CNX – CNX is trading below Uniform Asset values, but management is confident about their Richhill well and new rig

• CNX Resources Corporation (CNX:USA) currently trades near historical lows relative to UAFRS-based (Uniform) Assets, with a 0.8x Uniform P/B. At these levels, the market has relatively muted expectations for the firm, while management is confident about the development of the Richhill well, and turning their fourth rig online
• Specifically, management is confident in their long-term deal for a fully electric frac fleet with Evolution Well Services, and in what their new rig brings to the table from a technology standpoint. Moreover, they are confident that by turning their Richhill well in line they were able to find some additional capacity on existing infrastructure, and in their decision to defer the midstream expansion of the Richhill well