CNX Q1 Lost $198M, Generated $100M in FCF, 19 Wells Added Online

Yesterday, CNX Resources issued its first quarter 2025 update. The company lost $198 million for the quarter, compared with a profit of $6.9 million in 1Q24. On the financial plus side, the company generated $100 million in free cash flow, marking the 21st consecutive quarter of FCF generation. Production was 147.8 Bcfe (billion cubic feet equivalent) in 1Q25 — which works out to 1.64 Bcfe/d — up from 140.4 Bcfe last year (a 5.3% increase). Drilling all but stopped during 3Q24, a trend that continued in 4Q24. However, drilling picked up again in 1Q25, with the company drilling five new wells, fracking eight wells, and bringing 19 wells online to sales (called "turned-in-line" or TIL). The TILs included nine Southwest Pa. Marcellus wells, two Central Pa. deep Utica wells, and an eight-well Central Pa. Marcellus pad acquired from Apex Energy.

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