CNX Resources Corporation (NYSE:CNX) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET

Company Participants

Tyler Lewis - VP, IR

Nicholas DeIuliis - President, CEO & Director

Navneet Behl - COO

Alan Shepard - CFO

Ravi Srivastava - President, New Technologies

Conference Call Participants

Benjamin Parham - JPMorgan Chase & Co.

Leo Mariani - ROTH MKM Partners

Bertrand Donnes - Truist Securities

Michael Scialla - Stephens Inc.

John Abbott - Bank of America Merrill Lynch

Noel Parks - Tuohy Brothers

Operator

Good morning, and welcome to the CNX Resources Second Quarter 2023 Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference over to Tyler Lewis, Vice President of Investor Relations. Please go ahead.

Tyler Lewis

Thank you, and good morning to everybody. Welcome to CNX's second quarter conference call. We have in the room today, Nick DeIuliis, our President and CEO; Alan Shepard, our Chief Financial Officer; Navneet Behl, our Chief Operating Officer; and Ravi Srivastava, 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 2Q 2023 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 Ravi will participate as well.

With that, let me turn the call over to you, Nick.

Nicholas DeIuliis

Thanks, Tyler, and good morning, everybody. Second quarter of 2023, that marks our 14th consecutive quarter of free cash flow generation and the continued execution of our long-term strategy. It also represents the halfway point on the 7-year plan that we presented to the market back in 2020. So 3.5 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. So 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 share value for our owners.