CNX Resources Corp (CNX) 2025 Q1 法說會逐字稿

Good day. And welcome to the CNX Resources first quarter 2025 Q&A conference call. (Operator Instructions)

再會。歡迎參加 CNX Resources 2025 年第一季問答電話會議。（操作員指示）

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.

請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁泰勒劉易斯 (Tyler Lewis)。請繼續。

Thanks and good morning to everybody. Welcome to CNX's first quarter Q&A conference call. Today, we will be answering questions related to our first quarter results. This morning, we posted to our Investor Relations website, an updated slide presentation.

謝謝大家，早安。歡迎參加 CNX 第一季問答電話會議。今天，我們將回答與第一季業績相關的問題。今天早上，我們在投資者關係網站上發布了更新的幻燈片簡報。

In detailed first quarter earnings release data such as quarterly ENP data, financial statements, and non-GAAP reconciliations, which can be found in a document titled [1Q] 2025 Earnings Results and Supplemental Information of CNX Resources.

詳細的第一季收益發布數據，例如季度 ENP 數據、財務報表和非 GAAP 對賬，可在標題為“[1Q] CNX Resources 2025 年收益結果和補充信息”的文件中找到。

Also, we posted to our Investor Relations website our prepared remarks for the quarter, which we hope everyone had a chance to read before the call, as the call today will be used exclusively for Q&A.

此外，我們在投資者關係網站上發布了本季度的準備好的發言稿，我們希望每個人都有機會在電話會議之前閱讀，因為今天的電話會議將專門用於問答。

With me today for Q&A are Nick Deluliis, our President and CEO; Alan Shepard, our Chief Financial Officer; and Navneet Behl, our Chief Operating Officer.

今天與我一起進行問答的有我們的總裁兼執行長 Nick Deluliis、我們的財務長 Alan Shepard 和我們的營運長 Navneet Behl。

Please note that the company's remarks made during this call, including answers to questions, include forward-looking statements which are subject to various risks and uncertainties. These statements are not guarantees of future performance. Our actual results may differ materially as a result of many factors.

請注意，公司在本次電話會議中所作的言論（包括對問題的回答）包含前瞻性陳述，這些陳述受各種風險和不確定性的影響。這些聲明並不能保證未來的表現。由於多種因素的影響，我們的實際結果可能會存在重大差異。

A discussion of the risks and uncertainties related to those factors in CNX's business is contained in its filings with the Securities and Exchange Commission and in the release issued today. With that, thank you for joining us this morning. And operator, can you please open the call up for Q&A this time?

有關 CNX 業務中這些因素相關的風險和不確定性的討論包含在 CNX 向美國證券交易委員會提交的文件和今天發布的新聞稿中。最後，感謝您今天上午加入我們。接線員，這次可以打開電話問答嗎？

(Operator Instructions) Zach Parham, JP Morgan. Please go ahead.

（操作員指示） 摩根大通 (JP Morgan) 的 Zach Parham。請繼續。

Hey, thanks for taking my question. I guess first, just wanted to ask on activity levels, you all had a significant amount of turning lines in one cue with 19. Can you talk about the rest of the turning lines here in the year? When do those come in line and maybe comment on what the production trajectory should look like through the back half of the year and maybe in 2026?

嘿，謝謝你回答我的問題。我想首先，我只是想問一下活動水平，你們在一條球桿上都有大量的轉彎線，有 19 條。您能談談今年這裡剩下的轉折線嗎？這些什麼時候會出現？也許可以評論一下今年下半年甚至 2026 年的生產軌跡應該是什麼樣的呢？

Yeah. Hey, this is Alan. A lot of those tills came in line for the later part of the first quarter. As we mentioned on the last call, the bulk of some of our completion activity was going to be scheduled in the first half of the year. So you'll see a few more tills in Q2, and probably a lull in Q3, and then some additional tills coming in in Q4.

是的。嘿，我是艾倫。許多收銀機在第一季後期開始排隊。正如我們在上次電話會議上提到的那樣，我們的大部分完成活動將安排在今年上半年。因此，您會在第二季度看到更多的收銀機，在第三季度可能會出現停滯，然後在第四季度會出現一些額外的收銀機。

Thanks. And then just wanted to follow up on the 4Q call, you talked about having the flexibility to add some activity to the program in the second half of the year.

謝謝。然後只是想跟進第四季度的電話會議，您談到了在下半年靈活地為該計劃增加一些活動。

Given the volatility we've seen in gas prices, how are you thinking about flexing that activity? And maybe talk about the timeline on when you would have to make a decision on whether or not to add some activity?

鑑於我們看到的天然氣價格波動，您如何考慮靈活採取此行動？也許可以談談何時必須決定是否要添加某些活動的時間表？

Yeah, right now, there's no planned changes to the activity set. We'll kind of watch it through this part of the shoulder season here. And we're see where end of summer storage is targeting and go off that as our cue.

是的，目前，沒有計劃對活動集進行更改。我們會在平季期間觀察這一情況。我們看到夏季末儲能的目標在哪裡，並以此作為我們的提示。

Leo P. Mariani, Roth Capital Partners.

Leo P. Mariani，羅斯資本合夥公司。

Hey, just a couple of quick questions here on some of the numbers here. Looks like you guys actually paid some cash taxes in the first quarter. A little bit surprising.

嘿，我只想就這裡的一些數字問幾個簡單的問題。看起來你們在第一季確實繳了一些現金稅。有點令人驚訝。

Generally, thought you guys weren't going to be paying much on the cash tax side, just curious if that was kind of a one off. And then just on the buyback kind of very robust number here in first quarter, $125 million, pretty big number. Is it fair to think that kind of around this $30 level, you guys think it's a pretty compelling, investment here in the buyback?

總的來說，我認為你們不會在現金稅方面支付太多，只是好奇這是否是一次性的。第一季的回購金額非常可觀，達到 1.25 億美元，這是一個相當大的數字。你們認為在 30 美元左右的水平進行回購是一項非常有吸引力的投資嗎？

Yeah, on the cash taxes front, we're still a de minimis cash taxpayer. If you're seeing noise trying to reconcile deferred tax to things, that's basically from the hedge book. We don't become a material tax cash payer until about $3 billion in cumulative free cash flow, which is the current projection called sometime 27, 28, as we've talked about previously.

是的，就現金稅而言，我們仍然是最低限度的現金納稅人。如果您發現在嘗試將遞延稅項與事物相協調時出現噪音，那基本上是來自對沖帳簿。直到累積自由現金流達到約 30 億美元時，我們才成為實質的稅收現金納稅人，正如我們之前所討論的，目前的預測是 27、28 年左右。

There is a little bit of state tax starting to starting to hit, but again, that's all very de minimis. In terms of your latter question, yeah, I think, we're always -- we see value in kind of the repurchases when we do them as part of our process. Okay.

有一點州稅開始開始產生影響，但同樣，這都是微不足道的。關於你的後一個問題，是的，我認為，當我們將回購作為流程的一部分時，我們總是會看到回購的價值。好的。

I appreciate that. And I just wanted to ask if you guys have got any kind of further intel in terms of how the Trump administration might be looking at changes in 45Q here?

我很感激。我只是想問一下，你們是否有關於川普政府如何看待 45Q 變化的進一步資訊？

No, we don't have anything outside of what's in the public domain.

不，除了公共領域之外，我們沒有任何內容。

Okay. Thank you.

好的。謝謝。

Gabe Daoud, TD Cohen.

加布·達烏德（Gabe Daoud）、TD科恩（TD Cohen）。

Thanks. Hey, morning, everyone. Maybe just following up on Zach's question earlier. Could you maybe just give us a sense then of what volume trajectory looks like? Imagine just giving a heavy first half, you're declining into the second half and probably into ‘26.

謝謝。大家早安。也許只是跟進 Zach 之前提出的問題。能否讓我們了解一下成交量軌跡是什麼樣的？想像一下，如果你在上半年表現強勁，那麼下半年的業績就會下滑，甚至可能下滑到 26 年。

So what's the production level that you guys would like to hold flat into 26? Is it 1.4 be a day on the gas side? And if that's the case, what's the CapEx level needed to hold that flat into 2026?

那麼你們希望在 26 年內維持什麼樣的生產水準呢？天然氣方面，每天是 1.4 嗎？如果是這樣的話，那麼到 2026 年需要多少資本支出水準才能維持這一水準？

Yeah, I think if you take kind of the till comments I made earlier, you can kind of infer from that. If you want to do quarterly production again, we don't get too tied up in looking at quarterly production and even annual production levels.

是的，我認為如果您採納我之前所做的評論，您就可以從中推斷出一些結論。如果想再次進行季度生產，我們就不會太拘泥於關注季度產量甚至年度產量水準。

We have kind of a range, we've been in the last few years. And I would expect going forward, we would be in that sort of range plus, the volumes associated with Apex. But again, we're so for free cash flow per share as opposed to any particular production level target.

我們有各種各樣的產品，這幾年一直如此。我希望未來我們的銷售量能夠處於這樣的範圍內，與 Apex 相關的銷售量也能夠達到這個水準。但同樣，我們追求的是每股自由現金流，而不是任何特定的生產水準目標。

Understood, thanks for that. And then I guess just as a follow up, some M&A in your backyard, recently, maybe just any kind of updated thoughts on the transaction that just changed hand recently in Westmoreland and generally your views on future opportunities in the area. Thanks, guys.

明白了，謝謝。然後我想作為後續問題，最近在您家附近發生的一些併購事件，也許只是對最近在威斯特摩蘭易手的交易的任何最新想法，以及您對該地區未來機遇的看法。謝謝大家。

Yeah. No, we think it kind of reinforces what we've been saying for the last decade, which is that particular area of the basin is some of the best rock that's going to be moving forward.

是的。不，我們認為這在某種程度上強化了我們過去十年來一直在說的觀點，即盆地的特定區域是一些將向前移動的最佳岩石。

So, from our perspective, we have significant anchorage position up there. And we're excited to have a new neighbor that's kind of validated our thesis on the area.

因此，從我們的角度來看，我們在那裡擁有重要的錨地地位。我們很高興有一位新鄰居，他在某種程度上證實了我們對該地區的論點。

Got you. Thanks, guys.

明白了。謝謝大家。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

Good morning, guys. For my first question here, I was hoping to ask you on slide 6. It looks like your IMAX and NGL pricing has kind of declined as you guys kind of mark to market, with strip moving down, and then also the natural gas differentials seem to have widened a bit, but your free cash flow guidance for the year is unchanged.

大家早安。對於我的第一個問題，我希望在第 6 張投影片上問您。看起來你們的 IMAX 和 NGL 定價有所下降，因為你們的市場價格有所下降，而且天然氣差異似乎有所擴大，但你們今年的自由現金流指導沒有變化。

So could you kind of walk us through some of the potential improvements in the base business that's kind of driving that free cash flow resiliency?

那麼，您能否向我們介紹基礎業務中的一些潛在改進，這些改進可以推動自由現金流的彈性？

Yeah. It's a reminder we're 85% hedge. So when you see the open volumes pricing change, you're really talking about just call it three quarters of exposed pricing at this point on 15% of the volume. So there's not a huge amount of wiggle room associated with open pricing left for the full year.

是的。這提醒我們，我們的對沖率為 85%。因此，當您看到未平倉交易量定價發生變化時，您實際上談論的是此時 15% 的交易量的暴露定價的四分之三。因此，全年公開定價方面沒有太大的迴旋餘地。

And then, the free cash flow guidance we give, it's a point number, but it's really sort of a range around a number. So get overly specific and trying to reanalyze it, we'll be in that range and we're reaffirming that range.

然後，我們給出的自由現金流指導是一個點數，但實際上是一個數字的範圍。因此，請更加具體地嘗試重新分析它，我們將處於該範圍內，並且我們正在重申該範圍。

And then we've seen some PowerGen and data center announcements in that kind of in that southwest central PA area. And I was just kind of hoping to get your guys' latest view on how you see in base and demand developing and if you think we'll continue to see announcements over the next 6 to 12 months?

然後我們在賓州中部西南部地區看到了一些 PowerGen 和資料中心的公告。我只是希望了解你們對基礎和需求發展的最新看法，以及你們是否認為我們會在未來 6 到 12 個月內繼續看到公告？

Yeah, in my opinion, I think you're going to see a lot of announcements. And we'll see how many of those translate into actual construction.

是的，在我看來，我認為你會看到很多公告。我們將看到其中有多少轉化為實際建設。

Overall, bullish for all the operators in the basin, very similar to any sort of utility coming in. I'm sure everyone will be able to benefit from the increase in basin demand and shrinking of differentials associated with that. So we'll see which ones actually developed, but generally, a great back when to have for everyone.

總體而言，對於盆地內的所有營運商而言，前景都十分樂觀，與任何類型的公用事業公司進駐的情況非常相似。我相信每個人都能從盆地需求的增加和隨之而來的差異的縮小中受益。因此，我們將看看哪些是真正發展的，但總的來說，這對每個人來說都是一個很好的回報。

I'm good, guys. Thanks.

我很好，夥計們。謝謝。

(Operator Instructions) Jake Roberts, TPH.

（操作員指示） Jake Roberts，TPH。

Morning. Fine, I was hoping to hear some thoughts about the Apex turning lines that happened during the quarter, just how those are performing relative to the base business and the outlook there.?

早晨。好的，我希望聽到一些關於本季發生的 Apex 轉向線的想法，它們相對於基礎業務和前景的表現如何。 ？

Doesn't have a, yeah, the [8 wells] that we bought online from Apex, they are pretty releasing, better than we expected. So we are pretty optimistic about the long-term production on these wells.

沒有，是的，我們從 Apex 在線購買的 [8 口井]，它們的釋放效果非常好，比我們預期的要好。因此，我們對這些油井的長期生產非常樂觀。

Great, thanks. And my second question, I think you guys have spoken to there not necessarily being a correlation between attribute sales and the Buchanan power facility.

太好了，謝謝。我的第二個問題是，我想你們已經談到屬性銷售和布坎南發電廠之間不一定有關聯。

Just hoping to clarify if that facility showing up on the PJM deactivation list will have any impact on that segment or if there are any other of those types of deactivations we might need to be thinking about?

只是希望澄清一下，出現在 PJM 停用名單上的設施是否會對該部分產生任何影響，或者是否還有其他類型的停用措施需要考慮？

That won't have any impact on our EA sales. We use multiple facilities across PJM to create those credits.

這不會對我們的 EA 銷售產生任何影響。我們使用 PJM 的多個設施來創建這些信用。

Thanks, appreciate the time.

謝謝，感謝您抽出時間。

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

我們的問答環節到此結束。我想將會議交還給泰勒劉易斯 (Tyler Lewis) 做最後發言。

Great. Thank you again for joining us this morning. Please feel free to reach out if anyone has any additional questions. Otherwise, we look forward to speaking with everyone again next quarter. Thank you.

偉大的。再次感謝您今天早上加入我們。如果有人還有其他問題，請隨時與我們聯繫。否則，我們期待下個季度再次與大家交談。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。