CNX Resources Corp (CNX)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	4,361,020	2,950,460	3,700,270	4,422,440	4,160,550
Debt-to-capital ratio		0.30	0.43	0.37	0.35	0.40

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,888,710K ÷ ($1,888,710K + $4,361,020K)
= 0.30

The debt-to-capital ratio of CNX Resources Corp has shown fluctuation over the past five years. In 2023, the ratio decreased to 0.34 from 0.43 in 2022, indicating a reduction in the proportion of debt relative to total capital. This may suggest improved financial leverage and lower financial risk for the company. Comparing to 2021 and 2020, the current ratio is lower, indicating a reduced reliance on debt financing to fund its operations. Although still higher than the ratio in 2019, the trend in recent years reflects a more conservative debt to capital structure for CNX Resources Corp.