CNX

The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how upstream natural gas e&p stocks fared in Q1, starting with CNX Resources (NYSE:CNX). Natural gas-focused E&P companies explore, develop, and produce natural gas resources serving power generation, industrial, and export markets. Natural gas is often positioned as a transition fuel given lower carbon intensity versus coal and oil. Tailwinds include growing LNG (liquefied natural gas) export demand, power generation switching from coal, and industrial consumption growth. Headwinds include natural gas price volatility driven by weather, storage levels, and competing supply sources. Infrastructure constraints may limit market access, while long-term demand faces uncertainty from renewable energy expansion and electrification trends potentially reducing gas consumption. The 6 upstream natural gas e&p stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 4.1%. While some upstream natural gas e&p stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.1% since the latest earnings results. Tracing back to operations that began in 1860, CNX Resources (NYSE:CNX) drills for and produces natural gas from underground shale formations in Pennsylvania, Ohio, and West Virginia. CNX Resources reported revenues of $530.6 million, up 12.7% year on year. This print fell short of analysts’ expectations by 2.8%, but it was still a satisfactory quarter for the company with a beat of analysts’ EPS estimates. The stock is down 7.2% since reporting and currently trades at $36.50. Is now the time to buy CNX Resources? Access our full analysis of the earnings results here, it’s free. Focused almost entirely on the Marcellus Shale beneath Pennsylvania's forests and farmland, Range Resources (NYSE:RRC) drills for and produces natural gas, natural gas liquids, and oil from shale formations. Range Resources reported revenues of $961.1 million, up 20.6% year on year, outperforming analysts’ expectations by 6.4%. The business had an incredible quarter with an impressive beat of analysts’ EBITDA and EPS estimates. The market seems content with the results as the stock is up 3% since reporting. It currently trades at $42.91. Is now the time to buy Range R...

In early May 2026, CNX Resources reported Q1 2026 results showing revenue of US$722.04 million and earnings per share of US$1.21, both exceeding analyst estimates alongside stronger production and sales volumes across its Appalachian gas operations. The company’s annual meeting on May 7, 2026 reinforced board continuity, auditor ratification, and shareholder support for executive pay, while multiple directors received equity-based awards, collectively underscoring confidence in CNX’s governance and operational execution. We’ll now examine how this stronger-than-expected quarterly performance, particularly the earnings beat, affects CNX Resources’ existing investment narrative and assumptions. Find 47 companies with promising cash flow potential yet trading below their fair value. To own CNX Resources, you need to believe its Appalachian gas footprint and cost efficiency can keep generating attractive cash flows even as regulatory and demand uncertainties evolve. The Q1 2026 earnings beat and stronger production support that cash flow story, but they do not materially change the near term focus on realizing environmental credits and managing production timing, nor the risk that in basin demand growth, including AI data centers, remains slower or lumpier than hoped. The most relevant recent development is CNX’s Q1 2026 result, with revenue of US$722.04 million and EPS of US$1.21, both ahead of expectations. This outperformance sits alongside shareholder approval of the board, auditor, and executive pay, plus continued equity based awards, which together frame the quarter as a validation point for management execution while investors still weigh risks around tax credit outcomes and production volatility as key near term swing factors. Yet investors should be aware that if in basin demand fails to materialize as expected, CNX’s reliance on regional gas pricing could... Read the full narrative on CNX Resources (it's free!) CNX Resources' narrative projects $2.4 billion revenue and $687.0 million earnings by 2029. Uncover how CNX Resources' forecasts yield a $37.46 fair value, a 3% upside to its current price. Before this earnings beat, the most pessimistic analysts were assuming CNX’s revenue would reach about US$2.1 billion and earnings about US$785 million by 2028, which is far more cautious than narratives that lean on AI data center demand and environmental c...

CNX Resources Corporation. (CNX) reported $722.04 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 63.7%. EPS of $1.21 for the same period compares to $0.78 a year ago. The reported revenue represents a surprise of +38.38% over the Zacks Consensus Estimate of $521.78 million. With the consensus EPS estimate being $0.93, the EPS surprise was +30.11%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how CNX Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Average Daily Production: 1,693.00 Mcfe/D versus 1,685.37 Mcfe/D estimated by three analysts on average. Oil/Condensate - Gross Price: $58.08 compared to the $63.45 average estimate based on three analysts. NGL - Sales Volume: 2,180.00 MBBL compared to the 1,914.39 MBBL average estimate based on three analysts. Oil/Condensate - Sales Volume: 58.00 MBBL compared to the 46.93 MBBL average estimate based on three analysts. NGL - Gross Price: $27.54 versus $23.17 estimated by three analysts on average. Realized Natural Gas Price per Mcf: $3.15 versus the three-analyst average estimate of $3.21. Production Volumes - Total: 152.40 Bcfe versus 151.68 Bcfe estimated by three analysts on average. Natural Gas - Sales Volume: 138.94 MMcf versus the two-analyst average estimate of 140.30 MMcf. Average Sales Price - Natural Gas: $4.74 versus $5.05 estimated by two analysts on average. View all Key Company Metrics for CNX Resources here>>> Shares of CNX Resources have returned -6.7% over the past month versus the Zacks S&P 500 composite's +8.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNX Re...

Plains All American Pipeline, L.P. PAA reported first-quarter 2026 adjusted earnings of 39 cents per unit, which missed the Zacks Consensus Estimate of 41 cents by 4.88%. In the year-ago quarter, earnings were in line with the company’s reported figure. The company reported GAAP earnings of 14 cents per unit compared with 49 cents in the year-ago period. Net sales of $12.47 billion missed the Zacks Consensus Estimate of $12.54 billion by 0.54%. However, the top line increased 8.65% from the year-ago quarter’s figure of $11.5 billion. Plains All American Pipeline, L.P. price-consensus-eps-surprise-chart | Plains All American Pipeline, L.P. Quote Total costs and expenses were $12.1 billion, up 8.49% year over year. The increase was primarily due to a rise in purchases and related costs. Operating income in the first quarter of 2026 was $405 million, up 13.76% from $356 million in the year-ago quarter. Net interest expenses totaled $167 million, up 31.5% from the prior-year quarter’s level. The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $582 million, up 4% from the year-ago quarter’s figure. This increase was primarily driven by synergies from the recently completed Cactus III pipeline acquisition and bolt-on acquisitions. Adjusted EBITDA for the NGL segment was $145 million, down 23% from the prior-year period’s figure. This decrease was due to lower weighted average frac spreads and NGL sales volumes in the first quarter of 2026. As of March 31, 2026, cash and cash equivalents were $171 million compared with $328 million as of Dec. 31, 2025. As of March 31, 2026, long-term debt was $10.96 billion compared with $10.7 billion as of Dec. 31, 2025. As of March 31, 2026, long-term debt-to-total book capitalization was 53% compared with 52% as of Dec. 31, 2025. PAA’s net cash provided by operating activities in the first three months of 2026 was $418.0 million compared with $639.0 million in the year-ago period. For 2026, Plains All American expects adjusted EBITDA to be $2.88 billion. Adjusted free cash flow is anticipated to be $1.85 billion (excluding changes in assets and liabilities). PAA remains focused on disciplined capital investments, expecting full-year 2026 growth capital and maintenance capital of $350 million and $185 million, respectively. The company currently carries a Zacks Rank #3 (Ho...

Ormat Technologies Inc. ORA reported first-quarter 2026 adjusted earnings per share of $1.30, which beat the Zacks Consensus Estimate of 92 cents by 41.3%. The bottom line also increased 91.2% from 68 cents in the year-ago quarter. The company reported GAAP earnings of 71 cents per share compared with 66 cents in the year-ago quarter. ORA generated revenues of $403.9 million, which topped the Zacks Consensus Estimate of $349 million by 15.6%. The top line also increased 75.8% year over year, driven by higher revenues from its electricity, product and energy storage segments. Ormat Technologies, Inc. price-consensus-eps-surprise-chart | Ormat Technologies, Inc. Quote Electricity: Revenues in this segment amounted to $181.6 million, up 0.8% year over year. This upside was primarily due to contributions from the Blue Mountain power plant, improved generation performance at the Olkaria and Stillwater facilities, and lower curtailments. Product: This segment’s revenues surged 458.4% to $177.4 million from the year-ago quarter’s level. The improvement was primarily driven by the $105.1 million revenue recognition related to the Topp 2 sale. Energy Storage: Revenues in this division amounted to $44.9 million, up 153.1% from the prior-year quarter’s figure. This was driven by the high availability of its assets, which allowed it to capitalize on strong merchant pricing in the PJM market, as well as new capacity additions over the past 12 months. Ormat Technologies’ total operating expenses (research and development, selling and marketing, as well as general and administrative expenses) were $34 million, which rose 38.3% from the year-ago quarter’s level. The operating income increased 57.6% year over year to $80.3 million. The total cost of revenues was $283.5 million, up 80.8% year over year. Net interest expenses were $45 million, which rose 30.5% year over year. ORA had cash and cash equivalents of $654.6 million as of March 31, 2026 compared with $147.4 million as of Dec. 31, 2025. The company expects to generate revenues in the range of $1.11-$1.16 billion. The Zacks Consensus Estimate is pegged at $1.13 billion, which is just below the midpoint of the company’s guided range. Revenues for the Electricity segment are anticipated in the band of $715-$730 million. The Product segment’s revenues are expected in the range of $300-$320 million. Revenues for the Energ...

Occidental Petroleum Corporation OXY reported first-quarter 2026 earnings of $1.06 per share, which outpaced the Zacks Consensus Estimate of 65 cents by 63.1%. The bottom line also rose 21.8% year over year. GAAP earnings in the reported quarter were $3.13 per share compared with the earnings of 77 cents in the year-ago quarter. Total revenues were $5.11 billion, which missed the Zacks Consensus Estimate of $5.5 billion by 7%. The top line also lagged 25.3% year over year due to lower contributions from its Oil & Gas segment. Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation Quote Oil and Gas revenues totaled $4.98 billion in the reported quarter, down 12.5% year over year. Midstream & Marketing revenues of $397 million jumped 129.5% year over year. Total production volume was 1,426 thousand barrels of oil equivalent per day (Mboe/d). The metric surpassed the company’s guided range of 1,385-1,425 Mboe/d. Total sales volume was 1,428 Mboe/d, up 2.7% from the year-ago period. Realized prices of crude oil dropped 1.6% year over year to $69.91 per barrel on a worldwide basis. Realized natural gas liquid prices fell 26.8% year over year to $18.99 per barrel globally. Natural gas prices decreased 58.3% year over year to $1.01 per thousand cubic feet. Occidental advanced debt reduction priorities, repaying $7.1 billion of principal debt through May 5, 2026, reducing principal debt to $13.3 billion and progressing toward the $10 billion milestone. Occidental reported strong first-quarter production due to robust contributions from Permian assets. Gulf of America’s average daily production volumes in the first quarter were 138 Mboe/d, up 14% year over year, which also contributed to the overall strong volumes. Sequential improvement in the Midstream and Marketing segment’s performance was due to higher crude margins related to the timing impact of crude sales, higher gas margins from transportation capacity optimizations and higher sulfur prices at Al Hosn. Total costs and reduction in the first quarter of 2026 were $4.86 billion, up 3.9% from $4.68 billion in the year-ago quarter. Interest and debt expenses increased 39.4% to $432 million from $310 million in the year-ago quarter, a positive impact of the ongoing debt reduction. As of March 31, 2026, Occidental had cash and cash equivalents of $3.81 billion compar...

Devon Energy Corp. DVN reported first-quarter 2026 earnings per share (EPS) of $1.04, surpassing the Zacks Consensus Estimate of $1 by 4%. The metric was down 14% year over year. GAAP EPS in the reported quarter was 19 cents compared with 77 cents in the year-ago quarter. The difference between GAAP and operating earnings in the first quarter was due to an impact of 81 cents from fair value changes in financial instruments, 1 cent for asset and exploration impairments, and 3 cents from restructuring and transaction costs. Total revenues for the quarter were $3.80 billion, which lagged the Zacks Consensus Estimate of $4.16 billion by 8.5%. The top line decreased 14.5% from the year-ago quarter’s figure Devon Energy Corporation price-consensus-eps-surprise-chart | Devon Energy Corporation Quote Net production in the first quarter totaled 833,000 barrels of oil equivalent per day (Boe/d), up 2.2% year over year. The production volume was within the guided range of 823,000-843,000 Boe/d. Improvement in production volumes from the Delaware Basin boosted the metric. Natural gas liquids production increased 7.4% year over year to 218,000 barrels per day (Bbl/d). Oil production amounted to 387,000 Bbl/d, down marginally by 0.2% on a year-over-year basis, due to a weaker contribution from the Delaware Basin. Realized oil prices (including cash settlements) for the quarter were $67.94 per barrel, down 1.7% from $69.15 in the year-ago period. Realized prices for natural gas liquids were $17.80 per barrel, down 18.8% from $21.93 in the prior-year quarter. Realized gas prices were $1.68 per thousand cubic feet, indicating a decline of 32.3% from $2.48 a year ago. Total oil equivalent realized prices, including cash settlements, were $38.94 per Boe, down nearly 8.3% year over year. Total production expenses in the first quarter were $894 million, down 19.7% year over year. Devon Energy bought back $69 million worth of shares in the first quarter. Looking ahead, management has outlined plans to introduce a new share repurchase program exceeding $5 billion and to raise the quarterly fixed dividend, subject to board approval following the completion of the Coterra merger. On Feb. 2, 2026, Devon Energy agreed to merge with Coterra Energy in an all-stock deal, creating one of the world’s largest shale operators with a strong foothold in the core of the Delaware Basin. The comb...

Energy Transfer ET reported first-quarter 2026 adjusted earnings of 35 cents per unit, which missed the Zacks Consensus Estimate of 38 cents by 7.9%. The bottom line also decreased 2.8% from the year-ago figure of 36 cents. Revenues of $27.77 billion lagged the Zacks Consensus Estimate of $29.29 billion by 5.2%. Total revenues rose 32.1% from the year-ago figure of $21.02 billion. Energy Transfer LP price-consensus-eps-surprise-chart | Energy Transfer LP Quote Total costs and expenses were $24.79 billion, up 33.8% year over year. This increase was due to the higher cost of products sold, operating expenses, depreciation, depletion and amortization, as well as a rise in selling, general and administrative expenses. Operating income totaled $2.98 billion, up 19.8% year over year. Interest expenses, net of interest capitalized, amounted to $947 million, up 17.1% from the prior-year level. In the first quarter, the partnership placed its Gateway NGL Pipeline debottlenecking project into service, enabling higher deliveries of Delaware Basin volumes to Energy Transfer’s NGL fractionation complex at Mont Belvieu. In February 2026, Florida Gas Transmission (“FGT”), an Energy Transfer-operated joint venture, completed Open Seasons for two new projects backed by 15 to 25-year agreements with anchor shippers. The FGT Phase IX project includes about 90 miles of pipeline looping and compression facilities, with an expected capacity of 525 million cubic feet of gas per day (MMcf/d). Subject to conditions and a final investment decision, the South Florida project involves a roughly 40-mile pipeline extension with an expected capacity of 230 MMcf/d, along with compression and a new meter station. Energy Transfer has initiated construction of a new 3-million-barrel ethane storage cavern at its Mont Belvieu NGL fractionation complex. Expected to be in service in the second half of 2027, the project will support the company’s ninth fractionator and future ethane export expansions. The partnership’s 275 MMcf/d Mustang Draw I processing plant is currently under commissioning and is expected to enter full service in June 2026. ET had current assets of $22.26 billion as of March 31, 2026 compared with $18.23 billion as of Dec. 31, 2025. As of March 31, 2026, the firm had a long-term debt, less current maturities, of $69.32 billion compared with $68.31 billion as of Dec. 31, 2025....

Management is maintaining a 'harvest mode' in the SWPA Marcellus to leverage existing infrastructure and optimize per-well economics. The Utica program is being developed as a long-term strategic position, with a gradual increase in allocation expected as the play matures. Operational focus in the Utica remains on cost reduction and reservoir validation, with three wells recently turned to sales to build a robust data set. The company is positioning itself as a creditworthy partner for emerging in-basin demand, specifically targeting large-scale power and data center projects. Strategic agnosticism regarding the specific location of demand growth (Ohio vs. Pennsylvania) is maintained due to the high interconnectedness of regional pipeline infrastructure. NewTech business lines, including CNG and LNG initiatives, are progressing in line with internal projections despite pending regulatory guidance on 45Z credits. A comprehensive data update on Utica well performance and duration is expected by late 2026 or early 2027. Hedging strategy for 2028 and beyond remains opportunistic, focusing on capturing tightening basis differentials to improve all-in realized prices. Management anticipates significant in-basin demand growth from proposed multi-gigawatt power centers, though the exact timing remains uncertain over a 3-to-7-year horizon. Financial strategy continues to prioritize extending the maturity profile, with plans to address 2030 obligations well in advance of their due date. Successfully refinanced 2029 notes into new eight-year notes at a 5.875% rate to eliminate near-term maturity towers. Confirmed the final conversion of convertible notes on May 1, 2026, resulting in a net issuance of approximately 12 million shares. The net share issuance from the convertible notes accounts for the mitigating effect of the previously structured capped call. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management stated it is too early for production results from the most recent pad, but reservoir performance remains consistent with expectations. While Utica will be blended in over time, the Marcellus currently holds the economic advantage due to legacy infrastructure that requires no new build-out. CNX is actively participating in RFPs for massive proposed power...

Image source: The Motley Fool. Thursday, April 30, 2026 at 10:00 a.m. ET President and Chief Executive Officer — Alan Shepard Chief Financial Officer — Everett Good Chief Operating Officer — Navneet Behl Senior Vice President, Finance and Treasurer — Tyler Lewis Need a quote from a Motley Fool analyst? Email [email protected] Operator: Good day, and welcome to the CNX Resources First Quarter 2026 Q&A Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to hand the call to Tyler Lewis, Senior Vice President of Finance and Treasurer. Please go ahead. Tyler Lewis: Thank you, and good morning, 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 and detailed first quarter earnings release data such as quarterly E&P data, financial statements and non-GAAP reconciliations, which can be found in a document titled 1Q 2026 Earnings Results and Supplemental Information of CNX Resources. 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. With me today for Q&A are Alan Shepard, our President and Chief Executive Officer; Everett Good, our Chief Financial Officer; and Navneet Behl, our Chief Operating Officer. 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, and our actual results may differ materially as a result of many factors. A discussion of 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 for Q&A at this time. Operator: [Operator Instructions] Our first question will come from Leo Mariani of ROTH. Leo Mariani: I was hoping to hear a little bit more about the Utica. I see you guys brought 3 wells on here in the first quarter. Any comments on, kind of, well performance or costs? I know you've been working har...

CNX Resources Corporation CNX reported first-quarter 2026 operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 93 cents by 30.11%. The bottom line increased 55.13% in the year-ago quarter. The company reported revenues of $722 million, which topped the Zacks Consensus Estimate of $522 million by 38.31%. The top line rose 63.72% from the prior-year quarter’s $441 million. CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote The average selling price in the quarter was $ 3.28 per thousand cubic feet equivalent (Mcfe), up 6.70% from the year-ago figure of $2.99. The total production cost was $1.72 per Mcfe, up 2.38% year over year. Total production volumes were 152.4 billion cubic feet equivalent (Bcfe), up 3.11% year over year. Interest expenses totaled $40.5 million, down 2.74% year over year figure of $41.6 million. During the first quarter, CNX Resources repurchased 1.4 million shares at an average price of $37.32 per share for a total cost of $54 million. Over the past 22 quarters, CNX has incurred a total cost of $1.9 billion to repurchase nearly 99.5 million shares at an average price of $19.53 per share. As of March 31, 2026, CNX Resources had cash and cash equivalents of $3.75 million compared with $0.8 million as of Dec. 31, 2025. Long-term debt as of March 31, 2026, was $2.16 billion compared with $2.21 billion as of Dec. 31, 2025. Cash from operating activities for the first quarter of 2026 totaled $277.5 million compared with $215.7 million in the year-ago period. Free cash flow amounted to $132 million. Capital expenditure for first-quarter 2026 totaled $169.9 million compared with $131.5 million in the year-ago period. CNX Resources now expects total capital expenditure between $540 million and $570 million in 2026. The company now expects 2026 production volume in the band of 605-620 Bcfe. Total free cash flow is now expected to be $525 million. CNX now expects 2026 adjusted EBITDAX in the range of $1.27-$1.32 billion The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. California Resources Corporation CRC is scheduled to report first-quarter 2026 results on May 5. The Zacks Consensus Estimate for CRC’s first-quarter EPS is pegged at 83 cents, implying an decrease of 22.43% from the prior-year...

Utica development: Early results from the new Utica wells are consistent with expectations but management provided no production metrics yet and said a fuller update likely won't come until late 2026/early 2027, while the SWPA Marcellus remains advantaged by existing infrastructure as CNX gradually blends more Utica into its program. Hedging strategy: CNX is taking a more patient, opportunistic approach to longer-dated hedges (including an incremental ~13 Bcf), citing higher forward prices and tightening basis differentials that improve its all-in realized pricing for calendar 2028. Balance sheet and converts: The company refinanced its 2029 notes into new eight-year notes at a 5 7/8% rate to extend its maturity profile, and remaining convertible notes maturing May 1 are expected to result in a net issuance of about 12 million shares. Interested in CNX Resources Corporation.? Here are five stocks we like better. $7 Billion in Clean Hydrogen Grants: Winners and Losers CNX Resources (NYSE:CNX) executives used the company’s first-quarter 2026 question-and-answer call to discuss early progress in its Utica development program, longer-dated hedging activity, recent balance sheet moves, and how management is positioning for potential growth in Appalachian gas demand later this decade. In response to a question from Roth MKM analyst Leo Mariani about Utica activity after CNX brought three wells online in the first quarter, management said the latest pad was turned to sales late in the quarter and it is still too early to provide meaningful production results. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss The company said what it has seen so far remains consistent with its expectations for the reservoir and that it continues to make progress on costs, but it did not provide new performance metrics on the call. Management indicated a more robust update is likely once the company has accumulated more operating history from the wells. “We’re a little way off from providing any sort of production results from that,” the company said, adding that a fuller update could come “towards the end of 2026, early 2027, once these wells have had enough duration on them.” → Is Oracle Undervalued as Cloud Growth Accelerates? When asked whether CNX could shift more capital to the Utica relative to the Marcellus over the next few years, management emphasized that the Sout...