CNX Resources Corporation Reports $90 Million Net Loss for Fiscal Year 2024

CNX Resources Corporation reported a net loss of $90 million for the fiscal year ending December 31, 2024, translating to a loss of $0.60 per diluted share. This marks a significant decline from the previous year, where the company posted a net income of $1.72 billion, or $8.99 per diluted share. The loss in 2024 was primarily attributed to an unrealized loss on commodity derivative instruments amounting to $453 million, contrasting with a gain of $1.77 billion in the prior year. Total revenue for 2024 was approximately $1.27 billion, a decrease from $3.43 billion in 2023, largely due to lower natural gas prices and reduced sales volumes.

In terms of operational performance, CNX's total sales volumes decreased to 550.8 billion cubic feet equivalent (Bcfe) in 2024, down from 560.4 Bcfe in 2023. The company reported a 3.4% decline in natural gas sales volumes, which was partially offset by a 19.1% increase in natural gas liquids (NGL) sales volumes. The average sales price for natural gas fell to $1.98 per thousand cubic feet (Mcf), down from $2.20 per Mcf in the previous year. The company’s production costs also increased, with total operating expenses rising to $1.26 billion, compared to $1.19 billion in 2023.

Strategically, CNX completed the acquisition of Apex Energy II, LLC on January 27, 2025, for approximately $505 million, which is expected to enhance its operational footprint in the Appalachian Basin. The company anticipates capital expenditures between $450 million and $500 million for 2025, with projected annual sales volumes expected to rise to approximately 605-620 Bcfe. This acquisition is part of CNX's broader strategy to leverage its extensive asset base and operational expertise to drive long-term value creation.

As of December 31, 2024, CNX's proved reserves stood at 8.54 trillion cubic feet equivalent (Tcfe), with 71.4% classified as proved developed reserves. The company operated 4,447 net producing wells and maintained a workforce of 458 employees. The filing also noted that CNX's market capitalization was approximately $2.8 billion as of June 28, 2024. The company continues to focus on enhancing its operational efficiencies and exploring new technologies to improve its environmental attributes and reduce carbon intensity.

Looking ahead, CNX's management remains cautious about market conditions, particularly the volatility in natural gas prices, which could impact future revenues and cash flows. The company is committed to maintaining compliance with its debt covenants and managing its capital resources effectively to support ongoing operations and strategic initiatives.