CNX Resources Swings to Profit in Q4
After sustaining three consecutive quarterly losses in 2020, Appalachian producer CNX Resources had net income of $196mn in Q4, it reported January 28.
The return to black followed consecutive quarterly losses in 2020 of $306mn, $130mn and $189mn in Q1 through Q3, respectively. On the year, CNX reported a net loss of $429mn against a loss of $240mn in 2019.
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The subject of takeover rumours by Marcellus producer EQT last year, CNX boosted average production of gas and liquids to 1.59bn ft3-equivalent/day (ft3-e/d) in Q4 from 1.26bn ft3-e/d in Q3 2020. Shale gas sales rose to 124.7bn ft3 in the fourth quarter from 95.2bn ft3 in the third quarter and on the year totalled 428.7bn ft3, up from 119.1bn ft3 in 2019.