CNX 3Q – Revenue Up, but Profits, New Wells, Production Down

CNX Resources released its third quarter 2022 update late last week. The company lost $427 million in profit for the quarter versus losing $873 million in 3Q21. It generated $135 million in free cash flow. Total 3Q revenues of $476 million improved slightly year over year from the previous year's $455 million. CNX sold its gas for an average of $3.25 per thousand cubic feet equivalent (Mcfe), up 10% from the year-ago figure of $2.96/Mcfe. Production costs were $1.64/Mcfe, up 6% from one year ago--due to inflation.

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