Why CNX Resources and Its MLP Are Moving in Opposite Directions Today
Shares of natural gas driller CNX Resources (NYSE: CNX) are rallying today, up nearly 14% by 10:45 a.m. EDT. The company's MLP, CNX Midstream Partners (NYSE: CNXM), on the other hand, was heading in the opposite direction, with its units tumbling 31% this morning. Fueling the big moves were first-quarter results and an update to operating plans.
Slumping commodity prices weighed heavily on CNX Resources' first-quarter results. The gas driller reported a loss of $329 million, or $1.76 per share, as weaker pricing forced the company to write down the value of its midstream unit as well as its coal bed methane operations in southwestern Pennsylvania.
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Source Fool.com
