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Late last week CNX Resources issued its third quarter update. As it has done over the past few years, CNX did not issue a full update, opting to let its official SEC filing do the talking for it. What does the quarterly update show? CNX lost $1.5 billion on derivatives (hedging) during 3Q, resulting in an $873 million loss for shareholders. CFO Don Rush defended the company's strategy by stating shareholders saw consistent returns on their investments in the company during 3Q. CNX did very little drilling--just six new southwest PA Marcellus wells during 3Q. The company completed eight wells and turned to sales eight wells.
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