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2Q 2018 Earnings Presentation – CNX Resources

CNX Resources · Aug 2, 2018 · 17 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. 2Q 2018 Earnings Presentation – CNX Resources – slide 1
    Earnings Results Second Quarter 2018 August 2, 2018
  2. 2Q 2018 Earnings Presentation – CNX Resources – slide 2
    Executive Summary Q2 2018 EXPECTATION STRATEGIC INITIATIVE Announced sale of OH Utica JV assets for 400 Top-tier balance sheet and focused asset portfolio Ohio Utica JV Sale million will bring total asset sales to approximately creates…
  3. 2Q 2018 Earnings Presentation – CNX Resources – slide 3
    Sale of Ohio JV Assets Pulls Value Forward and Narrows Focus OH Joint Venture Assets to be Sold for 800 Million Gross Net proceeds to CNX of approximately 400 million - 50 net producing wells with an average net revenue interest (NRI)…
  4. 2Q 2018 Earnings Presentation – CNX Resources – slide 4
    Balance Sheet and Hedge Book Drive Capacity to Retire Shares Net Debt Attributable to CNX Shareholders Shares Repurchased Since Program Announced 250 June 30, 2018 E&P Midstream Total 200 Total Debt (GAAP)(1) 1,950.4 404.1…
  5. 2Q 2018 Earnings Presentation – CNX Resources – slide 5
    Q2 2018 Results Net Income and Adjusted EBITDAX Net income attributable to CNX shareholders of 42 million in the 2018 second quarter or 0.19 per diluted share; adjusted net income attributable to CNX shareholders of Adjusted EBITDAX…
  6. 2Q 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. 2Q 2018 Earnings Presentation – CNX Resources – slide 7
    Marketing: Natural Gas Hedging and Basis Protection 400 350 7.5 Gas Volumes Hedged (Bcf) 300 Systematically layering in hedges 250 10.7 out to 2023 to protect margins on 200 370.9 7.7 proved developed production and 150 326.2…
  8. 2Q 2018 Earnings Presentation – CNX Resources – slide 8
    Financial Guidance PREVIOUS (6/29/2018) UPDATE (8/2/2018) 2018E 2018E Revenue and Other Operating Income E&P Consolidated E&P Consolidated Production Volumes: Natural Gas (Bcf) 450-475 450-475 NGLs (MBbls) 6,000 6,000 Adjusted 6/29/18…
  9. 2Q 2018 Earnings Presentation – CNX Resources – slide 9
    Operations: Q2 2018 Results Summary Y/Y Q/Q Marcellus Shale costs were 2.17 per Mcfe in Q2 2018, (/Mcfe) 2Q 2018 2Q 2017 Change 2Q 2018 1Q 2018 Change an increase of 0.12 from 2.05 per Mcfe vs. Q2 2017, Average Sales Price(1) 2.87 2.47…
  10. 2Q 2018 Earnings Presentation – CNX Resources – slide 10
    Operations: Evolution Electric Frac Deal to Drive Efficiencies Conventional Pad Footprint Operational and Health, Safety, and Environmental Benefits All-Electric, Natural Gas-Powered, Disruptive Frac Eight pump, 56,000 HP…
  11. 2Q 2018 Earnings Presentation – CNX Resources – slide 11
    Operations: Q2 2018 Activity and Updated 2018 Development Plan Q2 2018 YTD 2018 2018E Average Rigs at Lateral Period ( in millions) TD FRAC TIL Length(1) End TD FRAC TIL TD FRAC TIL SWPA Marcellus 10 13 3 8,291 1 27 16 9 61 42 41…
  12. 2Q 2018 Earnings Presentation – CNX Resources – slide 12
    Operations: SWPA Utica RHL11E Early Results Set the Stage RHL11E Forecast vs. Peer Well Average and Guided Type Curve(1) 35,000 30,000 RHL11E currently flowing at 3.5 Bcfe/1000 EUR, or 25,000 better than the 3.2 Bcfe/1000 guided type…
  13. 2Q 2018 Earnings Presentation – CNX Resources – slide 13
    Operations: De-risking Drill Plan with Customized Well Layouts Well Layouts Before Seismic Data Well Layouts After Seismic Data Adjusted layouts allow for higher in-zone High capital placement and and de-risk capital production…
  14. 2Q 2018 Earnings Presentation – CNX Resources – slide 14
    Appendix
  15. 2Q 2018 Earnings Presentation – CNX Resources – slide 15
    Marketing: Highlights and Liquids Realizations Marketing Highlights Natural Gas Liquids, Oil and Condensate Directly-marketed ethane volumes were 177,200 barrels in Q2 2018 liquids sold: 9.0 Bcfe Q2 and, on an equivalent basis, yielded…
  16. 2Q 2018 Earnings Presentation – CNX Resources – slide 16
    Marketing: Natural Gas Hedging Gain/Loss Projections Q3 2018 CY20 Hedged Volumes Hedged Forward Forecasted Gain/(Loss) (000 MMBtu) Price Market (/MMBtu) ( in 000's) (/MMBtu) NYMEX 95,220 2.98 2.87 0.10 9,877 Basis: DOM South…
  17. 2Q 2018 Earnings Presentation – CNX Resources – slide 17
    Non-GAAP Reconciliation Three Months Ended June 30, 2018 2018 2018 2018 2017 E&P Total Total Midstream Unallocated(1) ( in thousands) Division Company Company Net Income (Loss) 42,124 27,780 (8,510) 61,394 169,510 Less: Income…

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