CNX Resources guides for higher full-year production while capex drops

CNX Resources (NYSE:CNX) -2.4% in Thursday's trading despite posting better than expected Q2 adjusted earnings and revenues, and raising guidance for full-year natural gas production while planning for capital spending to remain steady.

CNX's (NYSE:CNX) results follow reports earlier this week from two other major U.S. gas producers, EQT and Range Resources, which said in their earnings reports that they also would produce more energy this year than previously expected.

CNX (CNX) said it planned FY 2025 capital spending of $450M-$500M, the same as its Q1 guidance, to produce 1.68B-1.7B cfe/day, compared with its previous outlook for 1.66B-1.7B cfe/day; in FY 2024, the company spent ~$540M in capital and produced 1.51B cfe/day.