CNX Resources Corp. took a big loss on its hedge book during the third quarter, but management defended its strategy and pointed to consistent returns for shareholders during the period when other results surpassed expectations.

The company reported a $1.5 billion loss on derivatives. Its projections also show it losing more in the months ahead as the weighted average prices of the volumes it currently has hedged through next year are well below the forward market. 

Appalachian producers have been hit hard by their hedging this year, as some failed to anticipate the sharp jump in prices. EQT Corp. reported a $3.3 billion loss on derivatives for the third quarter. 

“We fundamentally believe that natural gas prices are impossible to consistently predict. You might guess right...