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Gas producer CNX Resources is one of the largest Appalachian-based E&Ps. The company posted $2.90/share in earnings in Q4 and generated $356 million in total FCF during FY21.
Yet the company pays no dividend to its shareholders. What gives?
While it is understandable that the company wants to reduce debt, note that the management team prefers share buybacks to dividends directly to its investors.