CNX Resources Corp (CNX)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	1,888,710	1,843,780	2,154,090	2,203,110	2,205,740	1,920,440	1,907,070	1,890,790	2,214,120	2,203,730	2,265,970	2,346,200	2,401,430	2,577,970	2,540,770	2,640,150	2,754,440	2,640,230	2,618,380	2,430,490
Total stockholders’ equity	US$ in thousands	4,361,020	3,957,310	3,983,190	3,567,300	2,950,460	1,976,990	2,537,020	2,569,510	3,700,270	3,186,520	4,136,930	4,510,410	4,422,440	4,270,180	3,746,420	3,836,330	4,160,550	4,434,980	4,325,660	4,215,510
Debt-to-capital ratio		0.30	0.32	0.35	0.38	0.43	0.49	0.43	0.42	0.37	0.41	0.35	0.34	0.35	0.38	0.40	0.41	0.40	0.37	0.38	0.37

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 exhibited a general downward trend over the past eight quarters, indicating an improvement in the company's financial leverage. From Q1 2022 to Q4 2023, the ratio decreased from 0.46 to 0.34, reflecting a reduction in the proportion of debt relative to total capital employed.

The decline in the debt-to-capital ratio suggests that CNX Resources Corp has been successfully managing its debt levels in relation to its capital structure. This improvement may indicate a strengthened financial position and reduced financial risk for the company.

Overall, the decreasing trend in the debt-to-capital ratio for CNX Resources Corp signifies a positive development in the company's financial health and capital structure management.