This is Matt Reustle. Today, we are going into the land of oil and gas to break down CNX. The history of CNX dates back over 150 years. When it comes to energy production, the company's evolution has been very comparable to that of the United States. Our guest today is James Wilson, manager of The Huginn Fund at Phoenix Asset Management. We discuss the CNX backstory and how it took its coal roots to build this massive natural gas business. We also cover what differentiates CNX's management team and operational strategy relative to Exploration & Production (E&P) peers. Please enjoy this breakdown of CNX.

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Show Notes (00:00:00) Welcome to Business Breakdowns (00:02:32) First Question - The History and Evolution of CNX (00:03:17) Understanding the Business Model (00:10:33) The Transition from Coal to Natural Gas in the US (00:16:44) Gathering and Compressing Assets to Leverage Fixed Costs (00:21:45) Understanding the Unit Economics of CNX (00:28:27) The Competitive Landscape in Drilling (00:30:05) The Engineering Excellence and Leadership at CNX (00:30:46) Exploring the Potential of the Utica Shale (00:32:27) The Economics of Drilling (00:34:27) Managing the Volatility of Natural Gas Prices (00:41:37) The Impact of Regulation on the Drilling Industry (00:44:59) The Role of Acquisitions in Expanding Reserves (00:51:14) Lessons Learned From CNX