CNX: Buys Back $199M of Stock, Drills Near-4-Mile Marcellus Laterals

CNX Resources posted its second quarter 2026 results last Thursday, and the numbers tell two stories at once. On the drilling side, CNX is running lean — just 2 wells drilled all quarter. On the financial side, the company spent more buying back its own stock ($199 million) than it spent drilling and completing wells. When a producer would rather buy its own shares than drill, that says something about where gas prices sit right now — and where management thinks they're headed.

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