CNX Q2 net income $33M vs loss; raises capex guidance; holds FCF outlook

CNX Resources Corp

2022-Q2 EPS reported -$4.52 revenue$-492,680,000

Natural gas, NGL and oil revenue $1.0B (+171% YoY); net income $33.4M ($0.15 diluted EPS) vs net loss $354.1M.
Realized gas price before hedging $7.02/Mcf; after cash settlements $3.04/Mcf due to hedging loss of $3.98/Mcf.
2022 capex guidance raised to $550-590M from $470-500M; production guidance unchanged at 575-605 Bcfe.
Free cash flow outlook ~$700M unchanged; FCF per share improved to $3.69 from $3.59 on share buybacks.
Bought back $59.5M shares in Q2; diluted share count fell to 194M from 220M a year earlier.

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