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It has been about a month since the last earnings report for SM Energy (SM). Shares have added about 31% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is SM Energy due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts. SM Energy reported second-quarter 2026 adjusted earnings of $2.19 per share, up 46.0% from $1.50 a year ago. The figure beat the Zacks Consensus Estimate of $1.93 by 13.47%. Total revenues of $2.50 billion surged 215.3% year over year and topped the consensus mark of roughly $2 billion by 24.54%. The strong quarterly results were backed by impressive oil equivalent production and pricing. Second-quarter production totaled 40 million barrels of oil equivalent, up from 19 million a year earlier. Oil volumes were 20.9 million barrels, while gas production was 86.8 billion cubic feet and NGL volumes were 4.6 million barrels. The average realized price before derivatives was $53.86 per Boe, up 30.5% year over year. Oil realizations rose to $96.85 per barrel from $62.04, while natural gas realizations fell to 17 cents per Mcf from $2.15. Lease operating expense was $6.71 per Boe, up 21.6% from the prior-year quarter. Transportation costs declined 13.6% to $3.57 per Boe, while G&A expense per Boe fell 10.4% to $1.98. SM reported $1.4 billion of adjusted EBITDAX and $526 million of adjusted net income. Capital expenditures before changes in accruals were $717 million, below the company’s second-quarter guidance of $815 to $855 million, mainly due to drilling and completion timing. Operating cash flow was $1.1 billion, while adjusted free cash flow reached $467 million. SM returned $137 million to stockholders, comprising $84 million of share repurchases and $53 million of dividends. SM cut net debt by roughly $1.1 billion during the quarter, bringing the balance down to about $6.25 billion. Proceeds from the $950 million South Texas asset sale helped fund the retirement of $819 million of notes due in 2026. After quarter-end, the company also moved to redeem the remaining $417 million of 2027 notes, pushing its next senior-note maturity out to mid-2028. SM raised second-half 2026 total production guidance to 435 to 440 MBoe/D from 430 MBoe/D, with oil output expected at approximately 238 thousand barrels per day. Full-year production guidance was narrowed to 418 to 423 MBoe/D, including oil volumes of 223 to 225 thousand barrels per day. For the third quarter, total production is projected at 430 to 440 MBoe/D and oil production at 230 to 240 thousand barrels per day. SM maintained full-year capital guidance of $2.65 to $2.85 billion. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted 13.13% due to these changes. At this time, SM Energy has a strong Growth Score of A, a grade with the same score on the momentum front. Following the exact same course, the stock has a score of A on the value side, putting it in the top quintile for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, SM Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. SM Energy is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, CNX Resources Corporation. (CNX), a stock from the same industry, has gained 7.5%. The company reported its results for the quarter ended June 2026 more than a month ago. CNX Resources reported revenues of $389.43 million in the last reported quarter, representing a year-over-year change of -13.5%. EPS of $0.72 for the same period compares with $0.59 a year ago. CNX Resources is expected to post earnings of $0.61 per share for the current quarter, representing a year-over-year change of +24.5%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.4%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for CNX Resources. Also, the stock has a VGM Score of C. 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 SM Energy Company (SM) : Free Stock Analysis Report CNX Resources Corporation. (CNX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Plains All American Pipeline, L.P. PAA reported second-quarter 2026 adjusted earnings of 41 cents per unit, which surpassed the Zacks Consensus Estimate of 40 cents by 2.5%. The bottom line also increased 13.9% from the year-ago quarter’s 36 cents.The company reported GAAP earnings of $2.51 per unit compared with 21 cents in the year-ago period. Net sales of $17.69 billion beat the Zacks Consensus Estimate of $14.68 billion by 20.5%. The top line also increased 66.3% from the year-ago quarter’s figure of $10.64 billion. Plains All American Pipeline, L.P. price-consensus-eps-surprise-chart | Plains All American Pipeline, L.P. Quote Total costs and expenses were $17.3 billion, up 66.3% year over year. Purchases and related costs increased 69.7% to $16.56 billion, while field operating costs rose to $328 million from $286 million. General and administrative expenses increased to $110 million from $82 million.Operating income advanced 66.5% to $398 million. Net interest expense increased 15% to $153 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to PAA totaled $738 million, up 9.8% from $672 million in the prior-year quarter. Crude Oil adjusted EBITDA increased 19% year over year to $690 million. The improvement reflected contributions from the Cactus III pipeline acquisition, higher pipeline volumes, market opportunities and optimization initiatives.NGL adjusted EBITDA fell 54% year over year to $40 million, primarily because Plains closed the sale of substantially all of its Canadian NGL business on May 12, 2026. As of June 30, 2026, cash and cash equivalents were $1.06 billion compared with $0.33 billion as of Dec. 31, 2025.As of June 30, 2026, long-term debt was $8.43 billion compared with $10.7 billion as of Dec. 31, 2025.As of June 30, 2026, long-term debt-to-total book capitalization was 43% compared with 52% as of Dec. 31, 2025.PAA’s net cash provided by operating activities in the first six months of 2026 was $1.37 billion compared with $1.33 billion in the year-ago period. For 2026, Plains All American continues to expect adjusted EBITDA to be $2.88 billion. Adjusted free cash flow is anticipated to be $1.75 billion (excluding changes in assets and liabilities). PAA increased organic growth capital guidance to $400-$450 million from $350 million and reduced maintenance capital guidance to $175 million from $185 million. 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. CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents. The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%.Murphy Oil Corporation MUR reported second-quarter 2026 adjusted earnings of $1.55 per share, up 474.1% year over year. The figure topped the Zacks Consensus Estimate of $1.51 per share by 2.7%.Revenues of $928.3 million increased 33.5% and beat the consensus estimate of $871 million by 6.5%.National Fuel Gas Company NFG reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.NFG reported sales of $537.5 million, which missed the consensus estimate of $564 million by 4.7%. However, the top line increased 1.1% from the prior-year recorded figure of $531.8 million. 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 Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report CNX Resources Corporation. (CNX) : Free Stock Analysis Report Murphy Oil Corporation (MUR) : Free Stock Analysis Report National Fuel Gas Company (NFG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Clearway Energy Inc. CWEN reported second-quarter 2026 earnings of $1 per share, which surpassed the Zacks Consensus Estimate of 24 cents by 316.7%. The bottom line also increased substantially from 28 cents reported in the year-ago quarter. Operating revenues totaled $481 million, which beat the consensus estimate of $475 million by 1.3%. The top line increased 22.7% from $392 million recorded in the prior-year quarter. Clearway Energy, Inc. price-consensus-eps-surprise-chart | Clearway Energy, Inc. Quote Adjusted EBITDA rose 19.2% to $409 million from $343 million.Total operating costs and expenses increased 18.9% to $365 million from $307 million in the prior-year quarter.The cost of operations jumped to $149 million from $131 million. Depreciation, amortization and accretion expenses increased to $196 million from $163 million, while general and administrative expenses advanced to $15 million from $11 million.Interest expense increased 26.5% year over year to $105 million. Operating income rose 36.5% year over year to $116 million. Flexible Generation generated net income of $22 million compared to a net loss of $11 million in the prior-year quarter. However, adjusted EBITDA declined to $49 million from $52 million.Renewables & Storage reported net income of $55 million compared with $63 million a year earlier. Adjusted EBITDA increased 24% to $372 million from $300 million.Corporate recorded a net loss of $47 million compared with a loss of $40 million. Its adjusted EBITDA loss widened to $12 million from $9 million. Renewables & Storage generation increased 15.5% year over year to 6.87 million megawatt-hours.Solar generation rose 28% to 3.59 million megawatt-hours, while wind generation improved 4.4% to 3.28 million megawatt-hours. Clearway Energy’s sponsor offered the company the opportunity to invest in Honeycomb Phase II, a 210-megawatt (MW) energy-storage portfolio in Utah expected to begin commercial operations in 2027. The potential corporate capital commitment is estimated at approximately $110 million.The company also highlighted the 975 MW Chimney Canyon solar and battery-storage project in Arizona. Clearway Energy estimates that its potential investment could total roughly $350 million, subject to a future dropdown offer and approval.The company completed power purchase agreement restructurings for the Elbow Creek and Langford wind facilities. Clearway Energy had cash and cash equivalents of $251 million as of June 30, 2026 compared with $231 million as of Dec. 31, 2025.Total liquidity as of June 30, 2026 was $0.99 billion compared with $1.06 billion recorded as of Dec. 31, 2025.Long-term debt as of June 30, 2026 amounted to $8.49 billion compared with $7.9 billion as of Dec. 31, 2025.Net cash provided by operating activities in the first six months of 2026 was $615 million compared with $286 million in the year-ago period. Clearway Energy reduced its full-year 2026 cash available for distribution (CAFD) guidance to $430-$470 million from the prior range of $470-$510 million.Adjusted EBITDA is now expected between $1.39 billion and $1.43 billion, down from the previous range of $1.44-$1.48 billion. Cash from operating activities is projected between $956 million and $996 million.The company projects CAFD to lie in the range of $2.90-$3.10 per share for the period, reiterating 2030. CWEN currently has a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Ormat Technologies Inc. ORA reported second-quarter 2026 adjusted earnings per share of 50 cents, which beat the Zacks Consensus Estimate of 29 cents by 72.4%. The bottom line also increased 4.2% from 48 cents in the year-ago quarter. ORA generated revenues of $258.8 million, which topped the Zacks Consensus Estimate of $236 million by 9.7%. The top line also improved 10.6% year over year.National Fuel Gas Company NFG reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.NFG reported sales of $537.5 million, which missed the consensus estimate of $564 million by 4.7%. However, the top line increased 1.1% from the prior-year recorded figure of $531.8 million.CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents.The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%. 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 Clearway Energy, Inc. (CWEN) : Free Stock Analysis Report CNX Resources Corporation. (CNX) : Free Stock Analysis Report National Fuel Gas Company (NFG) : Free Stock Analysis Report Ormat Technologies, Inc. (ORA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Ormat Technologies Inc. ORA reported second-quarter 2026 adjusted earnings per share of 50 cents, which beat the Zacks Consensus Estimate of 29 cents by 72.4%. The bottom line also increased 4.2% from 48 cents in the year-ago quarter.The company reported GAAP earnings of 43 cents per share compared with 46 cents in the year-ago quarter. ORA generated revenues of $258.8 million, which topped the Zacks Consensus Estimate of $236 million by 9.7%. The top line also increased 10.6% year over year, driven by higher revenues from its electricity and energy storage segments. Ormat Technologies, Inc. price-consensus-eps-surprise-chart | Ormat Technologies, Inc. Quote Electricity: Revenues in this segment amounted to $169.3 million, up 5.8% year over year. This upside was primarily due to contributions from the Blue Mountain power plant, improved generation performance at the Olkaria and Puna facilities, higher energy rates at Puna and lower curtailments in the United States. The increase was partially offset by planned maintenance activities.Product: This segment’s revenues declined 21.6% to $46.7 million from the year-ago quarter’s level. The decrease was due to the timing of manufacturing and construction progress.Energy Storage: Revenues in this division amounted to $42.8 million, up 195.1% 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, including research and development, selling and marketing, as well as general and administrative expenses, were $28.6 million, which rose 11.6% from the year-ago quarter’s level.Operating income declined 3.2% year over year to $34.2 million.The total cost of revenues was $190.1 million, up 7.3% year over year.Net interest expenses were $43.9 million, which rose 19.8% year over year. ORA had cash and cash equivalents of $513.7 million as of June 30, 2026, compared with $147.4 million as of Dec. 31, 2025. The company raised its 2026 revenue guidance to the range of $1.15-$1.20 billion from the prior projection of $1.11-$1.16 billion. The Zacks Consensus Estimate is pegged at $1.15 billion, which is in line with the lower end of the company’s guided range.Revenues for the Electricity segment are now anticipated in the band of $710-$725 million compared with the previous range of $715-$730 million. The Product segment’s revenue guidance was maintained at $300-$320 million. Revenues for the Energy Storage segment are now projected between $140 million and $155 million, up from the earlier forecast of $95-$110 million.ORA also raised its annual adjusted EBITDA guidance to the band of $630-$650 million from the prior range of $615-$645 million. Ormat Technologies currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. National Fuel Gas Company NFG reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.NFG reported sales of $537.5 million, which missed the consensus estimate of $564 million by 4.7%. However, the top line increased 1.1% from the prior-year recorded figure of $531.8 million.Energy Transfer ET reported second-quarter 2026 earnings of 59 cents per unit, beating the Zacks Consensus Estimate of 39 cents by 51.28%. The bottom line increased 84.4% from 32 cents a year ago.Revenues of $34.33 billion surpassed the consensus estimate of $31.09 billion by 10.42% and climbed 78.4% year over year.CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents.The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%. 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 Ormat Technologies, Inc. (ORA) : Free Stock Analysis Report CNX Resources Corporation. (CNX) : Free Stock Analysis Report Energy Transfer LP (ET) : Free Stock Analysis Report National Fuel Gas Company (NFG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Murphy Oil Corporation MUR reported second-quarter 2026 adjusted earnings of $1.55 per share, up 474.1% year over year. The figure topped the Zacks Consensus Estimate of $1.51 per share by 2.7%.GAAP earnings were $1.59 per share compared with 16 cents in the year-ago quarter. The difference between GAAP and operating earnings was due to discontinued operations and other items affecting comparability between periods. Revenues of $928.3 million increased 33.5% and beat the consensus estimate of $871 million by 6.5%. Higher commodity prices and solid operating execution supported the results. U.S. exploration and production revenues increased 34.4% to $744 million. Canadian revenues advanced 43.1% to $183.6 million, showing that the revenue improvement extended across both major geographic businesses. Corporate contributed $0.7 million in total revenues. Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote Murphy realized $99.14 per barrel of oil in the quarter, its highest level since 2022 and up 37% sequentially. Gas prices dipped seasonally this quarter, and gas prices realized $1.76 per thousand cubic feet. Total production volumes reached 169,000 barrels of oil equivalent per day (Boe/d), at the upper end of guidance level of 161,000-169,000 Boe/d. Oil production totaled 85,300 barrels per day. The onshore business produced 103,800 Boe/d, including 39,100 Boe/d from the Eagle Ford Shale, 58,100 Boe/d from Tupper Montney and 6,600 Boe/d from Kaybob Duvernay. Murphy brought six operated Eagle Ford wells and four Kaybob Duvernay wells online during the quarter.Offshore production totaled about 65,000 Boe/d. The Gulf of America contributed 57,100 Boe/d, while offshore Canada produced 7,900 Boe/d. In the Gulf of America, Chinook #8 completed drilling and moved into completion activity, with first production expected in the fourth quarter of 2026. Total costs and expenses fell 4.9% year over year to $573.6 million. Lease operating expenses declined to $143.7 million from $215.6 million, offsetting higher exploration costs of $39.3 million compared with $10.4 million a year earlier.Lease operating expense, excluding noncontrolling interest, averaged $8.83 per BOE. Selling and general expenses rose to $38.7 million from $36.9 million. Interest expenses were $24.9 million, down 0.8% year over year. The Bubale-1X well offshore Côte d'Ivoire discovered oil across 100 feet of net pay in two reservoirs. Murphy subsequently started the Bubale West-1X appraisal well and expects the broader appraisal program to include as many as five wells over the next 18-24 months.In Vietnam, the Hai Su Vang appraisal program established an updated gross recoverable resource estimate of 200-300 million barrels of oil equivalents (Boe). Murphy is targeting a final investment decision by the fourth quarter of 2027. The Lac Da Vang project remains on track for first oil in the fourth quarter of 2026 after pipeline installation, topsides work and FSO mobilization progressed. In second-quarter 2026, net cash provided by continuing operations was $655.9 million, up from $358.1 million a year ago. Operating cash flow excluding working-capital changes was $588.4 million, while free cash flow totaled $110 million.As of June 30, 2026, Murphy had about $484 million in cash and cash equivalents and approximately $2.48 billion of liquidity. Total long-term debt stood at $1.55 billion. The company paid $50 million in dividends during the quarter and retained $550 million under its share repurchase authorization. For the third quarter, MUR expects production of 171,000-179,000 Boe/d and capital expenditures of $380-$460 million, excluding noncontrolling interest. Exploration expense is projected at $135 million.The company maintained full-year production guidance of 167,000-175,000 Boe/d. However, MUR raised its 2026 capital spending range to $1.5-$1.6 billion from the prior midpoint of $1.25 billion. This increase indicates appraisal spending at Bubale, accelerated Eagle Ford activity and higher Chinook #8 costs. For 2026, exploration expense is projected at $300 million. Murphy currently has a Zacks Rank # 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Devon Energy Corporation DVN reported second-quarter 2026 adjusted earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.30 by 20.77%. Revenues of $7.41 billion surpassed the consensus estimate of $6.29 billion by 17.81% and increased 73.1% year over year. Strong oil pricing and contributions from the Coterra Energy merger supported the results. TotalEnergies SE TTE reported second-quarter 2026 operating earnings of $2.68 (€2.31) per share, which lagged the Zacks Consensus Estimate of $3.07 by 12.7%. The bottom line improved 70.7% from the year-ago figure of $1.57 (€1.38).Total revenues for the second quarter were $57.1 billion, which increased from the year-ago reported figure of $47.9 billion by 27.8%. The metric lagged the Zacks Consensus Estimate of $60.18 billion by 5.13%.CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents.The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%. 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 Murphy Oil Corporation (MUR) : Free Stock Analysis Report Devon Energy Corporation (DVN) : Free Stock Analysis Report CNX Resources Corporation. (CNX) : Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Devon Energy Corporation DVN reported second-quarter 2026 adjusted earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.30 by 20.77%. GAAP earnings were $2.03 per share, up 44% from $1.41 a year ago. Revenues of $7.41 billion surpassed the consensus estimate of $6.29 billion by 17.81% and increased 73.1% year over year. Strong oil pricing and contributions from the Coterra Energy merger supported the results. Oil, gas and natural gas liquids sales totaled $5.11 billion compared with $2.71 billion in the year-ago quarter. Marketing and midstream revenues increased to $1.90 billion from $1.34 billion.Oil, gas and NGL derivatives generated revenues of $414 million compared with $236 million a year earlier. The latest figure included $530 million of positive derivative valuation changes, partly offset by $116 million of cash settlement losses. Devon Energy Corporation price-consensus-eps-surprise-chart | Devon Energy Corporation Quote Total production averaged 1,359 thousand barrels of oil equivalent per day (MBoe/d), increased 61.6% year over year from 841,000 Boe/d. Devon completed its merger with Coterra on May 7, meaning the quarterly figures included combined operations for part of the period. The production level was 1.6% higher than the midpoint of management’s guidance. Oil production rose 30% year over year to 503,000 barrels per day. NGL output climbed 41.4% to 314,000 barrels per day, while natural gas production increased to 3,252 million cubic feet per day from 1,388 million cubic feet. Better-than-expected well performance in the Delaware Basin supported oil and gas volumes. Realized oil prices, including cash settlements, were up 39.9% year over year to $88.09 per barrel from $62.97 in the prior-year quarter. Excluding hedges, oil realizations were $95.10 per barrel.Realized NGL prices increased to $22.70 per barrel from $17.82. However, realized natural gas prices, including cash settlements, declined to $1.05 per thousand cubic feet from $1.56. Regional Waha pricing was pressured by infrastructure constraints in the Delaware Basin. Capital expenditures were $1.27 billion, 2.4% above the midpoint of management’s guidance. The company placed 120 net operated wells online during the quarter, with an average lateral length of 10,800 feet.The Permian accounted for $731 million of capital spending, followed by $196 million in the Rockies. Eagle Ford, Anadarko and Marcellus expenditures were $97 million, $129 million and $70 million, respectively. Devon acquired 16,300 net Delaware Basin acres for $2.6 billion, adding approximately 400 top-tier locations. Net cash from operating activities was $3.67 billion compared with $1.55 billion a year ago. Adjusted operating cash flow was $2.9 billion, while adjusted free cash flow totaled roughly $1.7 billion, excluding after-tax restructuring costs.Devon returned $1.06 billion through dividends, share repurchases and debt retirement. It repurchased 4.3 million shares for $197 million and paid $366 million in dividends. The quarterly fixed dividend was raised 33% to 32 cents per share. For the third quarter of 2026, total production is expected between 1,660 MBoe/d and 1,690 MBoe/d. Oil production is projected in the range of 550,000-560,000 barrels per day. Third-quarter capital expenditures are anticipated between $1.4 billion and $1.5 billion. Devon maintained its full-year guidance, calling for total production of 1,364 MBoe/d to 1,398 MBoe/d and capital spending of $4.8-$5 billion. 2026 Oil production is expected to be in the range of 495,000-505,000 barrels per day. Natural gas production for 2026 is expected to be in the range of 3,300-3,400 million cubic feet per day.Management remains on track to achieve at least $1 billion in annual pre-tax merger synergies on a run-rate basis by the end of 2027. Devon currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. TotalEnergies SE TTE reported second-quarter 2026 operating earnings of $2.68 (€2.31) per share, which lagged the Zacks Consensus Estimate of $3.07 by 12.7%. The bottom line improved 70.7% from the year-ago figure of $1.57 (€1.38).Total revenues for the second quarter were $57.1 billion, which increased from the year-ago reported figure of $47.9 billion by 27.8%. The metric lagged the Zacks Consensus Estimate of $60.18 billion by 5.13%.CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents.The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%.National Fuel Gas Company NFG reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.NFG reported sales of $537.5 million, which missed the consensus estimate of $564 million by 4.7%. However, the top line increased 1.1% from the prior-year recorded figure of $531.8 million. 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 Devon Energy Corporation (DVN) : Free Stock Analysis Report CNX Resources Corporation. (CNX) : Free Stock Analysis Report National Fuel Gas Company (NFG) : Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, July 30, 2026, at 10 a.m. ET Senior Vice President of Finance and Treasurer - Tyler Lewis President and Chief Executive Officer - Alan K. Shepard Chief Financial Officer - Everett Good Chief Operating Officer - Navneet Behl Operator: Good day, and welcome to the CNX Resource Second Quarter 26 Question and Answer Conference Call. Today, all participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note that today's event is being recorded. I would now like to turn the conference over 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 second quarter Q&A conference call. Today, we will be answering questions related to our second quarter results. This morning, we posted to our Investor Relations website an updated slide presentation and detailed second quarter earnings release data such as quarterly E&P data, financial statements and non-GAAP reconciliations. Which can be found in a document titled 2Q 26 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. The call today will be used exclusively for Q&A. With me today for Q&A Alan K. 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 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: Thank you. We will now begin the question and answer session. As a reminder, to ask a question, you may press star then the number 1 on your touch tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. At any time your question has been addressed and you would like to withdraw it, please press star then the number 2. And today's first question will come from Gabe Daoud with Truist. Please go ahead. Gabe Daoud: Thanks, operator. Good morning, everyone. Was hoping we could hey. Morning, guys. Can we just start with 45Z maybe and just the updated guidance there around credit monetization? How should we think about I guess, timing around treasury issuing a final ruling to feel comfortable about that $40 million revenue number for 2027? Alan K. Shepard: Yeah. On the treasury guidance itself, that is going to be sometime second part of this year. And I will turn it over to Everett. He can sort of walk you through the what happened. So there are a couple of pieces that we disclosed. Everett Good: 1 was a step up in cash flows for the current year where we had confirmation that the methane stream cash for the first 4 months of 2025 qualified for credit. So we stepped up our monetization this year. And then, treasury also refined its carbon intensity calculations in its CRET model, which raised the value of our annual monetization. To approximately $40 million a year. So we combine our 45Z sales going forward which will be monetized in 2027, plus our environmental attributes were targeting approximately a $90 million a year run rate between the 2. Gabe Daoud: Okay. Okay. 90 million a year. Okay. Great. Great. Thanks for that. And then maybe just a follow-up. Could we get your updated thoughts around capital allocation moving forward Maybe a little bit of a weaker near term macro environment with a medium to longer term, improving picture. So how does CNX maybe think about capital allocation given that and your you know, attractive cadence on the buyback? Alan K. Shepard: Yeah. So we, you know, nothing's changed from our process. I mean, we are on year 6.5 of executing our capital allocation. Philosophy. Our focus is on creating long term value per share. And when we see sort of opportunities where the margin of safety is pretty big, we are going to go ahead and take advantage of that. So, we do not sort of signal as to what we are going to do, but we have a lot of flexibility, and we are seeing some attractive opportunities right now on the equity side. Great. Thanks, guys. Operator: And our next question is from Leo Mariani with Roth. Please proceed. Leo Mariani: Yes. Hi, good morning. I was hoping you could talk a little bit to capital here. In your prepared remarks, you guys said that third quarter CapEx is moving up some. Versus 2Q and I guess it is going to move back down in 4Q. I mean, just kind of eyeballing that, looks like it kind of puts you at the higher end of the 2026 CapEx range. Just wanted to verify that is generally accurate and maybe you guys are seeing some inflation starting to hit the numbers here. Alan K. Shepard: No. I would not ever read into that, Leo. You know, we are still guiding to the midpoint of those numbers and, you know, the commentary is more just about reflecting of the timing of activity we have going on in the field. Right? So you are just going to see slightly higher in Q3 and then sort of level out in Q4 and that just matches up with the activity in the field. Not seeing really anything on the inflation side to note. Leo Mariani: Okay. that is helpful. And just on production, guys talked about how fourth quarter was the peak. Obviously, there is been weakness in gas. Are you guys kind of attempting to sort of manage your turning lines a bit to try to get production to hopefully peak in winter when maybe prices are a little bit better? Does that mean third quarter is a little bit weaker and fourth quarter is kind of the strongest? Just trying to get a little sense what you are doing on production. Alan K. Shepard: Yeah. I think the schedule usually naturally sets up like that where we have some of the pads coming on towards the end of the year. But again, we do not over engineer for that answer. We are solving for sort of a different outcome. Yeah, the way it lines up this year, you will see a big couple of whales come on in Q3, and then you will see the rest of them sort of surge into Q4. Leo Mariani: Okay. that is helpful. And just on the 45Z, I will mention that, you monetized, you sold the $30 million of credits Is that kind of all going to hit like in the third quarter it is kind of 1 lump sum payment for you guys? Yes, Just trying to understand that. Everett Good: Yes. As a reminder, you will see it come through in the cash flow in Q3? that is why we disclosed it sort of early July activity. When you see it in the financials, remember, comes through the income tax expense line and shows up there. So you do not really see it in EBITDA. But you see it you will see the cash flow impact, is the most important thing. Coming through in Q3? Leo Mariani: Okay. Thank you. Operator: And the next question is from Michael Scialla with Stephens. Please proceed. Michael Scialla: Good morning, everybody. Looking at your morning. Looking at your second quarter spending, I realize you do not guide quarterly, but it was a little bit lower than we were anticipating. I think the street in general as well. Looks like you only drilled 2 wells, granted they were in the Utica, but anything slow down activity during the quarter? Or was that pretty much as planned? Alan K. Shepard: Yeah. that is as planned. I think it is just a function of us not providing quarterly guidance, which we do not-- we are not planning on doing. Again, I would just look to sort of where the full year guidance is and where those midpoints sit, and that is the right way to think about it. Okay. Michael Scialla: And on the 45Z, obviously encouraging there. Given that, any plans for additional remediation or are you just kind of stick with the Buchanan mine going forward? Alan K. Shepard: No. that is the right question. I mean, we are-- you are starting to see this carbon intensity score come down and the value of these credits creep up. We are getting close to where that might make sense, and we are we are always evaluating the opportunities to expand the system. We certainly have some rights and opportunities to do that. Nothing definitive at this time. You know, as we keep making progress, that would be the goal longer term. So probably nothing this year, but longer term. Yeah. Nothing for the rest of this year. Okay. Michael Scialla: I just wanted to sneak 1 more in if I could. Sure. On-- it looked like your-- you last couple quarters, you have set some 24 hour drilling records on the Utica. Anything you can say there in terms of well costs? I know you I think you are in kind of that $1.7 thousand per foot range. Is that still a good number there, or is that moving either way? Alan K. Shepard: Yeah. I would say that is sort of the number we are staying with right now. I mean, we have seen what we have talked about last time is the opportunity for improvement is in the drilling side. Completions in the rest of the well construction is pretty steady. But, you know, every time we go back to 1 of these pads, every time we get a new well, we are getting better and better as you would expect as the industry shown over the years. So we will provide, you know, when we are ready and we have a fulsome data set, we will provide maybe an update on that at a future point. Sounds good. Thanks, Alan. Yep. Operator: Thank you. The next question comes from Jacob Roberts with TPH. Please go ahead. Jacob Roberts: Good morning. Hi, Jacob. Hey. I know you just specifically said no quarterly guidance, but I am wondering if you could help us out a little bit on the activity plan from here. And specifically how we should be thinking about the TIL count by quarter relative to the higher level of spending in Q3? And maybe specifically, if you could comment on where the remaining Utica tilt will fall in the back half of the year? Navneet Behl: Yeah. I will give you some direction there. So we have got a large Marcellus pad in process right now that will come on in Q3? So that is 12 to 13 of your TILs will hit in Q3? And then that Utica pad that we are in the process of right now, that will hit later in Q4. Jacob Roberts: Perfect. that is that is very helpful. And maybe for Everett, on the low carbon side, obviously, positive to the 45Z uplift there, but I wanted to focus on the Pennsylvania AEC market. It sounded to me like if you are thinking about $90 million for next year, that is a flat run rate on the AEC market going forward. I am just curious if you could speak to what you are seeing in that market and kind of the confidence you have around the numbers for the rest of this year and into 2027? Everett Good: Yeah. We are essentially just marking it to market off of where we are seeing it trade off ice. So we are assuming it is stable to flat. We do see some level of volatility in that market and we will, as we provide, go forward guidance, we can constantly market to market. But we are seeing relative stability there in the price. Great. I appreciate the time. Operator: And the next question comes from Betty Chang with Barclays. Please proceed. Betty Jiang: Great. Thank you. Good morning. Good morning, Betty. Good question. On the buyback, clearly, you are really leaning into the countercyclical buyback here. Just wondering philosophically, I think you took down some debt on the revolver. what is your willingness to lean on the debt to buy back more stock in this environment? Alan K. Shepard: that is a good question. I think maybe think about the short term outlook for gas and the longer term outlook, maybe that is informative, right? 2026 going into 2027 setting up to be a little bit soft. But longer term, you know, the outlook for gas here in Appalachia in particular is tremendous. You know? So if that is your view, you should be much more as a sort of an upstream operator, much more interested in repurchasing shares. Right? I think based on our activity level, there is a reasonable argument that we are probably the most bullish of the operators here in Appalachia. So yeah. And under those circumstances, with the right constraints and risk management around it, you could certainly see outspend if that is what made sense. But, you know, regardless of any of that, we are gonna keep running the process we have been running for the last 6 years, and allocate capital to the best use. Betty Jiang: Got it. Okay. Makes sense. And then operationally, a 2-part, 2-focus. 1, the lateral length is a lot longer in Q2 in Southwest PA. Just if you could comment on that specific to Q2 or just generally your program is getting longer in lateral length? And then secondly, on the Central PA, now that your 1 QL has been on for a while and you also brought on Utica, in the second quarter. Just maybe how these wells are faring relative to your expectations? Alan K. Shepard: Yes. On the lateral length, that is really a function of what your acreage position is. Obviously, the longer the better in terms of well economics. So we try to fit them in to optimize for that. But again, it is a function of where you have acreage. On the Utica side, I think you see from the state data and from whatever else that has been published out there these wells are performing as we guided to. So we are very pleased with sort of the results from the Utica, and we think it is top tier in the basin. Got it. Thank you. Operator: And this does conclude today's question and answer session. I would now like to turn the conference back over to Tyler Lewis for any closing remarks. Tyler Lewis: Great. Thank you again for joining us this morning, and please feel free to reach out if anyone has any additional questions. Otherwise, we look forward to speaking with everyone again next quarter. Alan K. Shepard: Thank you. Thanks everybody. Operator: And the conference has now concluded. Thank you for attending today's presentation, and you may now disconnect. Before you buy stock in CNX Resources, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and CNX Resources wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $395,463!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,268,290!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 4, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. CNX Resources (CNX) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Energy Transfer LP ET reported second-quarter 2026 earnings of 59 cents per unit, beating the Zacks Consensus Estimate of 39 cents by 51.28%. The bottom line increased 84.4% from 32 cents a year ago. Revenues of $34.33 billion surpassed the consensus estimate of $31.09 billion by 10.42% and climbed 78.4% year over year. Record NGL transportation and export volumes, along with stronger crude oil and midstream activity, supported the quarter. Energy Transfer LP price-consensus-eps-surprise-chart | Energy Transfer LP Quote NGL and refined products transportation and services revenues increased 29.9% to $7.72 billion. Segment adjusted EBITDA rose 26.6% to $1.31 billion, reflecting stronger marketing, terminal, transportation, storage and fractionation margins.NGL transportation volumes climbed 13% to a record 2.64 million barrels per day. Terminal volumes rose to 1.86 million barrels per day. Fractionation volumes increased 3% to 1.19 million barrels per day. Higher Permian volumes and stronger exports aided throughput.Midstream revenues declined 10% to $2.82 billion, but segment adjusted EBITDA increased 15.1% to $884 million. Gathered volumes rose 4% to a record 22.14 million BBtu per day, helped by higher dry-gas gathering and increased Permian processing activity.Crude oil transportation and services revenues surged 92.3% to $11.05 billion. Segment adjusted EBITDA grew 13.9% to $834 million. Transportation volumes increased 4% to a record 7.34 million barrels per day, supported by higher activity across the Texas, Permian and Bakken systems.Intrastate transportation and storage revenues fell 36% to $596 million, while segment adjusted EBITDA increased 32.7% to $377 million. Wider basis differentials and early volumes from the Hugh Brinson Pipeline more than offset lower transported volumes and higher expenses.Interstate transportation and storage revenues rose 3.2% to $609 million, and segment adjusted EBITDA gained 2.3% to $481 million. Higher parking, storage and liquids revenues offset lower utilization on the Trunkline, Gulf Run and Mississippi River systems. Revenues from the investment in the Sunoco LP segment increased 164.5% to $14.26 billion. The segment adjusted EBITDA more than doubled to $982 million, primarily reflecting recent acquisitions and higher contributions from unconsolidated affiliates.The investment in USA Compression Partners generated revenues of $342 million, up 36.8%. The segment adjusted EBITDA advanced 30.2% to $194 million, driven by the J-W Power acquisition and growth in USAC's legacy operations. Total costs and expenses were $30.76 billion, up 81.7% year over year, mainly due to a sharp increase in the cost of products sold. Operating expenses, depreciation, depletion and amortization, and selling, general and administrative expenses also increased.Operating income rose 54.8% to $3.57 billion. Interest expense, net of capitalized interest, increased 8% to $934 million. Net income attributable to partners advanced 79.5% to $2.09 billion. Adjusted EBITDA increased 31% to $5.07 billion. Distributable cash flow attributable to partners, as adjusted, rose 32% to $2.59 billion. Second-quarter growth capital expenditures were $1.10 billion, while maintenance capital expenditures were $307 million.Current assets totaled $23.11 billion at June 30, 2026, compared with $18.23 billion at the end of 2025. Long-term debt, less current maturities, was $68.39 billion. The revolving credit facility had $3.76 billion of available borrowing capacity. Energy Transfer now expects 2026 adjusted EBITDA of $18.8-$19.1 billion, up from the prior range of $18.2-$18.6 billion. The partnership projects growth capital spending of $5.6-$5.9 billion.The Hugh Brinson Pipeline entered commercial service and is expected to reach full Phase I capacity of 1.5 Bcf per day by Sept. 1, 2026. ET also completed upgrades adding more than 90,000 barrels per day of capacity to the Lone Star Express pipeline and placed the Mustang Draw I processing plant into service. Energy Transfer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents. The earnings beat came despite lower production and natural gas prices, supported by disciplined costs and a 59% cash operating margin.The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates year-over-year growth of 11.81% and 42.23%, respectively.TotalEnergies SE TTE reported second-quarter 2026 operating earnings of $2.68 (€2.31) per share, which lagged the Zacks Consensus Estimate of $3.07 by 12.7%. The bottom line improved 70.7% from the year-ago figure of $1.57 (€1.38).The Zacks Consensus Estimate for 2026 implies year-over-year growth of 53.12% and the same for 2027 indicates a year-over-year decline of 7.46%.National Fuel Gas Company NFG reported third-quarter fiscal 2026 adjusted earnings of $1.54 per share, which beat the Zacks Consensus Estimate of $1.47 by 4.8%. However, earnings declined 6.1% from $1.64 in the year-ago quarter.The Zacks Consensus Estimate for fiscal 2026 and 2027 earnings per share implies year-over-year growth of 10.85% and 2.97%, respectively. 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 Energy Transfer LP (ET) : Free Stock Analysis Report CNX Resources Corporation. (CNX) : Free Stock Analysis Report National Fuel Gas Company (NFG) : Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

In the past quarter, CNX Resources Corporation reported second-quarter 2026 results showing revenue of US$618.48 million and net income of US$202.94 million, alongside lower production volumes year over year and updated 2026 production guidance of 605–620 Bcfe. Beyond its core natural gas operations, CNX highlighted an expanding contribution from federal and state environmental credits, with management pointing to a growing, recurring revenue stream from these programs as a key support for free cash flow and capital allocation priorities. We’ll now examine how CNX’s stronger-than-expected Q2 earnings and growing environmental credit monetization reshape the company’s investment narrative. Capitalize on the AI infrastructure supercycle with our selection of the 55 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. To own CNX Resources, you need to believe its disciplined natural gas business and growing environmental credit revenues can support consistent free cash flow, even through uneven production. The latest quarter showed lower volumes but confirmed 2026 production guidance, so the near term catalyst still centers on execution in the back half of the year, while the biggest current risk remains whether environmental credits and tax incentives actually translate into the predictable cash generation management is targeting. The Q2 2026 earnings beat, with US$618.48 million in revenue and US$202.94 million in net income, matters most here because it came alongside reaffirmed 2026 free cash flow guidance and clearer visibility on federal and state environmental credits. Management’s updated expectations for roughly US$90 million in annual environmental credit revenue highlight how much of the short term story now rests on rulemaking, pricing, and market stability for these programs rather than just production growth. Yet against this solid quarter, you should be aware that reliance on evolving environmental credit rules and pricing could still... Read the full narrative on CNX Resources (it's free!) CNX Resources' narrative projects $2.3 billion revenue and $499.8 million earnings by 2029. Uncover how CNX Resources' forecasts yield a $37.64 fair value, a 5% upside to its current price. Some of the lowest ranked analysts take a far more pessimistic view, assuming revenue falls about 1.3 percent a year and earnings drop to around US$552 million by 2029, so it is worth weighing that against CNX’s recent production guidance and growing environmental credit income to see which storyline you find more convincing. Explore 3 other fair value estimates on CNX Resources - why the stock might be worth over 6x more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your CNX Resources research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. Our free CNX Resources research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate CNX Resources' overall financial health at a glance. Every day counts. These free picks are already gaining attention. See them before the crowd does: Rare earth metals are the new gold rush. Find out which 29 stocks are leading the charge. The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 16 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. Find 55 companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CNX. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

CNX Resources Corporation CNX reported second-quarter 2026 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 57 cents by 26.3%. The bottom line increased 22% from the year-ago quarter’s 59 cents. The earnings beat came despite lower production and natural gas prices, supported by disciplined costs and a 59% cash operating margin. The company reported revenues of $389 million, which missed the Zacks Consensus Estimate of $413 million by 5.8%. CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote The average natural gas sales price was $2.40 per thousand cubic feet equivalent (Mcfe), down 15.5% from $2.84 in the year-ago period. Including cash settlements, the average realized price for natural gas, NGLs and oil increased 7.1% to $2.87 per Mcfe. Total production cost was $1.73 per Mcfe, up 3.59% year over year.Total production volumes were 151.5 billion cubic feet equivalent (Bcfe), down 9.6% year over year. Average daily production fell 9.6% year over year to 1,664.8 million cubic feet equivalent from 1,841.8 million cubic feet equivalent.Adjusted EBITDAX declined 12.7% year over year to $290 million from $332 million.Interest expenses totaled $39.02 million, down 11.4% year over year figure of $44.04 million. As of June 30, 2026, CNX Resources had cash and cash equivalents of $6.16 million compared with $0.8 million as of Dec. 31, 2025. Long-term debt as of June 30, 2026, was $2.22 billion compared with $2.21 billion as of Dec. 31, 2025 In the second quarter of 2026, net cash provided by operating activities was $279.5 million compared with $282.5 million in the year-ago quarter.In the second quarter of 2026, capital expenditures rose 25% year over year to $142 million compared with $113.6 million in the year-ago quarter.Free cash flow totaled $138 million in the second quarter of 2026, marking CNX Resources’ 26th consecutive quarter of positive free cash flow generation compared with $188 million a year earlier.During the second quarter, CNX Resources repurchased 5.6 million shares at an average price of $35.28 per share for a total cost of $199 million. Over the past 23 quarters, CNX incurred a total cost of $2.2 billion to repurchase nearly 105.8 million shares at an average price of $20.43 per share. Management maintained its 2026 production guidance of 605-620 Bcfe. Adjusted EBITDAX is projected between $1.27 billion and $1.32 billion. Total capital expenditures are expected in the range of $556-$586 million. This includes a $16 million payment for Utica Shale rights.CNX Resources reaffirmed free cash flow guidance of approximately $525 million. 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. ONEOK, Inc. OKE is slated to report second-quarter results 2026 on Aug. 3, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.39 per share, which indicates year-over-year growth of 3.73%. OKE’s long-term (three to five years) earnings growth rate is 3.27%. The Zacks Consensus Estimate for 2026 earnings is pinned at $5.56 per share, which implies a year-over-year improvement of 2.58%.Devon Energy DVN is slated to report second-quarter results 2026 on Aug. 4, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.30 per share, which indicates year-over-year growth of 54.76%. DVN's dividend yield is 1.28%. The Zacks Consensus Estimate for 2026 earnings is pinned at $4.64 per share, which implies a year-over-year improvement of 18.37%.Murphy Oil Corporation MUR is slated to report second-quarter 2026 results on Aug. 5, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.51 per share, which indicates a year-over-year increase of 459.26%. MUR's dividend yield is 1.40%. The Zacks Consensus Estimate for 2026 earnings is pegged at $3.14 per share, which indicates a year-over-year increase of 129.20%. 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 Resources Corporation. (CNX) : Free Stock Analysis Report Devon Energy Corporation (DVN) : Free Stock Analysis Report ONEOK, Inc. (OKE) : Free Stock Analysis Report Murphy Oil Corporation (MUR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, July 30, 2026, at 10 a.m. ET Senior Vice President of Finance and Treasurer — Tyler Lewis President and Chief Executive Officer — Alan K. Shepard Chief Financial Officer — Everett Good Chief Operating Officer — Navneet Behl Operator: Good day, and welcome to the CNX Resource Second Quarter 26 Question and Answer Conference Call. Today, all participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note that today's event is being recorded. I would now like to turn the conference over 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 second quarter Q&A conference call. Today, we will be answering questions related to our second quarter results. This morning, we posted to our Investor Relations website an updated slide presentation and detailed second quarter earnings release data such as quarterly E&P data, financial statements and non-GAAP reconciliations. Which can be found in a document titled 2Q 26 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. The call today will be used exclusively for Q&A. With me today for Q&A Alan K. 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 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: Thank you. We will now begin the question and answer session. As a reminder, to ask a question, you may press star then the number 1 on your touch tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. At any time your question has been addressed and you would like to withdraw it, please press star then the number 2. And today's first question will come from Gabe Daoud with Truist. Please go ahead. Gabe Daoud: Thanks, operator. Good morning, everyone. Was hoping we could hey. Morning, guys. Can we just start with 45Z maybe and just the updated guidance there around credit monetization? How should we think about I guess, timing around treasury issuing a final ruling to feel comfortable about that $40 million revenue number for 2027? Alan K. Shepard: Yeah. On the treasury guidance itself, that is going to be sometime second part of this year. And I will turn it over to Everett. He can sort of walk you through the what happened. So there are a couple of pieces that we disclosed. Everett Good: 1 was a step up in cash flows for the current year where we had confirmation that the methane stream cash for the first 4 months of 2025 qualified for credit. So we stepped up our monetization this year. And then, treasury also refined its carbon intensity calculations in its CRET model, which raised the value of our annual monetization. To approximately $40 million a year. So we combine our 45Z sales going forward which will be monetized in 2027, plus our environmental attributes were targeting approximately a $90 million a year run rate between the 2. Gabe Daoud: Okay. Okay. 90 million a year. Okay. Great. Great. Thanks for that. And then maybe just a follow-up. Could we get your updated thoughts around capital allocation moving forward Maybe a little bit of a weaker near term macro environment with a medium to longer term, improving picture. So how does CNX maybe think about capital allocation given that and your you know, attractive cadence on the buyback? Alan K. Shepard: Yeah. So we, you know, nothing's changed from our process. I mean, we are on year 6.5 of executing our capital allocation. Philosophy. Our focus is on creating long term value per share. And when we see sort of opportunities where the margin of safety is pretty big, we are going to go ahead and take advantage of that. So, we do not sort of signal as to what we are going to do, but we have a lot of flexibility, and we are seeing some attractive opportunities right now on the equity side. Great. Thanks, guys. Operator: And our next question is from Leo Mariani with Roth. Please proceed. Leo Mariani: Yes. Hi, good morning. I was hoping you could talk a little bit to capital here. In your prepared remarks, you guys said that third quarter CapEx is moving up some. Versus 2Q and I guess it is going to move back down in 4Q. I mean, just kind of eyeballing that, looks like it kind of puts you at the higher end of the 2026 CapEx range. Just wanted to verify that is generally accurate and maybe you guys are seeing some inflation starting to hit the numbers here. Alan K. Shepard: No. I would not ever read into that, Leo. You know, we are still guiding to the midpoint of those numbers and, you know, the commentary is more just about reflecting of the timing of activity we have going on in the field. Right? So you are just going to see slightly higher in Q3 and then sort of level out in Q4 and that just matches up with the activity in the field. Not seeing really anything on the inflation side to note. Leo Mariani: Okay. that is helpful. And just on production, guys talked about how fourth quarter was the peak. Obviously, there is been weakness in gas. Are you guys kind of attempting to sort of manage your turning lines a bit to try to get production to hopefully peak in winter when maybe prices are a little bit better? Does that mean third quarter is a little bit weaker and fourth quarter is kind of the strongest? Just trying to get a little sense what you are doing on production. Alan K. Shepard: Yeah. I think the schedule usually naturally sets up like that where we have some of the pads coming on towards the end of the year. But again, we do not over engineer for that answer. We are solving for sort of a different outcome. Yeah, the way it lines up this year, you will see a big couple of whales come on in Q3, and then you will see the rest of them sort of surge into Q4. Leo Mariani: Okay. that is helpful. And just on the 45Z, I will mention that, you monetized, you sold the $30 million of credits Is that kind of all going to hit like in the third quarter it is kind of 1 lump sum payment for you guys? Yes, Just trying to understand that. Everett Good: Yes. As a reminder, you will see it come through in the cash flow in Q3? that is why we disclosed it sort of early July activity. When you see it in the financials, remember, comes through the income tax expense line and shows up there. So you do not really see it in EBITDA. But you see it you will see the cash flow impact, is the most important thing. Coming through in Q3? Leo Mariani: Okay. Thank you. Operator: And the next question is from Michael Scialla with Stephens. Please proceed. Michael Scialla: Good morning, everybody. Looking at your morning. Looking at your second quarter spending, I realize you do not guide quarterly, but it was a little bit lower than we were anticipating. I think the street in general as well. Looks like you only drilled 2 wells, granted they were in the Utica, but anything slow down activity during the quarter? Or was that pretty much as planned? Alan K. Shepard: Yeah. that is as planned. I think it is just a function of us not providing quarterly guidance, which we do not-- we are not planning on doing. Again, I would just look to sort of where the full year guidance is and where those midpoints sit, and that is the right way to think about it. Okay. Michael Scialla: And on the 45Z, obviously encouraging there. Given that, any plans for additional remediation or are you just kind of stick with the Buchanan mine going forward? Alan K. Shepard: No. that is the right question. I mean, we are-- you are starting to see this carbon intensity score come down and the value of these credits creep up. We are getting close to where that might make sense, and we are we are always evaluating the opportunities to expand the system. We certainly have some rights and opportunities to do that. Nothing definitive at this time. You know, as we keep making progress, that would be the goal longer term. So probably nothing this year, but longer term. Yeah. Nothing for the rest of this year. Okay. Michael Scialla: I just wanted to sneak 1 more in if I could. Sure. On-- it looked like your-- you last couple quarters, you have set some 24 hour drilling records on the Utica. Anything you can say there in terms of well costs? I know you I think you are in kind of that $1.7 thousand per foot range. Is that still a good number there, or is that moving either way? Alan K. Shepard: Yeah. I would say that is sort of the number we are staying with right now. I mean, we have seen what we have talked about last time is the opportunity for improvement is in the drilling side. Completions in the rest of the well construction is pretty steady. But, you know, every time we go back to 1 of these pads, every time we get a new well, we are getting better and better as you would expect as the industry shown over the years. So we will provide, you know, when we are ready and we have a fulsome data set, we will provide maybe an update on that at a future point. Sounds good. Thanks, Alan. Yep. Operator: Thank you. The next question comes from Jacob Roberts with TPH. Please go ahead. Jacob Roberts: Good morning. Hi, Jacob. Hey. I know you just specifically said no quarterly guidance, but I am wondering if you could help us out a little bit on the activity plan from here. And specifically how we should be thinking about the TIL count by quarter relative to the higher level of spending in Q3? And maybe specifically, if you could comment on where the remaining Utica tilt will fall in the back half of the year? Navneet Behl: Yeah. I will give you some direction there. So we have got a large Marcellus pad in process right now that will come on in Q3? So that is 12 to 13 of your TILs will hit in Q3? And then that Utica pad that we are in the process of right now, that will hit later in Q4. Jacob Roberts: Perfect. that is that is very helpful. And maybe for Everett, on the low carbon side, obviously, positive to the 45Z uplift there, but I wanted to focus on the Pennsylvania AEC market. It sounded to me like if you are thinking about $90 million for next year, that is a flat run rate on the AEC market going forward. I am just curious if you could speak to what you are seeing in that market and kind of the confidence you have around the numbers for the rest of this year and into 2027? Everett Good: Yeah. We are essentially just marking it to market off of where we are seeing it trade off ice. So we are assuming it is stable to flat. We do see some level of volatility in that market and we will, as we provide, go forward guidance, we can constantly market to market. But we are seeing relative stability there in the price. Great. I appreciate the time. Operator: And the next question comes from Betty Chang with Barclays. Please proceed. Betty Jiang: Great. Thank you. Good morning. Good morning, Betty. Good question. On the buyback, clearly, you are really leaning into the countercyclical buyback here. Just wondering philosophically, I think you took down some debt on the revolver. what is your willingness to lean on the debt to buy back more stock in this environment? Alan K. Shepard: that is a good question. I think maybe think about the short term outlook for gas and the longer term outlook, maybe that is informative, right? 2026 going into 2027 setting up to be a little bit soft. But longer term, you know, the outlook for gas here in Appalachia in particular is tremendous. You know? So if that is your view, you should be much more as a sort of an upstream operator, much more interested in repurchasing shares. Right? I think based on our activity level, there is a reasonable argument that we are probably the most bullish of the operators here in Appalachia. So yeah. And under those circumstances, with the right constraints and risk management around it, you could certainly see outspend if that is what made sense. But, you know, regardless of any of that, we are gonna keep running the process we have been running for the last 6 years, and allocate capital to the best use. Betty Jiang: Got it. Okay. Makes sense. And then operationally, a 2-part, 2-focus. 1, the lateral length is a lot longer in Q2 in Southwest PA. Just if you could comment on that specific to Q2 or just generally your program is getting longer in lateral length? And then secondly, on the Central PA, now that your 1 QL has been on for a while and you also brought on Utica, in the second quarter. Just maybe how these wells are faring relative to your expectations? Alan K. Shepard: Yes. On the lateral length, that is really a function of what your acreage position is. Obviously, the longer the better in terms of well economics. So we try to fit them in to optimize for that. But again, it is a function of where you have acreage. On the Utica side, I think you see from the state data and from whatever else that has been published out there these wells are performing as we guided to. So we are very pleased with sort of the results from the Utica, and we think it is top tier in the basin. Got it. Thank you. Operator: And this does conclude today's question and answer session. I would now like to turn the conference back over to Tyler Lewis for any closing remarks. Tyler Lewis: Great. Thank you again for joining us this morning, and please feel free to reach out if anyone has any additional questions. Otherwise, we look forward to speaking with everyone again next quarter. Alan K. Shepard: Thank you. Thanks everybody. Operator: And the conference has now concluded. Thank you for attending today's presentation, and you may now disconnect. Before you buy stock in CNX Resources, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and CNX Resources wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,081!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,166,221!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of July 30, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. CNX Resources (CNX) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in CNX Resources Corporation.? Here are five stocks we like better. 45Z credit expectations increased: CNX now projects about $40 million in annual Section 45Z monetization, with environmental attributes potentially lifting the combined run rate to approximately $90 million annually beginning in 2027. The company has monetized $30 million of credits, with the cash-flow impact expected in the third quarter. Capital spending remains on plan: Full-year 2026 capital spending is expected near the midpoint of guidance, while management continues to evaluate share repurchases based on long-term per-share value and market conditions. Production growth is expected in the second half: A large Marcellus pad is scheduled to enter production in the third quarter, followed by an Utica pad in the fourth quarter. CNX also reported continued drilling improvements and said its Utica wells are performing in line with expectations. $7 Billion in Clean Hydrogen Grants: Winners and Losers CNX Resources (NYSE:CNX) outlined its outlook for federal clean-fuel tax credits, capital allocation, drilling activity and production timing during its second-quarter 2026 question-and-answer conference call. Management said updated Treasury guidance and confirmation regarding qualifying methane streams have increased the company’s expectations for monetizing credits under Section 45Z. The company also reiterated that its capital-allocation approach remains centered on long-term per-share value, including potential share repurchases when management sees a substantial margin of safety. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Chief Financial Officer Everett Good said CNX received confirmation that methane captured during the first four months of 2025 qualified for the 45Z credit. That confirmation supported an increase in the company’s expected cash flows for 2026. Good said Treasury also refined carbon-intensity calculations in its GREET model, raising CNX’s projected annual 45Z monetization value to about $40 million. He said CNX expects to combine future 45Z credit sales with environmental attributes to target a run rate of approximately $90 million annually beginning in 2027. → Microsoft Just Flipped the AI Spending Narrative Overnight President and Chief Executive Officer Alan Shepard said Treasury guidance is expected during the second half of 2026. CNX said it monetized $30 million of credits, with the cash-flow impact expected to appear in the third quarter. Shepard said the accounting treatment will be reflected through the income-tax expense line rather than EBITDA. → Carrier Earnings Could Send the Stock to a New All-Time High On potential expansion of its methane-remediation activities, Shepard said the company is monitoring whether lower carbon-intensity scores and higher credit values could support additional investment. CNX has rights and opportunities to expand the system, he said, but no definitive expansion plans are in place. “Nothing near term, no. Nothing for the rest of this year,” Shepard said in response to a question about additional remediation projects beyond the Buchanan Mine. Good also addressed the Pennsylvania alternative energy credit, or AEC, market. He said CNX is using observed ICE market pricing in its assumptions and is currently modeling the market as stable to flat, while recognizing that the market can be volatile. CNX said its projected capital spending remains positioned around the midpoint of its full-year 2026 guidance range. While third-quarter spending is expected to rise from second-quarter levels and then level out in the fourth quarter, Shepard said that timing reflects field activity rather than cost inflation. “Not seeing really anything on the inflation side to note,” Shepard said. Management declined to provide quarterly capital-spending guidance, emphasizing that investors should evaluate the company against its full-year guidance range. Shepard said CNX has not changed the capital-allocation process it has followed for roughly six and a half years. He said the company’s priority is creating long-term value per share and that CNX has flexibility to act when it identifies attractive opportunities in its equity. Asked about the company’s willingness to use debt, including its revolving credit facility, to support additional repurchases, Shepard said the near-term natural-gas outlook appears softer heading into 2027, while the longer-term outlook for Appalachian gas remains strong. Under that view, he said, an upstream operator could be more interested in repurchasing shares, subject to appropriate constraints and risk management. He added that CNX would continue evaluating capital deployment through its established process. Management said second-quarter drilling activity and spending were in line with its plans, despite questions from analysts about whether spending was lower than expected. CNX drilled two Utica wells during the quarter, and Shepard said the pace reflected the company’s planned activity schedule. For the second half of the year, CNX expects a large Marcellus pad currently in progress to enter production during the third quarter. Shepard said the pad represents approximately 12 to 13 annualized wells. The company’s current Utica pad is expected to come online later in the fourth quarter. Shepard said that schedule should result in a couple of larger wells coming online in the third quarter, followed by additional production growth in the fourth quarter. He said CNX does not over-engineer its production schedule around seasonal gas-price expectations, though the company’s planned completion timing naturally positions some production later in the year. CNX said it continues to see operational improvement in its Utica drilling program. Shepard said the company has achieved recent 24-hour drilling records and continues to improve drilling performance as it returns to pads and advances through additional wells. The company continues to use an estimated well-cost level of approximately $1,700 per foot for the Utica, according to Shepard. He said the most significant potential for future improvement remains in drilling, while completions and other well-construction costs have been relatively steady. CNX plans to provide a further update when it has a more complete data set, he said. Shepard also said the company’s Utica wells in central Pennsylvania are performing in line with CNX’s prior guidance. Based on state data and other available information, he said management is pleased with the results and considers the asset “top tier in the basin.” Regarding longer lateral lengths in southwestern Pennsylvania during the second quarter, Shepard said the lengths are primarily determined by acreage configuration. CNX seeks to maximize lateral length where possible because longer laterals generally improve well economics. CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio. In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "CNX Resources Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.