Appalachian pure-play CNX Resources Corp. indicated Thursday that a merger with any of its peers is likely out of the question when measured against current performance and the value it’s likely to create in the coming years. 

Appy Oct 29

“You’re going to need to find someone who is not going to weaken or dilute our best in class attributes,” said CEO Nicholas Deluliis. He pointed to the story the company has been telling for years and a third-party report by Enverus that found CNX has a peer-leading asset inventory under $2.50/Mcf natural gas and low operating costs. 

Deluliis took a bit more time than usual during the third quarter earnings call to address the possibility of mergers and acquisitions (M&A). The comments came only days after Bloomberg reported that EQT Corp.,...