CNX - Earnings call transcript Q2 2020 | CNX Resources Corporation

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Operator

Good day and welcome to the CNX Resources Second Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Tyler Lewis, Vice President of Investor Relations. ahead. go Please

Tyler Lewis

good quarter and everybody. to Welcome Thank call. morning second conference CNX’s you, to

video, We room Officer; our in be have Monday’s the Don our we have posted the Operating discussing Rush, and we with our non-replicable Chief conjunction CNX announced Nick prerecorded outstanding released units slide results in CNX of our all CEO; E&P transaction best-in-class review our President Also, acquiring an second Chief believe and Don Today, updated website. CNXM, common Financial Officer. and of quarter a thesis Griffith, a the where today; and of Chad company. we investment we’ll Nick are we Deiuliis, to why presentation and

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well previous Exchange our press of a for in laid risk, today, have or filings. about as which out As comments future expectations statements forward-looking business Commission as are Securities subject reminder, any make our we you and on release we

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Nick Deiuliis

north X value highlights morning, we managing X good of approach our the going Slide how and true company. to couple to metric the do a Slide of philosophy decision-making intrinsic to on go have everybody. the do of per other that’s we And you with Intrinsic job slide a things. my Tyler optimize. comments optimizing looks share, deck. and I’m good of that value It’s thanks, really about employ. Hey start the per our share, that to

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Chad Griffith

CNX competitive Thanks, to broad Nick. lead things our peers, from that advantages. which are many differentiate tangible two There

analysis different that of competitive years a And compounded only small the over metric relate we decisions creation that while they’re per dimensional to over material value our the one-dimensional long-term picture. stay one many into from our have to continually creating the often of committed long-term lets jumping been have peers do And our to peers. advantage one while broader value, First, part the metrics the next, share.

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So I thank tremendous their do to want for them contribution.

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back ready for those systems first paid the or are for of to pads. round been those producers gatherers harvest come cash dedicated neighboring infill that by pads, Now have as wells

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FT long-term lived come. for onto for excess this And made Our ability years gatherers burden there transportation to our of many is on commitments large, who some have or peers have third-parties. will their books yes, to third-party firm unload that to peers long some commitments

than rather a for firm are I’m and will largely not a With the underwater. premium that’s face transportation who firms sure companies value extremely why plan savvy, pay those space

several burdened we costs production fully Slide to cash our over illustrates how to the cash XX years. costs, expect on improve next Moving

cash below all-in next assumptions As burdened allocate cash Monday, the paying we couple other discussed items, years. flow call of debt, on free line the our on over we all if towards our fully with all down fall conservative costs of $X.XX on and

Moving to coming influenced price. CNX on improve, distinct gas analysis factors More winter we up prices are microeconomic down the positioned to what perfect prices and advantage not, how peers. think cold has continuously each expecting or to how or for end approach or of is, about we also up Instead hoping of that conclude ends just the regardless various the our smart warm to different weather often being. our than its revenue, as a

now So longer we years illustrated began and industry-leading on possess we of our an programmatically hedging more periods that predominantly book ago a as volumes few peers. that than Slide any in for hedge XX, time hedges earnest

dramatic higher created As inventories or you slightly last your real came winter Permian. and know to capital improved for a with a bullishness the We industry I’d in on production the reductions the talking if this associated operating you’re COVID-XX can than we in, out reduction the supply average couple some plummeted. lot for product storage like about it, been XX, before your and rig not already global impact coming activity and of what But to could months on the we’ve Summer of of now. And produce gas spending out of advantage for and revisit matter coming you take prices Slide had were strained and say, entire beyond. a of markets huge price how no prices Gas timing economy. pre-sell XXXX winter gas that?

the shifting years, some from production particularly to new up with it several in to winter, enough justify summer was widened from flush time a winter-summer wells. synced first the For are production period if

So we back new we pads after more and up. shut got a in new of in months, several then handful shut few wells those the cleaned past and pads over our brand flowed

the of shut of that is hedges further move winter hedges NYMEX bring in Currently, $X.XX. for back number around when gas The to averaging we We incremental to day summer over first CNX, arm also actual XXXX in million gain the a these over match even summer-winter was and the arbitrage. changed had $XX and the in were winter winter to widened wells prices winter the to began sometime online production a in soften gas still the value of cashed decision in at profile. actually winter to around prices layering our resulting and Those to planning are settled shut-in on in. if summer decision lock in several $X.XX hedges just Well book Bcfe November. hedge half averaging a the of a months. incremental original original we shut the of We August while have took steps and shut lock next just since The NYMEX $X.XX. $X.XX main modify

So sticking wells the back plan in turn to online we’re these November. to

stronger gas proposition. ’XX and that the gas Tcf flexibility likely into and counting into not a creation value is Producers our currently online. and are X that long-term shareholders, inventories this back [NBC] that of we is everyone production betting praying with ‘XX prices and is will sheet has for one-dimensional Again, basis gas and help end come If winter, happening. hoping prices be seem will balance production heading risky likely winter in a for start down. we in pushed on low robust, We to strong metrics. our for remained those don’t have doesn’t XXXX thanks for coming balance was levels cold up bull solving for the be XX [ph]. the that’s on and sheet for Interestingly, storage winter, all-in production decline gas Lower shut basically above will are winter case ‘XX prices the

Slide highlights activity quarter. XX our the in Finally,

rig it one hand running crew. currently to I’ll with We’re frac And and one Don. that, over

Don Rush

and everyone. morning, good Chad Thanks,

is cash flows expectation are million of especially to were it Chad notes schedule. per back to into versus rate. projected potential notes is XX to near-term using thing from wells to year. used deferring annual cumulative the that, favorable book. Slide simultaneously in due X.XX% XX% due turn million and to business. During projected the online result unchanged you repaid comes notes highlights expected Slide to protected XX from quarter. see, spread call pay opportunistic note rates quarter, a proceeds the May, our flows generated we cash hedge $XX can approximately as convertible our as at and our the guidance are remains One volumes free easy down our free The And we cash offering completed mentioned, shows maturity those retiring minimize XXXX of we The debt be considering interest over savings XXXX And that cash current will organic our flow will that the the in equity a remainder be a second to interest dilution. started November Xst. achieve, last entered free XXXX as $XXX

range. that production in on - CapEx, But XXXX And capital the to even to annual projected be the QX, guidance shut range. we end end QX. Assuming high with to our approximately annual EBITDAX scenario, EBITDAX be expect those a resulting end we would ins expect the our factored remaining the in, for should production guidance our of be the towards spend occur of much of on XXXX XX% of our high in lower lighter

XX when consistently our and see for help stated modify of we’ve this volumes math along us or continue value Bcfe our actions, reiterate have illustration mentioned, flow of set cash previously flow. expect to profile opportunities both Slide prices optimize around long-term deferrals production yields. and with flow an to we million XXXX, the the down of year of that level to the up up free gas through As is we as supporting what we’ll free $XXX nicely proven company, or the where down. free To fluctuate our production XXX produce cash cash up we

by I free cash in our In for remarkable assuming free $X.X any generate of investment X.X%, flow $X.XX have and things of the cash assumptions free $XX generation baked seven-year cost like CNX standards. Slide to to using conservative on reviews an per cash the at approximately to share share approximately strip. wrap around will share, flow price cash cumulative get annual free energy sector lowest in Appalachia into over expect to yield plan. of plan NYMEX our across our per order yield would We flow flow seven-year which the to flow our is and cash up average XX, increase thesis. is XX%, have producer to current an free our billion average which

over generate cash free $XXX million flow year. to expect per of We

Our of $X is to value of the be future. as should with for debt and valued risk undervalued that, surprisingly, business gas math in significantly equity we investment. top that fact plan believe amount the prices value based Not is company a creation free On yield upside stock we our cash the it. flow tremendous on a and above low potential price material have

even the base when our flexibility value company have Our what’s we attractive considering more proposition. more cash business projected flows beyond is to to free our invest create value in even

the it entire in best market. our belief and is public one of add all that up, the investments You CMX supports this

to a free forward, forward more our our only not hand value look creating to over on year-by-year, point for projections, on back flow With more incremental where As delivering reasonable, more eventually we stock paying that, Tyler our move is quarter-by-quarter, any top but that. and I’ll our debt, it flow free getting cash questions. down to we value of cash yield creating

Tyler Lewis

the time, if please. Operator, Q&A you up line this Thanks. for can open at

Operator

Certainly.

will Welles begin We question-and-answer ahead. And Fitzpatrick Instructions] our the will [Operator today from come session. first Please now question go SunTrust. with

Welles Fitzpatrick

morning. good Hey,

Nick Deiuliis

Welles. Hey,

Don Rush

Good morning.

Welles Fitzpatrick

November. are It incremental that if are actually held back? through would going sell volumes If that’s those any case, hedges sounds do curtailments comes to you to and last the like to have fruition you plan that the

Chad Griffith

Yeah, is this the Welles, thanks Chad. question, for

volumes planning on bring So November now X. actually we’re to those right

volumes So we that is and be of But online all function would November December. expect right, a price. for those of you’re to

have We hedged those volumes.

into the through production all all the some we’ve profile incremental way we way November, added match and hedges December So really change the production hedged profile. in deferred March, in to the ’XX,

till rolling would just of for sort cashing happen a November and molecules would keep that prices saving that something price day. we value play have be flexibility can the those December, hedge we to in able forward, if So strong erode, wait tremendous to

continues the today the are here X. that plan wells the strips and looking to sitting So where prices at forward November bring on online those

Welles Fitzpatrick

And new but costs I Southwest Okay, side, seems like we Shirley-Pennsboro on okay on bit get mean, little an Shirley-Pennsboro. Marcellus economics a quicker value any misreading could versus makes I’m the relative or then maybe it update chance wells in PA then of the that the that? sense. the are coming maybe down

Chad Griffith

Shirley-Pennsboro the really know, wells production. of they’re the part that undeveloped Sure you wet - our biggest

the those to wells NGLs. economics the of so remain of - they subject So volatility

and that hopeful volatility NGLs the over the return and fall wells, We’re cost risk but economics going our of core the for the of would enhance sort Shirley-Pennsboro this the markets associated with sort that’s SWPA with area. NGL everything of behind oil certainly time Shirley-Pennsboro being markets from it’s

Welles Fitzpatrick

as And a mean if of that CNX, I CNXM couple Okay, highlight today, the I of one it a ago one, especially days a presentation guys attractiveness sneak would an from and be in market viewing simplify a aspect, after acquirer, with others of reading the A&D we at come extent transaction into maybe being some more to should wanting a little much to CNXM of tempting just to for least I the that de-leveraging in. you could bring with know perfect. you just both am for in too that? bit you kind last the the or you sake to function

Nick Deiuliis

this Nick. is Well,

positive say take you common will transactions, of But there of think drivers, a you no other share. The approach. big reduction great. lead was the I a that will value is, would which flow that a particular, one, free costs, I sort when simplification attractive mentioned significant - improvements midstream taking of solving some the upside. acquisition And cost or drivers is and items as in that’s I on will M&A there you’re that which cash right, that. were M&A, very per number another what that that I said, advantages efficiency mentioned for know, be perceive to or will I intrinsic on views with

or how with M&A gas of cash of the course. all sort rolls free at value the are company generation into basin, and looking or you’re optionality, in looking leverage of activity, markets when that if those are things if perceived flow proposition ratio and So strengthen the and positives, you’re

sort I comment M&A. answer that improve wouldn’t But think just I So to to think outstanding yeah, of want in it beyond does metric. generally, I for on that,

Welles Fitzpatrick

you Thank fair Okay, enough. so much.

Operator

Jeffrey And Please from comes Tuohy our ahead. question Campbell go next Brothers. with

Jeffrey Campbell

Good morning.

I investment for infrastructure the the the in or constructing dual the the Slide to list another one. on gathering And bring forward system completely that extent? innovations CPA X add the some is that of years to effort next that even I’d resource instructive. is flow With there signals mind, think in could Utica as are seven table off

Don Rush

Yeah, Don. not it’s it’s think the not is and Definitely no, this off I table.

flexibility recent change in in area folks. and us and do in the production, for increasing bringing midstream a to to up step function, partner Utica grow actually know, prices you’d CPA us without gives construct the some great we gas with that the to of lay I is did self want to to the we’re required future, and that flexibility you know, transaction in in-house us sort that’s and do out it’s and and up that think what ability change step to ability a in the now that the gives here we and able it infrastructure up there tried volumes bring some the opens harder you of

we’ll So about at strip for follow when case based a time during and the much protect said shifted on you those to Nick out we just out. to that. hedges market it. infrastructure like cash the looking also flow time the could it’s model in go know, it that GA, know, great it’s build a in us you freedom middle to of a the different think decisions you sort seven-year making in dynamics spent the in And, we so we but of how to that to right post his ways of in build optionality Southwest bunch remarks, business have as the And lot you NYMEX properly structure opening out, have of about it. a is build We’ve that put did know, produces

flow above cash do anything and CPA similarly. seven-year beyond in our base I think plan, in incrementally we So what’s

Jeffrey Campbell

that. for going of business. curtailing hedging And thanks Okay, and kind this back to

save ever think get a you ever and production Going while hedging risky way as a would take? forward hedging do you where point just about without costs, to or be to enhancing too pricing approach curtailing to

Don Rush

right hedging. think like mean, out this make I returns Chad a for capital we the company. know, if it, stick prices this you still get said, volumes a We any safe interesting lot prices, flows to gas have But rise, margins you cash method it’s weigh on for prices predictable we too. your substantial there, in I Like lock going to industry greedy. and wells it’s, in have don’t us, and I in more opportunities that Yeah, of could for can on think by always locking in product we’re - and to I let’s returns and drill, so the, take got

Chad Griffith

of when shut hedging proposition. and think risk we the about and value in think shut-in math I that taking And

volumes shut-in right. you’re today, waiting, tomorrow. by risk Well, carrying betting prices your improved on So

You’re volumes. deferring

You’re stronger to revenues say tomorrow. deferring of in favor revenue

can hedges. layering You lock that by on almost a risk away It’s brainer, right. no

able you So, on know, counterparty especially have but a near-term cost we’re sufficiently hedges, the not really that about there’s cost, those. deep we your to, pool point with of to transaction a big sort

the prices hedge those. a It’s fairly So fairly it’s not proposition market real go to a transparent. expensive and liquid are

a don’t putting huge cost in to we transactional So see risk that. that

Don Rush

for unpredictability, us. X And, fortunately, sense And make X that know, winter crystal on cold thing stick lowest a as spec warm you winter ball with we’re cost in an And, on. even to tough day producer. know locking you or we’re supply the a up know, kind it’s that and know, of going or of you to you Bcf or to best prices gets incremental messed shows based up the

in continue have to us, the on to they price. curve. where to thinner, other at a always that we’re current and the margins in hedge So work forward away the we’ll decision lot the hedging. It’s for difficult ability kind are cost hedging of But going chip folks more cost higher if

Jeffrey Campbell

earlier you weather big matter you And deal, the answer. like it. said well a your call, that recognition what longer also is that based no is remains around that a it’s to how Yeah, with the consistent in plan hedging horizon try which I logically much on

that I like Thank you. So answer a lot.

Don Rush

Thanks.

Operator

next Howard Weil. come ahead. our will Holly Stewart go question Please And Scotia with from

Holly Stewart

per Slide looking foot most guidance. Southwest at the range a PA X, the $XXX and quite it costs morning, the bit the well Good in than recent included like Maybe in that’s gentlemen. Marcellus lower looks first are $XXX which is

maybe that XXXX sense that’s half where a in maybe give ended number the or what to $XXX then you even a first and you reassess to guide? included can need comparison, as XQ So up maybe see us

Chad Griffith

Thanks, Holly, Chad. this is

point, the a really strongly foot, the us came online setting prepared in So, per year the you as over year talked end artifacts that dollar foot. at remarks, number really and very and counter turned lumpy the counter know, per year up capital of foot averages down about bit the average to the like of course have XX is by you know the of ’XX of for we beginning getting trending into they a we a online at are sort team. phenomenal your wells and for $XXX Richhill lumped But strong the performance

on bringing We in foot are to plan foot. have $XXX a between range that we somewhere that both come Marcellus those about in, pads in online of expected the additional $XXX, two $XXX between year,

and over beyond. course average by us per tremendous ‘XX the bringing year the the down really dollar for up efforts team strong for a So and setting foot of that

Holly Stewart

Okay.

where first even XQ? half So maybe Chad trended any sense the or

Chad Griffith

– mean I

Holly Stewart

Per – average

Chad Griffith

of metrics on, have first in of got front have half up year follow me. that of in can year, We don’t have I I’ve but the me. don’t individual I about number a right the quarter or front

Holly Stewart

just there E&P I’ll It flat. like Okay, spend XQ fewer follow drilled second CapEx. looks essentially than completed okay. were the first wells maybe then quarter, looked with Tyler. the actual the but and on question And up

the anything one-timers So driving XQ number? like is there

Chad Griffith

out It’s that. up the We’ve line. QX. like are a know, drilling on got that those bulk there’s process two that No, to sort you basically in shifted like of down. it’s little pads with one-timer in in but bit and little And out. It’s We’ve And teed on. trend really of capital shape so talked of, the back a turn be flow nothing going talked wells fairly we’re linear right will It’s no got drilling of a in ready there’s we think TILs and now a just about linear bit spend, of half the program. year. a Don lumpy first the I earlier year, the the towards fairly sort of

Don Rush

Yeah in from one transition the rigs to two rig.

we’re Nick crew of of of will steady remaining a have that QX frac to know, QX It’s rig, off crew. spent state frac capital QX said little bit you still now one rate talked run running will in we a getting proportionately, about. one one bigger with one So direction, a XX% that moving the rig, plan around more be

Holly Stewart

in QX? Okay, sorry, said percent Don, you what

Don Rush

be about capital remaining QX of XX% QX. in the spent will

Holly Stewart

remaining. Okay,

Okay, – that’s

Don Rush

than fact QX In heavier be will QX.

Holly Stewart

day and that’s think perfect. I then update down it that ins, the And Xst. called one XXX half June the, just you you July a Bcf roughly maybe to shut clarification was mentioned, said Chad moving that a I it, XXth on Got million as production guess you question were for of

wondered - I was So just I’m there, is if it there a change assuming?

Chad Griffith

there is. It -

shut-in So that prices you decision, when NGL we Follow, operational a about we marginally. million in we about the initially day. update, had made were as know, talked XXX the improved

online, but it. back So of off the not our it, production, some all some have field, we brought of wet Shirley-Pennsboro of

as is had that to and a us we’ve the at time, that XXX another a rate in, the low, So that that number prices. number. got back out since And drilled planned well for two of have pads winter wells day been we’ve the million flowed or And now but waiting looking we’re there’s same stronger thing. doing frankly, back shut one that

us of So that puts about day in. Bcfe half a shut the today

Holly Stewart

Okay, you. that’s perfect. Thank

Operator

Energy. from Simmons question our with ahead. go next Harrison And Please Kashy comes

Kashy Harrison

taking Good my morning and thank you questions. for

the page looking of deck. So X slide at

improved showing in you XXXX. in highlight a in while and you And, expectation adjusted for longer improvement XXXX performance XXXX So well further lateral lateral performance to showing improvement you’re adjusted relative an laterals. well know, an

was adjusted you causing productivity if And curious increase? could, through walk you what’s lateral just the know, the of to us of drivers so I some

Chad Griffith

Chad, is take that. I’ll this Thanks,

- laterals capital the driver our first efficiency both things. I D&C - making the if make So can a longer is really. operations, of so we've well a able cost trying these reaching foremost, able that’s challenges. on And achieved on being while without while we’ve do QMS as per methodically off prepared we’ve The And walking our but big designs, make of a well really that laser team’s a adjust major it of uptime, design improvements the in difference my as completion those adjust to been to leap, maintain really combination second been of the we’ve is our to And lateral solved been productivity, your longer maximizing length. focused And without downtime. sort order foot down longer lot said and bunch of a think drivers there’s factor getting issues, and of stuck remarks, a of done without get minimizing in to too biggest they why hole. sort leap, was it my peers that’s and laterals try having two These - dollar two productivity, can them impairing costs, create of a who some made all-in in make far, instead that’s through of big And step longer big laterals program. to a you I of challenges our fronts. as the reduction

dollar risk increase on our And achieve been that’s so a lateral how while per we’ve results. without profile improving been able And in increasing a methodical results. maintaining it’s foot, and us, to well length for improvements impairing actual or the really our well

Kashy Harrison

up, as for top you it DD&A page, with half first Slide know, year then follow for you highlight time. you you, costs, got F&D helpful. guys this the obviously, Got would highlight of left at you least and sticking then implications to looks like the on X, $X you, $X.XX And my that’s lower just be in know over $X.XX of rate of the trend the with the of a should that that them. are expect, to kind in here, the rate you And you DD&A

at, And get the so about ROC, DD&A for we just you you think give are long-term, return sense how know, you. so over metrics capital was a us a just the and wondering of to the sense I if ROIC looking Thank you can of guys rate could employed. how

Don Rush

the Nick clearly go-forward sort D&C of - non-D&C out down, to - you dropping we we we will spend year that it trend on average yeah are whether the And of know, that to too know, the just outside on next allow fact here. pieces break return are these it how looking it the see look across you’ll you rolls trending at to it’s the our average the likes We decisions metrics. you decision. do the on it say, trailing right you of making or these It now to didn’t it the we and don’t know, that really go-forward information on opposed drill when at pad, capital these basis drill incremental as towards any make every a so the as employing, we’re

Kashy Harrison

of, you a number ROCE any on if/when basis? Got double-digit Do a to you you. get corporate might have type sense

Don Rush

looked side flow the I’d on cash haven’t – have mean, get than to at back to I on I that. you more

Nick Deiuliis

the pace, on midstream an under is here hit starts sort $XX about F&D the average the maintenance other what of Mcf which water we ROCE about. and the and land, million and production to do which going year complete, you going activity meet to of the CapEx it that GAAP and and know, $X.XX be is and that capital now There’s then confluence about which to rules, or TIL a is $X.XX with will meeting of XX a allocation, drill spoke the DD&A when $X.XX accounting for

ad capital bleed look to compelling is into Mcf of at And that sort current sort ROCE start to forward. rules rate GAAP that’s that I point our per some So year-by-year on as the quarter-by-quarter capital today under that our or will the charge. of that moving at pretty decisions deployment what DD&A accounting me, all-in to

Kashy Harrison

me. Thank you. All it right, that’s for

Operator

Please And ahead. go come Raymond will from with our [indiscernible] question next James.

Unidentified Analyst

wondering gas wonder some And October apply those optimistic also question just you’re out bring if other sooner would same if morning. them to in? could had mentioned and just ins. move back in? you Good slightly would a back them rebound gas Y’all like just I for shut quick I that the bringing have in possibly December. what on than gas volumes y’all more so on prices prices forward I’m potentially looking

Chad Griffith

the online the right bringing current is can out the Yeah, now that see close NPV we of value with of Xst November Xst, or strip. those Xst so what very get proposition wells versus it November is December

the that well-by-well you to of some we of type extent that’s it’s do. winter exact would of for back. weaken the number considering But gas have rest November relative to would is I by because vary when going So start by that an the analysis to pad-by-pad. pushing don’t we

We’re present looking turn well-by-well online it on each those value for day-by-day order determining the to a time best of optimal of to in molecules at molecule-by-molecule and our basis, sort generate really shareholders. the

a week. are talked to the I On macro deteriorate. of rally recalled continuing in broader bit remarks. picture summer prepared bit last a been little that the sort of There about a the We’ve has prices got

we’re turned going data, ready shut that, back to you is production - be data lot I there we in increasing like sitting probably production online. volumes the scratching about fill and head arm. know prices, Most particularly don’t actually at a enter are where analysts shut-in prices why say gas of are storage the X if That’s towards think the over that’s prices a at lot Tcf range in end and added the historically are to or But high were if you there’s know, additional - inventories thinking lot When a and lot look little a that’s we’re at know, at hedges other I’m in, shut beyond, I things course maybe of side. in hear continue the worried next hedged we’ve rig are think they and winter of obviously at been. data, bit cautiously rates on the of growing volumes recent you strip but that reductions, than we’ve there in we’re a ‘XX they you to in storage. optimistic hang rallying, know, volumes seen protected, going there the for we’ve about forward last optimistic lot folks that’s there inventories. upper the why I’d at I there’s year have was that today of ’XX rig winter moving their five-year rally. phenomenal summer. in don’t, I are Storage gas CNX, a to production summer. are more we’re more the that And why of

when. itself setting and it So reduction. that up happen. setting a when demand supply up of It’s just that’s - question balance, And supply that is improves manifests will

Don Rush

sooner on be do we you if get that know, you greatest we things and that’d the turn could in turn Yeah, online September we turn in which can know them can October, week. online online, like in them a did, wells go better they

still six sooner So flow a it, buy coverage we the up months flat we get those profile it’s, online the in for we’d a cash made higher restructured willing the for - the these dollar of know, in book timeframe of still for positive And or just we’ve next price. so there we that turned still of because you our decision. got at queue dollar already kind ready run kind and hedge get so any

because shut-in because up, even them make it. and go earlier we’ll the and go off we’re Gas So better them prices money made - gas of of prices in down, bring money it. put decision our more

we’ve win way commodity to just gas it’s right set up that way So get either to if because too prices up have industry, ourselves down a it to go in which you every hard be or time. up set

Unidentified Analyst

the color guys. Great, appreciate all

Operator

is for by using conclude the the access conference accessing A or will access of replay number using you Thank access today’s be conference. number XXX-XXX-XXXX question-and-answer attending event Thus code this the The dial-in code session. the again, replay will replay concluded. XXX-XXX-XXXX or XXX-XXX-XXXX will concluding XXX-XXX-XX. the our to available be today’s And presentation. XXX-XXX-XX. now XXX-XXX-XXXX Once replay

line your You at may disconnect time. now this

CNX Resources (CNX) 30 Jul 202020 Q2 Earnings call transcript