Billionaire’s 15 Favorite Oil and Gas Stocks Right Now

9. CNX Resources Corporation (NYSE:CNX)

Number of Billionaire Holders: 14

CNX Resources Corporation (NYSE:CNX) is a premier ultra-low carbon intensive natural gas development, production, midstream, and technology company in the Appalachian basin. The company owns or operates approximately 2,700 miles of natural gas gathering pipelines and a number of natural gas processing facilities.

CNX Resources Corporation (NYSE:CNX) reported a revenue of $136.58 million in Q4 2024, representing a sharp YoY decline of 86.34%, and below market expectations by over $296.6 million. However, the company’s EPS of $0.57 was above analysts’ estimates. CNX generated $199 million in free cash flow in Q4 2024, bringing its full year 2024 FCF total to $331 million and marking its 20th consecutive quarter of positive free cash flow generation. The company utilized this cash to reduce its net debt by $173 million and buy back $22 million worth of its shares.

CNX Resources Corporation (NYSE:CNX) announced in January that it has closed the $505 million acquisition of the natural gas upstream and associated midstream business of Apex Energy II in the Appalachian basin, allowing it to expand its portfolio in the energy sector.

Longleaf Partners, managed by Southern Asset Management, stated the following regarding CNX Resources Corporation (NYSE:CNX) in its Q4 2024 investor letter:

“CNX Resources Corporation (NYSE:CNX) – Natural gas company CNX Resources was a top performer for both the quarter and the year. The company consistently delivered solid operational results throughout the year, maintaining continued focus on growing value per share. CNX came into 2024 more hedged than peers and with a strong balance sheet that has funded continued share repurchases at a double-digit annualized pace. The company continues to focus on what is within their control, leveraging its low-cost structure and disciplined hedging strategy to deliver free cash flow (FCF) in a variety of price environments. The company also announced an asset purchase in the fourth quarter that both strategically helps its existing assets in the Deep Utica and grows the company’s value per share. CNX remains discounted and one of our stronger value growers over the last few years. Our partners CEO Nick DeIuliis and Chairman Will Thorndike continue focusing on growing long term FCF and value per share. If you would like to learn more about CNX, we hosted a podcast in September with CEO Nick DeIuliis that covers a range of topics.”