CNX Resources Corporation

Good morning and welcome to the CNX Resources second quarter 2023 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Tyler Lewis, Vice President of Investor Relations. Please go ahead.

Thank you, and good morning to everybody. Welcome to CNX's second quarter conference call. We have in the room today Nick Deolius, our President and CEO, Alan Shepard, our Chief Financial Officer, Navneet Bhil, our Chief Operating Officer, and Ravi Srirastava, President of our New Technologies Group. Today, we will be discussing our second quarter results. This morning, we posted an updated slide presentation to our website. Also, detailed second quarter earnings release data, such as quarterly E&P data, financial statements, and non-GAAP reconciliations are posted to our website in a document titled 2Q2023, Earnings Results and Supplemental Information of CNX Resources. As a reminder, any forward-looking statements we make or comments about future expectations are subject to business risks, which we have laid out for you in our press release today, as well as our previous Securities and Exchange Commission filings. We will begin our call today with prepared remarks by Nick and Nav, followed by Alan. And then we will open the call for Q&A, where Robbie will participate as well. With that, let me turn the call over to you, Nick.

Thanks, Tyler. Good morning, everybody. Second quarter of 2023, that marks our 14th consecutive quarter of free cash flow generation and a continued execution of our long-term strategy. It also represents the halfway point on the seven-year plan that we presented to the market back in 2020. So three and a half years into the plan, we've now generated approximately $1.8 billion in free cash flow. We reduced outstanding debt by almost $415 million. and we repurchased 30% of our outstanding shares. Now, there have certainly been twists and turns from the original plan as time has passed and macro events have unfolded. We are on pace to exceed our goals, and we've been unwavering in the core principles of our sustainable business model. It has, and it's going to continue to generate significant long-term per share value for our owners. And additionally, despite some near-term cyclical challenges that the industry is currently experiencing, Long-term outlook for CNX and for the natural gas industry as being the cornerstones of our collective energy and economic future, that long-term outlook has never been brighter. During the quarter, we continued to focus on what I reference as the three key areas of long-term per share value creation. First, we've got efficient execution and the development of our extensive asset base. Second, we've got that continued progress and the growth of our new technologies business unit. And then last but not least, clinically allocating that free cash flow to acquire significant amount of our shares at prices that we believe represent a substantial discount to their intrinsic value. Operationally, the team has built some serious and impressive momentum across effectively all fronts in 2023. Drilling and completions, they're firing on all cylinders. That's true for both the Marcellus and the Utica Horizons. And that, of course, establishes a new efficiency level that's going to impact everything from till timing to capital intensity. But instead of me talking about this, let's have Nav, our leader of the operations effort, tell you directly. So I'll turn it over for a few minutes to Nav.