CNX Resources reported second-quarter revenue of $618.5 million, beating analyst estimates by 29.2% and growing 29.2% year on year, while adjusted earnings per share of $0.71 also topped forecasts. The natural gas producer benefited from monetization of federal 45Z tax credits, which now have an annual run rate of approximately $40 million following regulatory clarifications, and combined with state environmental attribute sales the company targets a $90 million annual run rate from these sources. Management highlighted disciplined capital allocation, with flexibility for share buybacks, and operational gains including drilling efficiency records in the Utica shale. The company is timing well completions in the Marcellus and Utica plays to capture seasonal price peaks, with major pads coming online in the third and fourth quarters. Full-year capital spending remains within prior guidance, with recent increases attributed to activity timing rather than cost inflation.
CNX Resources CorpBeats Q2 estimates with revenue and EPS above forecasts, and lifts environmental credit run rate to $90 million.