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CNX Resources (CNX) represents an incredibly cheap, low-risk, long-dated option on a natural gas recovery. With ~80% of gas volumes hedged at prices substantially higher than strip over the next three years, $442 million of expected CNX Midstream (CNXM) distributions and IDR cancellation payouts, and $102 million of cash tax refunds, I expect CNX to generate approximately $800 million of free cash flow by the end of 2022,