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PITTSBURGH - CNX Resources Corporation (NYSE:CNX) has appointed Alan Shepard as president while he continues to serve as chief financial officer, the natural gas company announced today. The company, currently valued at $4.6 billion, has shown strong market performance with a 23% return over the past year.
The promotion was unanimously approved by CNX’s board of directors. Shepard, who rejoined the company in 2020, will continue to report to Chief Executive Officer Nick Deiuliis.
"Since rejoining CNX in 2020, Alan has been integral to the development, communication, and execution of CNX’s sustainable business model and the implementation of our capital allocation approach," said Deiuliis in a statement.
Ian McGuire, Chairman of the Board of Directors, stated that the promotion "reflects the collective confidence that the Board has in Alan’s leadership as CNX moves forward."
CNX Resources describes itself as an ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia. The company reported having 8.54 trillion cubic feet equivalent of proved natural gas reserves as of December 31, 2024.
The Pittsburgh-based firm is a member of the Standard & Poor’s Midcap 400 Index and has a regional legacy spanning 161 years, according to the company’s press release statement.
In other recent news, CNX Resources Corp reported its Q1 2025 financial results, revealing an earnings per share (EPS) of -1.34, which significantly missed the forecasted 0.61. Despite this earnings shortfall, the company’s revenue exceeded expectations, reaching $551.09 million compared to the anticipated $517.08 million. CNX Resources continues to maintain a robust share buyback program, with $125 million repurchased in Q1 2025. The company has also seen better-than-expected performance from its Apex acquisition wells. Analysts from JPMorgan and ROTH Capital Partners have shown interest in CNX’s financial management and production plans, with questions about future activity levels and cash tax strategies. The company remains focused on free cash flow per share rather than specific production targets, highlighting its strategic priorities amidst market challenges. Additionally, CNX Resources is monitoring gas prices and storage levels to guide future operational decisions. Despite the earnings miss, the company’s strategic initiatives and revenue performance suggest resilience in navigating market pressures.
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