CNX Resources Corp (NYSE:CNX) Q1 2023 Earnings Conference Call April 27, 2023 10:00 AM ET

Company Participants

Tyler Lewis - VP, IR

Nicholas DeIuliis - President, CEO & Director

Alan Shepard - CFO

Ravi Srivastava - President, New Technologies

Navneet Behl - COO

Conference Call Participants

Zachary Parham - JPMorgan Chase & Co.

Leo Mariani - ROTH MKM

Michael Scialla - Stephens Inc.

Noel Parks - Tuohy Brothers

Operator

Good morning, and welcome to the CNX Resources First 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 first quarter conference call. We have in the room today, Nick Deluliis, 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 first quarter results. This morning, we posted an updated slide presentation to our website. Also detailed first 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 1Q 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 in our previous Security and Exchange Commission filings. We will begin our call today with prepared remarks by Nick, followed by Alan, and then we will open the call up for Q&A where Nav and Ravi will participate as well. With that, let me turn the call over to you, Nick.

Nicholas DeIuliis

Thanks, Tyler. Good morning, everybody. First, let me give you warning at the start, this is take your kids to Workday for us. We've got over 80 kids throughout the hallways in the office at the headquarters today, and we lost contain about 45 minutes ago. So if you hear any yelling or screaming, that's what that's all about. I apologize in advance. But it is one of my favorite days actually of the year.

First quarter of 2023, it marked 13 consecutive quarters of significant free cash flow generation, that's going back to early 2020. And we've continued to utilize that free cash flow to reinvest into the asset base and to acquire a significant amount of our shares at prices that we believe represent a substantial discount to their intrinsic value. During the quarter, we repurchased an additional 3% of our outstanding shares, and that's resulting in the cumulative retirement of approximately 28% of the outstanding shares of the company since 2020. And as we discussed on our previous call, this magnitude and the pace of the buybacks has not only been vested by a small handful -- of very small handful actually of other companies across the S&P 1500 over the same period of time.