CNX Resources Corp (CNX)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	1,888,710	2,205,740	2,214,120	2,401,430	2,754,440
Total assets	US$ in thousands	8,626,660	8,515,770	8,100,750	8,041,760	9,060,810
Debt-to-assets ratio		0.22	0.26	0.27	0.30	0.30

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $1,888,710K ÷ $8,626,660K
= 0.22

The debt-to-assets ratio of CNX Resources Corp has shown a declining trend from 0.31 in 2019 to 0.26 in 2023. This indicates that the company has been gradually decreasing its reliance on debt financing in relation to its total assets over the years. A lower debt-to-assets ratio generally suggests a lower financial risk as it indicates that a smaller portion of the company's assets are funded by debt. It also signifies a higher proportion of equity in the company's capital structure, which can be viewed positively by investors and creditors. Overall, the decreasing trend in the debt-to-assets ratio for CNX Resources Corp reflects a strengthening financial position in terms of leverage and debt management.