CNX - Earnings call 3 2023 | CNX Resources Corporation

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Operator

Good morning, and welcome to the CNX Resources Third Quarter 2023 Earnings Conference Call. [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. Please go ahead.

Tyler Lewis

Thank you, and good morning to everybody. Welcome to CNX's Third Quarter Conference Call.

Srivastava, room our DeIuliis, Behl, be Chief Operating and the CEO; President our discussing in New Officer; Shepard, our results. Alan Financial Ravi our have third today we our Nick and Chief Technologies quarter We Group.Today, of will President Officer; Navneet slide posted website. to This morning, presentation we an updated our document Earnings about any which detailed quarter forward-looking statements Exchange earnings to future E&P and for release we expectations and laid statements in financial have are well subject of third a make release posted quarterly you risks, and CNX XXXX or Also our reminder, non-GAAP business website our as titled filings. our Supplemental Information a Securities press comments today in Commission to out data, in Results data, such are we as XQ reconciliations Resources.As as previous

for and Nick. Ravi let by the We will open will Nick, by over me begin followed call where our remarks call then you, well.With to that, we prepared call participate as with Q&A, Nav Alan turn today the will and

Nicholas DeIuliis

Thanks, Tyler. everybody. Good morning,

call of our team, our And share Third challenging our our $XXX been back for billion stringing will It's might original the things of capital quarter and marks XX% has generate outstanding years shares a metrics that's continue it's outstanding that by and And execute million our creation a our significant the value would over cash flow approximately couple the generated out broken pace now, pricing. owners. us deeply in to XXth long-term model we've in-basin allowed remain it flow. execution operations repurchase discounted value by per those goals it on in long-term of of exceed of sort approximately is to generation cash strategy, theme despite this it's retire of our free debt per-share allocation, prices.And at to consistent these of which continued and what the XXXX, efficiently. reduced I quarter execution because supported term.During we of And drive experiencing continued consecutive XXXX, which like free sound business clinical for extremely that meaningful started record and for our to long the point. quarter, all sustainable $X.X

revenue specifically, In in successful into year full fact, production further quarter with to brought Pittsburgh minute go cycle our has activity thing impacts the been those in wells timing.More and and of and like outlook the International Alan more times royalty top highlight our that improving of back was the with during it new X accelerating details one a public-private runway. this capital will the partnership we team some partnership that how projected highlight the and way, wells the these airport I'd over that and we similar years.And $XX are will achieved next $XX wells airport million impacts. new by and already million incidents X to a almost the of our is about royalty revenue be safety X in XXXX. X XXXX and on of from through for airport's received environmental this, the in And online is Airport's latest beneath that amount These generate created X

vision and of going materially to and of of of Adams inclusion utilizing intensity application. and IRA, International natural Pittsburgh driving energy lower So Airport, lower cash is hub, Adams $XXX the with Tech Fork that's with moving the XXXX tell forward.The carbon is project in business create up hub think feedstock being company to created carbon growth to the to awaiting New New regarding lead expect all million related the impact Tech ultra-low hydrogen a exciting the now this funding tangible the XXV perfect the the group, $XX New sourced an a abatement the free we And low-carbon Fork and is New flow for business Tech those the enhance we even our applaud near-term course, economy to of award, hydrogen announced our the where of capture we to of started the security creation it's emissions provide with incentivize and the and and growth Technologies carbon results.Let's gas you and flow the to part Project, DOE Appalachia free free part in energy sustainable certainly or sequestration in expect locally fuel around recently has flow squarely to the activity Technologies Clean project driver of hydrogen of attributes bigger shift intensity example economic the and associated group. We're with and hydrogen cash potential to our communities. continue potentially the in was this tied ability very And I'll our we million just First provision of Ammonia the operations we're ARCHX our objectives. to credit IRA the of tax cost, implementation production guidance historic and to effort through while ARCHX cash Virginia charge poised in the U.S. project hydrogen eagerly partnership funding with our production jobs with announcement provision and to reduce the New aligns services.The environmental intensity into waste it's economics.So methane monetize intent also getting

quarter of year, highlight closely us the West monitoring will frankly, a hopeful like intent of the reached third XXV others that this carbon that methane was by to we're of help reduction law XXXX the target important awesome. of XX,XXX with our we equivalent emission and reality.Also like which and tons developments So dioxide the end project and Virginia D.C. it, this follow we're guidance the make

emissions And adjustments a by course, So improvements and of schedule work still our and that, making of regulatory a regard cumulative and our ahead dioxide reduced to by of reduction operations is on about effect to the of team reporting Great expect is methane accomplishment our emissions further. XXXX. end we further to tons have basis the this equivalent hard efforts reduce at carbon with quarter since teams. year, XX% by

additional And devices of fantastic of because add the COX team liquids just to for mentioned, the has in we've pneumatic in on devices for unloading reduction and our to over our got Those we tons million cost, a of in focused specific the or XXX equivalent. sets. a to Year-to-date, invested short ahead a they COX pace team liquids equivalent one we're of changed out year were contributes to And were methane for came time.Our reduction biggest the so capital XX,XXX that plan XXXX a low addition, per has plan been which emission So of rest of on of processes, very ton.And methane our an projects significantly XXX to pneumatic at opportunity mostly the that goals the actually we devices almost now of $X the unloading. and XX% working due X reduction and the set. schedule sort also teams competitive $X very work. at as cost period I

targets, yet do difficult a we're set but we what So to going we achievable do. say and we

avoid going So to are in away game, we're this of not decades the setting accountability. be not that from of sort going to you're to us see goals

last always is to are materially focus of we actions.Now the and going continue the Our and the least, tangible be certainly undervalued. conviction to our have but impactful not local that type on shares

outstanding. our additional During X% the back quarter, bought we an of shares

capital we it or X Our a classic XX-year negative program years quarter is markets favorably share our over compares the approximately share for XXXX CAGR growth since share past X% at over rate count where that CAGR think that's repurchase minus about of tier example, around an across annual top compound peak the retired XX%.And AutoZone third the to re-purchasers and period. like shares as AutoZone's a the best-in-class

like-minded we over value continues coming believe the share meaningfully as provides their create benefit our for that to value So opportunity who going our program grow to per-share owners an to years. long-term repurchase incredible are

Now Alan. hear from let's

Alan Shepard

good everyone. and to Nick, morning Thanks,

the Since flow cash XXth As free flow free this expect lower quarter discount we quarter flow of such, million shares long-term $X.X an anywhere XX% flow markets additional in market to first now we confluence are sheet. at X.X shares will Tech close billion growth free our ahead.We significant gas outstanding we believe the mark model X% price the $XX.XX capital, outstanding business the to quarter cash as third to the in $XX $XX.XX, a of the forward.Turning our And through sustainable in quarter, an confidence XXXX, or achieving plan. around flows we we million average industry, cash cash not cash million our solidifies this during of current of bought free that as free to quarter New intrinsic higher ahead, per of approximately of Since the we continue October value. and our our execution this advantage result, bought the out only Nick environment. XX% our our as And expected price back approximately briefly in cash trough believe more their share. quarter, represents our $XX.XX. to XX, an of cash additional of back laid free the despite the cumulative and after just total approximately at In the consecutive moving average the at at continue have flow this in brings generation an capital quarter of an but generation mentioned, generated our generation become trade strategic plan quarter opportunity of of results shares to balance flow an the of or to shares cap.Looking impressive bought of through price those of and pricing average the quarters back take well-positioned of challenging exceptional XXXX, we our in robust price initially X

hedge underpin flexibility. that maturity be capital runway to significant key continue components robust book our and Our allocation

profile opportunistic in and our leverage to a over and next New environmental believe in the cash result it we leverage impact. both in these reductions the group, in the Technology free absolute elements, low-cost flow that results positive group respect have continues of years New we luxury growth comfortable with management. few debt remain considering tangible Furthermore, ratio Given X the to with even deliver before to will lower the with Technologies combined further our debt.Speaking position, our current remain potential

flow, cash capture year-to-date good free to During we the approximately approximately in quarter, mentioned, activities, associated free continue brings to as group Tech Technologies $XX $XX million of XXXX. Further, New which have recorded we with from million. in to sight from our New sales flow attributes in the cash million methane primarily waste million line $XX of contributing $XXX environmental our flow to approximately cash Nick free

we shift outlook. to the last in be Tech from updated XXXX flow are we higher and XXXX free potential beyond we that cash As last the updated New guidance the quarter. guidance speaking, to now meaningfully quarter, years Broadly reaffirming said the initial has XXXX.Let's

on have commentary, outstanding and capital compressing dates recent particularly and done Nav have an QX our completion times accelerated his operations most and activity. for pads. in mentioned drilling operational online side, Nick timing cycle team the of the X and into The the our in results, pulled accelerated accelerating completion job As

beginning to accelerated higher end towards As of have a of expect ahead we trend -- both volumes to expect expenditures now of we through million. result we pace, production now discussed we to capital annual the the XXXX also provided.Looking XXXX ranges quarter, Bcfe. capital and both annual as our XXXX, to fall XXX expect And in average production last total we around $XXX approximately to

commodity have business the deliver We continuing cycle. our will the that provide shareholders to created we to the sustainable full update.To conclude, quarterly our model XXXX value is next guidance with throughout

continue and XXXX develop will and remain base, from clinical natural extensive our focus our capital the free cash business, Technologies remainder for on New asset growth Our our our ensuring that, grow cash turn free I'll to accelerating flow consistent compliant execution on of safe gas per over on long-term to decisions it share mindset.With a back to for most Q&A. reflect importantly, Tyler always, flow allocation long-term all owner as to and

Tyler Lewis

Thanks, call Alan. time. can questions you please for if at this Operator, open the

Operator

[Operator question with Instructions] The from Donnes first Truist. comes Bert

Bertrand Donnes

there's the million kind On flow. potential low-hanging the fruit? of you free the million would cash you the is I New know Tech say mentioned $XX to higher for front, $XXX range meaningfully

government anything next to free want million requires or Just that? $XX cash to if $XXX partnerships stair to if understand can flow? new the that higher step up Or million quickly like or legislation meaningfully that leg

Ravi Srivastava

is this Bert, Ravi.

million not and making So on all the guided line have next what $XX guidance million into can accomplish that a to, we year. to We're $XXX good of we like uncertainties we those next year. government that legislations sight for

these how to However, of opportunities, that an that contingent some feedstock things Adams progresses. how is XXXX. CCS like Project, the project depending And opportunity talked low on grow beyond we out, on come as stuff sale about our Fork opportunities, all that there's

that but number. million in sight that growth line on meaningful all stuff next do we get $XX we to to So of 'XX what opportunities $XXX need onwards, to year, good adds million have to that to

Bertrand Donnes

maybe into? million that fixed gotten range out for move? between that, million small there's I X million baked is which -- of supply/demand pricing million not into kind whether you outcome? here, but $XXX bucket it, that you've break $XXX or a a the free in -- year-to-date you range little a and environment that maybe of where that that And we could of then that to have far $XX if And would just does that you put saw falls buckets cash macro $XX the better so think Okay. to ones more some like flow Or is then --

Alan Shepard

associated regulatory expectation in so. first subjectivity last you're there line already flow includes environmental bulk free the on point, that X we've attributes. given range which those pathways of to have for They with your the to cash next as some being quarters, we year. of primarily Yes. The kind Ravi's of of pricing generated sight the To seeing make up is the the that and question, that's the

Ravi Srivastava

Right.

contemplated $XX to that $XXX is of some million million where market think today. see I the is we on where

fluctuation tune in any that $XXX of million still -- environmental is like of these is, if stuff in but Just it, volatility attribute there all achievable. think $XX some is pricing and you're million with we level where to that some

Operator

comes The JPMorgan. from with Zach next Parham question

Zachary Parham

through rate? Tech color expect from to the get XQ? do trajectory you expect a you give kind flow that little that see to a 'XX the flow cash you free ramp us Do on $XX a million no more then going assuming Could increase run And Tech more maybe And in of another you governmental you what of New million free $XXX based forward? cash continue or that on now, to run Or does rate for 'XX? regulations anything XXXX? good New is come to in,

Navneet Behl

of it would I of out. platform pans be I is It's There Good quarters some but it, in basis. these question. be guide terms of be quarter some better, kind of easier. What it seasonality on might might say is will annual to an how aspects some better worse some think

a for good we we is on sight articulate. line on beyond. to So shakes the again, There's that's the on I on million have the would basis that this to guidance to until something that out. pursuing, annual we're this the number what can already annual on. 'XX clarity going created, in have different be on in at time, we'll how to point annual best based and to million clarity And the this better everything is in we're days. a And $XXX that an $XX coming pathways try there's better a pathway much of to But think grow continue goal like stick team

Zachary Parham

also guess just on I one it. Got New Tech. follow-up

is at methane this the the point and most the from coming that. associated free of mentioned attributes environmental capture cash with flow You

I butane gas still being guess, could that think that is gas that you from volumes side runway the I gas is invented most credits? of the decline those the What's volumes -- maybe met and on time? capture over still are there are future coming even generate capturing that, more and And other coal there? there potentially mine. on of do gas

Ravi Srivastava

guidance -- when that seen factors continue mine on volumes an as contingent and and the place to a some some is uncertainty So about I that.So for go mining $XXX certain of more mine, space been those that's are of annual for in on in And the we several for the to methane, years. talked -- what is operational I things. some million these do captured for the But stuff do infrastructure that part of some but a run the million where think But itself, having that on and to of dictates capturing there has decades has rate the for have think are. I pace more it contemplated and the beyond have the the room opportunity of particular decades that's running several that $XX that mine over there's XXXX. to that to we last not mining

Zachary Parham

gas Got capturing there. shale Just gas one Is time, base rate? to it now, that you're a the capturing of decline gas it. does sense guess that pretty does gas, trying just there? over the now, The think I clarification about we opportunities declines set have it flat? you're get shale a

Ravi Srivastava

different altogether, speak. so play to It's a

opposed it's fast pace a mining function mine operating the the decline more and think to from of as well I how the is itself.

Operator

MKM. from question comes with Mariani The ROTH Leo next

Leo Mariani

Yes.

way. of New looking a Just kind at so here different a the this on little Tech business, follow-up quick maybe just

of is expect next $XXX about that more just year? underpinned your in? maybe of year. Or own is locked credits Is volume folks? and of So of what of you Are cash internal kind and sort that million price basis these you free for maybe $XX next production of to selling you long-term contractually flow a kind kind for on the we this sort million Tech think of just New

Navneet Behl

be. But of of of Yes, where opportunities long-term kind internal of see different certain volume contracts It's other we mixed the in certain of arenas of on arena. what of of kind There's million out. $XXX a a a it's opportunities. in expect programs it's pricing to the the we and to those mix how more shake fluctuates pricing based production is some $XX bag kind there's where the million then our and

Leo Mariani

I X saying I'm Okay. CapEx levels as at that you've here, this That's year-to-date I are are guess kind of for XQ, the year, to guys left spend end CapEx the the looking And which then about the at of look first half helpful. and right you higher quarter in just of are. million quarters of production third what on kind remainder and $XXX at of is roughly kind got that

I So are activity limited high-end production bit the the I verify in guide, production, in operational and maybe quarter?And versus I'm guess a you half mean right production but in question kind just that cut similar get numbers at XQ down XQ little would a to you of that CapEx quarter? these kind the expect come fourth seeing in little this assumes I XQ? of the I kind be on can can to that just like looking even want that tails off of

Alan Shepard

Yes, that's right.

of in second been half efficient decline basically if we've that XX idle crew market into to talked came been this kind don't ] down so rig what see You're had about in into we year we've in of about of significant QX. current going remaining QX. almost during got of prices. XX to the And we [ was we bump. and slow of the push basically, the to pulled we has the schedule given the driving just ahead team commentary think completions the want That's to there a CapEx volumes production But it, X kind running also because and frac the you tills

and in So a capital see of we are big schedule next just way ahead QX you quarter. will drop

Leo Mariani

Okay.

then there. up And to on the just guys. just follow helpful, very production, that's Now

you're and than looks kind So if mean, it annual down little up high-level slightly third fourth back activity of try coming I it of for Bcf plan it's there operating guide when 'XX of your lower XXX Bcfe Is you plan? 'XX production, a on volumes B-level? in like get I guess those around get production make rate early up that to in but look bit quarter here XQ, run Is here where I it January the kind to up, after ramping quarter. XXX is at a to that Xst the the to What's year right XXX plan turns? of kind

Alan Shepard

Yes.

so D&C is the drilling really it's operating program And continuous about a we mentioned, the kind biggest timing think plan the frac ongoing, fracs. we just on as if you on of spend right? the have The And side.

where now volume and quarter-by-quarter. And we're So because year, next way get down to think activity I volumes to now the to slowed for But trying mentioned is not that's going at, Bcfe That's XXX should this right year. through you schedule. about the of kind ahead run guidance come we expect and next year. before, providing see to is where we've completion we're go the roughly to we're X.XX, specific it we're rate. mean, of X.X the

Operator

comes from Michael question next with Stephens. Scialla The

Michael Scialla

Yes.

the all to energy that Or the by with able revenues -- you trying credits another generation generate plant? Tech. guess, maybe of just the there they is Just power credits any associated abating I there. alternative revenue the are methane? on to the the Most New are, with add the would to be are one I'm other understand generated revenues

Ravi Srivastava

AEPs. this we're they're So offsets, the pursuing, utility voluntary and compliance and compliance opportunity EA of is The Ravi. combination that programs a

it. to we So And to a that. carbon then -- of there's mitigation wetland other to lot expect add credits more forestry EAs and

from it's not source. just So there's one -- coming

like opportunities. pathways multiple have into We

Michael Scialla

And at else? getting you solely is CNX those this credits credits it any those it. that Got point? sharing of anybody with is are Okay. Or

Ravi Srivastava

not those consuming credits I monetized. ourselves. I'm question. -- mean, we're understand I not the are them don't

Michael Scialla

a mine. you're one you methane if wondering at abating -- Sorry, are only I'm the

Ravi Srivastava

Right.

Michael Scialla

can I you're is So but with that plant. methane at the party, monetize yes, only generate mean you another them credits. the abating one you the

Ravi Srivastava

Right.

-- the us. like only who you're If it's the there's one working interest partner projects, asking in

Michael Scialla

Very looks assets. for like Got associated $XX generated the it. the good. assume Can that. was I some production that Got you -- what million quarter? say It sold with production some for it. was you've asset some that in there sold you sales

Alan Shepard

that is spare The selling parts. bulk of

we read folks we Appalachia. you to again, leases now in. unit for guys, lot have deep of us And of the a So inventory throughout to come to where point a we're fill

to noncore So some assets at acreage very that we're able of of upsurge prices attractive these monetize in and we an saw QX.

So sale it here the that million the asset is the wasn't that of selling have second of did production-related. on million. part the just $XX close we We inventory The from deep $X our non-ops but bulk leases. for was from of our in did, about

Michael Scialla

That's good.

me. one what might well relative I to costs any look last where you just wondered for insight like And Okay. were on 'XX this for think they year?

Alan Shepard

Yes.

everything if think pretty we're that, modeling things to about inflation, you're of sort be asking flat. like services oilfield I

service costs, to Nav's about to efficiencies with we're not of We -- for downdraft improve expect going teams some next oilfield see sort in thinking we'll but any year. major costs or operational modeling

Operator

comes question TPH. next The with Jacob from Roberts

Jacob Roberts

Just pricing region? about the a run uptime how I'm that if could plant the to power you to the us plant in curious know of time power let Buchanan fact of relative or that think facility.

Alan Shepard

I mean as plant, so. the a runs it it's PJM, called upon right, peaker

Jacob Roberts

is that Okay. But no off? is or terms what on guardrails when in and pricing of PJM

Alan Shepard

to economics, it plant to dictated relative the on. it's turn to prices Spark No, flowing the gas power right? with by Like all

unique So that's traditional just plant, nothing a about it. peaker yes,

Jacob Roberts

the supply to And totality? the gas, then CNX can then provide plant that term, gas to CNX of that increase to utilization, relative and is in the sole longer plant feed supplier were

Ravi Srivastava

that the time. sole to facility is of point CNX supplier this in at gas

Alan Shepard

in produced beyond volumes plant consumes. that what There's field that

Operator

comes next John question Bank with Abbott from The America. of

John Abbott

your with mean, flow to New think free provided business that the you cash Technology do I how guide rating credit here, about forward? So potential you the going the and impact

Alan Shepard

Yes.

those had yet. we've incorporated. being It's not So discussions

belt give probably usually credit for quarters us for our on I guys some think that it. wait they more before credit

one deleveraging think considering want thing absolute I before in was debt. to natural will some point the create we it that out did even reductions

John Abbott

also, mean, relates CapEx XXXX free we Is flow there New to that it should I Very, Technology doesn't thinking And cash in to like guide as then outlook that very seem provided CapEx there. spend co-pay and with helpful. be the there's methane incremental it there, incremental XXXX? any again, about on abatement related you

Navneet Behl

to 'XX, but On spend capital side abatement not on coal front, the things. New 'XX, group do on we Yes. some expect necessarily of methane Tech the mine

John Abbott

other for right. get further results what I of should we clarity idea in guess But And probably All how at -- think here. that year-end we'll terms any on about capital XXXX?

Alan Shepard

of mean I Yes. January we'll kind from million sorry, see get year. this of that or to full as decline QX you $XXX make to expect we -- provide the towards everything guidance when But year breakout XXXX. a should we our way

Operator

Capital One comes Velie Securities. question next with from The Brian

Brian Velie

all I me of other that you'd a Really Tech. maybe have able to answer a be questions New out little bit. help on the detail appreciate couple and

earn how Just one me much do like help to the wondering credit? credits a single methane could understand you if you capture of

Ravi Srivastava

think we're -- I we've have answer capturing provided details updates on can and ways what CSR I'm X million question. different tons different I our that. of But COXe in programs not is you and monetizing and tell that sure quarterly of how around to methane our

was. why what it's your that's specifically difficult answer So question to

Brian Velie

understand. I Okay.

rates credit like by program. could that what sounds the guess it year, price was for then I I credits conversion question next vary assumptions next at to these And million I but that assume you ask budget was was sorry, I just to depending was different So program. going $XX in answers cash that also sell -- flow $XXX probably the the million the on assumed range -- free price those or I'm

Ravi Srivastava

correct. That's

Brian Velie

-- Okay. One last question

Alan Shepard

gave why the That's range current kind that's and we market. of the

Brian Velie

Apologies. more one I'm sorry, time. say that

Alan Shepard

based provided That's is expected range current market. the the on Yes. kind range of the why we then and

Brian Velie

to industry And do expect kind the be that that assume coal other a that Perfect. interesting Is people follow talking I really space. you then this experience in that there. This advantage this of that's anybody doing your in on stuff. strategic you is you expect exploit? is the Or last something to know past question. don't things? pretty will and only the maybe able unique way have E&P else well, is you to relationships I you're and -- about start very similar able

Ravi Srivastava

a it's of think both. combination I

but think we methane there's other most there's people think who waste skill around that technology there. have into it capturing this, effectively do I and some the developed some goes have we can hand like upper we

Operator

with Nitin from comes Kumar Mizuho. question next The

Nitin Kumar

interest and lot a delivered New lease. the of in Obviously Tech

So my from current question is Or any they your activities? are anything time? cash crude past Pennsylvania it current I guess And flows, are kind you states? you the are is, free other all monetizing credits are Or from from getting credits? only of

Ravi Srivastava

So of coming I mentioned. much is all And accrue. think have answered accrual programs not side Pennsylvania you already question how time can the where these of from this things, program most on you I they on line the I revenue think that a where

accrued, permitted it's is -- not from there by it's the is whatever previously So program.

Alan Shepard

to Generally about think concurrence it. way the

Ravi Srivastava

Yes.

Nitin Kumar

quarter. provided. XXXX I but you're was gas the And the to dropping in significant That's side helpful. on then pretty looking step-up in a you've Okay. CapEx you question a back outlook it production activity. My know third regular I pulled around guidance, for -- based of in that little some seems the really like is guess things. going formal there Not

activity weighted curious, in 'XX? of you're to you to for any is trying planning be just Just going of the at it this year timing. sort and Is looking -- that or terms how expect is I'm half of cadence So weighted? strip for back half front understand there

Alan Shepard

] of Mike rate The think run call we so about a I that this a Bcfe Bcfe XXX the Bcfe next [ this around that highlighting bit. XXX just lot we in there's has XXX we're the it the it, mentioned particular worth Yes. it to and cadence. way And at, year. sort nothing growing fluctuate quarter-to-quarter should to earlier, capital of little is doing we like up from, build to had year, mean, targeted

going that's Bcfe, maintenance production to we're to the XXX that driver be once the of capital So back declining, of right?

Nitin Kumar

a I'm have think in sneak in, to your you of maintenance some I -- fourth for of This one inventory who But and unlocking those area. to CapEx other highlighted your spending production the is coming midstream expect followed in year -- going I'm that? sorry. more do specific the you're you've was some while, you associated plan. start portfolio of the When start concentrated [indiscernible] start that for with

Alan Shepard

from of a Yes. nice a have out still PA anything. to We're chunk few still develop. We Southwest unlock years

from CPA I those placing moving here and sort kind the new Utica infrastructure there. the in become results we few area. any well we'll in can think a of a as highlight see out forward. still available, you are a needing program, And years in we're investment of those in But materials major

Operator

question-and-answer turn our I over like the concludes for session. This to Lewis would remarks. conference Tyler any to back closing

Tyler Lewis

any joining anyone additional if free Thank for everyone, this in might Please Thanks. you questions. feel have your out morning for to and reach thank you, Great. interest CNX.

Operator

concluded. Thank you. now has The conference

disconnect. now may You

CNX Resources (CNX) 25 Oct 232023 Q3 Earnings call transcript