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3Q 2018 Earnings Presentation – CNX Resources

CNX Resources · Oct 30, 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. 3Q 2018 Earnings Presentation – CNX Resources – slide 1
    Earnings Results Third Quarter 2018 October 30, 2018
  2. 3Q 2018 Earnings Presentation – CNX Resources – slide 2
    Executive Summary Q3 2018 EXPECTATION STRATEGIC INITIATIVE Consolidated FY2018 EBITDAX guidance increasing to Based on midpoint of guidance range and share count 990-1,010 million from 945-970 million EBITDAX Guidance per Share…
  3. 3Q 2018 Earnings Presentation – CNX Resources – slide 3
    Debt Discipline and EBITDAX Growth Drive Available Capacity Net Debt Attributable to CNX Shareholders Shares Repurchased Since Program Announced 250.0 6.4 5.8 in millions September 30, 2018 5.3 8.3 1.7 1.0 200.0 E&P Midstream…
  4. 3Q 2018 Earnings Presentation – CNX Resources – slide 4
    Q3 2018 Results Net Income and Adjusted EBITDAX Consolidated net income of 147 million in the 2018 third quarter; consolidated adjusted net income of 57 million(1); adjusted net income excludes the following pre- Consolidated Adjusted…
  5. 3Q 2018 Earnings Presentation – CNX Resources – slide 5
    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…
  6. 3Q 2018 Earnings Presentation – CNX Resources – slide 6
    Marketing: Natural Gas Hedging and Basis Protection 400 4.7 350 Gas Volumes Hedged (Bcf) 0.5 300 Layering in hedges out to 2023 to 250 protect margins on proved 8.8 200 371.3 362.6 developed production and a 33.4 150 303.1…
  7. 3Q 2018 Earnings Presentation – CNX Resources – slide 7
    Financial Guidance PREVIOUS (8/2/2018) UPDATE (10/30/2018) 2018E 2018E Revenue and Other Operating Income E&P Consolidated E&P Consolidated Production Volumes: Natural Gas (Bcf) 450-475 457.5-467.5 NGLs (MBbls) 6,000 6,000 Condensate…
  8. 3Q 2018 Earnings Presentation – CNX Resources – slide 8
    Operations: Q3 2018 Results Summary Y/Y Q/Q Marcellus Shale costs were 2.05 per Mcfe in Q3 2018, a decrease of (/Mcfe) 0.15 from 2.20 per Mcfe vs. Q3 2017, or a 7% decline 3Q 2018 3Q 2017 Change 3Q 2018 2Q 2018 Change Average Sales…
  9. 3Q 2018 Earnings Presentation – CNX Resources – slide 9
    Operations: Q3 2018 Activity and Updated 2018 Development Plan Q3 2018 YTD 2018 2018E Average HZ Rigs Lateral at Period ( in millions) TD FRAC TIL Length(1) End TD FRAC TIL TD FRAC TIL SWPA Marcellus 15 15 21 7,759 3 42 31 30 59 39…
  10. 3Q 2018 Earnings Presentation – CNX Resources – slide 10
    SWPA Marcellus: New Wells Far Exceeding Vintage Morris (MOR) Marcellus Legacy(1) vs. Now 3,000,000 Optimized drawdown, production facilities, and gathering 8000 Normalized Cumulative 2,500,000 +77% systems to maximize NPV/well…
  11. 3Q 2018 Earnings Presentation – CNX Resources – slide 11
    Deep Dry Utica: Drilling Efficiency Improving Rapidly Drilling Capital per Lateral Foot(1) 120% GH 9A GAUT 4I % of First Deep Dry Utica 100% Drilling Costs 80% MARCHAND 3M 60% BELL POINT 6P SHAW 1H 40% AIKENS 5J RHL…
  12. 3Q 2018 Earnings Presentation – CNX Resources – slide 12
    Operational and Analytical Progress Continues in FY2018 Efficiency Milestones Optimized Development Planning Technological Advancements Tested 10 Evolution different Averaging 7 days Added over electric frac dissolvable and from…
  13. 3Q 2018 Earnings Presentation – CNX Resources – slide 13
    Appendix
  14. 3Q 2018 Earnings Presentation – CNX Resources – slide 14
    Marketing: Highlights and Liquids Realizations Marketing Highlights Natural Gas Liquids, Oil and Condensate Directly-marketed ethane volumes were 272,200 barrels in Q3 2018 liquids sold: 10.4 Bcfe Q3 and, on an equivalent basis, yielded…
  15. 3Q 2018 Earnings Presentation – CNX Resources – slide 15
    Marketing: Natural Gas Hedging Gain/Loss Projections Q4 2018 CY20 Hedged Volumes Hedged Forward Forecasted Gain/(Loss) (1) (000 MMBtu) Price Market (/MMBtu) ( in 000's) (/MMBtu) NYMEX 95,220 2.98 3.21 (0.24) (22,400) Basis: DOM…
  16. 3Q 2018 Earnings Presentation – CNX Resources – slide 16
    Non-GAAP Reconciliation Three Months Ended September 30, 2018 2018 2018 2018 2017 E&P Total Total Midstream Unallocated(1) ( in thousands) Division Company Company Net Income (Loss) 54,431 31,173 61,152 146,756 (26,441) Less:…
  17. 3Q 2018 Earnings Presentation – CNX Resources – slide 17
    Non-GAAP Reconciliation Three Months Three Months Three Months Three Months Twelve Months Ended Ended Ended Ended Ended December 31, March 31, June 30, September 30, September 30, ( in thousands) 2017 2018 2018 2018 2018 Net Income…

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