CNX Resources Corporation (NYSE:CNX) Q4 2022 Results Conference Call January 26, 2023 10:00 AM ET
Company Participants
Tyler Lewis - VP of IR
Nick DeIuliis - President, CEO and Director
Alan Shepard - CFO
Conference Call Participants
Zach Parham - JPMorgan
Leo Mariani - MKM
Neal Dingmann - Truist Securities
John Abbott - Bank of America
Jeoffrey Lambujon - Tudor, Pickering, Holt
Noel Parks - Tuohy Brothers
Operator
Good day, and welcome to the CNX Resources Fourth Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]After today’s presentation there will be opportunity to ask questions. And please note that 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.
Tyler Lewis
Thank you, and good morning, everybody. Welcome to CNX's fourth quarter conference call. We have in the room today Nick DeIuliis, our President and CEO; Alan Shepard, our Chief Financial Officer; and Navneet Behl, our Chief Operating Officer.
Today, we will be discussing our fourth quarter results. This morning, we posted an updated slide presentation to our website. Also detailed fourth 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 4Q 2022 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 Securities 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 will participate as well.
With that, let me turn the call over to you, Nick.
Nick DeIuliis
Good morning, everybody. 2022, it marked the best year ever for CNX as a public company with respect to free cash flow generation. The fourth quarter marked 12 consecutive quarters of significant free cash flow generation, which helped produce the annual record of $707 million. We utilized the free cash flow to reinvest into the asset base. We used it to reduce debt, and we used it to acquire our discounted shares Cumulatively, you add all this up, we've retired nearly 25% of the outstanding shares of the company since the inception of the share repurchase program in 2020. And to put this in a perspective in terms of the total impact, the cumulative result of acquiring nearly quarter of our company in this short period of time, it's been matched or vested by only four other companies in the S&P 500 and only by 22 companies in the S&P 1500.