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CNX Resources (CNX) finally got around to addressing the cash flow issues. Evidently putting out rosy slide shows just did not do the job. Nothing substitutes for cold hard cash when it comes to paying debt. Management finally got around to admitting they did not have the cash by acquiring the outstanding shares of CNX Midstream (CNXM) in an all-stock deal.
As I previously noted, the E&P company really could not afford more debt. Therefore, an all-stock deal is logical even though it dilutes shareholders.