CNX Resources(US:CNX)2026-01-29 11:55Revenue and Income - Q4 2025 total revenue and other operating income reached $610.5 million, a 346.5% increase compared to Q4 2024's $136.6 million[10] - The company reported a net income of $196.3 million in Q4 2025, compared to a net loss of $144.6 million in Q4 2024[10] - Net income for Q4 2025 was $196,253 thousand, compared to a net loss of $144,624 thousand in Q4 2024, marking a significant turnaround[13] - Cash flows from operating activities for YTD 2025 totaled $1,028,957 thousand, an increase from $268,797 thousand in YTD 2024[13] - Net income for Q4-2025 was $196 million, a decrease of 3% from Q3-2025's $202 million, while YTD-2025 net income reached $633 million compared to a loss of $145 million in Q4-2024[31] Production and Sales - Natural gas, NGL, and oil revenue for Q4 2025 was $476.6 million, up 30.5% from $364.4 million in Q4 2024[10] - Average daily production in Q4 2025 was 1,654.8 MMcfe, a 7.5% decrease from 1,753.3 MMcfe in Q3 2025[3] - Total production volumes for Q4 2025 were 152.3 Bcfe, down 5.0% from 161.3 Bcfe in Q3 2025[3] - CNX Resources has projected a total production guidance of 629.0 Bcfe for the full year 2025[3] - The average sales price for Natural Gas in Q4-2025 was $3.12, up from $2.41 in Q4-2024, representing a 29.5% increase year-over-year[16] Expenses and Liabilities - Total operating expenses for Q4 2025 were $341.4 million, slightly up from $340.9 million in Q3 2025[10] - Total current liabilities rose to $1,124,375 thousand as of December 31, 2025, compared to $1,122,578 thousand a year earlier, reflecting a slight increase of 0.2%[12] - Long-term debt decreased to $2,213,264 thousand from $2,286,855 thousand in the previous quarter, indicating a reduction of 3.2%[12] - The company incurred interest expenses of $42 million in Q4-2025, consistent with Q3-2025, and total interest expenses for YTD-2025 were $170 million[31] Cash Flow and Investments - The company reported a net cash used in investing activities of $164,643 thousand in Q4 2025, compared to $70,222 thousand in Q4 2024, indicating increased investment activity[13] - Free cash flow for Q4 2025 was $132 million, a decrease from $226 million in Q3 2025, with a total of $646 million for the year[44] - Capital expenditures for Q4 2025 were $174,414 thousand, significantly higher than $105,495 thousand in Q4 2024, showing an increase of 65.3%[13] - Capital expenditures in Q4 2025 amounted to $174 million, significantly higher than $76 million in Q3 2025, leading to a total of $495 million for the year[44] Equity and Assets - Total assets increased to $9,094,446 thousand as of December 31, 2025, up from $8,511,903 thousand a year earlier, representing a growth of 6.8%[12] - Total stockholders' equity increased to $4,337,016 thousand as of December 31, 2025, up from $4,098,030 thousand a year earlier, reflecting a growth of 5.8%[12] Market and Pricing - The average price for NYMEX hedges in Q1 2026 is projected at $3.68 per Mcf, with total volumes hedged at 111.9 Bcf[5] - The realized price for natural gas sold was $3.51 per MMBtu, with a weighted average basis of ($0.56) as of 2026E[14] - The average realized price for NGLs in 2026 is projected to be around $20.75 per barrel[21] - The average sales price of oil and condensate in Q4-2025 was $8.83, down from $9.59 in Q4-2024[16] Operational Efficiency - The average cash margin before DD&A for Q4-2025 was $1.95, compared to $1.85 in Q4-2024, reflecting improved operational efficiency[16] - The company reported an operating margin of 28% for Q4-2025, down from 42% in Q3-2025, with an average operating margin of 35% for YTD-2025[34] - Cash operating margin for Q4-2025 was 60%, a decrease from 62% in Q3-2025, with an average cash operating margin of 63% for YTD-2025[36] Future Guidance - Adjusted EBITDAX guidance for 2026 is projected between $1,310 million and $1,360 million[21] - Free Cash Flow (FCF) for 2026 is expected to be approximately $550 million, translating to about $3.55 per share based on outstanding shares[21][22] - Production Volumes for 2026 are estimated to be between 605 Bcfe and 620 Bcfe, with liquids making up approximately 7% to 8%[21] - The company hedged approximately 81% of its natural gas production for 2026[21] Risk Factors - The company has outlined various risk factors that could impact future performance, including pricing volatility and economic conditions[46]