CNX Resources Corporation

Overview

• Independent natural gas company focused on the Appalachian Basin.
• Operations in unconventional shale (primarily Marcellus and Utica) and Coal Bed Methane (CBM), plus other gas plays.
• Value proposition: large held-by-production (HBP) acreage, extensive development and participation well data, midstream ownership, low-cost operations, and a surface-rights position aimed at long-term per-share value creation.
• Strategy and values:
  • Strategy: use the asset base, core operating capabilities, technology development, and disciplined capital allocation to develop resources responsibly and create long-term value.
  • Values: Responsibility (safe, compliant, community-focused), Ownership (accountability and prudent capital allocation), Excellence (lean, reliable, and inclusive operations).

2025 operational highlights and outlook

• Total sales volumes (10-year trend): ~629 net Bcfe in 2025 (about 91% growth over the prior decade).
• Average production: 1,723,178 Mcfe/day in 2025.
• Production composition: 92% natural gas; 8% liquids.
• Resource mix: 94% shale; 6% CBM.
• Proved reserves (as of 12/31/2025): 9.7 Tcfe total; 89.5% natural gas; 72.2% proved developed; 99.1% operated.
• Acquisition: Acquired Apex Energy II, LLC’s natural gas upstream and related midstream business on 2025-01-27 for approximately $518 million.
• 2026 capital program: expected capex of $556–$586 million, including the first of three annual $16 million payments to obtain Utica Shale rights under the Apex footprint.

Operations by play and asset base

• Shale (primary operating and growth area)
  • Marcellus Shale: ~557,000 net acres
  • Utica Shale: ~612,000 net acres
  • ~341,000 Utica acres overlap Marcellus acreage in PA, WV, and OH
  • Upper Devonian Shale (Burkett/Rhinestreet) above Marcellus: ~52,000 incremental acres (not drilled separately)
• Coalbed Methane (CBM)
  • Virginia CBM: ~283,000 net acres; CBM production from Pocahontas #3 seam; rights to Remediated Mine Gas (RMG) capture
  • Other states: rights to CBM from ~1,862,000 net acres; limited current activity
• Other gas
  • Rights to extract gas from other shale and shallow formations in IL, IN, NY, OH, PA, VA, and WV: ~946,000 net acres

Summary of properties and reserves (as of 12/31/2025)

• Net proved reserves by segment (MMcfe)
  • Shale: 8,844,273
  • CBM: 812,626
  • Other: 5,245
  • Total: 9,662,144
• Developed status (percent developed)
  • Shale: 73%
  • CBM: 61%
  • Other: 100%
  • Total: 72%
• Net producing wells (working and royalty interests)
  • Gas wells — Working Interest: Gross 4,560; Net 4,488
  • Oil wells — Working Interest: Gross 2; Net 0
  • Gas wells — Royalty Interest: Gross 412; Net 0
  • Oil wells — Royalty Interest: Gross 128; Net 0
• Net acreage position
  • Proved developed acres (net): 428,042
  • Proved undeveloped acres (net): 26,092
  • Unproved acres (net): 3,517,208
  • Total net acres: 3,971,342
• Acreage held by production and related terms
  • Gross unproved acres: 4,946,079
  • Net unproved acres: 3,517,208
  • Gross proved undeveloped acres: 17,804
  • Net proved undeveloped acres: 17,804

Development wells and exploration

• Development wells (net)
  • 2025: 18.9 wells
  • 2024: 25.7 wells
  • 2023: 30.8 wells
• As of 12/31/2025:
  • 10.00 net development wells drilled but not completed
  • 2.0 net completed development wells ready to be turned in-line
  • No net dry development wells in 2023–2025
• Exploratory wells (net): none drilled in 2023–2025; none in process as of 12/31/2025

Reserves and future cash flows (economic measures)

• Proved developed reserves: 6,972,410 MMcfe
• Proved undeveloped reserves: 2,689,734 MMcfe
• Total proved reserves: 9,662,144 MMcfe
• PV-10 (pre-tax, discounted at 10%): $6,830 million
• Undiscounted future net cash flows (pre-tax): $12,297 million
• Future cash inflows and costs (SEC methodology)
  • Future cash inflows: $29,123 million
  • Future production costs: -$10,414 million
  • Future development costs (including abandonments): -$2,221 million
• Taxes
  • Undiscounted income taxes: -$4,192 million
  • Discounted taxes (10%): -$1,764 million
  • Standardized GAAP measure (after-tax): $5,066 million
• Note: PV-10 is a pre-tax, non-GAAP measure; the standardized measure is GAAP-based.

Sales volumes produced (2025)

• Natural gas sales volume (MMcf)
  • Shale: 542,573
  • CBM: 37,814
  • Other: 214
  • Total gas: 580,601
• NGLs sales volume (Mbbls)
  • Shale: 7,904
  • Other: 3
  • Total NGLs: 7,907
• Oil and condensates sales volume (Mbbls)
  • Shale: 140
  • Other: 13
  • Total oil/condensates: 153
• Sales volume in energy-equivalent terms (MMcfe)
  • Shale: 47,423
  • Other: 17
  • Total: 47,440
• Total sales volume (MMcfe) for 2025: 628,960
  • 2024: 550,814
  • 2023: 560,366

Source: CNX Resources Corporation, Form 10-K excerpts (as of December 31, 2025).