CNX Resources Corp

CNX Resources Corp is a U.S. natural gas development, production, midstream and technology company centered in the Appalachian Basin. Its core asset base is concentrated in the Marcellus and Utica shale formations in Pennsylvania, Ohio and West Virginia, with additional coalbed methane operations in Virginia. The company combines upstream gas production with owned gathering and processing infrastructure, which helps it move gas from the wellhead to market and reduce dependence on third-party midstream services. CNX also emphasizes ultra-low carbon intensity gas, environmental attributes and operational flexibility in how it markets and transports production.

28,3 %

+76,8 %

0.44

0.41

— CNX Resources Corp
%
Upstream natural gas production80% Exploration, development and production of natural gas from shale and CBM assets in the Appalachian Basin.
Midstream gas services10% Owned and operated gathering pipelines and processing facilities that move gas from the wellhead to market.
Transportation optimization4% Firm transportation capacity management and release of excess capacity to third parties.
Water services3% Water sourcing, delivery and disposal services supporting drilling and third-party operations.
Environmental attributes and other revenue3% Sales of environmental credits, carbon-related attributes and other ancillary revenue streams.

CNX sells substantially all of its natural gas at market prices under short-term sales contracts, so its customer base...

  • Gas marketersprimary

    Buy market-priced natural gas under short-term contracts for resale into regional and broader U.S. markets.

  • Power generation facilitiesprimary

    Buy gas for electricity generation, a key end market that supports CNX demand and pricing.

  • Industrial customerssecondary

    Buy gas for industrial fuel and feedstock use, supporting steady regional demand.

  • Local distribution companiessecondary

    Buy gas for local utility supply and seasonal balancing needs.

  • Third-party midstream and water customerssecondary

    Buy gathering, water delivery/disposal and transportation services where CNX monetizes infrastructure and excess capacity.

CNX’s operations are concentrated in the eastern United States, especially the Appalachian Basin, with core activity in...

  • •Appalachian Basin is the core operating region
  • •Primary shale assets are in Pennsylvania, Ohio and West Virginia
  • •Coalbed methane operations are in Virginia
  • •Southwestern Pennsylvania, northern West Virginia and eastern Ohio are key hubs
  • •Proximity to major pipelines supports market access and lower transport cost
  • •Central Pennsylvania acreage expanded through the Apex acquisition

CNX’s strategy is to develop its Appalachian asset base responsibly while using technology, operational expertise and...

01
Expand and high-grade Appalachian leaseholdmedium-term

More acreage and infrastructure improve drilling inventory, operating efficiency and long-term production visibility.

02
Optimize midstream and transportation portfolioshort-term

Owned gathering, processing and firm transport reduce third-party dependence and improve netbacks.

03
Maintain low-cost, low-carbon-intensity productionmedium-term

Differentiated gas quality and emissions profile can support market access and customer preference.

04
Use hedging and capital allocation disciplineshort-term

Commodity price protection and disciplined spending help stabilize cash flow in a volatile gas market.

CNX is exposed to commodity price volatility because most of its gas is sold at market prices under short-term...

high

Natural gas commodity price volatility

Most production is sold at market prices under short-term contracts, so lower gas prices directly reduce revenue and cash flow.

Scope
Production and marketing
Materiality
high
high

Pipeline capacity and basis constraints

CNX must move gas through gathering and interstate pipeline systems; congestion or unfavorable basis can reduce realized prices or volumes.

Scope
Midstream and sales
Materiality
high
high

Leverage and debt servicing

Long-term indebtedness can limit flexibility and amplify the impact of adverse commodity or capital market conditions.

Scope
Balance sheet and liquidity
Materiality
high
medium

Climate and environmental litigation

The company disclosed climate change lawsuits and other legal proceedings that can create defense costs and contingent liabilities.

Scope
Legal and reputational
Materiality
high
medium

Cybersecurity and operational disruption

Field systems, data networks and third-party providers are critical to production, and attacks could interrupt operations or compromise data.

Scope
Operations and IT
Materiality
medium
Commodity derivative fair value accounting
GAAP net income and volatility
Impairment of unproved gas properties and long-lived assets
Asset carrying values and earnings
Contingent liabilities and legal proceedings
Expenses, reserves and disclosures
Financial assurances and letters of credit
Liquidity and covenant headroom

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: 11/08/2026