CNX Resources raises FCF outlook, pays down debt

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CNX Resources Corp. raised its outlook for 2020 free cash flow, and reiterated its plan to allocate cash to debt reduction. The natural gas exploration and production company said it now expects FCF of $350 million, up from previous guidance of $300 million. The company also expects previously curtailed production will resume on Oct. 1, and that it plans 2020 capital expenditures to be near the midpoint of previous guidance of $470 million to $550 million. Separately, CNX said it used the $104 million in federal tax refunds received in August to pay down its 5.875% notes due in 2022, leaving a remaining $250 million balance. The stock, which was still inactive in premarket trading, has gained 18.9% year to date through Friday, while the S&P 500 has tacked on 6.1%.
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