CNX Drilled Only 4 Wells in 4Q, Rev. Down 39%, Prod. Up 4.5%

Yesterday, CNX Resources issued its fourth quarter and full year 2023 update. The company's earnings totaled $537.83 million, or $2.89 per share in 4Q23. That compares with $1.17 billion, or $5.68 per share, in last year's fourth quarter (down 54%). CNX's revenue for 4Q23 fell 39% to $999.56 million from $1.64 billion last year. On the plus side of the ledger, CNX's production was 146.9 Bcfe (billion cubic feet equivalent) in 4Q23 (1.6 Bcfe/d), bringing the full-year total to 560.4 Bcfe of production --- approximately 5 Bcfe above the high end of the company's previously announced full-year guidance range. Production one year ago (in 4Q22) was 140.6 Bcfe --- meaning 4Q23 production was about 4.5% higher.

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