secwatch.observer — SEC 8-K summary
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Issuer:     CNX Resources Corp (CNX)
CIK:        0001070412
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0001070412-23-000068
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CNX Resources Q1 net income $710M but guidance slashed; gas price drop pressures 2023 outlook
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- Diluted EPS $3.61 vs ($4.62) YoY, includes $762M unrealized derivative gain; adjusted free cash flow guidance cut to ~$250M from ~$375M.
- Adjusted EBITDAX guidance reduced to $950M-$1.05B from $1.1B-$1.25B, citing lower NYMEX gas price assumptions ($2.76 vs $3.80).
- Natural gas revenue fell to $456M from $745M YoY as avg realized price before hedging dropped to $2.52/Mcf from $4.76/Mcf.
- Production guidance maintained at 555-575 Bcfe with 82-83% hedged; NGL price outlook unchanged at ~$21/bbl.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1070412/000107041223000068/0001070412-23-000068-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1070412/000107041223000068/cnx-20230427.htm
  HTML page:      https://secwatch.observer/filing/0001070412-23-000068

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer