CNX Resources Corp (CNX)

Debt-to-equity 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-equity ratio		0.43	0.47	0.54	0.62	0.75	0.97	0.75	0.74	0.60	0.69	0.55	0.52	0.54	0.60	0.68	0.69	0.66	0.60	0.61	0.58

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,888,710K ÷ $4,361,020K
= 0.43

The debt-to-equity ratio for CNX Resources Corp has shown a downward trend over the past year, indicating an improvement in the company's financial leverage and risk exposure. The ratio decreased from 0.75 in Q4 2022 to 0.51 in Q4 2023, suggesting that the company has been successful in reducing its reliance on debt to finance its operations and investments. This trend continued throughout the year with fluctuations between 0.51 and 0.62, demonstrating relative stability in the company's capital structure.

Overall, a debt-to-equity ratio of around 0.5 to 0.6 indicates that CNX Resources Corp is maintaining a healthy balance between debt and equity, with a moderate level of debt compared to its equity. This level of leverage is generally considered acceptable for a company in the energy sector, where capital-intensive projects and cyclical market conditions can influence financial performance. However, management should continue to monitor and manage the ratio to ensure it remains within comfortable limits and supports sustainable growth and profitability.