Earnings Results First Quarter 2019 April 30, 2019
Executive Summary Q1 2019 EXPECTATION STRATEGIC THEME Production cash costs down 8% Y/Y and fully-burdened Operational Execution and margins up 6% Y/Y; LOE and low transportation and Minimal firm transportation commitments, operational…
Q1 2019 Operational Results Summary Marcellus Shale costs were 2.02 per Mcfe in Q1 2019, a decrease of Y/Y Q/Q 0.28 from 2.30 per Mcfe vs. Q1 2018, or a 12% decline (/Mcfe) 1Q 2019 1Q 2018 Change 1Q 2019 4Q 2018 Change - Driven…
Q1 and FY2019E-2020E Activity Based on 2019 Capital Program Q1 2019 FY 2019E FY 2020E Average Rigs at Lateral Period ( in millions) TD FRAC TIL Length(1) End 2019 Program TD FRAC TIL TD FRAC TIL Carryover SWPA Marcellus 6…
2019 Development Program and Capital Breakdown Average CPA Utica Shaw Pad D&C CapEx(1) TILs Lateral Length(2) The Shaw 1G well that experienced issues in early ( in millions) 2019E 2020E 2019E 2020E 2019E 2020E 1Q 2019 has been…
SWPA Marcellus: Continued Optimization and Outperformance Production Far Exceeds Legacy Well Performance Operational Efficiency Reduces Capital and Increases IRR Morris Marcellus SWPA Operational Efficiency Cumulative Mcf Normalized…
OH Dry Utica: Optimized Field Development Informs PA Utica Switz Operational Efficiency Drilling (1) Frac(2) 240% Efficiency Gain (% ) 177% 190% 140% 90% 32% 40% Proppant -10% Selection SWITZ 16 SWITZ 5 SWITZ 28 SWITZ…
Implementing Elements of the Perfect Pad Prior Days 120 Target Days 90 Process Dry month construction Cellar technology construction allows for subsurface well heads for faster return 11 return to pad trips in 2019; 4 of…
Q1 2019 Financial Results Summary Net Income and Adjusted EBITDAX Net loss attributable to CNX Shareholders of 87 million in the 2019 first quarter; consolidated adjusted net income of 67 million(1); adjusted net income excludes the…
Debt Discipline and EBITDAX Growth Drive Available Capacity 250.0 Shares Repurchased Since Program Announced Stand-Alone and Consolidated Net Debt 6.4 5.8 5.3 8.3 in millions March 31, 2019 200.0 6.5 3.7 +1.4 Stand-Alone Midstream…
Updated 2019 Guidance PREVIOUS UPDATED 2019E 2019E Incremental D&C activity driven by confidence in Utica program coming out of QA/QC process and drilling success with SWPA Utica TDs Capital Expenditures Low High Low High ( millions)…
Updated 2019 Guidance 2019E Revenue and Other Operating Income E&P Consolidated Production Volumes: Natural Gas (Bcf) 465-485 NGLs (MBbls) 4,500-4,600 Condensate (MBbls) 350-400 Total Production (Bcfe) 495-515 % Liquids 5-6% Natural Gas…
2020 Set Up for Production & FCF Growth on 2019 Program Alone ( in million, except per unit) 2020E Expected Daily Production 2020E Production (Bcfe) 555 1.8 Based on 2019 Development Program Only Weighted Average Revenue…
Natural Gas Hedging and Basis Protection 500 450 30.9 Layering in hedges out to 2023 and beyond Gas Volumes Hedged (Bcf) 400 - 45.9 to protect margins on proved developed 350 production and a portion of PUDs 300 250 59.7 440.4…
CNX Water Infrastructure Drives SWPA Advantage CNX currently handling 30,000 barrels a day of produced water Reduced Cost Safe and Clean Third-Party Revenue SWPA Water Infrastructure Investments CNX benefits from low cost of pumping…
2019 AMT Credit and Additional Refunds March 31, December 31, 2019 2018 Combined AMT refund and additional tax refunds to Current Assets Cash and Cash Equivalents 23,972 17,198 drive total cash tax inflow of 146 million in 2019…
Appendix
YE2018 Acreage and Undeveloped Location Update MARCELLUS UTICA TYPE CURVE AREAS TYPE CURVE AREAS SWPA Central Greater TOTAL SWPA SWPA Central Greater TOTAL SWPA Total Net Acres 98,100 33,700 131,800 Total Net Acres 120,500 55,100…
YE2018 Type Curve Area and Acreage Update Note: As of year-end 2018 as identified in 2018 10-K filed February 7, 2019. 20
Marketing Highlights and Liquids Realizations Marketing Highlights Natural Gas Liquids, Oil and Condensate Directly-marketed ethane sales volumes were limited Q1 2019 liquids sold: 7.1 Bcfe in the quarter due primarily to Mariner East…
Q2 2019E Gas Hedging Gain/Loss Projections Q2 2019 CY2019 Hedged Volumes Hedged Forward Forecasted Gain/(Loss) (1) (000 MMBtu) Price Market (/MMBtu) ( in 000's) (/MMBtu) NYMEX 98,053 2.83 2.70 0.13 12,879 Basis: DOM South (DOM)…
2019E Gas Hedging Gain/Loss Projections CY2019 CY2020 (1) Hedged Volumes Hedged Forward Forecasted Gain/(Loss) (000 MMBtu) Price Market (/MMBtu) ( in 000's) (/MMBtu) In addition to NYMEX and basis financial NYMEX 386,088 2.83 2.88…
Non-GAAP Reconciliation Three Months Ended March 31, 2019 2019 2019 (1) Total Stand-alone Midstream ( in thousands) Company Net (Loss) Income (97,235) 32,584 (64,651) Interest Expense 28,432 7,339 35,771 Interest Income (722) -…
Non-GAAP Reconciliation Three Months Ended March 31, 2018 2018 2018 Total Stand-alone(1) Midstream ( in thousands) Company Net Income 510,012 35,534 545,546 Interest Expense 36,062 2,489 38,551 Interest Income (76) - (76) Income…
Non-GAAP Reconciliation Twelve Months Ended March 31, 2019 2019 2019 Total Stand-alone(1) Midstream ( in thousands) Company Net Income 142,068 130,846 272,914 Interest Expense 114,690 28,464 143,154 Interest Income (763) - (763)…
Non-GAAP Reconciliation Three Months Ended March 31, 2019 2018 2019 2018 Total Total Stand-alone(1) Stand-alone(1) ( in thousands) Company Company Net (Loss) Income from EBITDAX Reconciliation (97,235) 510,012 (64,651) 545,546…
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