CNX Resources' strategy: Buying back stock in a big way

·4 min read
CNX Resources' strategy: Buying back stock in a big way

The Canonsburg-based natural driller, one of the largest in Pennsylvania, has under CEO Nick DeIuliis' tenure charted a somewhat different course than others in the oil and gas industry. DeIuliis has focused in free cash flow and other financial metrics, prioritizing those over the ups and downs of the commodity markets and laying out a seven-year plan for the company when most drillers are only willing to give a year or two peek at most. CNX (NYSE: CNX) has gone from 224.5 million outstanding shares on the New York Stock Exchange beginning of the third quarter of 2020 to 170.1 million shares outstanding as of Jan. 17, 2023.