long-Term Equity-Based Compensation (Non-Cash) | $ | 14 | $ | 38 | $ | (24) | (63.2) | % | |||||||||||||||
Salaries, Wages and Employee Benefits | 31 | 40 | (9) | (22.5) | % | ||||||||||||||||||
Short-Term Incentive Compensation | 20 | 21 | (1) | (4.8) | % | ||||||||||||||||||
Other | 44 | 45 | (1) | (2.2) | % | ||||||||||||||||||
Total SG&A | $ | 109 | $ | 144 | $ | (35) | (24.3) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | Variance | Percent Change | |||||||||||||||||||
Unutilized Firm Transportation and Processing Fees | $ | 70 | $ | 55 | $ | 15 | 27.3 | % | |||||||||||||||
Insurance Expense | 3 | 4 | (1) | (25.0) | % | ||||||||||||||||||
Severance Expense | — | 1 | (1) | (100.0) | % | ||||||||||||||||||
Idle Equipment and Service Charges | 10 | 12 | (2) | (16.7) | % | ||||||||||||||||||
Other | 2 | 8 | (6) | (75.0) | % | ||||||||||||||||||
Total Other Operating Expense | $ | 85 | $ | 80 | $ | 5 | 6.3 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | Variance | Percent Change | |||||||||||||||||||
Other Income | |||||||||||||||||||||||
Right-of-Way Sales | $ | 3 | $ | 9 | $ | (6) | (66.7) | % | |||||||||||||||
Royalty Income | — | 4 | (4) | (100.0) | % | ||||||||||||||||||
Interest Income | 2 | 2 | — | — | % | ||||||||||||||||||
Other | 8 | 4 | 4 | 100.0 | % | ||||||||||||||||||
Total Other Income | $ | 13 | $ | 19 | $ | (6) | (31.6) | % | |||||||||||||||
Other Expense | |||||||||||||||||||||||
Merger Related Costs | $ | 11 | $ | — | $ | 11 | 100.0 | % | |||||||||||||||
Professional Services | 9 | 4 | 5 | 125.0 | % | ||||||||||||||||||
Bank Fees | 12 | 11 | 1 | 9.1 | % | ||||||||||||||||||
Other Land Rental Expense | 4 | 4 | — | — | % | ||||||||||||||||||
Other Corporate Expense | 1 | 3 | (2) | (66.7) | % | ||||||||||||||||||
Total Other Expense | $ | 37 | $ | 22 | $ | 15 | 68.2 | % | |||||||||||||||
Total Other Expense | $ | 24 | $ | 3 | $ | 21 | 700.0 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | Variance | Percent Change | |||||||||||||||||||
Total Interest Expense | $ | 171 | $ | 151 | $ | 20 | 13.2 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | Variance | Percent Change | |||||||||||||||||||
Total Company (Loss) Earnings Before Income Tax | $ | (603) | $ | 60 | $ | (663) | (1,105.0) | % | |||||||||||||||
Income Tax (Benefit) Expense | $ | (174) | $ | 28 | $ | (202) | (721.4) | % | |||||||||||||||
Effective Income Tax Rate | 28.9 | % | 46.5 | % | (17.6) | % |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | Variance | ||||||||||||||
Net Income | $ | 31,948 | $ | 883,111 | $ | (851,163) | |||||||||||
Less: Net Income Attributable to Noncontrolling Interest | 112,678 | 86,578 | 26,100 | ||||||||||||||
Net (Loss) Income Attributable to CNX Resources Shareholders | $ | (80,730) | $ | 796,533 | $ | (877,263) |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | Variance | |||||||||||||||||||||||||||||||||
in Millions | Per Mcfe | in Millions | Per Mcfe | in Millions | Per Mcfe | ||||||||||||||||||||||||||||||
Total Sales Volumes (Bcfe)* | 539.1 | 507.1 | 32.0 | ||||||||||||||||||||||||||||||||
Natural Gas, NGL and Oil Revenue | $ | 1,364 | $ | 2.52 | $ | 1,578 | $ | 3.12 | $ | (214) | $ | (0.60) | |||||||||||||||||||||||
Gain (Loss) on Commodity Derivative Instruments - Cash Settlement - Gas | 70 | 0.14 | (70) | (0.15) | 140 | 0.29 | |||||||||||||||||||||||||||||
Total Revenue | 1,434 | 2.66 | 1,508 | 2.97 | (74) | (0.31) | |||||||||||||||||||||||||||||
Lease Operating Expense | 65 | 0.12 | 95 | 0.19 | (30) | (0.07) | |||||||||||||||||||||||||||||
Production, Ad Valorem and Other Fees | 27 | 0.05 | 33 | 0.06 | (6) | (0.01) | |||||||||||||||||||||||||||||
Transportation, Gathering and Compression | 331 | 0.61 | 303 | 0.60 | 28 | 0.01 | |||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization (DD&A) | 506 | 0.94 | 493 | 0.97 | 13 | (0.03) | |||||||||||||||||||||||||||||
Average Costs | 929 | 1.72 | 924 | 1.82 | 5 | (0.10) | |||||||||||||||||||||||||||||
Average Margin | $ | 505 | $ | 0.94 | $ | 584 | $ | 1.15 | $ | (79) | $ | (0.21) |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | Variance | |||||||||||||||||||||||||||||||||
in Millions | Per Mcfe | in Millions | Per Mcfe | in Millions | Per Mcfe | ||||||||||||||||||||||||||||||
Total Company Sales Volumes (Bcfe)* | 539.1 | 507.1 | 32.0 | ||||||||||||||||||||||||||||||||
Total Other Revenue and Operating Income | $ | 88 | $ | 0.16 | $ | 116 | $ | 0.23 | $ | (28) | $ | (0.07) | |||||||||||||||||||||||
Depreciation, Depletion and Amortization | $ | 2 | $ | 0.00 | $ | — | $ | 0.00 | $ | 2 | $ | 0.00 | |||||||||||||||||||||||
Exploration and Production Related Other Costs | 44 | 0.08 | 12 | 0.02 | 32 | 0.06 | |||||||||||||||||||||||||||||
Selling, General and Administrative Costs | 144 | 0.27 | 135 | 0.27 | 9 | 0.00 | |||||||||||||||||||||||||||||
Other Operating Expense | 80 | 0.15 | 72 | 0.14 | 8 | 0.01 | |||||||||||||||||||||||||||||
Total Selected Operating Costs and Expenses | 270 | 0.50 | 219 | 0.43 | 51 | 0.07 | |||||||||||||||||||||||||||||
Other Expense (Income) | 3 | 0.01 | (15) | (0.03) | 18 | 0.04 | |||||||||||||||||||||||||||||
Interest Expense | 151 | 0.28 | 146 | 0.29 | 5 | (0.01) | |||||||||||||||||||||||||||||
Total Selected Other Expense | 154 | 0.29 | 131 | 0.26 | 23 | 0.03 | |||||||||||||||||||||||||||||
Total Selected Costs and Expenses | $ | 424 | $ | 0.79 | $ | 350 | $ | 0.69 | $ | 74 | $ | 0.10 | |||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||
in thousands (unless noted) | 2019 | 2018 | Variance | Percent Change | |||||||||||||||||||
LIQUIDS | |||||||||||||||||||||||
NGL: | |||||||||||||||||||||||
Sales Volume (MMcfe) | 32,571 | 36,489 | (3,918) | (10.7) | % | ||||||||||||||||||
Sales Volume (Mbbls) | 5,428 | 6,081 | (653) | (10.7) | % | ||||||||||||||||||
Gross Price ($/Bbl) | $ | 19.20 | $ | 27.30 | $ | (8.10) | (29.7) | % | |||||||||||||||
Gross Revenue | $ | 104,139 | $ | 165,883 | $ | (61,744) | (37.2) | % | |||||||||||||||
Oil/Condensate: | |||||||||||||||||||||||
Sales Volume (MMcfe) | 1,223 | 2,389 | (1,166) | (48.8) | % | ||||||||||||||||||
Sales Volume (Mbbls) | 204 | 398 | (194) | (48.7) | % | ||||||||||||||||||
Gross Price ($/Bbl) | $ | 45.00 | $ | 51.72 | $ | (6.72) | (13.0) | % | |||||||||||||||
Gross Revenue | $ | 9,173 | $ | 20,595 | $ | (11,422) | (55.5) | % | |||||||||||||||
GAS | |||||||||||||||||||||||
Sales Volume (MMcf) | 505,355 | 468,226 | 37,129 | 7.9 | % | ||||||||||||||||||
Sales Price ($/Mcf) | $ | 2.48 | $ | 2.97 | $ | (0.49) | (16.5) | % | |||||||||||||||
Gross Revenue | $ | 1,251,013 | $ | 1,391,459 | $ | (140,446) | (10.1) | % | |||||||||||||||
Hedging Impact ($/Mcf) | $ | 0.14 | $ | (0.15) | $ | 0.29 | 193.3 | % | |||||||||||||||
Gain (Loss) on Commodity Derivative Instruments - Cash Settlement | $ | 69,780 | $ | (69,720) | $ | 139,500 | 200.1 | % |
For the Year Ended | Difference to Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Shale | CBM | Other | Total | Shale | CBM | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 1,199 | $ | 164 | $ | 1 | $ | 1,364 | $ | (150) | $ | (49) | $ | (15) | $ | (214) | |||||||||||||||||||||||||||||||||||||||||||
Gain on Commodity Derivative Instruments | 62 | 7 | 307 | 376 | 122 | 16 | 268 | 406 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Gas Revenue | — | — | 94 | 94 | — | — | 28 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue and Operating Income | 74 | — | 14 | 88 | (16) | — | (12) | (28) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue and Other Operating Income | 1,335 | 171 | 416 | 1,922 | (44) | (33) | 269 | 192 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Operating Expense | 49 | 16 | — | 65 | (22) | (6) | (2) | (30) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Production, Ad Valorem and Other Fees | 21 | 7 | (1) | 27 | (4) | — | (2) | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation, Gathering and Compression | 290 | 40 | 1 | 331 | 39 | (8) | (3) | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization | 426 | 73 | 9 | 508 | 21 | (4) | (2) | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Exploration and Production Properties | — | — | 327 | 327 | — | — | 327 | 327 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Unproved Properties and Expirations | — | — | 119 | 119 | — | — | 119 | 119 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Other Intangible Assets | — | — | — | — | — | — | (19) | (19) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration and Production Related Other Costs | — | — | 44 | 44 | — | — | 32 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Gas Costs | — | — | 91 | 91 | — | — | 26 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Expense | — | — | 80 | 80 | — | — | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, General and Administrative Costs | — | — | 144 | 144 | — | — | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Operating Costs and Expenses | 786 | 136 | 814 | 1,736 | 34 | (18) | 493 | 509 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expense | — | — | 3 | 3 | — | — | 18 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on Asset Sales and Abandonments, net | — | — | (36) | (36) | — | — | 121 | 121 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on Previously Held Equity Interest | — | — | — | — | — | — | 624 | 624 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on Debt Extinguishment | — | — | 8 | 8 | — | — | (46) | (46) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | — | — | 151 | 151 | — | — | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Expenses | — | — | 126 | 126 | — | — | 722 | 722 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 786 | 136 | 940 | 1,862 | 34 | (18) | 1,215 | 1,231 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Before Income Tax | $ | 549 | $ | 35 | $ | (524) | $ | 60 | $ | (78) | $ | (15) | $ | (946) | $ | (1,039) |
For the Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | Variance |
Percent
Change |
||||||||||||||||||||
Shale Gas Sales Volumes (Bcf) | 449.6 | 403.2 | 46.4 | 11.5 | % | ||||||||||||||||||
NGLs Sales Volumes (Bcfe)* | 32.6 | 36.5 | (3.9) | (10.7) | % | ||||||||||||||||||
Oil/Condensate Sales Volumes (Bcfe)* | 1.2 | 2.2 | (1.0) | (45.5) | % | ||||||||||||||||||
Total Shale Sales Volumes (Bcfe)* | 483.4 | 441.9 | 41.5 | 9.4 | % | ||||||||||||||||||
Average Sales Price - Gas (per Mcf) | $ | 2.42 | $ | 2.89 | $ | (0.47) | (16.3) | % | |||||||||||||||
Gain (Loss) on Commodity Derivative Instruments - Cash Settlement- Gas (per Mcf) | $ | 0.14 | $ | (0.15) | $ | 0.29 | 193.3 | % | |||||||||||||||
Average Sales Price - NGLs (per Mcfe)* | $ | 3.20 | $ | 4.55 | $ | (1.35) | (29.7) | % | |||||||||||||||
Average Sales Price - Oil/Condensate (per Mcfe)* | $ | 7.47 | $ | 8.48 | $ | (1.01) | (11.9) | % | |||||||||||||||
Total Average Shale Sales Price (per Mcfe) | $ | 2.61 | $ | 2.92 | $ | (0.31) | (10.6) | % | |||||||||||||||
Average Shale Lease Operating Expenses (per Mcfe) | 0.10 | 0.16 | (0.06) | (37.5) | % | ||||||||||||||||||
Average Shale Production, Ad Valorem and Other Fees (per Mcfe) | 0.05 | 0.06 | (0.01) | (16.7) | % | ||||||||||||||||||
Average Shale Transportation, Gathering and Compression Costs (per Mcfe) | 0.60 | 0.57 | 0.03 | 5.3 | % | ||||||||||||||||||
Average Shale Depreciation, Depletion and Amortization Costs (per Mcfe) | 0.88 | 0.91 | (0.03) | (3.3) | % | ||||||||||||||||||
Total Average Shale Costs (per Mcfe) | $ | 1.63 | $ | 1.70 | $ | (0.07) | (4.1) | % | |||||||||||||||
Average Margin for Shale (per Mcfe) | $ | 0.98 | $ | 1.22 | $ | (0.24) | (19.7) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | Variance |
Percent
Change |
||||||||||||||||||||
CBM Gas Sales Volumes (Bcf) | 55.4 | 60.3 | (4.9) | (8.1) | % | ||||||||||||||||||
Average Sales Price - Gas (per Mcf) | $ | 2.96 | $ | 3.53 | $ | (0.57) | (16.1) | % | |||||||||||||||
Gain (Loss) on Commodity Derivative Instruments - Cash Settlement- Gas (per Mcf) | $ | 0.13 | $ | (0.14) | $ | 0.27 | 192.9 | % | |||||||||||||||
Total Average CBM Sales Price (per Mcf) | $ | 3.09 | $ | 3.39 | $ | (0.30) | (8.8) | % | |||||||||||||||
Average CBM Lease Operating Expenses (per Mcf) | 0.29 | 0.37 | (0.08) | (21.6) | % | ||||||||||||||||||
Average CBM Production, Ad Valorem and Other Fees (per Mcf) | 0.12 | 0.12 | — | — | % | ||||||||||||||||||
Average CBM Transportation, Gathering and Compression Costs (per Mcf) | 0.72 | 0.79 | (0.07) | (8.9) | % | ||||||||||||||||||
Average CBM Depreciation, Depletion and Amortization Costs (per Mcf) | 1.32 | 1.28 | 0.04 | 3.1 | % | ||||||||||||||||||
Total Average CBM Costs (per Mcf) | $ | 2.45 | $ | 2.56 | $ | (0.11) | (4.3) | % | |||||||||||||||
Average Margin for CBM (per Mcf) | $ | 0.64 | $ | 0.83 | $ | (0.19) | (22.9) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | Variance |
Percent
Change |
||||||||||||||||||||
Other Gas Sales Volumes (Bcf) | 0.3 | 4.7 | (4.4) | (93.6) | % | ||||||||||||||||||
Oil/Condensate Sales Volumes (Bcfe)* | — | 0.2 | (0.2) | (100.0) | % | ||||||||||||||||||
Total Other Sales Volumes (Bcfe)* | 0.3 | 4.9 | (4.6) | (93.9) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | Variance | Percent Change | ||||||||||||||||||||
Purchased Gas Sales Volumes (in Bcf) | 40.6 | 20.5 | 20.1 | 98.0 | % | ||||||||||||||||||
Average Sales Price (per Mcf) | $ | 2.32 | $ | 3.23 | $ | (0.91) | (28.2) | % | |||||||||||||||
Average Cost (per Mcf) | $ | 2.23 | $ | 3.17 | $ | (0.94) | (29.7) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | Percent Change | |||||||||||||||||||
Water Income | $ | 2 | $ | 11 | $ | (9) | (81.8) | % | |||||||||||||||
Equity in Earnings of Affiliates | 2 | 5 | (3) | (60.0) | % | ||||||||||||||||||
Excess Firm Transportation Income
|
10 | 10 | — | — | % | ||||||||||||||||||
Total Other Operating Income | $ | 14 | $ | 26 | $ | (12) | (46.2) | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | Percent Change | |||||||||||||||||||
Lease Expiration Costs | $ | 31 | $ | 5 | $ | 26 | 520.0 | % | |||||||||||||||
Seismic Activity | 8 | — | 8 | 100.0 | % | ||||||||||||||||||
Land Rentals | 3 | 4 | (1) | (25.0) | % | ||||||||||||||||||
Other | 2 | 3 | (1) | (33.3) | % | ||||||||||||||||||
Total Exploration and Production Related Other Costs | $ | 44 | $ | 12 | $ | 32 | 266.7 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | Percent Change | |||||||||||||||||||
Long-Term Equity-Based Compensation (Non-Cash) | $ | 38 | $ | 21 | $ | 17 | 81.0 | % | |||||||||||||||
Salaries, Wages and Employee Benefits | 40 | 40 | — | — | % | ||||||||||||||||||
Short-Term Incentive Compensation | 21 | 24 | (3) | (12.5) | % | ||||||||||||||||||
Other | 45 | 50 | (5) | (10.0) | % | ||||||||||||||||||
Total SG&A | $ | 144 | $ | 135 | $ | 9 | 6.7 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | Percent Change | |||||||||||||||||||
Unutilized Firm Transportation and Processing Fees | $ | 55 | $ | 42 | $ | 13 | 31.0 | % | |||||||||||||||
Idle Equipment and Service Charges | 12 | 5 | 7 | 140.0 | % | ||||||||||||||||||
Insurance Expense | 4 | 3 | 1 | 33.3 | % | ||||||||||||||||||
Severance Expense | 1 | 1 | — | — | % | ||||||||||||||||||
Litigation Expense | — | 4 | (4) | (100.0) | % | ||||||||||||||||||
Water Expense | — | 6 | (6) | (100.0) | % | ||||||||||||||||||
Other | 8 | 11 | (3) | (27.3) | % | ||||||||||||||||||
Total Other Operating Expense | $ | 80 | $ | 72 | $ | 8 | 11.1 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | Percent Change | |||||||||||||||||||
Other Income | |||||||||||||||||||||||
Royalty Income | $ | 4 | $ | 15 | $ | (11) | (73.3) | % | |||||||||||||||
Right of Way Sales | 9 | 14 | (5) | (35.7) | % | ||||||||||||||||||
Interest Income | 2 | — | 2 | 100.0 | % | ||||||||||||||||||
Other | 4 | 8 | (4) | (50.0) | % | ||||||||||||||||||
Total Other Income | $ | 19 | $ | 37 | $ | (18) | (48.6) | % | |||||||||||||||
Other Expense | |||||||||||||||||||||||
Bank Fees | $ | 11 | $ | 11 | $ | — | — | % | |||||||||||||||
Professional Services | 4 | 7 | (3) | (42.9) | % | ||||||||||||||||||
Other Land Rental Expense | 4 | 4 | — | — | % | ||||||||||||||||||
Other Corporate Expense | 3 | — | 3 | 100.0 | % | ||||||||||||||||||
Total Other Expense | $ | 22 | $ | 22 | $ | — | — | % | |||||||||||||||
Total Other Expense (Income) | $ | 3 | $ | (15) | $ | 18 | 120.0 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | Percent Change | |||||||||||||||||||
Total Interest Expense | $ | 151 | $ | 146 | $ | 5 | 3.4 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | Percent Change | |||||||||||||||||||
Total Company Earnings Before Income Tax | $ | 60 | $ | 1,099 | $ | (1,039) | (94.5) | % | |||||||||||||||
Income Tax Expense | $ | 28 | $ | 216 | $ | (188) | (87.0) | % | |||||||||||||||
Effective Income Tax Rate | 46.5 | % | 19.6 | % | 26.9 | % |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Cash Provided by Operating Activities | $ | 795 | $ | 981 | $ | (186) | |||||||||||
Cash Used in Investing Activities | $ | (439) | $ | (1,147) | $ | 708 | |||||||||||
Cash (Used in) Provided by Financing Activities | $ | (351) | $ | 166 | $ | (517) |
Payments due by Year | |||||||||||||||||||||||||||||
Less Than
1 Year |
1-3 Years | 3-5 Years |
More Than
5 Years |
Total | |||||||||||||||||||||||||
Purchase Order Firm Commitments | $ | 806 | $ | 970 | $ | — | $ | — | $ | 1,776 | |||||||||||||||||||
Gas Firm Transportation and Processing | 252,886 | 430,312 | 390,693 | 985,201 | 2,059,092 | ||||||||||||||||||||||||
Long-Term Debt | 22,574 | 48,181 | 497,423 | 1,882,675 | 2,450,853 | ||||||||||||||||||||||||
Interest on Long-Term Debt | 122,251 | 262,415 | 240,083 | 202,118 | 826,867 | ||||||||||||||||||||||||
Finance Lease Obligations | 6,876 | 837 | 182 | 38 | 7,933 | ||||||||||||||||||||||||
Interest on Finance Lease Obligations | 262 | 52 | 11 | 1 | 326 | ||||||||||||||||||||||||
Operating Lease Obligations | 52,575 | 23,301 | 7,434 | 22,500 | 105,810 | ||||||||||||||||||||||||
Interest on Operating Lease Obligations | 3,615 | 3,744 | 2,823 | 3,496 | 13,678 | ||||||||||||||||||||||||
Long-Term Liabilities—Employee Related (a) | 1,992 | 4,169 | 4,436 | 35,129 | 45,726 | ||||||||||||||||||||||||
Other Long-Term Liabilities (b) | 201,684 | 10,000 | 10,000 | 64,713 | 286,397 | ||||||||||||||||||||||||
Total Contractual Obligations (c) | $ | 665,521 | $ | 783,981 | $ | 1,153,085 | $ | 3,195,871 | $ | 5,798,458 |
For the Three Months Ended | |||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | Total Year | |||||||||||||||||||||||||
2021 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | 126.3 | 112.1 | 115.2 | 119.2 | 472.1* | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | $ | 2.57 | $ | 2.45 | $ | 2.45 | $ | 2.52 | $ | 2.50 | |||||||||||||||||||
2022 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | 101.4 | 96.9 | 97.9 | 95.1 | 391.3 | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | $ | 2.41 | $ | 2.32 | $ | 2.32 | $ | 2.30 | $ | 2.34 | |||||||||||||||||||
2023 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | 70.2 | 71.0 | 71.8 | 71.8 | 284.8 | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | $ | 2.24 | $ | 2.21 | $ | 2.21 | $ | 2.23 | $ | 2.22 | |||||||||||||||||||
2024 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | 67.6 | 64.7 | 65.4 | 65.4 | 263.1 | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | $ | 2.32 | $ | 2.27 | $ | 2.27 | $ | 2.27 | $ | 2.28 | |||||||||||||||||||
2025 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | 25.4 | 25.7 | 26.0 | 25.9 | 103.0 | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | $ | 2.10 | $ | 2.10 | $ | 2.10 | $ | 2.10 | $ | 2.10 | |||||||||||||||||||
Page | ||||||||
Report of Independent Registered Public Accounting Firm | ||||||||
Consolidated Statements of Income for the Years Ended December 31, 2020, 2019 and 2018 | ||||||||
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2020, 2019 and 2018 | ||||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019, 2018 | ||||||||
Notes to the Audited Consolidated Financial Statements |
Issuance of Convertible Senior Notes | |||||
Description of the Matter | As described in Note 12 to the consolidated financial statements, in April 2020, the Company issued $345.0 million of aggregate principal of 2.25% convertible senior notes due May 2026 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Additionally, the Company entered into separate capped call transactions to reduce potential dilution to the Company’s common stock upon any conversion of the Convertible Notes. These transactions are collectively referred to as the Convertible Notes Transactions. To account for the Convertible Notes, the Company was required to separate the Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated conversion feature. The carrying amount of the equity component was determined by deducting the fair value of the liability component from the principal value of the Convertible Notes. The equity component was recorded in capital in excess of par value in the consolidated statement of stockholders’ equity and is not remeasured as long as it continues to meet the conditions for equity classification. | ||||
Auditing the Company’s accounting for the Convertible Notes Transactions was complex due to the judgment that was required in determining the balance sheet classification of the elements of the Convertible Notes. Additionally, a detailed analysis of the terms of the Convertible Notes Transactions was required to determine the existence of any derivatives that may require separate accounting under applicable accounting guidance. | |||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Convertible Notes Transactions. For example, we tested the Company's controls over the initial recognition and measurement of the Convertible Notes Transactions, including the recording of the associated liability and equity components. We also tested the evaluation of the Notes and the identification and evaluation of specific features and the related accounting. | ||||
To test the initial accounting for the Convertible Notes Transactions, our audit procedures included, among others, inspection of the agreements underlying the Convertible Notes Transactions and testing management’s application of the relevant accounting guidance, including the determination of the balance sheet classification of each transaction and the identification of any derivatives included in the arrangements. We involved professionals with specialized skill and knowledge to assist in evaluating the appropriateness of the accounting for the convertible notes, including conclusions reached with respect to identification and bifurcation of embedded features. | |||||
Valuation of Goodwill | |||||
Description of the Matter |
At December 31, 2020, the Company’s goodwill was $323.3 million and all goodwill was attributed to the Midstream reporting unit in the Shale segment. As discussed in Note 9 to the consolidated financial statements, goodwill is tested for impairment at least annually, or more frequently if recent events or prevailing conditions indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value.
|
||||
Auditing management’s annual and interim quantitative goodwill impairment tests was complex and highly judgmental due to the significant estimation required to determine the fair value of the Midstream reporting unit. In particular, the fair value estimates were sensitive to significant assumptions, including changes in estimated future revenues, which are affected by expectations about future market, industry and economic conditions. | |||||
How We Addressed the Matter in Our Audit | We tested controls that address the risks of material misstatement related to the Company’s goodwill impairment review process, including controls over management’s review of the significant assumptions described above. |
To test the estimated fair value of the Company’s midstream reporting unit, we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends and evaluated whether changes in those trends would affect the significant assumptions. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting unit that would result from changes in the assumptions. | |||||
Depreciation, Depletion & Amortization | |||||
Description of the Matter | As described in Note 1, under the successful efforts method of accounting, depreciation, depletion, and amortization (DD&A) related to proved gas properties is recorded using the units-of-production method. For the year ended December 31, 2020, the Company recorded DD&A expense related to proved gas properties of $400.8 million. Proved developed reserves, as estimated by petroleum engineers, are used to calculate depreciation of wells and related equipment and facilities and amortization of intangible drilling costs. Total proved reserves, also estimated by petroleum engineers, are used to calculate depletion on property acquisitions. Proved oil and natural gas reserve estimates are based on geological and engineering evaluations of in-place hydrocarbon volumes. Significant judgment is required by the Company’s internal engineering staff in evaluating geological and engineering data when estimating proved oil and natural gas reserves. Estimating reserves also requires the selection of inputs, including price and operating, and development cost assumptions as well as tax rates by jurisdiction, among others. Because of the complexity involved in estimating oil and natural gas reserves, management used independent petroleum engineers to audit the estimates prepared by the Company’s internal engineering staff as of December 31, 2020. | ||||
Auditing the Company’s DD&A calculation was especially complex because of the use of the work of the internal engineering staff and the independent petroleum engineers and the evaluation of management’s determination of the inputs described above used by the independent petroleum engineers in estimating proved oil and natural gas reserves. | |||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over its process to calculate DD&A, including management’s controls over the completeness and accuracy of the financial data provided to the independent petroleum engineers for use in estimating the proved oil and natural gas reserves. | ||||
Our audit procedures included, among others, evaluating the professional qualifications and objectivity of the individual primarily responsible for overseeing the preparation of the reserve estimates by the internal engineering staff and the independent petroleum engineers used to audit the estimates. In addition, in assessing whether we can use the work of the independent petroleum engineers, we evaluated the completeness and accuracy of the financial data and inputs described above used by the independent petroleum engineers in estimating proved oil and natural gas reserves by agreeing them to source documentation and we identified and evaluated corroborative and contrary evidence. For proved undeveloped reserves, we evaluated management’s development plan for compliance with the SEC rule that undrilled locations are scheduled to be drilled within five years, unless specific circumstances justify a longer time, by assessing consistency of the development projections with the Company’s drill plan and the availability of capital relative to the drill plan. We also tested the mathematical accuracy of the DD&A calculations, including comparing the proved oil and natural gas reserves amounts used to the Company’s reserve report. |
(Dollars in thousands, except per share data) | For the Years Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenue and Other Operating Income: | |||||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 896,745 | $ | 1,364,325 | $ | 1,577,937 | |||||||||||
Gain (Loss) on Commodity Derivative Instruments | 172,982 | 376,105 | (30,212) | ||||||||||||||
Purchased Gas Revenue | 105,792 | 94,027 | 65,986 | ||||||||||||||
Other Revenue and Operating Income | 82,459 | 87,992 | 116,723 | ||||||||||||||
Total Revenue and Other Operating Income | 1,257,978 | 1,922,449 | 1,730,434 | ||||||||||||||
Costs and Expenses: | |||||||||||||||||
Operating Expense | |||||||||||||||||
Lease Operating Expense | 40,407 | 65,443 | 95,139 | ||||||||||||||
Transportation, Gathering and Compression | 285,683 | 330,539 | 302,933 | ||||||||||||||
Production, Ad Valorem and Other Fees | 24,196 | 27,461 | 32,750 | ||||||||||||||
Depreciation, Depletion and Amortization | 501,821 | 508,463 | 493,423 | ||||||||||||||
Exploration and Production Related Other Costs | 14,994 | 44,380 | 12,033 | ||||||||||||||
Purchased Gas Costs
|
100,902 | 90,553 | 64,817 | ||||||||||||||
Impairment of Exploration and Production Properties | 61,849 | 327,400 | — | ||||||||||||||
Impairment of Goodwill | 473,045 | — | — | ||||||||||||||
Impairment of Unproved Properties and Expirations
|
— | 119,429 | — | ||||||||||||||
Impairment of Other Intangible Assets
|
— | — | 18,650 | ||||||||||||||
Selling, General and Administrative Costs
|
109,375 | 143,550 | 134,806 | ||||||||||||||
Other Operating Expense
|
85,472 | 79,255 | 72,412 | ||||||||||||||
Total Operating Expense | 1,697,744 | 1,736,473 | 1,226,963 | ||||||||||||||
Other Expense (Income) | |||||||||||||||||
Other Expense (Income) | 23,584 | 2,862 | (14,571) | ||||||||||||||
Gain on Asset Sales and Abandonments, net | (21,224) | (35,563) | (157,015) | ||||||||||||||
Gain on Previously Held Equity Interest | — | — | (623,663) | ||||||||||||||
(Gain) Loss on Debt Extinguishment | (10,101) | 7,614 | 54,118 | ||||||||||||||
Interest Expense | 170,806 | 151,379 | 145,934 | ||||||||||||||
Total Other Expense (Income) | 163,065 | 126,292 | (595,197) | ||||||||||||||
Total Costs and Expenses | 1,860,809 | 1,862,765 | 631,766 | ||||||||||||||
(Loss) Earnings Before Income Tax | (602,831) | 59,684 | 1,098,668 | ||||||||||||||
Income Tax (Benefit) Expense | (174,087) | 27,736 | 215,557 | ||||||||||||||
Net (Loss) Income | (428,744) | 31,948 | 883,111 | ||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 55,031 | 112,678 | 86,578 | ||||||||||||||
Net (Loss) Income Attributable to CNX Resources Shareholders | $ | (483,775) | $ | (80,730) | $ | 796,533 | |||||||||||
(Loss) Earnings Per Share | |||||||||||||||||
Basic | $ | (2.43) | $ | (0.42) | $ | 3.75 | |||||||||||
Diluted | $ | (2.43) | $ | (0.42) | $ | 3.71 | |||||||||||
Dividends Declared Per Share | $ | — | $ | — | $ | — |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net (Loss) Income | $ | (428,744) | $ | 31,948 | $ | 883,111 | |||||||||||
Other Comprehensive (Loss) Income: | |||||||||||||||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: $914, $1,664, $(792))
|
(2,579) | (4,701) | 1,672 | ||||||||||||||
Comprehensive (Loss) Income | (431,323) | 27,247 | 884,783 | ||||||||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 55,031 | 112,678 | 86,578 | ||||||||||||||
Comprehensive (Loss) Income Attributable to CNX Resources Shareholders | $ | (486,354) | $ | (85,431) | $ | 798,205 |
December 31,
2020 |
December 31,
2019 |
||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and Cash Equivalents | $ | 15,617 | $ | 16,283 | |||||||
Restricted Cash | 735 | — | |||||||||
Accounts and Notes Receivable: | |||||||||||
Trade (Note 17) | 145,929 | 133,480 | |||||||||
Other Receivables | 4,238 | 13,679 | |||||||||
Supplies Inventories | 9,657 | 6,984 | |||||||||
Recoverable Income Taxes (Note 6) | 88 | 62,425 | |||||||||
Derivative Instruments (Note 19) | 84,657 | 247,794 | |||||||||
Prepaid Expenses | 12,411 | 17,456 | |||||||||
Total Current Assets | 273,332 | 498,101 | |||||||||
Property, Plant and Equipment (Note 8): | |||||||||||
Property, Plant and Equipment | 10,963,996 | 10,572,006 | |||||||||
Less—Accumulated Depreciation, Depletion and Amortization | 3,938,451 | 3,435,431 | |||||||||
Total Property, Plant and Equipment—Net | 7,025,545 | 7,136,575 | |||||||||
Other Assets: | |||||||||||
Operating Lease Right-of-Use Assets (Note 13) | 108,683 | 187,097 | |||||||||
Investment in Affiliates | 16,022 | 16,710 | |||||||||
Derivative Instruments (Note 19) | 188,237 | 314,096 | |||||||||
Goodwill (Note 9) | 323,314 | 796,359 | |||||||||
Other Intangible Assets (Note 9) | 90,095 | 96,647 | |||||||||
Restricted Cash | 5,247 | — | |||||||||
Other | 11,289 | 15,221 | |||||||||
Total Other Assets | 742,887 | 1,426,130 | |||||||||
TOTAL ASSETS | $ | 8,041,764 | $ | 9,060,806 |
December 31,
2020 |
December 31,
2019 |
||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts Payable | $ | 118,185 | $ | 202,553 | |||||||
Derivative Instruments (Note 19) | 42,329 | 41,466 | |||||||||
Current Portion of Finance Lease Obligations (Note 13) | 6,876 | 7,164 | |||||||||
Current Portion of Long-Term Debt (Note 12) | 22,574 | — | |||||||||
Current Portion of Operating Lease Obligations (Note 13) | 52,575 | 61,670 | |||||||||
Other Accrued Liabilities (Note 11) | 198,773 | 216,086 | |||||||||
Total Current Liabilities | 441,312 | 528,939 | |||||||||
Non-Current Liabilities: | |||||||||||
Long-Term Debt (Note 12) | 2,401,427 | 2,754,443 | |||||||||
Finance Lease Obligations (Note 13) | 1,057 | 7,706 | |||||||||
Operating Lease Obligations (Note 13) | 53,235 | 110,466 | |||||||||
Derivative Instruments (Note 19) | 127,290 | 115,862 | |||||||||
Deferred Income Taxes (Note 6) | 466,253 | 476,108 | |||||||||
Asset Retirement Obligations (Note 7) | 84,712 | 63,377 | |||||||||
Other | 44,041 | 41,596 | |||||||||
Total Non-Current Liabilities | 3,178,015 | 3,569,558 | |||||||||
TOTAL LIABILITIES | 3,619,327 | 4,098,497 | |||||||||
Stockholders’ Equity: | |||||||||||
Common Stock, $0.01 Par Value; 500,000,000 Shares Authorized, 220,440,993 Issued and Outstanding at December 31, 2020; 186,642,962 Issued and Outstanding at December 31, 2019
|
2,208 | 1,870 | |||||||||
Capital in Excess of Par Value | 2,959,357 | 2,199,605 | |||||||||
Preferred Stock, 15,000,000 Shares Authorized, None Issued and Outstanding
|
— | — | |||||||||
Retained Earnings | 1,476,056 | 1,971,676 | |||||||||
Accumulated Other Comprehensive Loss | (15,184) | (12,605) | |||||||||
Total CNX Resources Stockholders’ Equity | 4,422,437 | 4,160,546 | |||||||||
Noncontrolling Interest | — | 801,763 | |||||||||
TOTAL STOCKHOLDERS' EQUITY | 4,422,437 | 4,962,309 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 8,041,764 | $ | 9,060,806 |
Common Stock |
Capital in
Excess of Par Value |
Retained Earnings (Deficit) |
Accumulated Other Comprehensive Income
(Loss) |
Total
CNX Resources Stockholders’ Equity |
Non- Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||
December 31, 2017 | $ | 2,241 | $ | 2,450,323 | $ | 1,455,811 | $ | (8,476) | $ | 3,899,899 | $ | — | $ | 3,899,899 | |||||||||||||||||||||||||||
Net Income | — | — | 796,533 | — | 796,533 | 86,578 | 883,111 | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 8 | 1,705 | — | — | 1,713 | — | 1,713 | ||||||||||||||||||||||||||||||||||
Purchase and Retirement of Common Stock | (259) | (206,895) | (176,598) | — | (383,752) | — | (383,752) | ||||||||||||||||||||||||||||||||||
Shares Withheld for Taxes | — | — | (5,037) | — | (5,037) | (348) | (5,385) | ||||||||||||||||||||||||||||||||||
Amortization of Stock-Based Compensation Awards | — | 18,930 | — | — | 18,930 | 2,411 | 21,341 | ||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | 1,672 | 1,672 | — | 1,672 | ||||||||||||||||||||||||||||||||||
ASU 2018-02 Reclassification | — | — | 1,100 | (1,100) | — | — | — | ||||||||||||||||||||||||||||||||||
Distributions to CNXM Noncontrolling Interest Holders | — | — | — | — | — | (55,433) | (55,433) | ||||||||||||||||||||||||||||||||||
Acquisition of CNX Gathering, LLC | — | — | — | — | — | 718,577 | 718,577 | ||||||||||||||||||||||||||||||||||
December 31, 2018 | $ | 1,990 | $ | 2,264,063 | $ | 2,071,809 | $ | (7,904) | $ | 4,329,958 | $ | 751,785 | $ | 5,081,743 | |||||||||||||||||||||||||||
December 31, 2018 | $ | 1,990 | $ | 2,264,063 | $ | 2,071,809 | $ | (7,904) | $ | 4,329,958 | $ | 751,785 | $ | 5,081,743 | |||||||||||||||||||||||||||
Net (Loss) Income | — | — | (80,730) | — | (80,730) | 112,678 | 31,948 | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 9 | 556 | — | — | 565 | — | 565 | ||||||||||||||||||||||||||||||||||
Purchase and Retirement of Common Stock | (129) | (101,559) | (13,789) | — | (115,477) | — | (115,477) | ||||||||||||||||||||||||||||||||||
Shares Withheld for Taxes | — | — | (5,614) | — | (5,614) | (696) | (6,310) | ||||||||||||||||||||||||||||||||||
Amortization of Stock-Based Compensation Awards | — | 36,545 | — | — | 36,545 | 1,880 | 38,425 | ||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | (4,701) | (4,701) | — | (4,701) | ||||||||||||||||||||||||||||||||||
Distributions to CNXM Noncontrolling Interest Holders | — | — | — | — | — | (63,884) | (63,884) | ||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | 1,870 | $ | 2,199,605 | $ | 1,971,676 | $ | (12,605) | $ | 4,160,546 | $ | 801,763 | $ | 4,962,309 | |||||||||||||||||||||||||||
December 31, 2019 | $ | 1,870 | $ | 2,199,605 | $ | 1,971,676 | $ | (12,605) | $ | 4,160,546 | $ | 801,763 | $ | 4,962,309 | |||||||||||||||||||||||||||
Net (Loss) Income | — | — | (483,775) | — | (483,775) | 55,031 | (428,744) | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 8 | 2,049 | — | — | 2,057 | — | 2,057 | ||||||||||||||||||||||||||||||||||
Purchase and Retirement of Common Stock | (41) | (33,067) | (10,139) | — | (43,247) | — | (43,247) | ||||||||||||||||||||||||||||||||||
Shares Withheld for Taxes | — | — | (1,706) | — | (1,706) | (309) | (2,015) | ||||||||||||||||||||||||||||||||||
Amortization of Stock-Based Compensation Awards | — | 12,897 | — | — | 12,897 | 1,485 | 14,382 | ||||||||||||||||||||||||||||||||||
Equity Component of Convertible Senior Notes, net of Issuance Costs | — | 78,317 | — | — | 78,317 | — | 78,317 | ||||||||||||||||||||||||||||||||||
Purchase of Capped Call | — | (26,351) | — | — | (26,351) | — | (26,351) | ||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | (2,579) | (2,579) | — | (2,579) | ||||||||||||||||||||||||||||||||||
Distributions to CNXM Noncontrolling Interest Holders | — | — | — | — | — | (41,987) | (41,987) | ||||||||||||||||||||||||||||||||||
CNXM Merger | 371 | 725,907 | — | — | 726,278 | (815,983) | (89,705) | ||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | 2,208 | $ | 2,959,357 | $ | 1,476,056 | $ | (15,184) | $ | 4,422,437 | $ | — | $ | 4,422,437 |
(Dollars in thousands) | For the Years Ended December 31, | ||||||||||||||||
Cash Flows from Operating Activities: | 2020 | 2019 | 2018 | ||||||||||||||
Net (Loss) Income | $ | (428,744) | $ | 31,948 | $ | 883,111 | |||||||||||
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Continuing Operating Activities: | |||||||||||||||||
Depreciation, Depletion and Amortization | 501,821 | 508,463 | 493,423 | ||||||||||||||
Amortization of Deferred Financing Costs | 21,202 | 7,747 | 8,361 | ||||||||||||||
Impairment of Exploration and Production Properties | 61,849 | 327,400 | — | ||||||||||||||
Impairment of Unproved Properties and Expirations | — | 119,429 | — | ||||||||||||||
Impairment of Goodwill | 473,045 | — | — | ||||||||||||||
Impairment of Other Intangible Assets | — | — | 18,650 | ||||||||||||||
Stock-Based Compensation | 14,382 | 38,425 | 21,341 | ||||||||||||||
Gain on Asset Sales and Abandonments, net | (21,224) | (35,563) | (157,015) | ||||||||||||||
Gain on Previously Held Equity Interest | — | — | (623,663) | ||||||||||||||
(Gain) Loss on Debt Extinguishment | (10,101) | 7,614 | 54,118 | ||||||||||||||
(Gain) Loss on Commodity Derivative Instruments | (172,982) | (376,105) | 30,212 | ||||||||||||||
Loss on Other Derivative Instruments | 13,051 | — | — | ||||||||||||||
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments | 461,217 | 69,780 | (69,720) | ||||||||||||||
Deferred Income Taxes | (118,300) | 79,092 | 345,560 | ||||||||||||||
Equity in Loss (Earnings) of Affiliates | 688 | (2,103) | (5,363) | ||||||||||||||
Return on Equity Investment | — | 4,056 | — | ||||||||||||||
Changes in Operating Assets: | |||||||||||||||||
Accounts and Notes Receivable | (4,895) | 118,622 | (57,734) | ||||||||||||||
Supplies Inventories | (2,673) | 2,731 | 1,027 | ||||||||||||||
Recoverable Income Taxes | 62,336 | 87,050 | (118,498) | ||||||||||||||
Prepaid Expenses | 4,923 | 3,115 | (1,391) | ||||||||||||||
Changes in Other Assets | (39) | 1,000 | 4,904 | ||||||||||||||
Changes in Operating Liabilities: | |||||||||||||||||
Accounts Payable | (48,485) | (6,405) | 12,760 | ||||||||||||||
Accrued Interest | (4,314) | 4,529 | (5,839) | ||||||||||||||
Other Operating Liabilities | (6,453) | 13,242 | 53,135 | ||||||||||||||
Changes in Other Liabilities | (1,233) | (23,507) | (1,556) | ||||||||||||||
Net Cash Provided by Operating Activities | 795,071 | 980,560 | 885,823 | ||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Capital Expenditures | (487,291) | (1,192,599) | (1,116,397) | ||||||||||||||
CNX Gathering LLC Acquisition, Net of Cash Acquired | — | — | (299,272) | ||||||||||||||
Proceeds from Asset Sales | 48,322 | 45,160 | 511,767 | ||||||||||||||
Net Distributions from Equity Affiliates | — | — | 9,250 | ||||||||||||||
Net Cash Used in Investing Activities | (438,969) | (1,147,439) | (894,652) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Net (Payments on) Proceeds from CNX Revolving Credit Facility | (500,200) | 49,000 | 612,000 | ||||||||||||||
Payments on Miscellaneous Borrowings | (7,155) | (7,149) | (7,165) | ||||||||||||||
Payments on Long-Term Notes | (882,213) | (405,876) | (955,019) | ||||||||||||||
Proceeds from Issuance of CNX Senior Notes | 707,000 | 500,000 | — | ||||||||||||||
Proceeds from Issuance of CNXM Senior Notes | — | — | 394,000 | ||||||||||||||
Net Proceeds from CSG Non-Revolving Credit Facilities | 158,794 | — | — | ||||||||||||||
Proceeds from Issuance of Convertible Senior Notes | 334,650 | — | — | ||||||||||||||
Purchase of Capped Call Related to Convertible Senior Notes | (35,673) | — | — | ||||||||||||||
Net (Payments on) Proceeds from CNXM Revolving Credit Facility | (20,750) | 227,750 | (65,500) | ||||||||||||||
Distributions to CNXM Noncontrolling Interest Holders | (41,987) | (63,884) | (55,433) | ||||||||||||||
Proceeds from Issuance of Common Stock | 2,057 | 565 | 1,713 | ||||||||||||||
Shares Withheld for Taxes | (2,015) | (6,310) | (5,385) | ||||||||||||||
Purchases of Common Stock | (37,247) | (117,477) | (381,752) | ||||||||||||||
Debt Issuance and Financing Fees | (26,047) | (10,655) | (20,599) | ||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (350,786) | 165,964 | (483,140) | ||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 5,316 | (915) | (491,969) | ||||||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 16,283 | 17,198 | 509,167 | ||||||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 21,599 | $ | 16,283 | $ | 17,198 |
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash and Cash Equivalents | $ | 15,617 | $ | 16,283 | $ | 17,198 | |||||||||||
Restricted Cash, Current Portion | 735 | — | — | ||||||||||||||
Restricted Cash, Less Current Portion | 5,247 | — | — | ||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 21,599 | $ | 16,283 | $ | 17,198 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Allowance for Credit Losses - Trade, Beginning of Year | $ | — | $ | — | |||||||
Provision for Expected Credit Losses | 84 | — | |||||||||
Allowance for Credit Losses - Trade, End of Period | $ | 84 | $ | — | |||||||
Allowance for Credit Losses - Other Receivables, Beginning of Year | $ | 2,463 | $ | 2,038 | |||||||
Provision for Expected Credit Losses | 2,760 | 595 | |||||||||
Write-off of Uncollectible Accounts | (1,975) | (170) | |||||||||
Allowance for Credit Losses - Other Receivables, End of Period | $ | 3,248 | $ | 2,463 |
Years | ||||||||
Buildings and Improvements |
10 to 45
|
|||||||
Machinery and Equipment |
3 to 25
|
|||||||
Gathering and Transmission |
30 to 40
|
|||||||
Leasehold Improvements | Life of Lease |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Anti-Dilutive Options | 4,200,509 | 4,696,264 | 2,285,775 | ||||||||||||||
Anti-Dilutive Restricted Stock Units | 2,160,727 | 1,282,582 | — | ||||||||||||||
Anti-Dilutive Performance Share Units | 721,244 | 752,899 | 145,217 | ||||||||||||||
Anti-Dilutive Performance Share Options | — | 927,268 | 927,268 | ||||||||||||||
7,082,480 | 7,659,013 | 3,358,260 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net (Loss) Income | $ | (428,744) | $ | 31,948 | $ | 883,111 | |||||||||||
Less: Net Income Attributable to Non-Controlling Interest | 55,031 | 112,678 | 86,578 | ||||||||||||||
Net (Loss) Income Attributable to CNX Resources Shareholders | $ | (483,775) | $ | (80,730) | $ | 796,533 | |||||||||||
Weighted-Average Shares of Common Stock Outstanding | 199,225,441 | 190,727,122 | 212,348,581 | ||||||||||||||
Effect of Diluted Shares* | — | — | 2,280,384 | ||||||||||||||
Weighted-Average Diluted Shares of Common Stock Outstanding | 199,225,441 | 190,727,122 | 214,628,965 | ||||||||||||||
(Loss) Earnings Per Share: | |||||||||||||||||
Basic | $ | (2.43) | $ | (0.42) | $ | 3.75 | |||||||||||
Diluted | $ | (2.43) | $ | (0.42) | $ | 3.71 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Balance, Beginning of Year | 186,642,962 | 198,663,342 | 223,743,322 | ||||||||||||||
Issuance Related to Stock-Based Compensation (1) | 882,335 | 909,107 | 814,344 | ||||||||||||||
Retirement of Common Stock (2) | (4,138,527) | (12,929,487) | (25,894,324) | ||||||||||||||
Issuance Related to CNXM Merger | 37,054,223 | — | — | ||||||||||||||
Balance, End of Year | 220,440,993 | 186,642,962 | 198,663,342 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenue from Contracts with Customers: | |||||||||||||||||
Natural Gas Revenue | $ | 823,132 | $ | 1,251,013 | $ | 1,391,459 | |||||||||||
NGL Revenue | 64,138 | 104,139 | 165,883 | ||||||||||||||
Oil/Condensate Revenue | 9,475 | 9,173 | 20,595 | ||||||||||||||
Total Natural Gas, NGL and Oil Revenue | 896,745 | 1,364,325 | 1,577,937 | ||||||||||||||
Purchased Gas Revenue | 105,792 | 94,027 | 65,986 | ||||||||||||||
Other Sources of Revenue and Other Operating Income: | |||||||||||||||||
Gain (Loss) on Commodity Derivative Instruments | 172,982 | 376,105 | (30,212) | ||||||||||||||
Other Revenue and Operating Income | 82,459 | 87,992 | 116,723 | ||||||||||||||
Total Revenue and Other Operating Income | $ | 1,257,978 | $ | 1,922,449 | $ | 1,730,434 |
Amount | |||||
Cash Consideration | $ | 305,000 | |||
CNX Gathering Cash on Hand at January 3, 2018 Distributed to Noble | 2,620 | ||||
Fair Value of Previously Held Equity Interest | 799,033 | ||||
Total Estimated Fair Value of Consideration Transferred | $ | 1,106,653 |
Amount | |||||
Fair Value of Assets Acquired: | |||||
Cash and Cash Equivalents | $ | 8,348 | |||
Accounts and Notes Receivable | 21,199 | ||||
Prepaid Expense | 2,006 | ||||
Other Current Assets | 163 | ||||
Property, Plant and Equipment, net | 1,043,340 | ||||
Intangible Assets | 128,781 | ||||
Other | 593 | ||||
Total Assets Acquired | 1,204,430 | ||||
Fair Value of Liabilities Assumed: | |||||
Accounts Payable | 26,059 | ||||
CNXM Revolving Credit Facility | 149,500 | ||||
Total Liabilities Assumed | 175,559 | ||||
Total Identifiable Net Assets | 1,028,871 | ||||
Fair Value of Noncontrolling Interest in CNXM | (718,577) | ||||
Goodwill | 796,359 | ||||
Net Assets Acquired | $ | 1,106,653 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Other Revenue and Operating Income | $ | 64,710 | $ | 74,314 | $ | 89,781 | |||||||||||
Earnings Before Income Tax | $ | 156,818 | $ | 166,654 | $ | 133,811 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Current: | |||||||||||||||||
U.S. Federal
|
$ | (55,799) | $ | (51,243) | $ | (130,003) | |||||||||||
U.S. State
|
12 | (113) | — | ||||||||||||||
(55,787) | (51,356) | (130,003) | |||||||||||||||
Deferred: | |||||||||||||||||
U.S. Federal
|
(83,080) | 47,717 | 319,813 | ||||||||||||||
U.S. State
|
(35,220) | 31,375 | 25,747 | ||||||||||||||
(118,300) | 79,092 | 345,560 | |||||||||||||||
Total Income Tax (Benefit) Expense | $ | (174,087) | $ | 27,736 | $ | 215,557 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Deferred Tax Assets: | |||||||||||
Net Operating Loss- Federal
|
$ | 215,936 | $ | 202,913 | |||||||
Net Operating Loss - State
|
129,641 | 130,430 | |||||||||
Foreign Tax Credit | 43,194 | 43,194 | |||||||||
Operating Lease Right-of-Use Assets | 28,085 | 47,849 | |||||||||
Gas Well Closing | 24,251 | 17,888 | |||||||||
Salary Retirement | 11,478 | 9,236 | |||||||||
Equity Compensation | 6,639 | 9,308 | |||||||||
Alternative Minimum Tax | — | 51,241 | |||||||||
Interest Limitation | — | 25,734 | |||||||||
Other
|
9,416 | 10,030 | |||||||||
Total Deferred Tax Assets
|
468,640 | 547,823 | |||||||||
Valuation Allowance
|
(123,098) | (125,054) | |||||||||
Net Deferred Tax Assets
|
345,542 | 422,769 | |||||||||
Deferred Tax Liabilities: | |||||||||||
Property, Plant and Equipment
|
(649,917) | (593,401) | |||||||||
Investment in Partnership
|
(85,882) | (145,424) | |||||||||
Gas Derivatives
|
(26,882) | (105,721) | |||||||||
Operating Lease Liabilities | (28,287) | (46,640) | |||||||||
Discount on Convertible Notes | (18,097) | — | |||||||||
Advance Gas Royalties
|
(2,519) | (3,337) | |||||||||
Other
|
(211) | (4,354) | |||||||||
Total Deferred Tax Liabilities
|
(811,795) | (898,877) | |||||||||
Net Deferred Tax Liability
|
$ | (466,253) | $ | (476,108) |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||
Statutory U.S. Federal Income Tax Rate | $ | (126,595) | 21.0 | % | $ | 12,534 | 21.0 | % | $ | 230,721 | 21.0 | % | |||||||||||||||||||||||
Net Effect of State Income Taxes | (32,336) | 5.5 | 1,333 | 2.2 | 60,814 | 5.6 | |||||||||||||||||||||||||||||
Non-Controlling Interest | (11,556) | 1.9 | (23,662) | (39.6) | (18,181) | (1.7) | |||||||||||||||||||||||||||||
Uncertain Tax Positions | 375 | (0.1) | — | — | (4,265) | (0.4) | |||||||||||||||||||||||||||||
Accrual to Tax Return Reconciliation
|
13 | — | 603 | 1.0 | 3,028 | 0.3 | |||||||||||||||||||||||||||||
Effect of Equity Compensation | 4,311 | (0.7) | 8,771 | 14.7 | — | — | |||||||||||||||||||||||||||||
Effect of Change in State Valuation Allowance | (2,004) | 0.3 | 33,238 | 55.6 | (22,684) | (2.1) | |||||||||||||||||||||||||||||
Effect of Change in Federal Valuation Allowance | 48 | — | (2,640) | (4.4) | (18,110) | (1.7) | |||||||||||||||||||||||||||||
Other Deferred Adjustments | 1,166 | (0.2) | (1,691) | (2.8) | 5,957 | 0.6 | |||||||||||||||||||||||||||||
Effect of Federal and State Rate Reductions | (1,450) | 0.2 | (3,842) | (6.4) | (27,429) | (2.5) | |||||||||||||||||||||||||||||
Effect of Federal Tax Credits | (6,284) | 1.0 | 2,881 | 4.8 | 1,208 | 0.1 | |||||||||||||||||||||||||||||
Other | 225 | — | 211 | 0.4 | 4,498 | 0.4 | |||||||||||||||||||||||||||||
Income Tax (Benefit) Expense / Effective Rate | $ | (174,087) | 28.9 | % | $ | 27,736 | 46.5 | % | $ | 215,557 | 19.6 | % |
For the Years Ended | |||||||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Balance at Beginning of Period | $ | 31,516 | $ | 31,516 | |||||||
Increase in Unrecognized Tax Benefits Resulting from Tax Positions Taken During Prior Periods
|
1,726 | — | |||||||||
Reduction in Unrecognized Tax Benefits Because of the Lapse of the Applicable Statute of Limitations | (1,351) | — | |||||||||
Balance at End of Period | $ | 31,891 | $ | 31,516 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Balance, Beginning of Year | $ | 68,454 | $ | 38,554 | ||||||||||
Obligations Divested | (703) | — | ||||||||||||
Accretion Expense | 11,067 | 9,458 | ||||||||||||
Obligations Incurred | 2,806 | 2,933 | ||||||||||||
Obligations Settled | (7,905) | (4,231) | ||||||||||||
Revisions in Estimated Cash Flows | 19,449 | 21,740 | ||||||||||||
Balance, End of Year | $ | 93,168 | $ | 68,454 |
December 31, | |||||||||||
Property, Plant and Equipment | 2020 | 2019 | |||||||||
Intangible Drilling Cost | $ | 4,965,252 | $ | 4,688,497 | |||||||
Gas Gathering Equipment | 2,510,917 | 2,463,866 | |||||||||
Proved Gas Properties | 1,253,094 | 1,208,046 | |||||||||
Gas Wells and Related Equipment | 1,120,061 | 1,042,000 | |||||||||
Unproved Gas Properties | 725,705 | 755,590 | |||||||||
Surface Land and Other Equipment | 199,322 | 226,285 | |||||||||
Other | 189,645 | 187,722 | |||||||||
Total Property, Plant and Equipment | 10,963,996 | 10,572,006 | |||||||||
Less: Accumulated Depreciation, Depletion and Amortization | 3,938,451 | 3,435,431 | |||||||||
Total Property, Plant and Equipment - Net | $ | 7,025,545 | $ | 7,136,575 | |||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Unproved Gas Properties | $ | 725,705 | $ | 755,590 | |||||||
Advance Royalties | 9,676 | 12,770 | |||||||||
Total | $ | 735,381 | $ | 768,360 |
Amount | |||||
December 31, 2019 | $ | 796,359 | |||
Impairment | 473,045 | ||||
December 31, 2020 | $ | 323,314 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Other Intangible Assets: | |||||||||||
Gross Amortizable Asset - Customer Relationships | $ | 109,752 | $ | 109,752 | |||||||
Less: Accumulated Amortization - Customer Relationships | 19,657 | 13,105 | |||||||||
Total Other Intangible Assets, net | $ | 90,095 | $ | 96,647 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Royalties | $ | 72,401 | $ | 74,061 | |||||||
Accrued Interest | 26,549 | 30,862 | |||||||||
Short-Term Incentive Compensation | 20,340 | 21,030 | |||||||||
Transportation Charges | 15,969 | 16,533 | |||||||||
Deferred Revenue | 10,986 | 13,964 | |||||||||
Accrued Other Taxes | 10,580 | 9,115 | |||||||||
Accrued Payroll & Benefits | 5,009 | 6,248 | |||||||||
Other | 26,697 | 37,610 | |||||||||
Current Portion of Long-Term Liabilities: | |||||||||||
Asset Retirement Obligations | 8,455 | 5,076 | |||||||||
Salary Retirement
|
1,787 | 1,587 | |||||||||
Total Other Accrued Liabilities | $ | 198,773 | $ | 216,086 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Senior Notes due March 2027 at 7.25% (Principal of $700,000 and $500,000, respectively, plus Unamortized Premium of $6,686 at December 31, 2020)
|
$ | 706,686 | $ | 500,000 | |||||||
Senior Notes due January 2029 at 6.00%, Issued at Par Value
|
500,000 | — | |||||||||
CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $3,875 and $4,625, respectively)*
|
396,125 | 395,375 | |||||||||
CNX Midstream Partners LP Revolving Credit Facility* | 291,000 | 311,750 | |||||||||
Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $107,735)
|
237,265 | — | |||||||||
CNX Revolving Credit Facility | 160,800 | 661,000 | |||||||||
Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $114,985 less Unamortized Discount of $1,126)
|
113,859 | — | |||||||||
CSG Holdings II LLC Credit Facility maturing in March 2027 (Principal of $45,559 less Unamortized Discount of $441)
|
45,118 | — | |||||||||
Senior Notes due April 2022 at 5.875% (Principal of $894,307 plus Unamortized Premium of $1,001 at December 31, 2019)
|
— | 895,308 | |||||||||
Less: Unamortized Debt Issuance Costs | 26,852 | 8,990 | |||||||||
2,424,001 | 2,754,443 | ||||||||||
Less: Amounts Due in One Year | 22,574 | — | |||||||||
Long-Term Debt | $ | 2,401,427 | $ | 2,754,443 |
Year ended December 31, | Amount | ||||
2021 | $ | 22,574 | |||
2022 | 23,712 | ||||
2023 | 24,469 | ||||
2024 | 474,366 | ||||
2025 | 23,057 | ||||
Thereafter | 1,989,166 | ||||
Total Long-Term Debt Maturities | $ | 2,557,344 |
December 31, 2020 | |||||
Liability Component: | |||||
Principal | $ | 345,000 | |||
Unamortized Discount | (101,367) | ||||
Unamortized Issuance Costs | (6,368) | ||||
Net Carrying Amount | $ | 237,265 | |||
Equity Component, net of Purchase Discounts and Issuance Costs | 78,317 |
For the Year Ended | |||||
December 31, 2020 | |||||
Contractual Interest Expense | $ | 5,175 | |||
Amortization of Debt Discount | 9,516 | ||||
Amortization of Issuance Costs | 655 | ||||
Total Interest Expense | $ | 15,346 |
For the Years Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Operating Lease Cost | $ | 74,703 | $ | 73,809 | |||||||
Finance Lease Cost: | |||||||||||
Amortization of Right-of-Use Assets
|
4,959 | 5,242 | |||||||||
Interest on Lease Liabilities
|
739 | 1,241 | |||||||||
Short-term Lease Cost | 3,252 | 5,547 | |||||||||
Variable Lease Cost* | 9,634 | 17,337 | |||||||||
Total Lease Cost | $ | 93,287 | $ | 103,176 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Operating Leases: | |||||||||||
Operating Lease Right-of-Use Asset | $ | 108,683 | $ | 187,097 | |||||||
Current Portion of Operating Lease Obligations | $ | 52,575 | $ | 61,670 | |||||||
Operating Lease Obligations | 53,235 | 110,466 | |||||||||
Total Operating Lease Liabilities
|
$ | 105,810 | $ | 172,136 | |||||||
Finance Leases: | |||||||||||
Property, Plant and Equipment | $ | 72,653 | $ | 72,916 | |||||||
Less—Accumulated Depreciation, Depletion and Amortization | 67,508 | 63,008 | |||||||||
Property, Plant and Equipment—Net
|
$ | 5,145 | $ | 9,908 | |||||||
Current Portion of Finance Lease Obligations | $ | 6,876 | $ | 7,164 | |||||||
Finance Lease Obligations | 1,057 | 7,706 | |||||||||
Total Finance Lease Liabilities
|
$ | 7,933 | $ | 14,870 |
For the Years Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | |||||||||||
Operating Cash Flows from Operating Leases
|
$ | 62,610 | $ | 66,827 | |||||||
Operating Cash Flows from Finance Leases
|
$ | 739 | $ | 1,241 | |||||||
Financing Cash Flows from Finance Leases
|
$ | 7,155 | $ | 7,149 | |||||||
Right-of-Use Assets Obtained in Exchange for Lease Obligations: | |||||||||||
Operating Leases
|
$ | 4,027 | $ | 15,347 | |||||||
Finance Leases
|
$ | 257 | $ | 1,846 |
Operating | Finance | ||||||||||
Leases | Leases | ||||||||||
Year Ended December 31, | |||||||||||
2021 | $ | 56,190 | $ | 7,138 | |||||||
2022 | 21,592 | 446 | |||||||||
2023 | 5,453 | 442 | |||||||||
2024 | 5,433 | 155 | |||||||||
2025 | 4,824 | 38 | |||||||||
Thereafter | 25,996 | 40 | |||||||||
Total Lease Payments | 119,488 | 8,259 | |||||||||
Less: Interest | 13,678 | 326 | |||||||||
Present Value of Lease Liabilities | $ | 105,810 | $ | 7,933 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Change in Benefit Obligation: | |||||||||||
Benefit Obligation at Beginning of Period
|
$ | 40,196 | $ | 33,569 | |||||||
Service Cost
|
247 | 209 | |||||||||
Interest Cost
|
1,179 | 1,338 | |||||||||
Actuarial Loss | 4,098 | 4,865 | |||||||||
Plan Amendments
|
— | 1,728 | |||||||||
Benefits and Other Payments
|
(1,644) | (1,513) | |||||||||
Benefit Obligation at End of Period | $ | 44,076 | $ | 40,196 | |||||||
Change in Plan Assets: | |||||||||||
Fair Value of Plan Assets at Beginning of Period
|
$ | — | $ | — | |||||||
Company Contributions
|
1,644 | 1,513 | |||||||||
Benefits and Other Payments
|
(1,644) | (1,513) | |||||||||
Fair Value of Plan Assets at End of Period | $ | — | $ | — | |||||||
Funded Status: | |||||||||||
Current Liabilities
|
$ | (1,787) | $ | (1,587) | |||||||
Noncurrent Liabilities
|
(42,289) | (38,609) | |||||||||
Net Obligation Recognized | $ | (44,076) | $ | (40,196) | |||||||
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of:
|
|||||||||||
Net Actuarial Loss
|
$ | 19,075 | $ | 15,361 | |||||||
Prior Service Cost | 1,506 | 1,727 | |||||||||
Total
|
20,581 | 17,088 | |||||||||
Less: Tax Benefit
|
5,397 | 4,483 | |||||||||
Net Amount Recognized | $ | 15,184 | $ | 12,605 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||||||
Service Cost
|
$ | 247 | $ | 209 | $ | 302 | |||||||||||
Interest Cost
|
1,179 | 1,338 | 1,265 | ||||||||||||||
Amortization of Prior Service Cost (Credit) | 221 | (17) | (193) | ||||||||||||||
Recognized Net Actuarial Loss
|
383 | 242 | 865 | ||||||||||||||
Curtailment Gain
|
— | — | (416) | ||||||||||||||
Net Periodic Benefit Cost | $ | 2,030 | $ | 1,772 | $ | 1,823 |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Projected Benefit Obligation | $ | 44,076 | $ | 40,196 | |||||||
Accumulated Benefit Obligation | $ | 43,886 | $ | 40,196 | |||||||
Fair Value of Plan Assets | $ | — | $ | — |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Discount Rate | 2.47 | % | 3.36 | % | |||||||
Rate of Compensation Increase | — | % | — | % | |||||||
Interest Credited Rate | 2.26 | % | 3.01 | % |
For the Years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Discount Rate | 3.36 | % | 4.37 | % | 4.28 | % | |||||||||||
Rate of Compensation Increase | — | % | 3.63 | % | 4.05 | % | |||||||||||
Interest Credited Rate | 2.47 | % | 3.39 | % | 3.94 | % |
Pension | ||||||||
Year ended December 31, | Benefits | |||||||
2021 | $ | 1,787 | ||||||
2022 | $ | 1,846 | ||||||
2023 | $ | 1,913 | ||||||
2024 | $ | 1,977 | ||||||
2025 | $ | 2,049 | ||||||
Year 2026-2030 | $ | 11,172 |
Weighted | ||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||
Weighted | Remaining | Aggregate | ||||||||||||||||||||||||
Average | Contractual | Intrinsic | ||||||||||||||||||||||||
Exercise | Term (in | Value (in | ||||||||||||||||||||||||
Shares | Price | years) | thousands) | |||||||||||||||||||||||
Outstanding at December 31, 2019 | 4,696,264 | $ | 18.05 | |||||||||||||||||||||||
Granted | 299,541 | $ | 10.46 | |||||||||||||||||||||||
Exercised | (298,513) | $ | 6.87 | |||||||||||||||||||||||
Forfeited | (3,561) | $ | 10.53 | |||||||||||||||||||||||
Expired | (493,222) | $ | 43.53 | |||||||||||||||||||||||
Outstanding at December 31, 2020 | 4,200,509 | $ | 15.32 | 4.18 | $ | 9,430 | ||||||||||||||||||||
Exercisable at December 31, 2020 | 3,908,444 | $ | 15.68 | 3.81 | $ | 9,330 |
Number of | Weighted Average | |||||||||||||
Shares | Grant Date Fair Value | |||||||||||||
Nonvested at December 31, 2019 | 1,033,200 | $11.71 | ||||||||||||
Granted | 1,251,065 | $8.49 | ||||||||||||
RSUs granted in conversion, as a result of the CNXM Merger | 204,619 | $18.01 | ||||||||||||
Vested | (577,834) | $10.95 | ||||||||||||
Forfeited | (39,923) | $9.65 | ||||||||||||
Nonvested at December 31, 2020 | 1,871,127 | $10.10 |
Number of | Weighted Average | |||||||||||||
Shares | Grant Date Fair Value | |||||||||||||
Nonvested at December 31, 2019 | 1,400,836 | $18.91 | ||||||||||||
Granted | 660,634 | $5.79 | ||||||||||||
PSUs Issued | 112,158 | $20.39 | ||||||||||||
Vested | (274,716) | $20.82 | ||||||||||||
Forfeited | (131,474) | $18.37 | ||||||||||||
Nonvested at December 31, 2020 | 1,767,438 | $13.85 |
For the Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Interest (Net of Amounts Capitalized)
|
$ | 141,992 | $ | 143,111 | $ | 144,756 | ||||||||||||||
Income Taxes
|
$ | (118,125) | $ | (138,409) | $ | (11,505) |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Gas Wholesalers | $ | 133,253 | $ | 115,641 | |||||||
NGL, Condensate & Processing Facilities
|
7,008 | 10,140 | |||||||||
Other | 5,752 | 7,699 | |||||||||
Allowance for Credit Losses | (84) | — | |||||||||
Total Accounts Receivable Trade
|
$ | 145,929 | $ | 133,480 |
Fair Value Measurements at December 31, 2020 | Fair Value Measurements at December 31, 2019 | ||||||||||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Gas Derivatives | $ | — | $ | 117,545 | $ | — | $ | — | $ | 405,781 | $ | — | |||||||||||||||||||||||
Interest Rate Swaps | $ | — | $ | (14,270) | $ | — | $ | — | $ | (1,219) | $ | — |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Carrying
Amount |
Fair
Value |
Carrying
Amount |
Fair
Value |
||||||||||||||||||||
Cash and Cash Equivalents | $ | 15,617 | $ | 15,617 | $ | 16,283 | $ | 16,283 | |||||||||||||||
Long-Term Debt (Excluding Debt Issuance Costs) | $ | 2,450,853 | $ | 2,638,251 | $ | 2,763,433 | $ | 2,619,676 |
December 31, | Forecasted to | ||||||||||||||||
2020 | 2019 | Settle Through | |||||||||||||||
Natural Gas Commodity Swaps (Bcf) | 1,256.9 | 1,460.6 | 2025 | ||||||||||||||
Natural Gas Basis Swaps (Bcf) | 1,294.1 | 1,290.4 | 2026 | ||||||||||||||
Interest Rate Swaps | $ | 569,972 | $ | 160,000 | 2028 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Current Assets: | |||||||||||
Commodity Derivative Instruments: | |||||||||||
Commodity Swaps | $ | 53,668 | $ | 234,238 | |||||||
Basis Only Swaps | 30,848 | 13,556 | |||||||||
Interest Rate Swaps | 141 | — | |||||||||
Total Current Assets | $ | 84,657 | $ | 247,794 | |||||||
Other Non-Current Assets: | |||||||||||
Commodity Derivative Instruments: | |||||||||||
Commodity Swaps | $ | 134,661 | $ | 288,543 | |||||||
Basis Only Swaps | 52,903 | 25,553 | |||||||||
Interest Rate Swaps | 673 | — | |||||||||
Total Other Non-Current Assets | $ | 188,237 | $ | 314,096 | |||||||
Current Liabilities: | |||||||||||
Commodity Derivative Instruments: | |||||||||||
Commodity Swaps | $ | 23,506 | $ | 345 | |||||||
Basis Only Swaps | 14,491 | 40,626 | |||||||||
Interest Rate Swaps | 4,332 | 495 | |||||||||
Total Current Liabilities | $ | 42,329 | $ | 41,466 | |||||||
Non-Current Liabilities: | |||||||||||
Commodity Derivative Instruments: | |||||||||||
Commodity Swaps | $ | 59,388 | $ | 9,693 | |||||||
Basis Only Swaps | 57,150 | 105,445 | |||||||||
Interest Rate Swaps | 10,752 | 724 | |||||||||
Total Non-Current Liabilities | $ | 127,290 | $ | 115,862 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash Received (Paid) in Settlement of Commodity Derivative Instruments: | |||||||||||||||||
Natural Gas: | |||||||||||||||||
Commodity Swaps | $ | 390,547 | $ | 82,899 | $ | (41,098) | |||||||||||
Basis Swaps | 70,670 | (13,119) | (28,622) | ||||||||||||||
Total Cash Received (Paid) in Settlement of Commodity Derivative Instruments | 461,217 | 69,780 | (69,720) | ||||||||||||||
Unrealized (Loss) Gain on Commodity Derivative Instruments: | |||||||||||||||||
Natural Gas: | |||||||||||||||||
Commodity Swaps | (407,308) | 406,472 | 33,026 | ||||||||||||||
Basis Swaps | 119,073 | (100,147) | 6,482 | ||||||||||||||
Total Unrealized (Loss) Gain on Commodity Derivative Instruments | (288,235) | 306,325 | 39,508 | ||||||||||||||
Gain (Loss) on Commodity Derivative Instruments: | |||||||||||||||||
Natural Gas: | |||||||||||||||||
Commodity Swaps | (16,761) | 489,371 | (8,072) | ||||||||||||||
Basis Swaps | 189,743 | (113,266) | (22,140) | ||||||||||||||
Total Gain (Loss) on Commodity Derivative Instruments | $ | 172,982 | $ | 376,105 | $ | (30,212) |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Cash (Paid) Received in Settlement of Interest Rate Swaps | $ | (3,141) | $ | 223 | |||||||||||||
Unrealized Loss on Interest Rate Swaps | (13,051) | (1,219) | |||||||||||||||
Loss on Interest Rate Swaps | $ | (16,192) | $ | (996) |
Amount of Commitment Expiration Per Period | |||||||||||||||||||||||||||||
Total
Amounts Committed |
Less Than
1 Year |
1-3 Years | 3-5 Years |
Beyond
5 Years |
|||||||||||||||||||||||||
Letters of Credit: | |||||||||||||||||||||||||||||
Firm Transportation | $ | 178,352 | $ | 178,352 | $ | — | $ | — | $ | — | |||||||||||||||||||
Other | 6,950 | 6,950 | — | — | — | ||||||||||||||||||||||||
Total Letters of Credit | 185,302 | 185,302 | — | — | — | ||||||||||||||||||||||||
Surety Bonds: | |||||||||||||||||||||||||||||
Employee-Related | 2,600 | 2,600 | — | — | — | ||||||||||||||||||||||||
Environmental | 12,447 | 12,187 | 260 | — | — | ||||||||||||||||||||||||
Financial Guarantees | 81,670 | 81,670 | — | — | — | ||||||||||||||||||||||||
Other | 9,183 | 7,899 | 1,284 | — | — | ||||||||||||||||||||||||
Total Surety Bonds | 105,900 | 104,356 | 1,544 | — | — | ||||||||||||||||||||||||
Total Commitments | $ | 291,202 | $ | 289,658 | $ | 1,544 | $ | — | $ | — |
Obligations Due | Amount | ||||
Less than 1 year | $ | 253,692 | |||
1 - 3 years | 431,282 | ||||
3 - 5 years | 390,693 | ||||
More than 5 years | 985,201 | ||||
Total Purchase Obligations | $ | 2,060,868 |
Shale |
Coalbed
Methane |
Other | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 781,038 | $ | 114,366 | $ | 1,341 | $ | 896,745 | (A) | ||||||||||||||||||||||||||||||||||||||||||||
Purchased Gas Revenue | — | — | 105,792 | 105,792 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Commodity Derivative Instruments | 337,269 | 39,884 | (204,171) | 172,982 | (B) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Income | 64,710 | — | 17,749 | 82,459 | (C) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue and Other Operating Income | $ | 1,183,017 | $ | 154,250 | $ | (79,289) | $ | 1,257,978 | |||||||||||||||||||||||||||||||||||||||||||||
Total Operating Expense | $ | 709,036 | $ | 127,845 | $ | 860,863 | $ | 1,697,744 | |||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Before Income Tax | $ | 473,981 | $ | 26,405 | $ | (1,103,217) | $ | (602,831) | |||||||||||||||||||||||||||||||||||||||||||||
Segment Assets | $ | 6,068,933 | $ | 1,095,816 | $ | 877,015 | $ | 8,041,764 | (D) | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization
|
$ | 416,441 | $ | 69,745 | $ | 15,635 | $ | 501,821 | |||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures | $ | 474,545 | $ | 9,789 | $ | 2,957 | $ | 487,291 |
Shale |
Coalbed
Methane |
Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 1,199,276 | $ | 163,893 | $ | 1,156 | $ | 1,364,325 | (E) | |||||||||||||||||||||||||||||||||||||||||||||||
Purchased Gas Revenue | — | — | 94,027 | 94,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on Commodity Derivative Instruments
|
62,418 | 7,335 | 306,352 | 376,105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue and Operating Income | 74,314 | — | 13,678 | 87,992 | (F) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue and Other Operating Income | $ | 1,336,008 | $ | 171,228 | $ | 415,213 | $ | 1,922,449 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Operating Expense | $ | 787,488 | $ | 135,778 | $ | 813,207 | $ | 1,736,473 | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Before Income Tax | $ | 548,520 | $ | 35,450 | $ | (524,286) | $ | 59,684 | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Assets | $ | 6,527,245 | $ | 1,222,005 | $ | 1,311,556 | $ | 9,060,806 | (G) | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization
|
$ | 427,219 | $ | 73,189 | $ | 8,055 | $ | 508,463 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures | $ | 1,175,091 | $ | 11,333 | $ | 6,175 | $ | 1,192,599 |
Shale |
Coalbed
Methane |
Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 1,349,196 | $ | 212,884 | $ | 15,857 | $ | 1,577,937 | (H) | |||||||||||||||||||||||||||||||||||
Purchased Gas Revenue | — | — | 65,986 | 65,986 | ||||||||||||||||||||||||||||||||||||||||
(Loss) Gain on Commodity Derivative Instruments
|
(60,326) | (8,768) | 38,882 | (30,212) | ||||||||||||||||||||||||||||||||||||||||
Other Revenue and Operating Income | 89,781 | — | 26,942 | 116,723 | (I) | |||||||||||||||||||||||||||||||||||||||
Total Revenue and Other Operating Income | $ | 1,378,651 | $ | 204,116 | $ | 147,667 | $ | 1,730,434 | ||||||||||||||||||||||||||||||||||||
Total Operating Expense | $ | 751,673 | $ | 154,121 | $ | 321,169 | $ | 1,226,963 | ||||||||||||||||||||||||||||||||||||
Earnings Before Income Tax | $ | 626,978 | $ | 49,995 | $ | 421,695 | $ | 1,098,668 | ||||||||||||||||||||||||||||||||||||
Segment Assets | $ | 6,268,113 | $ | 1,272,457 | $ | 1,051,600 | $ | 8,592,170 | (J) | |||||||||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization
|
$ | 404,503 | $ | 77,004 | $ | 11,916 | $ | 493,423 | ||||||||||||||||||||||||||||||||||||
Capital Expenditures | $ | 1,094,471 | $ | 17,083 | $ | 4,843 | $ | 1,116,397 |
For the Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Total Segment Revenue from Contracts with External Customers | $ | 1,067,247 | $ | 1,532,666 | $ | 1,733,704 | ||||||||||||||
Gain (Loss) on Commodity Derivative Instruments | 172,982 | 376,105 | (30,212) | |||||||||||||||||
Other Operating Income | 17,749 | 13,678 | 26,942 | |||||||||||||||||
Total Consolidated Revenue and Other Operating Income
|
$ | 1,257,978 | $ | 1,922,449 | $ | 1,730,434 |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Intangible Drilling Costs | $ | 4,965,252 | $ | 4,688,497 | |||||||
Gas Gathering Assets | 2,510,916 | 2,463,866 | |||||||||
Proved Gas Properties | 1,253,094 | 1,208,046 | |||||||||
Gas Wells and Related Equipment | 1,120,061 | 1,042,000 | |||||||||
Unproved Gas Properties | 725,705 | 755,590 | |||||||||
Other Gas Assets | 95,734 | 73,479 | |||||||||
Total Property, Plant and Equipment | 10,670,762 | 10,231,478 | |||||||||
Accumulated Depreciation, Depletion and Amortization | (3,852,593) | (3,317,442) | |||||||||
Net Capitalized Costs | $ | 6,818,169 | $ | 6,914,036 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Property Acquisitions: | |||||||||||||||||
Proved Properties
|
$ | 16,622 | $ | 36,710 | $ | 38,621 | |||||||||||
Unproved Properties
|
8,060 | 24,760 | 36,248 | ||||||||||||||
Development** | 432,438 | 1,063,945 | 986,419 | ||||||||||||||
Exploration | 33,644 | 79,855 | 61,604 | ||||||||||||||
Total | $ | 490,764 | $ | 1,205,270 | $ | 1,122,892 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 896,745 | $ | 1,364,325 | $ | 1,577,937 | |||||||||||
Realized Gain (Loss) on Commodity Derivative Instruments | 461,217 | 69,780 | (69,720) | ||||||||||||||
Unrealized (Loss) Gain on Commodity Derivative Instruments | (288,235) | 306,325 | 39,508 | ||||||||||||||
Purchased Gas Revenue | 105,792 | 94,027 | 65,986 | ||||||||||||||
Total Revenue | 1,175,519 | 1,834,457 | 1,613,711 | ||||||||||||||
Lease Operating Expense | 40,407 | 65,443 | 95,139 | ||||||||||||||
Production, Ad Valorem and Other Fees | 24,196 | 27,461 | 32,750 | ||||||||||||||
Transportation, Gathering and Compression | 285,683 | 330,539 | 302,933 | ||||||||||||||
Purchased Gas Costs | 100,902 | 90,553 | 64,817 | ||||||||||||||
Impairment of Exploration and Production Properties | 61,849 | 327,400 | — | ||||||||||||||
Impairment of Undeveloped Properties | — | 119,429 | — | ||||||||||||||
Exploration Costs | 14,994 | 44,380 | 12,033 | ||||||||||||||
Depreciation, Depletion and Amortization | 501,821 | 508,463 | 493,423 | ||||||||||||||
Total Costs | 1,029,852 | 1,513,668 | 1,001,095 | ||||||||||||||
Pre-tax Operating Income | 145,667 | 320,789 | 612,616 | ||||||||||||||
Income Tax Expense | 42,098 | 149,167 | 120,073 | ||||||||||||||
Results of Operations for Producing Activities excluding Corporate and Interest Costs
|
$ | 103,569 | $ | 171,622 | $ | 492,543 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Production (MMcfe) | 511,072 | 539,149 | 507,104 | ||||||||||||||
Total Average Sales Price Before Effects of Commodity Derivative Financial Settlements (per Mcfe) | $ | 1.75 | $ | 2.53 | $ | 3.11 | |||||||||||
Average Effects of Commodity Derivative Financial Settlements (per Mcfe) | $ | 0.74 | $ | 0.14 | $ | (0.15) | |||||||||||
Total Average Sales Price Including Effects of Commodity Derivative Financial Settlements (per Mcfe)
|
$ | 2.49 | $ | 2.66 | $ | 2.97 | |||||||||||
Average Lifting Costs, Excluding Ad Valorem and Severance Taxes (per Mcfe) | $ | 0.08 | $ | 0.12 | $ | 0.19 |
Gross(1) | Net(2) | ||||||||||
Producing Gas Wells (including Gob Wells) - Working Interest | 4,712 | 4,401 | |||||||||
Producing Oil Wells - Working Interest | — | — | |||||||||
Producing Gas Wells - Royalty Interest | 1,810 | — | |||||||||
Producing Oil Wells - Royalty Interest | 152 | — | |||||||||
Acreage Position: | |||||||||||
Proved Developed Acreage | 351,537 | 351,537 | |||||||||
Proved Undeveloped Acreage | 43,713 | 43,713 | |||||||||
Unproved Acreage | 4,986,196 | 3,637,982 | |||||||||
Total Acreage | 5,381,446 | 4,033,232 |
Condensate | Consolidated | |||||||||||||||||||||||||
Natural Gas | NGLs | & Crude Oil | Operations | |||||||||||||||||||||||
(MMcf) | (Mbbls) | (Mbbls) | (MMcfe) | |||||||||||||||||||||||
Balance December 31, 2017 (a) | 7,121,758 | 71,691 | 4,950 | 7,581,612 | ||||||||||||||||||||||
Revisions (b) | 313,091 | 441 | 865 | 320,925 | ||||||||||||||||||||||
Price Changes | 28,100 | 32 | 4 | 28,315 | ||||||||||||||||||||||
Extensions and Discoveries (c) | 839,268 | 16,247 | 4,010 | 960,808 | ||||||||||||||||||||||
Production | (468,228) | (6,011) | (468) | (507,104) | ||||||||||||||||||||||
Sales of Reserves In-Place (d) | (715,088) | (17,252) | (1,100) | (825,196) | ||||||||||||||||||||||
Balance December 31, 2018 (a) | 7,436,338 | 65,904 | 8,261 | 7,881,335 | ||||||||||||||||||||||
Revisions (e) | (521,617) | 5,926 | (5,418) | (518,570) | ||||||||||||||||||||||
Price Changes | (40,773) | (740) | (5) | (45,246) | ||||||||||||||||||||||
Extensions and Discoveries (c) | 1,569,813 | 10,182 | 2,732 | 1,647,297 | ||||||||||||||||||||||
Production | (505,355) | (5,428) | (204) | (539,149) | ||||||||||||||||||||||
Balance December 31, 2019 (a) | 7,938,406 | 75,844 | 5,366 | 8,425,667 | ||||||||||||||||||||||
Revisions (f) | 407,836 | 51,857 | 3,525 | 740,129 | ||||||||||||||||||||||
Price Changes | (1,019,523) | (50,456) | (4,946) | (1,351,934) | ||||||||||||||||||||||
Extensions and Discoveries (c) | 2,188,773 | 9,299 | 400 | 2,246,968 | ||||||||||||||||||||||
Production | (481,426) | (4,677) | (264) | (511,072) | ||||||||||||||||||||||
Balance December 31, 2020 (a) | 9,034,066 | 81,867 | 4,081 | 9,549,758 | ||||||||||||||||||||||
Proved developed reserves: | ||||||||||||||||||||||||||
December 31, 2018 | 4,242,579 | 40,180 | 1,870 | 4,494,878 | ||||||||||||||||||||||
December 31, 2019 | 4,473,534 | 59,800 | 1,087 | 4,838,858 | ||||||||||||||||||||||
December 31, 2020 | 4,939,283 | 42,204 | 1,207 | 5,199,748 | ||||||||||||||||||||||
Proved undeveloped reserves: | ||||||||||||||||||||||||||
December 31, 2018 | 3,193,759 | 25,724 | 6,391 | 3,386,457 | ||||||||||||||||||||||
December 31, 2019 | 3,464,873 | 16,044 | 4,278 | 3,586,809 | ||||||||||||||||||||||
December 31, 2020 | 4,094,783 | 39,664 | 2,874 | 4,350,010 |
For the Year | ||||||||
Ended | ||||||||
December 31, | ||||||||
2020 | ||||||||
Proved Undeveloped Reserves (MMcfe) | ||||||||
Beginning Proved Undeveloped Reserves | 3,586,809 | |||||||
Undeveloped Reserves Transferred to Developed (a) | (1,152,598) | |||||||
Price Revisions | (380,200) | |||||||
Revisions Due to Plan Changes (b) | (691,054) | |||||||
Revisions Due to Changes Due to Well Performance (c) | 810,727 | |||||||
Extension and Discoveries (d) | 2,176,326 | |||||||
Ending Proved Undeveloped Reserves(e) | 4,350,010 |
2020 | 2019 | 2018 | |||||||||||||||
Balance, Beginning of Period | $ | 8,984 | $ | 8,178 | $ | 6,388 | |||||||||||
Additions to Capitalized Exploratory Well Costs Pending the Determination of Proved Reserves | 28,336 | 66,409 | 49,213 | ||||||||||||||
Reclassifications to Wells, Facilities and Equipment Based on the Determination of Proved Reserves | (28,258) | (65,603) | (46,614) | ||||||||||||||
Capitalized Exploratory Well Costs Charged to Expense | — | — | (809) | ||||||||||||||
Balance, End of Period | $ | 9,062 | $ | 8,984 | $ | 8,178 |
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Future Cash Flows (a) | |||||||||||||||||
Revenues
|
$ | 16,577,563 | $ | 19,489,588 | $ | 26,610,100 | |||||||||||
Production Costs
|
(6,071,763) | (7,903,120) | (7,730,451) | ||||||||||||||
Development Costs (b) | (1,957,519) | (1,121,073) | (1,600,128) | ||||||||||||||
Income Tax Expense
|
(2,235,205) | (2,720,994) | (4,147,075) | ||||||||||||||
Future Net Cash Flows | 6,313,076 | 7,744,401 | 13,132,446 | ||||||||||||||
Discounted to Present Value at a 10% Annual Rate | (3,677,340) | (4,673,932) | (8,476,989) | ||||||||||||||
Total Standardized Measure of Discounted Net Cash Flows | $ | 2,635,736 | $ | 3,070,469 | $ | 4,655,457 |
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Balance at Beginning of Period | $ | 3,070,469 | $ | 4,655,457 | $ | 3,131,398 | |||||||||||
Net Changes in Sales Prices and Production Costs | (819,247) | (2,826,725) | 1,732,229 | ||||||||||||||
Sales Net of Production Costs | (719,441) | (1,130,685) | (995,630) | ||||||||||||||
Net Change Due to Revisions in Quantity Estimates | 322,820 | (252,796) | 307,030 | ||||||||||||||
Net Change Due to Extensions, Discoveries and Improved Recovery | 268,196 | 654,027 | 534,052 | ||||||||||||||
Development Costs Incurred During the Period | 434,273 | 739,874 | 844,081 | ||||||||||||||
Difference in Previously Estimated Development Costs Compared to Actual Costs Incurred During the Period
|
(129,642) | (323,922) | (434,817) | ||||||||||||||
Purchase of Reserves In-Place | — | — | 209,630 | ||||||||||||||
Sales of Reserves In-Place | — | — | (434,103) | ||||||||||||||
Changes in Estimated Future Development Costs | (499,316) | (24,469) | (49,294) | ||||||||||||||
Net Change in Future Income Taxes | 138,404 | 409,797 | (507,410) | ||||||||||||||
Timing and Other | 390,391 | 586,591 | (69,087) | ||||||||||||||
Accretion | 178,829 | 583,320 | 387,378 | ||||||||||||||
Total Discounted Cash Flow at End of Period | $ | 2,635,736 | $ | 3,070,469 | $ | 4,655,457 |
Three Months Ended | |||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||
2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||
Revenue (a) | $ | 411,401 | $ | 145,088 | $ | 61,609 | $ | 622,131 | |||||||||||||||
Expenses (b) | $ | 149,004 | $ | 125,548 | $ | 142,327 | $ | 134,775 | |||||||||||||||
Net (Loss) Income (c) | $ | (305,222) | $ | (130,487) | $ | (188,793) | $ | 195,758 | |||||||||||||||
Net (Loss) Income Attributable to CNX Resources Shareholders | $ | (329,086) | $ | (145,749) | $ | (204,698) | $ | 195,758 | |||||||||||||||
(Loss) Earnings Per Share: | |||||||||||||||||||||||
Basic (Loss) Earnings Per Share | $ | (1.76) | $ | (0.78) | $ | (1.03) | $ | 0.88 | |||||||||||||||
Diluted (Loss) Earnings Per Share | $ | (1.76) | $ | (0.78) | $ | (1.03) | $ | 0.87 |
Three Months Ended | |||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||
2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||
Revenue (a) | $ | 275,234 | $ | 602,109 | $ | 526,681 | $ | 504,747 | |||||||||||||||
Expenses (b) | $ | 147,928 | $ | 153,835 | $ | 153,833 | $ | 182,035 | |||||||||||||||
Net (Loss) Income (c) | $ | (64,651) | $ | 192,694 | $ | 143,960 | $ | (240,055) | |||||||||||||||
Net (Loss) Income Attributable to CNX Resources Shareholders | $ | (87,337) | $ | 162,477 | $ | 115,538 | $ | (271,408) | |||||||||||||||
(Loss) Earnings Per Share: | |||||||||||||||||||||||
Basic (Loss) Earnings Per Share | $ | (0.44) | $ | 0.85 | $ | 0.62 | $ | (1.45) | |||||||||||||||
Diluted (Loss) Earnings Per Share | $ | (0.44) | $ | 0.84 | $ | 0.61 | $ | (1.45) |
Name | Age | Position | ||||||||||||
Nicholas J. DeIuliis | 52 | President and Chief Executive Officer | ||||||||||||
Donald W. Rush | 38 | Executive Vice President and Chief Financial Officer | ||||||||||||
Chad A. Griffith | 43 | Executive Vice President and Chief Operating Officer | ||||||||||||
Olayemi Akinkugbe | 46 | Executive Vice President and Chief Excellence Officer | ||||||||||||
Alexander Reyes | 49 | Executive Vice President, General Counsel and Corporate Secretary |
(a)(1) | Financial Statements Contained in Item 8 hereof. | |||||||
(a)(2) | Financial Statement Schedule-Schedule II Valuation and Qualifying Accounts contained below, following the signature page. | |||||||
(a)(3) | Exhibits and Exhibit Index. | |||||||
Separation and Distribution Agreement, dated as of November 28, 2017, by and between the Company and CONSOL Mining Corporation, incorporated by reference to Exhibit 2.1 to Form 8-K (file no. 001-14901) filed on December 4, 2017. | ||||||||
Tax Matters Agreement, dated as of November 28, 2017, by and between the Company and CONSOL Mining Corporation, incorporated by reference to Exhibit 2.2 to Form 8-K (file no. 001-14901) filed on December 4, 2017. | ||||||||
Employee Matters Agreement, dated as of November 28, 2017, by and between the Company and CONSOL Mining Corporation, incorporated by reference to Exhibit 2.3 to Form 8-K (file no. 001-14901) filed on December 4, 2017. | ||||||||
Intellectual Property Matters Agreement, dated as of November 28, 2017, by and between the Company and CONSOL Mining Corporation, incorporated by reference to Exhibit 2.4 to Form 8-K (file no. 001-14901) filed on December 4, 2017. | ||||||||
Agreement and Plan of Merger, dated as of July 26, 2020, by and among the Company, CNX Midstream Partners LP, CNX Midstream GP LLC and CNX Resources Holdings LLC, incorporated by reference to Exhibit 2.1 to Form 8-K (file no. 001-14901) filed on July 27, 2020. | ||||||||
Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to Form 8-K (file no. 001-14901) filed on May 8, 2006. | ||||||||
Certificate of Amendment to the Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to Form 8-K (file no. 001-14901) filed on December 4, 2017. | ||||||||
Amended and Restated Bylaws of the Company, incorporated by reference to Exhibit 3.2 to Form 8-K (file no. 001-14901) filed on April 10, 2019. | ||||||||
Description of the Company’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, incorporated by reference to Exhibit 4.1 to Form 10-K (file no. 001-14901) filed on February 10, 2020.
|
||||||||
Indenture, dated as of April 16, 2014, by and among the Company, the subsidiary guarantors party thereto and Wells Fargo Bank, National Association, a national banking association, as trustee, with respect to the 5.875% Senior Notes due 2022, incorporated by reference to Exhibit 4.1 to Form 8-K (file no. 001-14901) filed on April 16, 2014. | ||||||||
Indenture, dated as of March 14, 2019, by and among the Company, the subsidiary guarantors party thereto and UMB Bank, N.A., a national banking association, as trustee, with respect to the 7.250% Senior Notes due 2027, incorporated by reference to Exhibit 4.1 to Form 8-K (file no. 001-14901) filed on March 14, 2019. | ||||||||
Registration Rights Agreement, dated as of April 16, 2014, by and among the Company, the guarantors signatory thereto and J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC, as representatives of the several initial purchasers, incorporated by reference to Exhibit 4.2 to Form 8-K (file no. 001-14901) filed on April 16, 2014. | ||||||||
Registration Rights Agreement, dated as of August 12, 2014, by and among the Company, the guarantors signatory thereto and Goldman, Sachs & Co., as the initial purchasers, incorporated by reference to Exhibit 4.2 to Form 8-K (file no. 001-14901) filed on August 12, 2014. |
Indenture, dated as of May 1, 2020, by and among the Company, the subsidiary guarantors party thereto and UMB Bank, N.A., as trustee., incorporated by reference to Exhibit 4.1 to Form 8-K (file no. 001-14901) filed on May 4, 2020. | ||||||||
Indenture, dated as of November 30, 2020, by and among the Company, the subsidiary guarantors party thereto and UMB Bank, N.A., as Trustee., incorporated by reference to Exhibit 4.1 to Form 8-K (file no. 001-14901) filed on November 30, 2020. | ||||||||
Indenture, dated as of March 16, 2018, among CNX Midstream Partners LP, CNX Midstream Finance Corp., the guarantors party thereto and UMB Bank, N.A., as Trustee., incorporated by reference to Exhibit 4.1 to Form 8-K (file no. 001-36635) filed on March 16, 2018. | ||||||||
Second Amended and Restated Credit Agreement, dated as of March 8, 2018, by and among the Company, certain of its subsidiaries, PNC Bank, National Association, as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., as syndication agent and the lender parties thereto, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on March 12, 2018. | ||||||||
Waiver No. 1 to Second Amended and Restated Credit Agreement, dated as of February 27, 2019, by and among the Company, the guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as syndication agent, and PNC Bank, National Association, as administrative agent and collateral agent, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on March 4, 2019. | ||||||||
Amendment No. 1, dated as of April 24, 2019, to the Second Amended and Restated Credit Agreement, dated as of March 8, 2018, by and among the Company, the guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as syndication agent, and PNC Bank, National Association, as administrative agent and collateral agent, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on April 30, 2019. | ||||||||
Amendment No. 2, dated as of October 28, 2019, to the Second Amended and Restated Credit Agreement, dated as of March 8, 2018, by and among the Company, the guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as syndication agent, and PNC Bank, National Association, as administrative agent and collateral agent, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on October 29, 2019. | ||||||||
Amendment No. 4, dated as of April 24, 2020, to the Second Amended and Restated Credit Agreement, dated as of March 8, 2018, by and among the Company, the guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as syndication agent, and PNC Bank, National Association, as administrative agent and collateral agent, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on April 28, 2020. | ||||||||
Transition Services Agreement, dated as of November 28, 2017, by and between the Company and CONSOL Mining Corporation, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on December 4, 2017. | ||||||||
CNX Resources Corporation to CONSOL Energy Inc. Trademark License Agreement dated as of November 28, 2017, by and between the Company and CONSOL Energy Inc., incorporated by reference to Exhibit 10.2 to Form 8-K (file no. 001-14901) filed on December 4, 2017. | ||||||||
CONSOL Energy Inc. to CNX Resources Corporation Trademark License Agreement, dated as of November 28, 2017, by and between the Company and CONSOL Energy Inc., incorporated by reference to Exhibit 10.3 to Form 8-K (file no. 001-14901) filed on December 4, 2017. | ||||||||
Exchange Agreement, dated as of January 29, 2020, by and among CNX Midstream Partners LP, CNX Midstream GP LLC, and CNX Gas Company LLC, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on January 30, 2020. | ||||||||
Form of Confirmation of Base Capped Call Transaction, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on May 4, 2020. | ||||||||
Form of Confirmation of Additional Capped Call Transaction, incorporated by reference to Exhibit 10.2 to Form 8-K (file no. 001-14901) filed on May 4, 2020. | ||||||||
Support Agreement, dated as of July 26, 2020, by and among CNX Midstream Partners LP, CNX Gas Company LLC and CNX Gas Holdings, Inc. incorporated by reference to Exhibit 10.1 to Form 8-K (file number 001-14901) filed on July 27, 2020. | ||||||||
Purchase Agreement, dated as of April 28, 2020, by and among the Company, the subsidiary guarantors party thereto and J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC as representatives of the several initial purchasers named therein., incorporated by reference to Exhibit 1.1 to Form 8-K (file no. 001-14901) filed on May 4, 2020. | ||||||||
Purchase Agreement, dated as of September 8, 2020 by and among the Company, the subsidiary guarantors party thereto and BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the initial purchasers named therein., incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on September 9, 2020. | ||||||||
Purchase Agreement, dated as of November 24, 2020 by and among the Company, the subsidiary guarantors party thereto and BofA Securities, Inc., incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on November 25, 2020. |
Credit Agreement dated as of March 8, 2018, among CNX Midstream Partners LP, certain of its subsidiaries, PNC Bank, National Association, as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., as syndication agent and the lender parties thereto, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-36635) filed on March 12, 2018. | ||||||||
Amendment No. 1 to Credit Agreement, dated as of March 15, 2018, to the Credit Agreement, dated as of March 8, 2018, among CNX Midstream Partners LP, certain of its subsidiaries, PNC Bank, National Association, as administrative agent and collateral agent, JPMorgan Chase Bank, N.A. as syndication agent and the lender parties thereto, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-36635) filed on March 16, 2018. | ||||||||
Amendment No. 2 to Credit Agreement, dated as of April 24, 2019, to the Credit Agreement, dated as of March 8, 2018, among CNX Midstream Partners LP, certain of its subsidiaries, PNC Bank, National Association, as administrative agent and collateral agent, JPMorgan Chase Bank, N.A. as syndication agent and the lender parties thereto., incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-36635) filed on April 30, 2019. | ||||||||
Limited Consent and Amendment to Credit Agreement, dated December 22, 2017, by and among CONE Midstream Partners LP, as Borrower, certain subsidiaries of the Borrower as Guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and other lender parties thereto, incorporated by reference to Exhibit 10.10 to Form 10-K (file no. 001-36635) filed on February 7, 2018. | ||||||||
Purchase and Sale Agreement, dated as of February 7, 2018, by and among CNX Midstream Partners LP, CNX Midstream DevCo I LP, CNX Midstream DevCo III LP, CNX Gathering LLC, and, for certain purposes, CNX Midstream DevCo I GP LLC, CNX Midstream DevCo III GP LLC and CNX Midstream Operating Company LLC, incorporated by reference to Exhibit 10.75 to Form 10-K (file no. 001-14901) for the year ended December 31, 2017, filed on February 7, 2018. | ||||||||
Letter Agreement, dated August 24, 2007, by and between the Company and Nicholas J. DeIuliis, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on August 24, 2007. | ||||||||
Change in Control Agreement, dated as of December 30, 2008, by and between the Company and Nicholas J. DeIuliis, incorporated by reference to Exhibit 10.7 to Form 10-K (file no. 001-14901) for the year ended December 31, 2008, filed on February 17, 2009. | ||||||||
Change in Control Severance Agreement, dated August 24, 2015, between the Company and Donald W. Rush, incorporated by reference to Exhibit 10.6 to Form 10-Q (file no. 001-14901) for the quarter ended March 31, 2018, filed on May 3, 2018. | ||||||||
Change in Control Severance Agreement, dated October 28, 2019, by and between the Company and Chad A. Griffith, incorporated by reference to Exhibit 10.1 to Form 10-Q (file no. 001-14901) for the quarter ended September 30, 2019, filed on October 29, 2019. | ||||||||
Change in Control Severance Agreement, dated October 28, 2019, by and between the Company and Olayemi Akinkugbe, incorporated by reference to Exhibit 10.2 to Form 10-Q (file no. 001-14901) for the quarter ended September 30, 2019, filed on October 29, 2019.
|
||||||||
Form of Indemnification Agreement for Directors and Executive Officers of the Company, incorporated by reference to Exhibit 10.6 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2009, filed on August 3, 2009. | ||||||||
Form of Indemnification Agreement for Directors and Executive Officers of CNX Gas Corporation, incorporated by reference to Exhibit 10.7 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2009, filed on August 3, 2009. | ||||||||
CNX Resources Corporation Equity Incentive Plan, as amended and restated effective January 26, 2018, incorporated by reference to Exhibit 10.48 to Form 10-K (file no. 001-14901) for the year ended December 31, 2017, filed on February 7, 2018. | ||||||||
Amended and Restated CNX Resources Corporation Executive Annual Incentive Plan, incorporated by reference to Exhibit 10.49 to Form 10-K (file no. 001-14901) for the year ended December 31, 2017, filed on February 7, 2018. | ||||||||
CNX Resources Corporation Amended and Restated Equity and Incentive Compensation Plan, effective May 6, 2020, incorporated by reference to Exhibit 99.1 to Form 8-K (file no. 001-14901) filed on May 7, 2020. | ||||||||
Amendment to CNX Resources Corporation Amended and Restated Equity and Incentive Compensation Plan, effective September 28, 2020, incorporated by reference to Exhibit 4.5 to the Registration Statement on Form S-8 filed on September 28, 2020. | ||||||||
Form of Non-Qualified Stock Option Award Agreement for Employees (February 17, 2009 and through 2012), incorporated by reference to Exhibit 10.28 to Form S-4 (file no. 333-157894) filed on June 26, 2009. | ||||||||
Form of Non-Qualified Performance Stock Option Agreement for Employees, incorporated by reference to Exhibit 10.1 to Form 8-K (file no. 001-14901) filed on June 21, 2010. | ||||||||
Form of Employee Nonqualified Stock Option Agreement (May 26, 2016), incorporated by reference to Exhibit 10.4 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2016, filed on July 29, 2016. | ||||||||
Form of Non-Qualified Stock Option Agreement for Directors, incorporated by reference to Exhibit 10.4 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2019, filed on July 30, 2019. |
Form of CNX Resources Corporation Non-Employee Director Non-Qualified Stock Option agreement, incorporated by reference to Exhibit 10.8 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2020, filed on August 3, 2020.
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Form of Non-Qualified Stock Option Agreement for Employees (for 2020 awards), incorporated by reference to Exhibit 10.31 to Form 10-K (file no. 001-14901) for the year ended December 31, 2019, filed on February 10, 2020. | ||||||||
Form of Restricted Stock Unit Award Agreement for Directors, incorporated by reference to Exhibit 10.5 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2019, filed on July 30, 2019. | ||||||||
Form of Restricted Stock Unit Award Under CNX Resources Corporation Amended and Restated Equity and Incentive Compensation Plan for Non-Employee Directors, incorporated by reference to Exhibit 10.7 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2020, filed on August 3, 2020. | ||||||||
Form of Restricted Stock Unit Award Agreement for CEO (for 2019 awards), incorporated by reference to Exhibit 10.37 to Form 10-K (file no. 001-14901) for the year ended December 31, 2018, filed on February 7, 2019. | ||||||||
Form of Restricted Stock Unit Award Agreement for VP and Above (for 2019 awards), incorporated by reference to Exhibit 10.38 to Form 10-K (file no. 001-14901) for the year ended December 31, 2018, filed on February 7, 2019. | ||||||||
Form of Restricted Stock Unit Award Agreement for Non-VP and Below (for 2019 awards), incorporated by reference to Exhibit 10.39 to Form 10-K (file no. 001-14901) for the year ended December 31, 2018, filed on February 7, 2019. | ||||||||
Form of Restricted Stock Unit Award Agreement for Employees (for 2020 awards), incorporated by reference to Exhibit 10.42 to Form 10-K (file no. 001-14901) for the year ended December 31, 2019, filed on February 10, 2020. | ||||||||
Form of Performance Share Unit Award Agreement (for 2016 awards), incorporated by reference to Exhibit 10.79 to Form 10-K (file no. 001-14901) for the year ended December 31, 2015, filed on February 5, 2016. | ||||||||
Form of Performance Share Unit Award Agreement (for 2017 awards), incorporated by reference to Exhibit 10.80 to Form 10-K (file no. 001-14901) for the year ended December 31, 2016, filed on February 8, 2017. | ||||||||
Form of Performance Share Unit Award Agreement (for 2018 awards), incorporated by reference to Exhibit 10.63 to Form 10-K (file no. 001-14901) for the year ended December 31, 2017, filed on February 7, 2018. | ||||||||
Form of Performance Share Unit Award Agreement for CEO (for 2019 awards), incorporated by reference to Exhibit 10.44 to Form 10-K (file no. 001-14901) for the year ended December 31, 2018, filed on February 7, 2019. | ||||||||
Form of Performance Share Unit Agreement for VP and Above (for 2019 awards), incorporated by reference to Exhibit 10.45 to Form 10-K (file no. 001-14901) for the year ended December 31, 2018, filed on February 7, 2019. | ||||||||
Form of Performance Share Unit Agreement for Non-VP and Below (for 2019 awards), incorporated by reference to Exhibit 10.46 to Form 10-K (file no. 001-14901) for the year ended December 31, 2018, filed on February 7, 2019. | ||||||||
Form of Performance Share Unit Award Agreement (for 2020 awards), incorporated by reference to Exhibit 10.48 to Form 10-K (file no. 001-14901) for the year ended December 31, 2019, filed on February 10, 2020. | ||||||||
Directors' Deferred Fee Plan (2004 Plan) (Amended and Restated on December 4, 2007), incorporated by reference to Exhibit 10.3 to Form 10-Q (file no. 001-14901) for the quarter ended March 31, 2008, filed on April 30, 2008. | ||||||||
Hypothetical Investment Election Form Relating to Directors' Deferred Fee Plan (2004 Plan), incorporated by reference to Exhibit 10.50 to Form 10-K (file no. 001-14901) for the year ended December 31, 2007, filed on February 19, 2008. | ||||||||
Form of Director Deferred Stock Unit Grant Agreement, incorporated by reference to Exhibit 10.95 to Form 8-K (file no. 001-14901) filed on May 8, 2006. | ||||||||
Form of Director Deferred Stock Unit Grant Agreement, incorporated by reference to Exhibit 10.3 to Form 10-Q (file no. 001-14901) for the quarter ended March 31, 2018, filed on May 3, 2018. | ||||||||
Form of Director Deferred Stock Unit Grant Agreement, updated May 2019, incorporated by reference to Exhibit 10.3 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2019, filed on July 30, 2019. | ||||||||
Form of CNX Resources Corporation Amended and Restated Equity and Incentive Compensation Plan Deferred Stock Unit Grant Agreement for Non-Employee Directors, incorporated by reference to Exhibit 10.6 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2020, filed on August 3, 2020. | ||||||||
Trust Agreement (Amended and Restated on March 20, 2008) (Directors' Deferred Fee Plan (2004 Plan)), incorporated by reference to Exhibit 10.4 to Form 10-Q (file no. 001-14901) for the quarter ended March 31, 2008, filed on April 30, 2008. | ||||||||
Amended and Restated Retirement Restoration Plan of CNX Resources Corporation, as amended and restated effective December 2, 2008, as amended and restated effective November 28, 2017, incorporated by reference to Exhibit 10.71 to Form 10-K (file no. 001-14901) for the year ended December 31, 2017, filed on February 7, 2018. |
Amended and Restated Supplemental Retirement Plan of CNX Resources Corporation effective January 1, 2007, as amended and restated effective November 28, 2017, incorporated by reference to Exhibit 10.72 to Form 10-K (file no. 001-14901) for the year ended December 31, 2017, filed on February 7, 2018. | ||||||||
Amendment, effective May 30, 2019, to the Amended and Restated Supplemental Retirement Plan of CNX Resources Corporation, as amended and restated effective November 28, 2017, incorporated by reference to Exhibit 10.2 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2019, filed on July 30, 2019. | ||||||||
Amendment, effective September 24, 2019, to the Amended and Restated Supplemental Retirement Plan of CNX Resources Corporation as amended and restated effective November 28, 2017, incorporated by reference to Exhibit 10.61 to Form 10-K (file no. 001-14901) for the year ended December 31, 2019, filed on February 10, 2020. | ||||||||
CNX Resources Corporation Defined Contribution Restoration Plan, effective January 1, 2012, as amended and restated effective November 28, 2017, incorporated by reference to Exhibit 10.73 to Form 10-K (file no. 001-14901) for the year ended December 31, 2017, filed on February 7, 2018. | ||||||||
Amendment, dated as of July 1, 2018, to the CNX Resources Corporation Defined Contribution Restoration Plan, effective January 1, 2012, as amended and restated effective November 28, 2017, incorporated by reference to Exhibit 10.1 to Form 10-Q (file no. 001-14901) for the quarter ended June 30, 2018, filed on August 2, 2018. | ||||||||
Executive Compensation Clawback Policy of the Company, dated as of January 28, 2014, incorporated by reference to Exhibit 10.11 to Form 10-Q (file no. 001-14901) for the quarter ended March 31, 2014, filed on May 6, 2014. | ||||||||
Change in Control Severance Agreement, dated as of February 8, 2021, by and between the Company and Alexander Reyes, filed herewith. | ||||||||
Letter Agreement, dated as of December 4, 2020, by and between the Company and Stephanie Gill, filed herewith.
|
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Form of Restricted Stock Unit Award Agreement for CEO (for 2021 awards), filed herewith. | ||||||||
Form of Performance Share Unit Award Agreement for CEO (for 2021 awards), filed herewith. | ||||||||
Form of Performance-Based Restricted Stock Unit Award Agreement for CEO (for 2021 awards), filed herewith.
|
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Form of Restricted Stock Unit Award Agreement for Non-CEO (for 2021 awards), filed herewith. | ||||||||
Form of Performance Share Unit Award Agreement for Non-CEO (for 2021 awards), filed herewith. | ||||||||
Form of Performance-Based Restricted Stock Unit Award Agreement for Non-CEO (for 2021 awards), filed herewith.
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Subsidiaries of CNX Resources Corporation. | ||||||||
Consent of Ernst & Young LLP | ||||||||
Consent of Netherland, Sewell & Associates, Inc. | ||||||||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
Engineers' Audit Letter | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |
CNX RESOURCES CORPORATION | |||||||||||
By: |
/s/ NICHOLAS J. DEIULIIS
|
||||||||||
Nicholas J. DeIuliis | |||||||||||
Director, Chief Executive Officer and President | |||||||||||
(Duly Authorized Officer and Principal Executive Officer) |
Signature | Title | |||||||
/s/ NICHOLAS J. DEIULIIS
|
Director, Chief Executive Officer and President | |||||||
Nicholas J. DeIuliis | (Duly Authorized Officer and Principal Executive Officer) | |||||||
/s/ DONALD W. RUSH
|
Chief Financial Officer | |||||||
Donald W. Rush | (Duly Authorized Officer and Principal Financial Officer) | |||||||
/s/ ALAN K. SHEPARD | Chief Accounting Officer and Vice President | |||||||
Alan K. Shepard | (Duly Authorized Officer and Principal Accounting Officer) | |||||||
/s/ JASON L. MUMFORD
|
Vice President and Controller | |||||||
Jason L. Mumford | ||||||||
/s/ WILLIAM N. THORNDIKE JR.
|
Director and Chairman of the Board | |||||||
William N. Thorndike Jr. | ||||||||
/s/ J. PALMER CLARKSON
|
Director | |||||||
J. Palmer Clarkson | ||||||||
/s/ MAUREEN E. LALLY-GREEN
|
Director | |||||||
Maureen E. Lally-Green | ||||||||
/s/ BERNARD LANIGAN JR.
|
Director | |||||||
Bernard Lanigan Jr. | ||||||||
/s/ IAN MCGUIRE | Director | |||||||
Ian McGuire |
Additions | Deductions | |||||||||||||||||||||||||||||||
Balance at | Release of | Balance at | ||||||||||||||||||||||||||||||
Beginning | Charged to | Valuation | Charged to | End | ||||||||||||||||||||||||||||
of Period | Expense | Allowance | Expense | of Period | ||||||||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
State Operating Loss Carry-Forwards | $ | 81,202 | $ | — | $ | (2,004) | $ | — | $ | 79,198 | ||||||||||||||||||||||
Charitable Contributions | 658 | 48 | — | — | 706 | |||||||||||||||||||||||||||
Foreign Tax Credits | 43,194 | — | — | — | 43,194 | |||||||||||||||||||||||||||
Total | $ | 125,054 | $ | 48 | $ | (2,004) | $ | — | $ | 123,098 | ||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
State Operating Loss Carry-Forwards | $ | 47,964 | $ | 33,238 | $ | — | $ | — | $ | 81,202 | ||||||||||||||||||||||
Charitable Contributions | 3,297 | — | (2,639) | — | 658 | |||||||||||||||||||||||||||
Foreign Tax Credits | 43,194 | — | — | — | 43,194 | |||||||||||||||||||||||||||
Total | $ | 94,455 | $ | 33,238 | $ | (2,639) | $ | — | $ | 125,054 | ||||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
State Operating Loss Carry-Forwards | $ | 61,560 | $ | — | $ | (13,596) | $ | — | $ | 47,964 | ||||||||||||||||||||||
Deferred Deductible Temporary Differences | 9,088 | — | (9,088) | — | — | |||||||||||||||||||||||||||
Charitable Contributions | 3,156 | 141 | — | — | 3,297 | |||||||||||||||||||||||||||
162(m) Officers Compensation | 5,957 | — | (5,957) | — | — | |||||||||||||||||||||||||||
AMT Credit | 12,413 | 1,983 | (14,396) | — | — | |||||||||||||||||||||||||||
Foreign Tax Credits | 44,402 | — | (1,208) | — | 43,194 | |||||||||||||||||||||||||||
Total | $ | 136,576 | $ | 2,124 | $ | (44,245) | $ | — | $ | 94,455 |
1 Year CNX Resources Chart |
1 Month CNX Resources Chart |
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