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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 | |
---|---|---|---|---|---|---|---|---|
-0.37 | -1.43% | 25.46 | 25.80 | 25.21 | 25.80 | 3,832,869 | 21:02:39 |
☒ | QUARTERLY 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.) |
Class | Shares outstanding as of April 13, 2023 | |||||||
Common stock, $0.01 par value | 165,575,514 |
Page | ||||||||
PART I FINANCIAL INFORMATION | ||||||||
ITEM 1. | Unaudited Condensed Consolidated Financial Statements | |||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II OTHER INFORMATION | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | Risk Factors | |||||||
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
ITEM 6. |
(Dollars in thousands, except per share data) | Three Months Ended | ||||||||||
(Unaudited) | March 31, | ||||||||||
Revenue and Other Operating Income (Loss): | 2023 | 2022 | |||||||||
Natural Gas, NGLs and Oil Revenue | $ | 455,639 | $ | 744,625 | |||||||
Gain (Loss) on Commodity Derivative Instruments | 762,167 | (1,726,394) | |||||||||
Purchased Gas Revenue | 36,812 | 45,841 | |||||||||
Other Revenue and Operating Income | 21,359 | 22,830 | |||||||||
Total Revenue and Other Operating Income (Loss) | 1,275,977 | (913,098) | |||||||||
Costs and Expenses: | |||||||||||
Operating Expense | |||||||||||
Lease Operating Expense | 16,474 | 15,398 | |||||||||
Production, Ad Valorem and Other Fees | 9,641 | 9,927 | |||||||||
Transportation, Gathering and Compression | 98,096 | 88,286 | |||||||||
Depreciation, Depletion and Amortization | 105,222 | 118,623 | |||||||||
Exploration and Production Related Other Costs | 5,104 | 1,689 | |||||||||
Purchased Gas Costs | 34,347 | 44,816 | |||||||||
Selling, General, and Administrative Costs | 36,576 | 31,560 | |||||||||
Other Operating Expense | 15,139 | 12,170 | |||||||||
Total Operating Expense | 320,599 | 322,469 | |||||||||
Other Expense | |||||||||||
Other Expense (Income) | 1,168 | (736) | |||||||||
Gain on Asset Sales and Abandonments, net | (9,482) | (13,395) | |||||||||
Interest Expense | 35,736 | 27,069 | |||||||||
Total Other Expense | 27,422 | 12,938 | |||||||||
Total Costs and Expenses | 348,021 | 335,407 | |||||||||
Income (Loss) Before Income Tax | 927,956 | (1,248,505) | |||||||||
Income Tax Expense (Benefit) | 217,561 | (325,564) | |||||||||
Net Income (Loss) | $ | 710,395 | $ | (922,941) | |||||||
Earnings (Loss) per Share | |||||||||||
Basic | $ | 4.22 | $ | (4.62) | |||||||
Diluted | $ | 3.61 | $ | (4.62) | |||||||
Dividends Declared | $ | — | $ | — |
Three Months Ended | |||||||||||
(Dollars in thousands) | March 31, | ||||||||||
(Unaudited) | 2023 | 2022 | |||||||||
Net Income (Loss) | $ | 710,395 | $ | (922,941) | |||||||
Other Comprehensive Income: | |||||||||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: $(27), $(48)) | 72 | 135 | |||||||||
Comprehensive Income (Loss) | $ | 710,467 | $ | (922,806) | |||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and Cash Equivalents | $ | 2,799 | $ | 21,321 | |||||||
Accounts and Notes Receivable: | |||||||||||
Trade, net | 136,208 | 348,458 | |||||||||
Other Receivables, net | 8,015 | 6,184 | |||||||||
Supplies Inventories | 29,339 | 27,156 | |||||||||
Derivative Instruments | 159,794 | 154,474 | |||||||||
Prepaid Expenses | 15,443 | 16,211 | |||||||||
Total Current Assets | 351,598 | 573,804 | |||||||||
Property, Plant and Equipment: | |||||||||||
Property, Plant and Equipment | 12,099,212 | 11,907,698 | |||||||||
Less—Accumulated Depreciation, Depletion and Amortization | 4,913,268 | 4,811,189 | |||||||||
Total Property, Plant and Equipment—Net | 7,185,944 | 7,096,509 | |||||||||
Other Non-Current Assets: | |||||||||||
Operating Lease Right-of-Use Assets | 170,376 | 174,849 | |||||||||
Derivative Instruments | 208,933 | 244,931 | |||||||||
Goodwill | 323,314 | 323,314 | |||||||||
Other Intangible Assets | 75,352 | 76,990 | |||||||||
Other | 24,628 | 25,376 | |||||||||
Total Other Non-Current Assets | 802,603 | 845,460 | |||||||||
TOTAL ASSETS | $ | 8,340,145 | $ | 8,515,773 |
(Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | March 31, 2023 | December 31, 2022 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts Payable | $ | 195,867 | $ | 191,343 | |||||||
Derivative Instruments | 242,900 | 782,653 | |||||||||
Current Portion of Finance Lease Obligations | 1,423 | 881 | |||||||||
Current Portion of Operating Lease Obligations | 50,844 | 47,436 | |||||||||
Other Accrued Liabilities | 213,874 | 290,491 | |||||||||
Total Current Liabilities | 704,908 | 1,312,804 | |||||||||
Non-Current Liabilities: | |||||||||||
Long-Term Debt | 2,203,108 | 2,205,735 | |||||||||
Finance Lease Obligations | 4,023 | 1,970 | |||||||||
Operating Lease Obligations | 122,726 | 132,105 | |||||||||
Derivative Instruments | 1,124,884 | 1,517,021 | |||||||||
Deferred Income Taxes | 449,656 | 232,280 | |||||||||
Asset Retirement Obligations | 89,619 | 89,079 | |||||||||
Other | 73,925 | 74,318 | |||||||||
Total Non-Current Liabilities | 4,067,941 | 4,252,508 | |||||||||
TOTAL LIABILITIES | 4,772,849 | 5,565,312 | |||||||||
Stockholders’ Equity: | |||||||||||
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 165,936,491 Issued and Outstanding at March 31, 2023; 170,841,164 Issued and Outstanding at December 31, 2022 | 1,663 | 1,712 | |||||||||
Capital in Excess of Par Value | 2,468,079 | 2,506,269 | |||||||||
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding | — | — | |||||||||
Retained Earnings | 1,103,995 | 448,993 | |||||||||
Accumulated Other Comprehensive Loss | (6,441) | (6,513) | |||||||||
TOTAL STOCKHOLDERS' EQUITY | 3,567,296 | 2,950,461 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 8,340,145 | $ | 8,515,773 |
(Dollars in thousands) | Common Stock | Capital in Excess of Par Value | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Total Equity | ||||||||||||||||||||||||
December 31, 2022 | $ | 1,712 | $ | 2,506,269 | $ | 448,993 | $ | (6,513) | $ | 2,950,461 | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Net Income | — | — | 710,395 | — | 710,395 | ||||||||||||||||||||||||
Issuance of Common Stock | 1 | 609 | — | — | 610 | ||||||||||||||||||||||||
Purchase and Retirement of Common Stock | (59) | (47,428) | (46,049) | — | (93,536) | ||||||||||||||||||||||||
Shares Withheld for Taxes | — | — | (9,344) | — | (9,344) | ||||||||||||||||||||||||
Amortization of Stock-Based Compensation Awards | 9 | 8,629 | — | — | 8,638 | ||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | 72 | 72 | ||||||||||||||||||||||||
March 31, 2023 | $ | 1,663 | $ | 2,468,079 | $ | 1,103,995 | $ | (6,441) | $ | 3,567,296 | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
December 31, 2021 | $ | 2,039 | $ | 2,834,863 | $ | 877,894 | $ | (14,523) | $ | 3,700,273 | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Net Loss | — | — | (922,941) | — | (922,941) | ||||||||||||||||||||||||
Issuance of Common Stock | 1 | 607 | — | — | 608 | ||||||||||||||||||||||||
Purchase and Retirement of Common Stock | (91) | (72,561) | (78,323) | — | (150,975) | ||||||||||||||||||||||||
Shares Withheld for Taxes | — | — | (5,582) | — | (5,582) | ||||||||||||||||||||||||
Amortization of Stock-Based Compensation Awards | 6 | 7,325 | — | — | 7,331 | ||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | 135 | 135 | ||||||||||||||||||||||||
Cumulative Effect of Adoption of New Accounting Standard | — | (78,284) | 18,947 | — | (59,337) | ||||||||||||||||||||||||
March 31, 2022 | $ | 1,955 | $ | 2,691,950 | $ | (110,005) | $ | (14,388) | $ | 2,569,512 |
(Unaudited) | Three Months Ended | ||||||||||
Dollars in Thousands | March 31, | ||||||||||
Cash Flows from Operating Activities: | 2023 | 2022 | |||||||||
Net Income (Loss) | $ | 710,395 | $ | (922,941) | |||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation, Depletion and Amortization | 105,222 | 118,623 | |||||||||
Amortization of Deferred Financing Costs | 2,297 | 2,042 | |||||||||
Stock-Based Compensation | 8,638 | 7,331 | |||||||||
Gain on Asset Sales and Abandonments, net | (9,482) | (13,395) | |||||||||
(Gain) Loss on Commodity Derivative Instruments | (762,167) | 1,726,394 | |||||||||
Loss (Gain) on Other Derivative Instruments | 961 | (5,223) | |||||||||
Net Cash Paid in Settlement of Commodity Derivative Instruments | (140,005) | (270,842) | |||||||||
Deferred Income Taxes | 217,349 | (334,184) | |||||||||
Other | (114) | 1,700 | |||||||||
Changes in Operating Assets: | |||||||||||
Accounts and Notes Receivable | 210,383 | 66,577 | |||||||||
Recoverable Income Taxes | — | 72 | |||||||||
Supplies Inventories | (2,183) | (322) | |||||||||
Prepaid Expenses | 768 | 2,366 | |||||||||
Changes in Other Assets | (153) | 322 | |||||||||
Changes in Operating Liabilities: | |||||||||||
Accounts Payable | (19,242) | (2,032) | |||||||||
Accrued Interest | 2,216 | (13,595) | |||||||||
Other Operating Liabilities | (75,792) | (26,086) | |||||||||
Changes in Other Liabilities | (353) | (412) | |||||||||
Net Cash Provided by Operating Activities | 248,738 | 336,395 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital Expenditures | (170,028) | (122,316) | |||||||||
Proceeds from Asset Sales | 10,517 | 19,423 | |||||||||
Net Cash Used in Investing Activities | (159,511) | (102,893) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from CNXM Revolving Credit Facility Borrowings | 72,750 | 111,200 | |||||||||
Repayments of CNXM Revolving Credit Facility Borrowings | (90,450) | (86,000) | |||||||||
Proceeds from CNX Revolving Credit Facility Borrowings | 460,400 | 574,650 | |||||||||
Repayments of CNX Revolving Credit Facility Borrowings | (446,600) | (670,650) | |||||||||
Payments on Other Debt | (348) | (154) | |||||||||
Proceeds from Issuance of Common Stock | 610 | 608 | |||||||||
Shares Withheld for Taxes | (9,344) | (5,582) | |||||||||
Purchases of Common Stock | (94,759) | (152,473) | |||||||||
Debt Issuance and Financing Fees | (8) | (96) | |||||||||
Net Cash Used in Financing Activities | (107,749) | (228,497) | |||||||||
Net (Decrease) Increase in Cash, Cash Equivalents | (18,522) | 5,005 | |||||||||
Cash and Cash Equivalents at Beginning of Period | 21,321 | 3,565 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 2,799 | $ | 8,570 |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Allowance for Credit Losses - Trade, Beginning of Year | $ | 84 | $ | 84 | |||||||
Provision for Expected Credit Losses | — | — | |||||||||
Allowance for Credit Losses - Trade, End of Period | $ | 84 | $ | 84 | |||||||
Allowance for Credit Losses - Other Receivables, Beginning of Year | $ | 2,937 | $ | 3,322 | |||||||
Provision for Expected Credit Losses | (46) | 50 | |||||||||
Write-off of Uncollectible Accounts | — | (124) | |||||||||
Allowance for Credit Losses - Other Receivables, End of Period | $ | 2,891 | $ | 3,248 |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Anti-Dilutive Options | 10,850 | 2,347,218 | |||||||||
Anti-Dilutive Restricted Stock Units | 484,301 | 2,493,698 | |||||||||
Anti-Dilutive Performance Share Units | — | 2,071,418 | |||||||||
495,151 | 6,912,334 |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Options | 55,993 | 83,424 | |||||||||
Restricted Stock Units | 877,087 | 915,921 | |||||||||
Performance Share Units | 567,524 | 72,353 | |||||||||
1,500,604 | 1,071,698 |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net Income (Loss) | $ | 710,395 | $ | (922,941) | |||||||
Basic Earnings (Loss) Available to Shareholders | $ | 710,395 | $ | (922,941) | |||||||
Effect of Dilutive Securities: | |||||||||||
Add Back Interest on Convertible Notes (Net of Tax) | $ | 1,432 | $ | — | |||||||
Diluted Earnings (Loss) Available to Shareholders | $ | 711,827 | $ | (922,941) | |||||||
Weighted-Average Shares of Common Stock Outstanding | 168,452,107 | 199,854,257 | |||||||||
Effect of Diluted Shares:* | |||||||||||
Options | 1,033,194 | — | |||||||||
Restricted Stock Units | 970,567 | — | |||||||||
Performance Share Units | 937,137 | — | |||||||||
Convertible Notes | 25,751,869 | — | |||||||||
Weighted-Average Diluted Shares of Common Stock Outstanding | 197,144,874 | 199,854,257 | |||||||||
Earning (Loss) per Share: | |||||||||||
Basic | $ | 4.22 | $ | (4.62) | |||||||
Diluted | $ | 3.61 | $ | (4.62) |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Revenue from Contracts with Customers: | |||||||||||
Natural Gas Revenue | $ | 403,810 | $ | 675,274 | |||||||
NGL Revenue | 46,056 | 64,796 | |||||||||
Oil/Condensate Revenue | 5,773 | 4,555 | |||||||||
Total Natural Gas, NGL and Oil Revenue | 455,639 | 744,625 | |||||||||
Purchased Gas Revenue | 36,812 | 45,841 | |||||||||
Other Sources of Revenue and Other Operating Income (Loss): | |||||||||||
Gain (Loss) on Commodity Derivative Instruments | 762,167 | (1,726,394) | |||||||||
Other Revenue and Operating Income | 21,359 | 22,830 | |||||||||
Total Revenue and Other Operating Income (Loss) | $ | 1,275,977 | $ | (913,098) |
March 31, 2023 | December 31, 2022 | ||||||||||
Intangible Drilling Cost | $ | 5,668,046 | $ | 5,554,021 | |||||||
Gas Gathering Equipment | 2,557,377 | 2,542,587 | |||||||||
Gas Wells and Related Equipment | 1,394,507 | 1,342,719 | |||||||||
Proved Gas Properties | 1,362,053 | 1,345,114 | |||||||||
Unproved Gas Properties | 726,114 | 734,890 | |||||||||
Surface Land and Other Equipment | 192,905 | 193,153 | |||||||||
Other | 198,210 | 195,214 | |||||||||
Total Property, Plant and Equipment | 12,099,212 | 11,907,698 | |||||||||
Less: Accumulated Depreciation, Depletion and Amortization | 4,913,268 | 4,811,189 | |||||||||
Total Property, Plant and Equipment - Net | $ | 7,185,944 | $ | 7,096,509 | |||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Other Intangible Assets: | |||||||||||
Gross Amortizable Asset - Customer Relationships | $ | 109,752 | $ | 109,752 | |||||||
Less: Accumulated Amortization - Customer Relationships | 34,400 | 32,762 | |||||||||
Total Other Intangible Assets, net | $ | 75,352 | $ | 76,990 |
March 31, 2023 | December 31, 2022 | ||||||||||
Royalties | $ | 102,054 | $ | 144,482 | |||||||
Accrued Interest | 38,960 | 36,744 | |||||||||
Deferred Revenue | 18,596 | 22,095 | |||||||||
Transportation Charges | 12,788 | 12,808 | |||||||||
Accrued Other Taxes | 7,976 | 14,067 | |||||||||
Accrued Payroll & Benefits | 7,262 | 6,318 | |||||||||
Short-Term Incentive Compensation | 3,227 | 18,956 | |||||||||
Purchased Gas Payable | 1,520 | 5,266 | |||||||||
Other | 9,865 | 18,142 | |||||||||
Current Portion of Long-Term Liabilities: | |||||||||||
Asset Retirement Obligations | 9,735 | 9,735 | |||||||||
Salary Retirement | 1,891 | 1,878 | |||||||||
Total Other Accrued Liabilities | $ | 213,874 | $ | 290,491 |
March 31, 2023 | December 31, 2022 | ||||||||||
Senior Notes due January 2029 at 6.00%, Issued at Par Value | $ | 500,000 | $ | 500,000 | |||||||
Senior Notes due January 2031 at 7.375% (Principal of $500,000 less Unamortized Discount of $5,873 and $6,061, respectively) | 494,127 | 493,939 | |||||||||
CNX Midstream Partners LP Senior Notes due April 2030 at 4.75% (Principal of $400,000 less Unamortized Discount of $4,086 and $4,231, respectively)* | 395,914 | 395,769 | |||||||||
Senior Notes due March 2027 at 7.25% (Principal of $350,000 plus Unamortized Premium of $2,131 and $2,266, respectively) | 352,131 | 352,266 | |||||||||
Convertible Senior Notes due May 2026 at 2.25% (Principal of $330,654 less Unamortized Discount and Issuance Costs of $5,997 and $6,460, respectively) | 324,657 | 324,194 | |||||||||
CNX Midstream Partners LP Revolving Credit Facility* | 136,000 | 153,700 | |||||||||
CNX Revolving Credit Facility | 13,800 | — | |||||||||
Less: Unamortized Debt Issuance Costs | 13,521 | 14,133 | |||||||||
Long-Term Debt | $ | 2,203,108 | $ | 2,205,735 |
March 31, 2023 | December 31, 2022 | ||||||||||
Liability Component: | |||||||||||
Principal | $ | 330,654 | $ | 330,654 | |||||||
Unamortized Issuance Costs | (5,997) | (6,460) | |||||||||
Net Carrying Amount | $ | 324,657 | $ | 324,194 | |||||||
Fair Value | $ | 460,548 | $ | 483,581 | |||||||
Fair Value Hierarchy | Level 2 | Level 2 | |||||||||
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Contractual Interest Expense | $ | 1,860 | $ | 1,941 | |||||||
Amortization of Issuance Costs | 463 | 471 | |||||||||
Total Interest Expense | $ | 2,323 | $ | 2,412 |
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 | $ | 138,849 | $ | 138,849 | $ | — | $ | — | $ | — | |||||||||||||||||||
Other | 3,087 | 3,087 | — | — | — | ||||||||||||||||||||||||
Total Letters of Credit | 141,936 | 141,936 | — | — | — | ||||||||||||||||||||||||
Surety Bonds: | |||||||||||||||||||||||||||||
Employee-Related | 2,250 | 2,250 | — | — | — | ||||||||||||||||||||||||
Environmental | 11,689 | 10,259 | 1,430 | — | — | ||||||||||||||||||||||||
Firm Transportation | 29,336 | 29,336 | — | — | — | ||||||||||||||||||||||||
Financial Guarantees | 81,270 | 81,270 | — | — | — | ||||||||||||||||||||||||
Other | 8,637 | 7,562 | 1,075 | — | — | ||||||||||||||||||||||||
Total Surety Bonds | 133,182 | 130,677 | 2,505 | — | — | ||||||||||||||||||||||||
Total Commitments | $ | 275,118 | $ | 272,613 | $ | 2,505 | $ | — | $ | — |
Obligations Due | Amount | ||||
Less than 1 year | $ | 246,604 | |||
1 - 3 years | 445,447 | ||||
3 - 5 years | 361,688 | ||||
More than 5 years | 687,606 | ||||
Total Purchase Obligations | $ | 1,741,345 |
March 31, | December 31, | Forecasted to | |||||||||||||||
2023 | 2022 | Settle Through | |||||||||||||||
Natural Gas Commodity Swaps (Bcf) | 1,631.9 | 1,607.9 | 2027 | ||||||||||||||
Natural Gas Basis Swaps (Bcf) | 1,005.5 | 1,023.7 | 2027 | ||||||||||||||
Propane Commodity Swaps (Mbbls) | 292.0 | — | 2024 | ||||||||||||||
Interest Rate Swaps | $ | 410,000 | $ | 410,000 | 2024 |
March 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Current Assets: | |||||||||||
Commodity Derivative Instruments: | |||||||||||
Commodity Swaps | $ | 106,198 | $ | 21,759 | |||||||
Propane Swaps | 631 | — | |||||||||
Basis Only Swaps | 38,618 | 118,115 | |||||||||
Interest Rate Swaps | 14,347 | 14,600 | |||||||||
Total Current Assets | $ | 159,794 | $ | 154,474 | |||||||
Other Non-Current Assets: | |||||||||||
Commodity Derivative Instruments: | |||||||||||
Commodity Swaps | $ | 85,035 | $ | 42,786 | |||||||
Basis Only Swaps | 122,480 | 197,280 | |||||||||
Interest Rate Swaps | 1,418 | 4,865 | |||||||||
Total Other Non-Current Assets | $ | 208,933 | $ | 244,931 | |||||||
Current Liabilities: | |||||||||||
Commodity Derivative Instruments: | |||||||||||
Commodity Swaps | $ | 185,159 | $ | 732,717 | |||||||
Propane Swaps | 33 | — | |||||||||
Basis Only Swaps | 46,407 | 38,559 | |||||||||
Interest Rate Swaps | 11,301 | 11,377 | |||||||||
Total Current Liabilities | $ | 242,900 | $ | 782,653 | |||||||
Non-Current Liabilities: | |||||||||||
Commodity Derivative Instruments: | |||||||||||
Commodity Swaps | $ | 1,081,287 | $ | 1,466,124 | |||||||
Basis Only Swaps | 42,735 | 47,370 | |||||||||
Interest Rate Swaps | 862 | 3,527 | |||||||||
Total Non-Current Liabilities | $ | 1,124,884 | $ | 1,517,021 |
For the Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Realized (Loss) Gain on Commodity Derivative Instruments: | ||||||||||||||
Natural Gas Commodity Swaps | $ | (49,926) | $ | (271,819) | ||||||||||
Natural Gas Basis Swaps | (11,106) | 977 | ||||||||||||
Total Realized Loss on Commodity Derivative Instruments | (61,032) | (270,842) | ||||||||||||
Unrealized Gain (Loss) on Commodity Derivative Instruments: | ||||||||||||||
Natural Gas Commodity Swaps | 980,836 | (1,654,113) | ||||||||||||
Natural Gas Basis Swaps | (158,235) | 198,561 | ||||||||||||
Propane Swaps | 598 | — | ||||||||||||
Total Unrealized Gain (Loss) on Commodity Derivative Instruments | 823,199 | (1,455,552) | ||||||||||||
Gain (Loss) on Commodity Derivative Instruments: | ||||||||||||||
Natural Gas Commodity Swaps | 930,910 | (1,925,932) | ||||||||||||
Natural Gas Basis Swaps | (169,341) | 199,538 | ||||||||||||
Propane Swaps | 598 | — | ||||||||||||
Total Gain (Loss) on Commodity Derivative Instruments | $ | 762,167 | $ | (1,726,394) |
For the Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash Received (Paid) in Settlement of Interest Rate Swaps | $ | 799 | $ | (937) | ||||||||||
Unrealized (Loss) Gain on Interest Rate Swaps | (960) | 5,223 | ||||||||||||
(Loss) Gain on Interest Rate Swaps | $ | (161) | $ | 4,286 |
Fair Value Measurements at March 31, 2023 | Fair Value Measurements at December 31, 2022 | ||||||||||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Gas Derivatives | $ | — | $ | (1,002,659) | * | $ | — | $ | — | $ | (1,904,830) | ** | $ | — | |||||||||||||||||||||
Interest Rate Swaps | $ | — | $ | 3,602 | $ | — | $ | — | $ | 4,561 | $ | — | |||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 2,799 | $ | 2,799 | $ | 21,321 | $ | 21,321 | |||||||||||||||
Long-Term Debt (Excluding Debt Issuance Costs) | $ | 2,216,629 | $ | 2,256,540 | $ | 2,219,868 | $ | 2,240,919 |
Shale | Coalbed Methane | Other | Consolidated | |||||||||||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 407,198 | $ | 48,036 | $ | 405 | $ | 455,639 | (A) | |||||||||||||||||
Purchased Gas Revenue | — | — | 36,812 | 36,812 | ||||||||||||||||||||||
(Loss) Gain on Commodity Derivative Instruments | (56,336) | (4,672) | 823,175 | 762,167 | ||||||||||||||||||||||
Other Revenue and Operating Income | 16,754 | — | 4,605 | 21,359 | (B) | |||||||||||||||||||||
Total Revenue and Other Operating Income | $ | 367,616 | $ | 43,364 | $ | 864,997 | $ | 1,275,977 | ||||||||||||||||||
Total Operating Expense | $ | 188,117 | $ | 36,420 | $ | 96,062 | $ | 320,599 | ||||||||||||||||||
Earnings Before Income Tax | $ | 179,499 | $ | 6,944 | $ | 741,513 | $ | 927,956 | ||||||||||||||||||
Segment Assets | $ | 6,536,697 | $ | 955,280 | $ | 848,168 | $ | 8,340,145 | (C) | |||||||||||||||||
Depreciation, Depletion and Amortization | $ | 88,110 | $ | 12,447 | $ | 4,665 | $ | 105,222 | ||||||||||||||||||
Capital Expenditures | $ | 159,349 | $ | 9,459 | $ | 1,220 | $ | 170,028 |
Shale | Coalbed Methane | Other | Consolidated | |||||||||||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 680,811 | $ | 63,373 | $ | 441 | $ | 744,625 | (D) | |||||||||||||||||
Purchased Gas Revenue | — | — | 45,841 | 45,841 | ||||||||||||||||||||||
Loss on Commodity Derivative Instruments | (249,458) | (21,280) | (1,455,656) | (1,726,394) | ||||||||||||||||||||||
Other Revenue and Operating Income | 17,657 | — | 5,173 | 22,830 | (E) | |||||||||||||||||||||
Total Revenue and Other Operating Income (Loss) | $ | 449,010 | $ | 42,093 | $ | (1,404,201) | $ | (913,098) | ||||||||||||||||||
Total Operating Expense | $ | 197,429 | $ | 30,580 | $ | 94,460 | $ | 322,469 | ||||||||||||||||||
Earnings (Loss) Before Income Tax | $ | 251,581 | $ | 11,513 | $ | (1,511,599) | $ | (1,248,505) | ||||||||||||||||||
Segment Assets | $ | 6,020,173 | $ | 1,032,602 | $ | 1,170,749 | $ | 8,223,524 | (F) | |||||||||||||||||
Depreciation, Depletion and Amortization | $ | 101,444 | $ | 13,239 | $ | 3,940 | $ | 118,623 | ||||||||||||||||||
Capital Expenditures | $ | 118,800 | $ | 2,395 | $ | 1,121 | $ | 122,316 |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Total Segment Revenue from Contracts with External Customers | $ | 509,205 | $ | 808,123 | |||||||
Gain (Loss) on Commodity Derivative Instruments | 762,167 | (1,726,394) | |||||||||
Other Operating Income | 4,605 | 5,173 | |||||||||
Total Consolidated Revenue and Other Operating Income (Loss) | $ | 1,275,977 | $ | (913,098) |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Interest (Net of Amounts Capitalized) | $ | 30,094 | $ | 43,901 | |||||||
Income Taxes | $ | 3,500 | $ | — |
2023 | 2024 | |||||||||||||
Volumes Hedged (Bcf), as of 4/6/23 | 433.0(1) | 405.6 |
For the Three Months Ended March 31, | |||||||||||
(Dollars in millions) | 2023 | 2022 | |||||||||
Total Revenue and Other Operating Income (Loss) | $ | 1,276 | $ | (913) | |||||||
Add (Deduct): | |||||||||||
Purchased Gas Revenue | (37) | (46) | |||||||||
Unrealized (Gain) Loss on Commodity Derivative Instruments | (823) | 1,456 | |||||||||
Other Revenue and Operating Income | (21) | (23) | |||||||||
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure | $ | 395 | $ | 474 | |||||||
Total Operating Expense | $ | 320 | $ | 322 | |||||||
Add (Deduct): | |||||||||||
Depreciation, Depletion and Amortization (DD&A) - Corporate | (3) | (3) | |||||||||
Exploration and Production Related Other Costs | (5) | (2) | |||||||||
Purchased Gas Costs | (34) | (45) | |||||||||
Selling, General and Administrative Costs | (37) | (31) | |||||||||
Other Operating Expense | (15) | (12) | |||||||||
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1 | $ | 226 | $ | 229 |
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Variance | |||||||||||||||||||||||||||||||||
in Millions | Per Mcfe | in Millions | Per Mcfe | in Millions | Per Mcfe | ||||||||||||||||||||||||||||||
Total Sales Volumes (Bcfe)* | 135.9 | 150.9 | (15.0) | ||||||||||||||||||||||||||||||||
Natural Gas, NGL and Oil Revenue | $ | 456 | $ | 3.39 | $ | 745 | $ | 5.05 | $ | (289) | $ | (1.66) | |||||||||||||||||||||||
Loss on Commodity Derivative Instruments - Cash Settlement - Gas | (61) | (0.49) | (271) | (1.91) | 210 | 1.42 | |||||||||||||||||||||||||||||
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure | 395 | 2.90 | 474 | 3.14 | (79) | (0.24) | |||||||||||||||||||||||||||||
Lease Operating Expense | 16 | 0.12 | 15 | 0.10 | 1 | 0.02 | |||||||||||||||||||||||||||||
Production, Ad Valorem, and Other Fees | 10 | 0.07 | 10 | 0.07 | — | — | |||||||||||||||||||||||||||||
Transportation, Gathering and Compression | 98 | 0.72 | 88 | 0.59 | 10 | 0.13 | |||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization (DD&A) | 102 | 0.75 | 116 | 0.76 | (14) | (0.01) | |||||||||||||||||||||||||||||
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure | 226 | 1.66 | 229 | 1.52 | (3) | 0.14 | |||||||||||||||||||||||||||||
Natural Gas, NGL and Oil Production Margin, a Non-GAAP Financial Measure | $ | 169 | $ | 1.24 | $ | 245 | $ | 1.62 | $ | (76) | $ | (0.38) |
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
in thousands (unless noted) | 2023 | 2022 | Variance | Percent Change | ||||||||||||||||||||||
LIQUIDS | ||||||||||||||||||||||||||
NGL: | ||||||||||||||||||||||||||
Sales Volume (MMcfe) | 10,061 | 8,506 | 1,555 | 18.3 | % | |||||||||||||||||||||
Sales Volume (Mbbls) | 1,677 | 1,418 | 259 | 18.3 | % | |||||||||||||||||||||
Gross Price ($/Bbl) | $ | 27.48 | $ | 45.72 | $ | (18.24) | (39.9) | % | ||||||||||||||||||
Gross NGL Revenue | $ | 46,056 | $ | 64,796 | $ | (18,740) | (28.9) | % | ||||||||||||||||||
Oil/Condensate: | ||||||||||||||||||||||||||
Sales Volume (MMcfe) | 515 | 355 | 160 | 45.1 | % | |||||||||||||||||||||
Sales Volume (Mbbls) | 86 | 59 | 27 | 45.8 | % | |||||||||||||||||||||
Gross Price ($/Bbl) | $ | 67.32 | $ | 77.04 | $ | (9.72) | (12.6) | % | ||||||||||||||||||
Gross Oil/Condensate Revenue | $ | 5,773 | $ | 4,555 | $ | 1,218 | 26.7 | % | ||||||||||||||||||
NATURAL GAS | ||||||||||||||||||||||||||
Sales Volume (MMcf) | 125,290 | 142,001 | (16,711) | (11.8) | % | |||||||||||||||||||||
Sales Price ($/Mcf) | $ | 3.22 | $ | 4.76 | $ | (1.54) | (32.4) | % | ||||||||||||||||||
Gross Natural Gas Revenue | $ | 403,810 | $ | 675,274 | $ | (271,464) | (40.2) | % | ||||||||||||||||||
Hedging Impact ($/Mcf) | $ | (0.49) | $ | (1.91) | $ | 1.42 | 74.3 | % | ||||||||||||||||||
Loss on Commodity Derivative Instruments - Cash Settlement | $ | (61,032) | $ | (270,842) | $ | 209,810 | 77.5 | % |
For the Three Months Ended | Difference to Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Shale | CBM | Other | Total | Shale | CBM | Other | Total | |||||||||||||||||||||||||||||||||||||||
Natural Gas, NGLs and Oil Revenue | $ | 407 | $ | 48 | $ | 1 | $ | 456 | $ | (274) | $ | (15) | $ | — | $ | (289) | |||||||||||||||||||||||||||||||
(Loss) Gain on Commodity Derivative Instruments | (56) | (5) | 823 | 762 | 194 | 16 | 2,279 | 2,489 | |||||||||||||||||||||||||||||||||||||||
Purchased Gas Revenue | — | — | 37 | 37 | — | — | (9) | (9) | |||||||||||||||||||||||||||||||||||||||
Other Revenue and Operating Income | 17 | — | 4 | 21 | (1) | — | (1) | (2) | |||||||||||||||||||||||||||||||||||||||
Total Revenue and Other Operating Income | 368 | 43 | 865 | 1,276 | (81) | 1 | 2,269 | 2,189 | |||||||||||||||||||||||||||||||||||||||
Lease Operating Expense | 11 | 5 | — | 16 | (1) | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
Production, Ad Valorem, and Other Fees | 7 | 3 | — | 10 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Transportation, Gathering and Compression | 82 | 16 | — | 98 | 5 | 5 | — | 10 | |||||||||||||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization | 88 | 12 | 5 | 105 | (13) | (1) | — | (14) | |||||||||||||||||||||||||||||||||||||||
Exploration and Production Related Other Costs | — | — | 5 | 5 | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Purchased Gas Costs | — | — | 34 | 34 | — | — | (11) | (11) | |||||||||||||||||||||||||||||||||||||||
Selling, General and Administrative Costs | — | — | 37 | 37 | — | — | 6 | 6 | |||||||||||||||||||||||||||||||||||||||
Other Operating Expense | — | — | 15 | 15 | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Total Operating Expense | 188 | 36 | 96 | 320 | (9) | 5 | 2 | (2) | |||||||||||||||||||||||||||||||||||||||
Other Expense | — | — | 1 | 1 | — | — | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Gain on Asset Sales and Abandonments, net | — | — | (9) | (9) | — | — | 4 | 4 | |||||||||||||||||||||||||||||||||||||||
Interest Expense | — | — | 36 | 36 | — | — | 9 | 9 | |||||||||||||||||||||||||||||||||||||||
Total Other Expense | — | — | 28 | 28 | — | — | 15 | 15 | |||||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 188 | 36 | 124 | 348 | (9) | 5 | 17 | 13 | |||||||||||||||||||||||||||||||||||||||
Earnings Before Income Tax | $ | 180 | $ | 7 | $ | 741 | $ | 928 | $ | (72) | $ | (4) | $ | 2,252 | $ | 2,176 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | Variance | Percent Change | ||||||||||||||||||||
Shale Gas Sales Volumes (Bcf) | 114.8 | 130.5 | (15.7) | (12.0) | % | ||||||||||||||||||
NGLs Sales Volumes (Bcfe)* | 10.1 | 8.5 | 1.6 | 18.8 | % | ||||||||||||||||||
Oil/Condensate Sales Volumes (Bcfe)* | 0.5 | 0.4 | 0.1 | 25.0 | % | ||||||||||||||||||
Total Shale Sales Volumes (Bcfe)* | 125.4 | 139.4 | (14.0) | (10.0) | % | ||||||||||||||||||
Average Sales Price - Natural Gas (per Mcf) | $ | 3.10 | $ | 4.69 | $ | (1.59) | (33.9) | % | |||||||||||||||
Loss on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf) | $ | (0.49) | $ | (1.91) | $ | 1.42 | 74.3 | % | |||||||||||||||
Average Sales Price - NGLs (per Mcfe)* | $ | 4.58 | $ | 7.62 | $ | (3.04) | (39.9) | % | |||||||||||||||
Average Sales Price - Oil/Condensate (per Mcfe)* | $ | 11.20 | $ | 12.83 | $ | (1.63) | (12.7) | % | |||||||||||||||
Total Average Shale Sales Price (per Mcfe) | $ | 2.80 | $ | 3.10 | $ | (0.30) | (9.7) | % | |||||||||||||||
Average Shale Lease Operating Expenses (per Mcfe) | 0.09 | 0.08 | 0.01 | 12.5 | % | ||||||||||||||||||
Average Shale Production, Ad Valorem and Other Fees (per Mcfe) | 0.06 | 0.06 | — | — | % | ||||||||||||||||||
Average Shale Transportation, Gathering and Compression Costs (per Mcfe) | 0.66 | 0.55 | 0.11 | 20.0 | % | ||||||||||||||||||
Average Shale Depreciation, Depletion and Amortization Costs (per Mcfe) | 0.69 | 0.73 | (0.04) | (5.5) | % | ||||||||||||||||||
Total Average Shale Production Costs (per Mcfe) | $ | 1.50 | $ | 1.42 | $ | 0.08 | 5.6 | % | |||||||||||||||
Total Average Shale Production Margin (per Mcfe) | $ | 1.30 | $ | 1.68 | $ | (0.38) | (22.6) | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | Variance | Percent Change | ||||||||||||||||||||
CBM Gas Sales Volumes (Bcf) | 10.4 | 11.5 | (1.1) | (9.6) | % | ||||||||||||||||||
Average Sales Price - Natural Gas (per Mcf) | $ | 4.62 | $ | 5.53 | $ | (0.91) | (16.5) | % | |||||||||||||||
Loss on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf) | $ | (0.45) | $ | (1.86) | $ | 1.41 | 75.8 | % | |||||||||||||||
Total Average CBM Sales Price (per Mcf) | $ | 4.17 | $ | 3.68 | $ | 0.49 | 13.3 | % | |||||||||||||||
Average CBM Lease Operating Expenses (per Mcf) | 0.53 | 0.33 | 0.20 | 60.6 | % | ||||||||||||||||||
Average CBM Production, Ad Valorem and Other Fees (per Mcf) | 0.28 | 0.23 | 0.05 | 21.7 | % | ||||||||||||||||||
Average CBM Transportation, Gathering and Compression Costs (per Mcf) | 1.49 | 0.96 | 0.53 | 55.2 | % | ||||||||||||||||||
Average CBM Depreciation, Depletion and Amortization Costs (per Mcf) | 1.20 | 1.15 | 0.05 | 4.3 | % | ||||||||||||||||||
Total Average CBM Production Costs (per Mcf) | $ | 3.50 | $ | 2.67 | $ | 0.83 | 31.1 | % | |||||||||||||||
Total Average CBM Production Margin (per Mcf) | $ | 0.67 | $ | 1.01 | $ | (0.34) | (33.7) | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | Variance | Percent Change | ||||||||||||||||||||
Other Gas Sales Volumes (Bcf) | 0.1 | — | 0.1 | 100.0 | % | ||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | Variance | Percent Change | ||||||||||||||||||||
Purchased Gas Sales Volumes (in Bcf) | 12.8 | 9.1 | 3.7 | 40.7 | % | ||||||||||||||||||
Average Sales Price (per Mcf) | $ | 2.86 | $ | 5.06 | $ | (2.20) | (43.5) | % | |||||||||||||||
Purchased Gas Average Cost (per Mcf) | $ | 2.67 | $ | 4.95 | $ | (2.28) | (46.1) | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2023 | 2022 | Variance | Percent Change | |||||||||||||||||||
Equity Income from Affiliates | $ | — | $ | 1 | $ | (1) | (100.0) | % | |||||||||||||||
Excess Firm Transportation Income | 3 | 3 | — | — | % | ||||||||||||||||||
Water Income | 1 | 1 | — | — | % | ||||||||||||||||||
Total Other Operating Income | $ | 4 | $ | 5 | $ | (1) | (20.0) | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2023 | 2022 | Variance | Percent Change | |||||||||||||||||||
Lease Expiration Costs | $ | 4 | $ | — | $ | 4 | 100.0 | % | |||||||||||||||
Land Rentals | 1 | 2 | (1) | (50.0) | % | ||||||||||||||||||
Total Exploration and Production Related Other Costs | $ | 5 | $ | 2 | $ | 3 | 150.0 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2023 | 2022 | Variance | Percent Change | |||||||||||||||||||
Salaries, Wages and Employee Benefits | $ | 10 | $ | 7 | $ | 3 | 42.9 | % | |||||||||||||||
Long-Term Equity-Based Compensation (Non-Cash) | 9 | 7 | 2 | 28.6 | % | ||||||||||||||||||
Contributions and Advertising | 2 | 2 | — | — | % | ||||||||||||||||||
Short-Term Incentive Compensation | 3 | 3 | — | — | % | ||||||||||||||||||
Other | 13 | 12 | 1 | 8.3 | % | ||||||||||||||||||
Total SG&A | $ | 37 | $ | 31 | $ | 6 | 19.4 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2023 | 2022 | Variance | Percent Change | |||||||||||||||||||
Unutilized Firm Transportation and Processing Fees | $ | 9 | $ | 9 | $ | — | — | % | |||||||||||||||
Insurance Expense | 1 | 1 | — | — | % | ||||||||||||||||||
Other | 5 | 2 | 3 | 150.0 | % | ||||||||||||||||||
Total Other Operating Expense | $ | 15 | $ | 12 | $ | 3 | 25.0 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2023 | 2022 | Variance | Percent Change | |||||||||||||||||||
Other Income | |||||||||||||||||||||||
Right-of-Way Sales | $ | 2 | $ | 2 | $ | — | — | % | |||||||||||||||
Other | 1 | 4 | (3) | (75.0) | % | ||||||||||||||||||
Total Other Income | $ | 3 | $ | 6 | $ | (3) | (50.0) | % | |||||||||||||||
Other Expense | |||||||||||||||||||||||
Professional Services | $ | — | $ | 2 | $ | (2) | (100.0) | % | |||||||||||||||
Bank Fees | 3 | 2 | 1 | 50.0 | % | ||||||||||||||||||
Other Corporate Expense | 1 | 1 | — | — | % | ||||||||||||||||||
Total Other Expense | $ | 4 | $ | 5 | $ | (1) | (20.0) | % | |||||||||||||||
Total Other Expense | $ | 1 | $ | (1) | $ | 2 | 200.0 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2023 | 2022 | Variance | Percent Change | |||||||||||||||||||
Total Interest Expense | $ | 36 | $ | 27 | $ | 9 | 33.3 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2023 | 2022 | Variance | Percent Change | |||||||||||||||||||
Total Company Earnings (Loss) Before Income Tax | $ | 928 | $ | (1,249) | $ | 2,177 | 174.3 | % | |||||||||||||||
Income Tax Expense (Benefit) | $ | 218 | $ | (326) | $ | 544 | 166.9 | % | |||||||||||||||
Effective Income Tax Rate | 23.4 | % | 26.1 | % | (2.7) | % |
For the Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Cash Provided by Operating Activities | $ | 249 | $ | 336 | $ | (87) | |||||||||||
Cash Used in Investing Activities | $ | (160) | $ | (103) | $ | (57) | |||||||||||
Cash Used in Financing Activities | $ | (108) | $ | (228) | $ | 120 |
Payments due by Year | |||||||||||||||||||||||||||||
Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | Total | |||||||||||||||||||||||||
Purchase Order Firm Commitments | $ | 500 | $ | 800 | $ | 300 | $ | — | $ | 1,600 | |||||||||||||||||||
Gas Firm Transportation and Processing | 246,104 | 444,647 | 361,388 | 687,606 | 1,739,745 | ||||||||||||||||||||||||
Long-Term Debt | — | — | 826,589 | 1,390,040 | 2,216,629 | ||||||||||||||||||||||||
Interest on Long-Term Debt | 122,006 | 258,558 | 203,039 | 207,407 | 791,010 | ||||||||||||||||||||||||
Finance Lease Obligations | 3,451 | 7,223 | 7,197 | 301 | 18,172 | ||||||||||||||||||||||||
Interest on Finance Lease Obligations | 1,086 | 1,808 | 961 | 25 | 3,880 | ||||||||||||||||||||||||
Operating Lease Obligations | 52,986 | 96,669 | 12,960 | 18,436 | 181,051 | ||||||||||||||||||||||||
Interest on Operating Lease Obligations | 7,441 | 7,701 | 2,451 | 1,584 | 19,177 | ||||||||||||||||||||||||
Long-Term Liabilities—Employee Related (a) | 2,213 | 4,430 | 4,733 | 22,099 | 33,475 | ||||||||||||||||||||||||
Other Long-Term Liabilities (b) | 154,609 | 10,000 | 10,000 | 69,619 | 244,228 | ||||||||||||||||||||||||
Total Contractual Obligations (c) | $ | 590,396 | $ | 831,836 | $ | 1,429,618 | $ | 2,397,117 | $ | 5,248,967 |
For the Three Months Ended | |||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | Total Year | |||||||||||||||||||||||||
2023 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | N/A | 113.1 | 114.5 | 114.5 | 342.1 | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | N/A | $ | 2.42 | $ | 2.41 | $ | 2.49 | $ | 2.44 | ||||||||||||||||||||
2024 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | 98.3 | 109.0 | 107.9 | 103.9 | 405.6 * | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | $ | 2.28 | $ | 2.51 | $ | 2.50 | $ | 2.49 | $ | 2.44 | |||||||||||||||||||
2025 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | 92.7 | 93.1 | 94.1 | 95.2 | 375.1 | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | $ | 2.39 | $ | 2.36 | $ | 2.36 | $ | 2.36 | $ | 2.37 | |||||||||||||||||||
2026 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | 73.0 | 83.1 | 83.9 | 83.9 | 323.9 | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | $ | 2.48 | $ | 2.56 | $ | 2.56 | $ | 2.55 | $ | 2.54 | |||||||||||||||||||
2027 Fixed Price Volumes | |||||||||||||||||||||||||||||
Hedged Bcf | 53.7 | 54.2 | 54.9 | 54.9 | 217.7 | ||||||||||||||||||||||||
Weighted Average Hedge Price per Mcf | $ | 3.29 | $ | 3.31 | $ | 3.31 | $ | 3.40 | $ | 3.32 |
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) | ||||||||||
January 1, 2023 - January 31, 2023 | 3,114,139 | $ | 16.18 | 2,796,452 | $ | 401,607 | ||||||||
February 1, 2023 - February 28, 2023 | 1,194,834 | $ | 15.94 | 952,180 | $ | 386,608 | ||||||||
March 1, 2023 - March 31, 2023 | 2,096,304 | $ | 15.55 | 2,090,003 | $ | 354,108 | ||||||||
Total | 6,405,277 | 5,838,635 |
10.1 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1 | ||||||||
32.2 | ||||||||
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 (embedded within the Inline XBRL document) |
CNX RESOURCES CORPORATION | |||||||||||
By: | /S/ NICHOLAS J. DEIULIIS | ||||||||||
Nicholas J. DeIuliis | |||||||||||
Director, Chief Executive Officer and President (Duly Authorized Officer and Principal Executive Officer) | |||||||||||
By: | /S/ ALAN K. SHEPARD | ||||||||||
Alan K. Shepard | |||||||||||
Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer) | |||||||||||
By: | /S/ JASON L. MUMFORD | ||||||||||
Jason L. Mumford | |||||||||||
Vice President and Controller |
1 Year CNX Resources Chart |
1 Month CNX Resources Chart |
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