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1Q 2018 Earnings Presentation – CNX Resources

CNX Resources · May 3, 2018 · 18 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 1Q 2018 Earnings Presentation – CNX Resources – slide 1
    Earnings Results First Quarter 2018 May 3, 2018
  2. 1Q 2018 Earnings Presentation – CNX Resources – slide 2
    Executive Summary Q1 2018 EXPECTATION STRATEGIC INITIATIVE Total production in the quarter of 129.5 Bcfe or average of Reaffirming production guidance of 520-525 Bcfe for Operational Execution 1.439 Bcfe/d exceeded YE2017 average…
  3. 1Q 2018 Earnings Presentation – CNX Resources – slide 3
    SOG Sale Drives Continued Reduction in Legacy Liabilities Conventional Shallow Oil and Gas (SOG) assets sold in West Virginia and Pennsylvania, including CBM(1) SOG Wells Included in Sale Agreement signed mid-February - Closed on March…
  4. 1Q 2018 Earnings Presentation – CNX Resources – slide 4
    Share Buybacks To-Date and Potential Capacity 2018E-2022E As of: Q3 2017 End Year-End 2017 As of 4/20/2018 Buyback Potential Share Reduction Additional S/O: 230.1 million 223.7 million 217.9 million 85+ million share…
  5. 1Q 2018 Earnings Presentation – CNX Resources – slide 5
    Exchange Agreement Expands SWPA Central Marcellus Inventory SWPA Central Marcellus Inventory 2018E-2020E 500 450 Additional Locations from TILs 46 HG Exchange 400 70 TILs 55 350 TILs 73 300 Additional SWPA Central Marcellus…
  6. 1Q 2018 Earnings Presentation – CNX Resources – slide 6
    Attributable Share Reconciled to Consolidated Results Attributable to CNX Shareholders + Noncontrolling Interest = Consolidated Inside the MLP Outside the MLP 63.91% of CNXM E&P Attributable to Total Attributable to Attributable to…
  7. 1Q 2018 Earnings Presentation – CNX Resources – slide 7
    Q1 2018 Results Net Income and Adjusted EBITDAX On a GAAP basis, net income attributable to CNX shareholders of 528 million in the 2018 first quarter or 2.35 per diluted share; adjusted net income attributable to CNX shareholders of 42…
  8. 1Q 2018 Earnings Presentation – CNX Resources – slide 8
    Balance Sheet and Hedge Book Drive Capacity to Retire Shares March 31, 2018 Net Debt Attributable to CNX Shareholders E&P Midstream Total Total Debt (GAAP)(1) 1,824 413 2,237 Target Less: Cash and Cash Equivalents 77 6 83 Net Debt…
  9. 1Q 2018 Earnings Presentation – CNX Resources – slide 9
    Marketing: Natural Gas Hedging and Basis Protection 400 350 Gas Volumes Hedged (Bcf) 300 23.0 Systematically layering in hedges out to 2022 to protect 250 29.3 margins on proved developed 200 374.5 production and a portion of…
  10. 1Q 2018 Earnings Presentation – CNX Resources – slide 10
    Financial Guidance: 2018E 2018E Revenue and Other Operating Income E&P Consolidated Production Volumes: Natural Gas (Bcf) 450-475 NGLs (MBbls) 7,500-7,700 Oil (MBbls) 15-20 Condensate (MBbls) 590-610 Total Production (Bcfe) 500-525 %…
  11. 1Q 2018 Earnings Presentation – CNX Resources – slide 11
    Operations: Q1 2018 Results Summary Y/Y Q/Q Marcellus Shale costs were 2.30 per Mcfe in Q1 (/Mcfe) 1Q 2018 1Q 2017 Change 1Q 2018 4Q 2017 Change 2018, an increase of 0.12 from 2.18 per Mcfe vs. Average Sales Price(1) 3.00 2.85 0.15…
  12. 1Q 2018 Earnings Presentation – CNX Resources – slide 12
    Operations: Q1 2018 Activity and 2018 Development Plan Q1 2018 2018E Average Lateral Rigs at ( in millions) TD FRAC TIL Length(1) Period End TD FRAC TIL SWPA Marcellus 17 3 6 9,281 2 62 48 46 Central Utica - 1 1 6,213 3 1 1 WV…
  13. 1Q 2018 Earnings Presentation – CNX Resources – slide 13
    Consistent SWPA Marcellus Performance Sets Richhill Baseline Green Hill Production Comparison Over Time Applied learnings in SWPA Central is demonstrating consistent production results with capital efficiency increases Daily Production…
  14. 1Q 2018 Earnings Presentation – CNX Resources – slide 14
    Q1 2018 SWITZ Dry Utica Optimized Field Development Informs Richhill Ohio Dry Utica Field Spacing Changes 1100' vs 1350' Spacing 8,000 Normalized Production Decreased Cycle Times 10,000 (Mcf/d) Proppant Selection and…
  15. 1Q 2018 Earnings Presentation – CNX Resources – slide 15
    Appendix
  16. 1Q 2018 Earnings Presentation – CNX Resources – slide 16
    Marketing: Highlights and Liquids Realizations Marketing Highlights Natural Gas Liquids, Oil and Condensate Directly-marketed ethane volumes were 439,000 barrels in Q1 2018 liquids sold: 12.0 Bcfe Q1 and, on an equivalent basis, yielded…
  17. 1Q 2018 Earnings Presentation – CNX Resources – slide 17
    Natural Gas Hedging Gain/Loss Projections Q2 2018 CY2018 Hedged Volumes Hedged Forward Forecasted Gain/(Loss) Hedged Volumes Hedged Forward Forecasted (1) (000 MMBtu) Price Market (/MMBtu) ( in 000's) (000 MMBtu) Price Market…
  18. 1Q 2018 Earnings Presentation – CNX Resources – slide 18
    Non-GAAP Reconciliation Three Months Ended March 31, 2018 2018 2018 2018 2017 E&P (1) Total Total Midstream Unallocated ( in thousands) Division Company Company Net Income (Loss) 99,809 35,534 410,203 545,546 (38,966) Less: Loss…

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