PITTSBURGH, Sept. 8, 2020 /PRNewswire/ — CNX Resources Corporation (NYSE: CNX) (“CNX” or the “company”) today announced the following updates:
CNX continues to execute on its commitment to generate long-term intrinsic value per share by generating free cash flow (FCF) per share on a regular basis and reducing its outstanding debt to further strengthen its balance sheet. The following is an update of key drivers in that effort.
- 2020 FCF(a) guidance increased to approximately $350 million from prior guidance of $300 million
- In August 2020, CNX received $104 million of federal tax refunds, which the company expects to use to further pay down its 5.875% notes due in 2022, leaving a remaining balance of approximately $250 million, a reduction from $895 million at year-end 2019.
- CNX expects full year EBITDAX(a) to be modestly above the high-end of the previously announced range of $830–$900