CNX Resources Crushes Q1 Expectations with Blowout Results

CNX Resources posted impressive first-quarter 2026 results, exceeding expectations in both earnings per share and revenue. The company's EPS of $2.18 beat the estimated $0.97 by a substantial 123.96%, while its revenue of $786.7 million surpassed the forecasted $563.1 million by 39.70%. Natural gas prices averaged $5.04 per MMBtu, up from $3.65 in Q1 2025.

The significant swing in commodity derivative positions contributed to CNX's outperformance, with an unrealized gain of $226 million on derivatives offsetting the loss experienced a year ago. Additionally, stronger natural gas prices bolstered the company's revenue and earnings. Adjusted EBITDAX climbed to $400 million from $325 million, while GAAP net income swung to $348.15 million from a net loss of $197.72 million.

CNX updated its 2026 guidance, maintaining production volumes of 605-620 Bcfe with approximately 7-8% liquids content. The company narrowed its adjusted EBITDAX guidance to $1.265-$1.315 million from a previous $1.310-$1.360 million, reflecting updated forward pricing and a wider natural gas differential.