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CNX Resources Corp General Corporate Statement (Form8)

Benzinga Newsdesk 24-Jul-2025 7:02 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 24, 2025

CNX Resources Corporation

(Exact name of registrant as specified in its charter)

Delaware

001-14901

51-0337383

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

CNX Center

1000 Horizon Vue Drive

Canonsburg, Pennsylvania 15317

(Address of principal executive offices)

(Zip code)

Registrant's telephone number, including area code:

(724) 485-4000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common Stock ($.01 par value)

CNX

New York Stock Exchange

Preferred Share Purchase Rights

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02 Results of Operations and Financial Condition.

CNX Resources Corporation (“CNX” or the “Company”) today released financial and operational results for the second quarter 2025 by posting those results on its website. A copy of those results is attached to this Current Report as Exhibit 99.1 and incorporated into this Item 2.02 by reference.

The information furnished pursuant to this Item 2.02 and Item 7.01, including Exhibit 99.1, are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 7.01 Regulation FD

The information set forth under Item 2.02 is incorporated into this Item 7.01 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit 99.1			2Q 2025 Earnings Results & Supplemental Information of CNX Resources Corporation
Exhibit 104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CNX RESOURCES CORPORATION

By: /s/ Alan K. Shepard

Alan K. Shepard

Chief Financial Officer and President

Dated: July 24, 2025


2Q 2025 Earnings Results &
Supplemental Information of CNX Resources

TABLE OF CONTENTS:			Page:

Production Volumes and Activity Summary........................................................................................................................			2

Hedge Volumes and Pricing…...........................................................................................................................................			3

Gas Hedging Gain/Loss Projections and Actuals..............................................................................................................			4

Consolidated Statements of Income..................................................................................................................................			5

Consolidated Balance Sheets............................................................................................................................................			6

Consolidated Statements of Cash Flows….......................................................................................................................			7

Market Mix and Natural Gas Price Reconciliation…..........................................................................................................			8

Price and Cost Data (Per Mcfe).........................................................................................................................................			9

Guidance…........................................................................................................................................................................			10

Definitions..........................................................................................................................................................................			11

Sales of Natural Gas, NGL and Oil, including Cash Settlements and Natural Gas, NGL and Oil Production Costs.........			12

Quarterly Adjusted EBITDAX and Adjusted Net Income....................................................................................................			13

Operating Margin...............................................................................................................................................................			14

Cash Operating Margin......................................................................................................................................................			15

Net Debt and Adjusted EBITDAX TTM..............................................................................................................................			16

Free Cash Flow..................................................................................................................................................................			17

Risk Factors.......................................................................................................................................................................			18

NOTE: Please note that CNX is unable to provide a reconciliation of non-GAAP projected financial results contained in this presentation, including the non-GAAP measures referenced above, to their respective comparable financial measure calculated in accordance with GAAP. This is due to our inability to calculate the comparable GAAP projected metrics, including operating income, net cash provided by operating activities and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.


PRODUCTION VOLUMES

GAS		Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024
Shale Sales Volumes (Bcf)		146.9	126.0	115.6	110.8	111.7
CBM Sales Volumes (Bcf)		9.4	9.3	9.9	10.0	9.7
Other Sales Volumes (Bcf)		—	0.1	—	0.1	0.1

LIQUIDS*
NGLs Sales Volumes (Bcfe)		11.1	12.2	16.2	13.2	12.4
Oil and Condensate Sales Volumes (Bcfe)		0.2	0.2	0.2	0.4	0.1

TOTAL (Bcfe)		167.6	147.8	141.9	134.5	134.0

Average Daily Production (MMcfe)		1,841.8	1,642.3	1,543.1	1,461.8	1,472.5

* NGLs, Oil and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.

Q2 2025 ACTIVITY SUMMARY		TD	Frac	TIL	Average Lateral Length(1)	Rigs at Period End
SWPA	Marcellus	-	-	-	-	-
	Utica	-	-	-	-	-

CPA	Marcellus	-	-	5	13,210	-
	Utica	3	2	3	13,300	1

Total		3	2	8		1

(1) Measured in lateral feet from perforation to perforation.


NATURAL GAS HEDGE VOLUMES AND PRICING(1)

	Q3 2025	2025	2026	2027	2028
NYMEX Hedges
Volumes (Bcf)	87.1	343.5	328.7	205.1	10.4
Average Prices ($/Mcf)	$3.31	$3.32	$3.50	$4.16	$4.12

Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)	34.8	138.8	102.8	133.9	20.7
Average Prices ($/Mcf)	$2.30	$2.34	$2.66	$3.29	$3.10
Total Volumes Hedged (Bcf)(2)	121.9	482.3	431.5	339.0	31.1

NYMEX + Basis (fully-covered volumes)(3)
Volumes (Bcf)	121.3	482.3	431.5	339.0	31.1
Average Prices ($/Mcf)	$2.55	$2.58	$2.70	$3.26	$3.35

NYMEX Hedges Exposed to Basis
Volumes (Bcf)	0.6	-	-	-	-
Average Prices ($/Mcf)	$3.30	-	-	-	-
Total Volumes Hedged (Bcf)(2)	121.9	482.3	431.5	339.0	31.1

Estimated Conversion Factor(4)	1.065	1.065	1.069	1.063	1.061

(1) Hedge positions as of 7/8/2025.
(2) Excludes basis hedges in excess of NYMEX hedges of 0.7 Bcf, 6.3 Bcf, 0.7 Bcf, and 51.8 Bcf for 2025, 2026, 2027 and 2028 respectively.
(3) Includes the impact of NYMEX and basis-only hedges as well as physical sales agreements.
(4) To convert Bcf to TBtu, multiply by conversion factor; to convert $/Mcf to $/MMBtu, divide by conversion factor.


HEDGING GAIN/LOSS PROJECTIONS
	Q3 2025				CY2025				CY2026

	Hedged Volumes	Wtd. Avg.	Average	Forecasted	Hedged Volumes	Wtd. Avg.	Average	Forecasted	Hedged Volumes	Wtd. Avg.	Average	Forecasted
($/MMBtu)	(000 MMBtu)	Hedged Price	Forward Market(1)	Gain/(Loss)(2) ($ in 000s)	(000 MMBtu)	Hedged Price	Forward Market(1)	Gain/(Loss)(2) ($ in 000s)	(000 MMBtu)	Hedged Price	Forward Market(1)	Gain/(Loss)(2) ($ in 000s)
NYMEX	92,690	$3.10	$3.32	($20,272)	365,938	$3.12	$3.59	($174,099)	351,450	$3.27	$4.21	($325,853)

Index	36,860	$2.16	$2.36	($7,097)	146,927	$2.19	$2.82	($91,954)	109,500	$2.49	$3.30	($88,888)

Basis:
Eastern Gas-South (DOM)	38,180	($0.72)	($1.06)	$12,688	149,970	($0.72)	($0.86)	$21,896	105,850	($0.88)	($1.03)	$15,499
TCO Pool (TCO)	1,840	($0.87)	($0.88)	$27	7,300	($0.87)	($0.70)	($1,214)	48,363	($0.74)	($0.80)	$3,011
Michcon (NMC)	7,360	($0.24)	($0.48)	$1,740	29,200	($0.24)	($0.43)	$5,482	32,850	($0.19)	($0.47)	$9,144
TETCO M3 (TMT)	—	—	($0.91)	—	900	$0.64	($0.28)	$402	—	—	($0.14)	—
TETCO M2 (BM2)	28,980	($0.91)	($1.03)	$3,401	114,975	($0.91)	($0.84)	($7,606)	106,763	($1.01)	($0.96)	($4,789)
Transco Zone 5 South (T5B)	2,300	$0.92	$0.59	$750	7,615	$0.98	$0.77	$2,329	—	—	$1.39	—
Total Financial Basis Hedges	78,660			$18,606	309,960			$21,290	293,825			$22,866

Total Projected Realized Loss				($8,762)				($244,763)				($391,875)


Note: Forward market prices, hedged volumes, and hedge prices are as of 7/8/2025. Anticipated hedging activity is not included in projections.
(1) July 2025 prices are settled.
(2) Forecasted Gain/(Loss) amounts are based on sum of current monthly hedge positions vs. strip.


Actual Change in Derivatives
(Dollars in millions)	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Realized (Loss) Gain	($35)	($110)	$21	$95	$110
Unrealized Gain (Loss)	456	(418)	(304)	(6)	(96)
Gain (Loss) on Commodity Derivative Instruments	$421	($528)	($283)	$89	$14


CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024
Natural Gas, NGL and Oil Revenue	$485,029	$551,094	$364,413	$259,459	$236,233
Gain (Loss) on Commodity Derivative Instruments	421,121	(528,220)	(282,992)	88,964	14,095
Purchased Gas Revenue	10,408	11,550	6,855	27,306	11,029
Other Revenue and Operating Income	45,864	47,964	48,301	48,484	60,086
Total Revenue and Other Operating Income	962,422	82,388	136,577	424,213	321,443
Costs and Expenses:
Operating Expense
Lease Operating Expense	26,256	23,333	17,848	17,253	17,819
Transportation, Gathering and Compression	96,953	95,159	97,586	96,274	91,709
Production, Ad Valorem, and Other Fees	9,668	7,273	6,646	6,646	6,638
Depreciation, Depletion and Amortization	152,595	127,062	128,336	121,227	117,541
Exploration and Production Related Other Costs	1,770	2,082	1,835	1,935	2,364
Purchased Gas Costs	9,402	11,209	6,699	26,594	10,371



Selling, General, and Administrative Costs	29,068	39,013	43,542	32,498	32,025
Other Operating Expense	21,014	14,080	20,576	16,462	21,077
Total Operating Expense	346,726	319,211	323,068	318,889	299,544
Other Expense
Other Expense (Income)	3,729	3,947	4,539	(4,590)	(676)
Gain on Asset Sales and Abandonments, net	(17,715)	(9,583)	(33,627)	(10,570)	(814)
Gain on Debt Extinguishment	—	—	—	—	(2)
Interest Expense	44,041	41,612	36,596	37,923	38,634
Total Other Expense	30,055	35,976	7,508	22,763	37,142
Total Costs and Expenses	376,781	355,187	330,576	341,652	336,686
Earnings (Loss) Before Income Tax	585,641	(272,799)	(193,999)	82,561	(15,243)
Income Tax Expense (Benefit)	153,120	(75,084)	(49,375)	17,021	3,018
Net Income (Loss)	$432,521	$(197,715)	$(144,624)	$65,540	$(18,261)



Earnings (Loss) per Share
Basic	$3.02	$(1.34)	$(0.97)	$0.44	$(0.12)
Diluted	$2.53	$(1.34)	$(0.97)	$0.37	$(0.12)

Weighted-Average Shares Outstanding	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024
Weighted-Average Shares of Common Stock Outstanding	143,429,950	147,778,141	148,946,949	150,342,177	152,608,500
Effect of Diluted Shares*	28,316,646	—	—	28,771,284	—
Weighted-Average Diluted Shares of Common Stock Outstanding	171,746,596	147,778,141	148,946,949	179,113,461	152,608,500

*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards and the potential share settlement impact related to CNX's Convertible Notes are antidilutive.


CONSOLIDATED BALANCE SHEETS

(Unaudited)
Dollars in thousands	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24	30-Jun-24
ASSETS
Current Assets:
Cash and Cash Equivalents	$3,391	$2,615	$17,198	$1,310	$3,923
Restricted Cash	10,072	10,272	37,875	—	—
Accounts and Notes Receivable
Trade, net	180,152	246,765	179,547	101,788	108,091
Other Receivables, net	37,166	51,560	17,859	50,597	38,404
Supplies Inventories	39,318	27,591	14,572	12,965	14,505

Derivative Instruments	107,401	68,860	87,925	147,020	186,429
Prepaid Expenses	16,725	17,767	15,659	19,259	17,195
Total Current Assets	394,225	425,430	370,635	332,939	368,547
Property, Plant and Equipment:
Property, Plant and Equipment	13,771,249	13,667,826	13,037,948	12,907,324	12,799,473
Less—Accumulated Depreciation, Depletion and Amortization	5,912,645	5,771,499	5,653,837	5,533,957	5,415,933
Total Property, Plant and Equipment—Net	7,858,604	7,896,327	7,384,111	7,373,367	7,383,540
Other Non-Current Assets:
Operating Lease Right-of-Use Assets	91,546	85,666	98,713	103,692	112,414
Derivative Instruments	167,561	165,908	160,183	228,883	241,384
Goodwill	323,314	323,314	323,314	323,314	323,314
Other Intangible Assets	60,609	62,247	63,885	65,524	67,162

Restricted Cash	2,428	—	—	—	—
Other Non-Current Assets	89,580	87,817	111,062	110,330	106,593
Total Other Non-Current Assets	735,038	724,952	757,157	831,743	850,867
TOTAL ASSETS	$8,987,867	$9,046,709	$8,511,903	$8,538,049	$8,602,954
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$120,019	$144,376	$123,249	$120,125	$126,192
Derivative Instruments	403,112	770,980	354,621	185,795	156,541
Current Portion of Finance Lease Obligations	4,338	4,335	4,236	2,576	2,534
Current Portion of Long-Term Debt	328,837	328,300	327,766	327,236	326,710
Current Portion of Operating Lease Obligations	47,819	50,082	51,474	49,033	51,329
Other Accrued Liabilities	293,558	284,820	261,232	207,972	230,047
Total Current Liabilities	1,197,683	1,582,893	1,122,578	892,737	893,353
Non-Current Liabilities:
Long-Term Debt	2,286,855	2,353,350	1,838,234	1,957,655	1,955,433
Finance Lease Obligations	19,229	20,304	21,040	10,270	10,710
Operating Lease Obligations	46,424	37,834	49,519	57,493	64,777
Derivative Instruments	342,613	439,769	429,533	369,569	451,743
Deferred Income Taxes	761,490	604,526	696,136	745,735	728,297
Asset Retirement Obligations	125,504	124,253	119,189	104,921	105,321
Other Non-Current Liabilities	115,356	113,006	137,644	142,954	142,675
Total Non-Current Liabilities	3,697,471	3,693,042	3,291,295	3,388,597	3,458,956
TOTAL LIABILITIES	4,895,154	5,275,935	4,413,873	4,281,334	4,352,309
Stockholders' Equity:
Common Stock	1,420	1,456	1,490	1,494	1,516
Capital in Excess of Par Value	2,298,970	2,324,116	2,348,959	2,348,061	2,363,053
Preferred Stock	—	—	—	—	—
Retained Earnings	1,797,896	1,450,844	1,753,293	1,914,218	1,893,215
Accumulated Other Comprehensive Loss	(5,573)	(5,642)	(5,712)	(7,058)	(7,139)


TOTAL STOCKHOLDERS' EQUITY	4,092,713	3,770,774	4,098,030	4,256,715	4,250,645
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$8,987,867	$9,046,709	$8,511,903	$8,538,049	$8,602,954


CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024
Net Income (Loss)	$432,521	($197,715)	($144,624)	$65,540	($18,261)
Depreciation, Depletion and Amortization	152,595	127,062	128,336	121,227	117,541
Amortization of Deferred Financing Costs	2,701	2,668	2,623	2,612	3,711



Stock-Based Compensation	5,084	8,816	4,346	4,192	4,179
Gain on Asset Sales and Abandonments, net	(17,715)	(9,583)	(33,627)	(10,570)	(814)
Gain on Debt Extinguishment	—	—	—	—	(2)
(Gain) Loss on Commodity Derivative Instruments	(421,121)	528,220	282,992	(88,964)	(14,095)
Gain on Other Derivative Instruments	—	—	—	—	(112)
Net Cash (Paid) Received in Settlement of Commodity Derivative Instruments	(84,097)	(88,285)	73,592	87,955	115,799
Deferred Income Taxes	156,938	(91,636)	(50,060)	17,408	3,624
Other	(605)	1,097	344	494	457
Changes in Operating Assets:
Accounts and Notes Receivable	81,874	(72,103)	(43,986)	(1,963)	(13,226)

Supplies Inventories	(11,727)	(13,019)	(1,606)	1,539	(137)
Prepaid Expenses	1,042	(2,108)	3,600	(2,064)	2,023
Changes in Other Assets	(103)	23,277	(748)	(789)	(180)
Changes in Operating Liabilities:
Accounts Payable	(13,453)	13,396	454	(2,864)	(24,850)
Accrued Interest	20,335	(14,419)	16,710	(18,010)	17,488
Other Operating Liabilities	(24,184)	24,565	34,075	(5,934)	(1,740)
Changes in Other Liabilities	2,407	(24,577)	(3,624)	342	361
Net Cash Provided by Operating Activities	282,492	215,656	268,797	170,151	191,766

Cash Flows from Investing Activities:
Capital Expenditures	(113,565)	(131,465)	(105,495)	(114,737)	(151,916)
Proceeds from Asset Sales	20,783	16,630	36,582	8,141	7,487
Investments in Equity Affiliates	(2,140)	(1,163)	(1,309)	(3,452)	(110)
Apex Acquisition (Net of Cash Acquired)	—	(517,599)	—	—	—
Net Cash Used in Investing Activities	(94,922)	(633,597)	(70,222)	(110,048)	(144,539)

Cash Flows from Financing Activities:

Proceeds from CNXM Revolving Credit Facility Borrowings	88,175	92,250	71,700	70,750	50,600
Repayments of CNXM Revolving Credit Facility Borrowings	(88,875)	(85,600)	(82,300)	(90,750)	(95,300)
Proceeds from CNX Revolving Credit Facility Borrowings	365,300	772,950	194,800	306,000	292,300
Repayments of CNX Revolving Credit Facility Borrowings	(431,900)	(463,350)	(304,600)	(284,750)	(235,300)
Proceeds from Issuance of CNX Senior Notes	—	198,500	—	—	—


Payments on Other Debt	(948)	(960)	(686)	(639)	(597)
Proceeds from Issuance of Common Stock	110	820	1,481	170	929
Shares Withheld for Taxes	(406)	(13,086)	(98)	(303)	(48)
Purchases of Common Stock	(115,714)	(125,138)	(25,005)	(62,996)	(44,381)
Debt Issuance and Financing Fees	(308)	(631)	(104)	(198)	(13,495)
Net Cash (Used in) Provided by Financing Activities	(184,566)	375,755	(144,812)	(62,716)	(45,292)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	3,004	(42,186)	53,763	(2,613)	1,935
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	12,887	55,073	1,310	3,923	1,988
Cash, Cash Equivalents and Restricted Cash at End of Period	$15,891	$12,887	$55,073	$1,310	$3,923


MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
	2025E
	Gas Sold (%)(1)	Basis(2)
Eastern Gas-South	25%	($0.95)
ETNG Mainline	3%	$0.27
TCO Pool	27%	($0.68)
TETCO ELA & WLA	2%	($0.22)
TETCO M3	2%	($0.21)
TETCO M2	25%	($0.84)
Michcon	8%	($0.43)
Physical basis sales	8%	($0.03)
Weighted Average Basis	100%	($0.67)

NYMEX		$3.59
Weighted Average Basis (Not considering hedging)		($0.67)
Realized Price (per MMBtu)		$2.92
Conversion Factor (MMBtu/Mcf)		1.065
Realized Price Before Financial Hedging (per Mcf)		$3.11

(1) Individual market percentages exclude physical basis sales, which are shown separately.
(2) Reflects actual realized basis for six months ended June 30; July - December forward market basis prices as of 7/8/2025.


PRICE AND COST DATA (PER MCFE) - NON-GAAP
	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024
Average Sales Price - Natural Gas	$2.84	$3.66	$2.41	$1.73	$1.60
Average (Loss) Gain on Natural Gas Commodity Derivative Instruments - Cash Settlement	($0.23)	($0.81)	$0.17	$0.78	$0.91
Average Sales Price - Oil and Condensate*	$8.74	$9.61	$9.59	$10.31	$11.00
Average Sales Price - NGLs*	$3.58	$4.42	$3.64	$3.50	$3.28

Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement	$2.68	$2.99	$2.72	$2.63	$2.58

Lease Operating Expense (LOE)	$0.16	$0.16	$0.13	$0.13	$0.13
Production, Ad Valorem, and Other Fees	$0.05	$0.05	$0.05	$0.05	$0.05
Transportation, Gathering and Compression	$0.58	$0.64	$0.69	$0.72	$0.68
Depreciation, Depletion and Amortization (DD&A)	$0.88	$0.83	$0.86	$0.86	$0.85
Total Natural Gas, NGL and Oil Production Costs	$1.67	$1.68	$1.73	$1.76	$1.71

Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A	$0.79	$0.85	$0.87	$0.90	$0.86
Natural Gas, NGL and Oil Production Cash Margin, before DD&A	$1.89	$2.14	$1.85	$1.73	$1.72

Fully Burdened Cash Costs, before DD&A(1)	$1.05	$1.11	$1.22	$1.11	$1.03
Fully Burdened Cash Margin, before DD&A	$1.63	$1.88	$1.50	$1.52	$1.55

Note: "Total Natural Gas, NGL and Oil Production Costs" excludes Selling, General, and Administration and Other Operating Expenses.
*NGLs, Oil, and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
(1) Fully burdened cash costs include production cash costs, selling, general and administrative (SG&A) cash costs, other operating cash expense, other cash expense (income), other revenue and operating income, and cash interest expense. Q2 2025, Q1 2025, Q4 2024 Q3 2024 and Q2, 2024 total fully burdened cash costs exclude a (gain)/loss on asset sales of ($0.11) per Mcfe,$0.06 per Mcfe, ($0.24) per Mcfe, ($0.08) per Mcfe and $0.01 per Mcfe, respectively. Q2 2025, Q1 2025, Q4 2024, Q3 2024 and Q2 2024 exclude unrealized losses on interest rate swaps and noncash amortization of $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe and $0.03 per Mcfe, respectively. Q2 2025, Q1 2025, Q4 2024, Q3 2024 and Q2 2024, exclude loss on debt extinguishment and inventory adjustments of $0.00 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe, $0.01 per Mcfe and $0.00 per Mcfe, respectively.

Natural Gas Price Reconciliation	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024
NYMEX Natural Gas ($/MMBtu)	$3.44	$3.65	$2.79	$2.16	$1.89
Average Differential	(0.76)	(0.26)	(0.54)	(0.56)	(0.41)
BTU Conversion (MMBtu/Mcf)*	0.15	0.26	0.16	0.13	0.12
(Loss) Gain on Commodity Derivative Instruments-Cash Settlement	(0.23)	(0.80)	0.18	0.78	0.91
Realized Natural Gas Price per Mcf	$2.61	$2.85	$2.59	$2.51	$2.51
*Conversion factor	1.06	1.08	1.07	1.09	1.08


GUIDANCE
	PREVIOUS			UPDATED
($ in millions)	2025E			2025E
	Low		High	Low		High


Production Volumes (Bcfe)	605	-	620	615	-	620
% Liquids	~7%	‘-	~8%	~7%	‘-	~8%
% of Natural Gas Hedged	85%			85%

Prices on Open Volumes(1)
Natural Gas NYMEX ($/MMBtu)	$3.76			$3.59
Natural Gas Differential ($/MMBtu)	($0.59)			($0.67)
NGL Realized Price ($/Bbl)	~$20.00			~$21.00

($ in millions)
Adjusted EBITDAX(2)	$1,225	-	$1,275	$1,225	-	$1,275

Capital Expenditures
Drilling & Completions (D&C)	$300	-	$325	$300	-	$325
Non-D&C	$145	-	$165	$145	-	$165
Discretionary Capital	$5	-	$10	$5	-	$10
Total Capital Expenditures	$450	-	$500	$450	-	$500

Environmental Attributes Sales Free Cash Flow (FCF) Impact(2)	~$75			~$65

($ in millions)
Free Cash Flow (FCF)(2)(3)(5)	~$575			~$575
FCF Per Share(2)(3)(4)	~$3.97			~$4.07

(1) Forward market prices for 2025 guidance as of 7/8/2025.
(2) Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions.
(3) Total FCF guidance includes approximately $50 million in expected asset sales in 2025.
(4) Previous guidance for 2025 FCF per share based on shares outstanding of 144,722,731, as of 4/14/2025. Updated guidance for 2025 FCF per share based on shares outstanding of 141,418,560, as of 7/15/2025.
(5) Excludes $518 million Apex Energy acquisition.


2025E ACTIVITY SUMMARY		TIL	Average Lateral Length(1)
SWPA Central	Marcellus	13	12,850
	Utica	-	-

CPA	Marcellus	13	15,600
	Utica	8	12,100

Total		34

(1) Measured in lateral feet from perforation to perforation.

Non-GAAP Measures (Definitions, Purpose, and Reconciliations)

CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the company. Although these are not measures of performance calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating CNX because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company’s operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.

Definitions: EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below. Although EBIT, EBITDAX, and adjusted EBITDAX are not measures of performance calculated in accordance with generally accepted accounting principles, management believes that they are useful to an investor in evaluating CNX Resources because they are widely used to evaluate a company's operating performance. We exclude stock-based compensation from adjusted EBITDAX because we do not believe it accurately reflects the actual operating expense incurred during the relevant period and may vary widely from period to period irrespective of operating results. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with generally accepted accounting principles. In addition, because all companies do not calculate EBIT, EBITDAX or adjusted EBITDAX identically, the presentation here may not be comparable to similarly titled measures of other companies. Sales of natural gas, NGL and oil, including cash settlements excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Natural gas, NGL and oil production costs excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations. Adjusted Net Income (Loss) is defined as net income after adjusting for the discrete items listed below as well as the tax effectiveness. Operating Margins are defined as adjusted EBIT divided by Total Revenue after adjusting for unrealized (gain) loss on commodity derivative instruments. Adjusted Trailing-Twelve-Months (TTM) EBITDAX is defined as EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below. Cash Operating Margins are defined as adjusted EBITDA divided by total Revenue after adjusting for unrealized (gain) loss on commodity derivative instruments. Net Debt is defined as total long-term debt minus cash, cash equivalents, and restricted cash. Adjusted Net Debt is defined as total long-term debt plus the historical impact of recent accounting pronouncement, minus cash, cash equivalents, and restricted cash. Free Cash Flow (FCF) is defined as net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates.

Reconciliations of EBIT, EBITDAX, adjusted EBITDAX, adjusted EBIT, adjusted EBITDA, sales of natural gas, NGL and oil, including cash settlements, natural gas, NGL and oil production costs, adjusted net income, operating margins, cash operating margins, net debt, adjusted net debt, adjusted TTM EBITDAX and FCF to the most directly comparable GAAP financial measures are as follows:


Non-GAAP Measures

Sales of Natural Gas, NGL and Oil, including cash settlements excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Sales of Natural Gas, NGL and Oil, including cash settlements is a non-GAAP measure that excludes purchased gas revenue and other revenue and operating income, which are not directly related to CNX’s natural gas producing activities. Natural Gas, NGL and Oil Production Costs is a non-GAAP measure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations (See Note 21 - Segment Information of the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX's 2024 Annual Report on Form 10-K as filed with the SEC on February 11, 2025). These expenses include, but are not limited to, interest expense and other corporate expenses such as selling, general and administrative costs in the current periods presented.

(Dollars in millions)	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024
Total Revenue and Other Operating Income	$962	$82	$138	$424	$321
(Deduct) Add:
Purchased Gas Revenue	(10)	(11)	(7)	(27)	(11)
Unrealized (Gain) Loss on Commodity Derivative Instruments	(456)	418	304	6	96
Other Revenue and Operating Income	(46)	(48)	(49)	(49)	(60)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure	$450	$441	$386	$354	$346

Total Operating Expense	$346	$319	$323	$319	$299
(Deduct):
Depreciation, Depletion and Amortization (DD&A) - Corporate	(4)	(6)	(3)	(4)	(4)
Exploration and Production Related Other Costs	(2)	(2)	(2)	(2)	(2)
Purchased Gas Costs	(9)	(11)	(7)	(27)	(10)


Selling, General and Administrative Costs	(29)	(39)	(43)	(33)	(32)
Other Operating Expense	(21)	(14)	(22)	(16)	(21)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1	$281	$247	$246	$237	$230

1 Natural Gas, NGL and Oil production costs consists primarily of lease operating expense, production ad valorem and other fees, transportation, gathering and compression and production related depreciation, depletion and amortization.


Non-GAAP Measures

EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below.

(Dollars in millions)	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024
Net Income (Loss)	$432	($198)	($145)	$66	($18)
Interest Expense	44	42	37	37	39
Interest Income	(1)	—	(2)	—	—
Income Tax Expense (Benefit)	153	(75)	(50)	17	3
Earnings (Loss) Before Interest & Taxes (EBIT)	628	(231)	(160)	120	24
Depreciation, Depletion & Amortization	153	127	129	121	117
Exploration Expense	2	2	2	2	2
Earnings (Loss) Before Interest, Taxes, DD&A and Exploration (EBITDAX)	$783	($102)	($29)	$243	$143
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments	(456)	418	304	6	96


Stock-Based Compensation	5	9	5	4	4





Virginia Flood Expense	—	—	—	—	(1)


Total Pre-tax Adjustments	(451)	427	309	10	99
Adjusted EBITDAX	$332	$325	$280	$253	$242

Adjusted Net Income is defined as net income after adjusting for the discrete items listed below as well as the related tax effect.

(Dollars in millions)	Q2-2025	Q1-2025	Q4-2024	Q3-2024	Q2-2024
Net Income (Loss) from EBITDAX Reconciliation	$432	($198)	($145)	$66	($18)
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation	(451)	427	309	10	99
Tax Effect of Adjustments	119	(113)	(79)	(3)	(26)
Adjusted Net Income	$100	$116	$85	$73	$55


Non-GAAP Measures

Operating Margin: Adjusted EBIT divided by Total Revenue and Other Operating Income after adjusting for unrealized loss on commodity derivative instruments.

(Dollars in millions)	Q2-2025		Q1-2025		Q4-2024		Q3-2024		Q2-2024
Total Revenue and Other Operating Income	$962		$82		$138		$424		$321

Net Income (Loss)	$432		($198)		($145)		$66		($18)
Interest Expense	44		42		37		37		39
Interest Income	(1)		—		(2)		—		—
Income Tax Expense (Benefit)	153		(75)		(50)		17		3
Earnings (Loss) Before Interest & Taxes (EBIT)	628		(231)		(160)		120		24
Depreciation, Depletion & Amortization	153		127		129		121		117
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)	$781		($104)		($31)		$241		$141
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments	($456)		$418		$304		$6		$96




Total Adjustments	($456)		$418		$304		$6		$96

Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments	$506		$500		$442		$430		$417
Adjusted EBIT	$172		$187		$144		$126		$120
Operating Margin	34	%	37	%	33	%	29	%	29	%


Non-GAAP Measures

Cash Operating Margin: Adjusted EBITDA divided by Total Revenue and Other Operating Income after adjusting for unrealized loss (gain) on commodity derivative instruments, stock based compensation and the other discrete items listed below.

(Dollars in millions)	Q2-2025		Q1-2025		Q4-2024		Q3-2024		Q2-2024
Total Revenue and Other Operating Income	$962		$82		$138		$424		$321

Net Income (Loss)	$432		($198)		($145)		$66		($18)
Interest Expense	44		42		37		37		39
Interest Income	(1)		—		(2)		—		—
Income Tax Expense (Benefit)	153		(75)		(50)		17		3
Earnings (Loss) Before Interest & Taxes (EBIT)	628		(231)		(160)		120		24
Depreciation, Depletion & Amortization	153		127		129		121		117
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)	$781		($104)		($31)		$241		$141
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments	$(456)		$418		$304		$6		$96

Stock-Based Compensation	5		9		5		4		4

Virginia Flood Expense	—		—		—		—		(1)


Total Adjustments	($451)		$427		$309		$10		$99

Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments	$506		$500		$442		$430		$417
Adjusted EBITDA	$330		$323		$278		$251		$240
Cash Operating Margin	65	%	65	%	63	%	58	%	58	%


Non-GAAP Measures

Management uses net debt to determine the company's outstanding debt obligations that would not be readily satisfied by its cash, cash equivalents, and restricted cash on hand. Management believes that using net debt is useful to investors in determining the company's leverage ratio since the company could choose to use its cash and cash equivalents to retire debt.

Net Debt: Total long-term debt minus cash, cash equivalents, and restricted cash.
Adjusted Net Debt: Total long-term debt, plus the historical impact of accounting pronouncement, minus cash, cash equivalents, and restricted cash.

(Dollars in millions)
Net Debt	30-Jun-25	31-Mar-25	31-Dec-24	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	30-Sep-20
Total Long-Term Debt (GAAP)(1)	$2,616	$2,682	$2,166	$2,214	$2,206	$2,214	$2,424	$2,600
Less: Cash, Cash Equivalents, and Restricted Cash	16	13	55	—	21	4	22	156
Net Debt	$2,600	$2,669	$2,111	$2,214	$2,185	$2,210	$2,402	$2,444
(1) Includes current portion

(Dollars in millions)
Adjusted Net Debt	30-Jun-25	31-Mar-25	31-Dec-24	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	30-Sep-20
Total Long-Term Debt (GAAP)(1)	$2,616	$2,682	$2,166	$2,214	$2,206	$2,214	$2,424	$2,600
Plus: Impact of Recent Accounting Pronouncement(2)	—	—	—	—	—	82	98	101
Less: Cash, Cash Equivalents, and Restricted Cash	16	13	55	—	21	4	22	156
Adjusted Net Debt	$2,600	$2,669	$2,111	$2,214	$2,185	$2,292	$2,500	$2,545
(1) Includes current portion
(2) On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity and upon adoption long-term debt increased by $82MM (See Note 12 - Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX’s December 31, 2022 Form 10-K for additional information). As this adjustment was recorded on a prospective basis, Management believes that presenting investors with the net debt on a historical basis would be beneficial.


Adjusted TTM EBITDAX: EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below.
	Three Months Ended				Twelve Months Ended
(Dollars in millions)	30-Sep-24	31-Dec-24	31-Mar-25	30-Jun-25	30-Jun-25

Net Income (Loss)	$66	($145)	($198)	$432	$155
Interest Expense	37	37	42	44	160
Interest Income	—	(2)	—	(1)	(3)
Income Tax Expense (Benefit)	17	(50)	(75)	153	45
Earnings (Loss) Before Interest & Taxes (EBIT)	120	(160)	(231)	628	357
Depreciation, Depletion & Amortization	121	129	127	153	530
Exploration Expense	2	2	2	2	8
Earnings (Loss) Before Interest, Taxes, DD&A, and Exploration (EBITDAX)	243	(29)	(102)	783	895
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments	6	304	418	(456)	272




Stock Based Compensation	4	5	9	5	23




Total Pre-tax Adjustments	10	309	427	(451)	295
Adjusted EBITDAX TTM	$253	$280	$325	$332	$1,190


Non-GAAP Measures

The Company's management believes that the following measures provide useful information to external users of the Company's consolidated financial statements, such as industry analysts, lenders and ratings agencies. Free cash flow should not be considered as alternatives to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.

Free Cash Flow (FCF): Net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates.

2025 Free Cash Flow
(Dollars in millions)	Q2-2025	Q1-2025
Net Cash Provided by Operating Activities	$283	$216
Capital Expenditures	(114)	(131)
Proceeds from Asset Sales	21	16
Investments in Equity Affiliates	(2)	(1)
Free Cash Flow	$188	$100

2024 Free Cash Flow
(Dollars in millions)	Q4-2024	Q3-2024	Q2-2024	Q1-2024	YTD-2024
Net Cash Provided by Operating Activities	$269	$170	$192	$185	$816
Capital Expenditures	(105)	(115)	(152)	(168)	(540)
Proceeds from Asset Sales	37	8	7	8	60
Investments in Equity Affiliates	(2)	(3)	—	—	(5)
Free Cash Flow	$199	$60	$47	$25	$331

2023 Free Cash Flow
(Dollars in millions)	Q4-2023	Q3-2023	Q2-2023	Q1-2023	YTD-2023
Net Cash Provided by Operating Activities	$161	$206	$199	$248	$814
Capital Expenditures	(107)	(206)	(196)	(170)	(679)
Proceeds from Asset Sales	8	19	132	11	170
Free Cash Flow	$62	$19	$135	$89	$305

2022 Free Cash Flow
(Dollars in millions)	Q4-2022	Q3-2022	Q2-2022	Q1-2022	YTD-2022
Net Cash Provided by Operating Activities	$442	$265	$192	$336	$1,235
Capital Expenditures	(173)	(134)	(137)	(122)	(566)
Proceeds from Asset Sales	7	4	7	20	38
Free Cash Flow	$276	$135	$62	$234	$707

2021 Free Cash Flow
(Dollars in millions)	Q4-2021	Q3-2021	Q2-2021	Q1-2021	YTD-2021
Net Cash Provided by Operating Activities	$254	$215	$239	$219	$927
Capital Expenditures	(117)	(97)	(129)	(123)	(466)
Proceeds from Asset Sales	21	12	7	5	45
Free Cash Flow	$158	$130	$117	$101	$506

2020 Free Cash Flow
(Dollars in millions)	Q4-2020	Q3-2020	Q2-2020	Q1-2020	YTD-2020
Net Cash Provided by Operating Activities	$161	$223	$144	$267	$795
Capital Expenditures	(92)	(108)	(135)	(152)	(487)
Proceeds from Asset Sales	16	6	12	14	48
Free Cash Flow	$85	$121	$21	$129	$356

Risk Factors

This presentation, including the oral statements made in connection herewith, contains forward-looking statements estimates and projections within the meaning of the federal securities laws. Statements that are not historical are forward-looking and may include our operational and strategic plans; estimates of gas reserves and resources; projected timing and rates of return of future investments; and projections and estimates of future production revenues, income and capital spending. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements estimates and projections. Investors should not place undue reliance on forward-looking statements as a prediction of future actual results. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly.

Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions “Cautionary Statement Regarding Forward-looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (SEC) on February 11, 2025, as supplemented by our quarterly reports on Form 10-Q, and any subsequent reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; events beyond our control, including a global or domestic health crisis or global instability; our operations and national and global economic conditions, generally; conditions in the oil and gas industry; the financial condition of our customers; any nonperformance by customers of their contractual obligations; changes in customer, employee or supplier relationships; ability to quality for environmental attribute credits and the volatility of environmental attribute markets; and changes in safety, health, environmental and other regulations.