CNX 3Q – Production & Spending Up, Profits Down, but Stock Pops

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An interesting reaction by investors to CNX Resources’ third quarter update. The company reported production of 128 billion cubic feet equivalent (Bcfe) in 3Q19, an increase of 8% from the 119 Bcfe in 3Q18. They also reported spending $336 million on drilling in 3Q19, compared to $297 million in 3Q18–up 13%. But profits were down–from $125 million in 3Q18 to $116 million last quarter. And yet, the share price for CNX stock jumped up 16%! Why?

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