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- **Buyback Driven by Cash Flow**: $125M Q3 buyback reflects strong free cash flow and undervalued shares; future buybacks will balance with other uses.
- **Utica Expansion**: Acquired 8,000 Utica rights to leverage existing infrastructure; development timing data-driven.
- **45Z Regulatory Impact**: $30M/year contribution expected post-final rulemaking; oilfield service tech progress gradual.
- **Cost Efficiency**: Utica drilling costs down 20% to $1,750/foot; focus on incremental infrastructure spend.
- **AI and Infrastructure**: Long-term growth hinges on pipeline expansion; current focus on free cash flow generation.

**【Management Opening Remarks】**
- The call opened with brief remarks from Tyler Lewis, VP of Investor Relations, confirming the availability of detailed Q3 2025 earnings materials and slides on the Investor Relations website. The session was dedicated exclusively to Q&A.

**【CFO Financial Commentary】**
- **Buyback Activity**: Q3 2025 buyback of $125 million was driven by strong free cash flow and the company's view of its shares as undervalued. Future buybacks will balance with other capital allocation priorities.
- **Utica Acquisition**: Acquired 8,000 Utica rights under 30,000 Marcellus acres, enabling efficient use of existing infrastructure. Development timing will align with market conditions.
- **45Z Regulation**: Anticipate final rulemaking by end-2025, with a $30 million/year run rate contribution once implemented. Progress on oilfield service technologies remains incremental.
- **Free Cash Flow Guidance**: Maintained $575 million pre-asset sale target, accounting for working capital fluctuations.

**【COO Operational Insights】**
- **Drilling Efficiency**: Utica well costs reduced to $1,750/foot (from $2,200/foot in 2024), driven by optimized pad designs (3-4 wells/pad) and repeatable processes. Focus on further cost reduction through operational excellence.
- **Infrastructure Strategy**: Minimal incremental midstream build-out needed due to low decline rates and contiguous pad development. Capital efficiency prioritized over scale.

**【CEO Strategic Vision】**
- **AI and In-Basin Demand**: Long-term bullish on Appalachia's role in AI-driven gas demand, contingent on pipeline infrastructure expansion. Current focus on maximizing free cash flow in a flat production environment.
- **M&A Approach**: Selective, value-driven transactions to consolidate Utica positions, with no immediate appetite for transformative deals.


CNX Resources Corporation (CNX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CNX

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