Key Highlights

  • Revenue of USD 580.0 million topped the consensus estimate of USD 475.32 million and nearly matched the prior year.
  • EPS of USD 0.61 compared with a consensus estimate of USD 0.59, while GAAP diluted EPS was USD 1.12.
  • Net income reached USD 165.2 million, down from USD 202.1 million, after a USD 108 million unrealized derivative gain.
  • Nine month share repurchases totaled USD 435 million, and total Debt stood at USD 2,290 million at quarter end.

CNX Resources Corporation (NYSE:CNX) reported third quarter 2026 Revenue and other Operating Income of USD 580.0 million, above a consensus estimate of USD 475.32 million and close to the USD 583.8 million posted a year earlier. Earnings Per Share of USD 0.61 compared with a consensus estimate of USD 0.59. GAAP Diluted Earnings per Share were USD 1.12 against USD 1.21 in the prior year quarter, with Net Income of USD 165.2 million versus USD 202.1 million.

Total costs and expenses rose to USD 360.8 million from USD 318.1 million, and income before tax was USD 219.2 million compared with USD 265.7 million. Income tax expense was USD 53.9 million.

Volumes, Pricing and Hedging Effects

Total sales volumes were 156.3 billion cubic feet equivalent, down from 161.3 billion a year earlier, and the Shale segment accounted for 146.8 billion of that. The average Natural Gas sales price fell 9.3% to USD 2.14 per thousand cubic feet, while the NGL price rose 29.9% to USD 3.95 per thousand cubic feet equivalent and NGL sales volumes grew 15.0%. Natural gas, NGL and oil revenue was USD 372 million, or USD 2.35 per unit, versus USD 401 million and USD 2.47 a year ago.

Cash settlements on Commodity Derivatives added USD 53 million, or USD 0.37 per unit, compared with USD 22 million and USD 0.15 a year earlier, lifting realized pricing including settlements to USD 2.72 per unit from USD 2.62. The quarter also carried an unrealized gain on commodity derivative instruments of USD 108 million and a net gain on asset sales and abandonments of USD 4 million. Midstream revenue in the Shale segment was USD 14.8 million, and sales of environmental attributes in Other were USD 17.4 million.

Cash Flow, Capital Returns and Debt

For the nine months ended September 30, net income rose to USD 716.3 million from USD 436.9 million, and operating Cash Flow reached USD 810.6 million versus USD 731.9 million. Capital expenditures increased by USD 130 million to USD 451.1 million, mainly on higher drilling and completion activity. The company repurchased USD 435 million of common stock on the open market, including 12,437,618 shares retired at an average price of USD 35.08, under a USD 4,900 million repurchase program with no expiration date.

Total debt was USD 2,290 million excluding unamortized issuance costs, and it includes USD 600 million of 7.25% senior notes due 2032. During the period the company issued USD 500 million of 5.875% senior notes due March 2034. Cash and restricted cash stood at USD 4 million, and the company reported compliance with all debt covenants.

Guided Ranges and Hedging Markers

The company guided full year 2026 capital expenditures to USD 571 million to USD 586 million, against USD 451 million spent in the first nine months, and full year production volumes to 612.5 billion to 617.5 billion cubic feet equivalent, against 460.2 billion through September. Other markers include the USD 0.37 per unit cash settlement gain next to a USD 2.14 average gas price, a net derivative asset of USD 254 million versus a net Liability of USD 296 million at year end, and total sales volumes down 3.1% while NGL volumes rose 15.0%.