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• Like a more specialized ExxonMobil or Chevron, focused entirely on drilling for and producing natural gas.
• Similar to a large mining company like BHP Group, but focused on extracting natural gas rather than metals or coal.

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• Natural Gas: The primary commodity produced and sold from their extensive operations in the Appalachian Basin.
• Natural Gas Liquids (NGLs): Byproducts such as ethane, propane, and butane extracted and sold from their natural gas production streams.
• Condensate/Crude Oil: Liquid hydrocarbons produced and sold as a commodity, often alongside natural gas.

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CNX Resources (symbol: CNX) primarily sells its natural gas production to other companies, including local distribution companies, industrial end-users, power generators, and energy marketing and trading companies.

Based on their 2023 10-K filing, CNX's major customers, representing 10% or more of total operating revenues, are:

• Consolidated Edison Company of New York, Inc. (Public Symbol: ED) - Approximately 25% of total operating revenues
• EPR, Inc. (No readily available public symbol) - Approximately 12% of total operating revenues
• South Jersey Industries, Inc. (Public Symbol: SJI) - Approximately 11% of total operating revenues
• National Fuel Gas Company (Public Symbol: NFG) - Approximately 10% of total operating revenues

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• Equitrans Midstream Corporation (ETRN)
• Energy Transfer LP (ET)
• DT Midstream (DTM)
• Williams Companies (WMB)

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Nicholas J. DeIuliis, Chief Executive Officer and Director

Nicholas J. DeIuliis has served as Chief Executive Officer and a Director of CNX Resources Corporation since May 2014, and is slated to retire from his role as CEO at the end of 2025. He possesses over 30 years of experience with CNX and in the broader energy industry. Mr. DeIuliis is a registered chemical engineer in Pennsylvania and a member of the Pennsylvania Bar. His career includes serving as CEO or Chairman of the Board for five public energy companies. He began his career with CONSOL Energy, the predecessor to CNX, where he was President and Chief Executive Officer from 2014 to 2017 before the corporate spin-off in 2017. He was also President, Chief Executive Officer & Director of CNX Gas PA LLC from 2005 to 2009.

Alan K. Shepard, President and Chief Financial Officer (to become President and Chief Executive Officer effective January 1, 2026)

Alan K. Shepard has served as Chief Financial Officer of CNX Resources Corporation since June 1, 2022, and President since June 12, 2025. He is appointed to assume the roles of President and Chief Executive Officer, effective January 1, 2026. Mr. Shepard has over 20 years of experience in the energy sector, rejoining CNX in 2020. Prior to his current roles, he served as the company’s Vice President – Accounting and Chief Accounting Officer since February 2020. Before joining CNX, Mr. Shepard was the Chief Financial Officer of EdgeMarc Energy, a private equity-funded oil and gas exploration and production company. He is a licensed Certified Public Accountant in Pennsylvania and holds a bachelor's degree in Accounting and Business Administration from Thiel College and an MBA from Carnegie Mellon University’s Tepper School of Business.

Everett Good, Vice President of Finance and Treasury (to become Chief Financial Officer effective January 1, 2026)

Everett Good is currently the Vice President of Finance and Treasury for CNX Resources Corporation and will assume the role of Chief Financial Officer, effective January 1, 2026, succeeding Alan Shepard. Mr. Good has been with CNX for 13 years, serving as Vice President of Finance and Treasury since 2021, where he oversees capital markets, strategic planning, and treasury management functions. His previous roles at the company include Director of Finance and Investor Relations at CNX Midstream Partners LP, and various other finance and planning positions. He holds a Bachelor of Science in Accounting and a Master of Science in Accounting from Virginia Tech and is a Certified Public Accountant.

Navneet Behl, Chief Operating Officer

Navneet Behl has served as the Chief Operating Officer of CNX Resources Corporation since November 17, 2022. In this position, he is responsible for the daily management of the company's asset base and the safe, compliant, and effective execution of its operational plan. Before this role, Mr. Behl was the Vice President of Engineering at CNX. Prior to joining CNX, he was the CEO and co-founder of OilRox Resources since 2019. From 2014 to 2019, he served as Vice President of Operations for Apache Corp and held various engineering and business management roles at EOG Resources and Schlumberger earlier in his career. He holds a Bachelor of Technology in Petroleum Engineering, a Master of Science in Engineering, and an Executive MBA.

Timothy S. Bedard, Executive Vice President, General Counsel, and Corporate Secretary

Timothy S. Bedard has served as the Executive Vice President, General Counsel, and Corporate Secretary of CNX Resources Corporation since December 22, 2023. Before joining CNX, Mr. Bedard held various positions in other organizations.

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The key risks to CNX Resources' business are primarily driven by the inherent volatility of the natural gas market, evolving regulatory and environmental pressures, and operational dependencies on third-party infrastructure.

1. Natural Gas Price Volatility: CNX Resources' profitability and free cash flow are highly susceptible to fluctuations in natural gas prices. While the company employs hedging strategies to mitigate some of this market risk, significant price declines could still negatively impact revenue and earnings. Hedging also carries its own risks, such as the potential for counterparty failure and capping upside potential when gas prices rise above exercise prices.

2. Regulatory and Environmental Risks: As a natural gas producer, CNX Resources faces increasing scrutiny and potential challenges from evolving environmental regulations and policies. These include concerns about climate change, greenhouse gas emissions, air and water quality, and the broader global transition towards cleaner energy sources. Such regulations can lead to increased operating costs, new compliance requirements, and potential litigation, impacting the company's operations and financial performance. The company has also faced past criminal charges and fines related to environmental non-compliance and is involved in ongoing discussions and lawsuits regarding the health impacts of fracking.

3. Dependence on Third-Party Infrastructure and Market Competition: CNX Resources relies on third-party facilities for the gathering, processing, and transportation of a significant portion of its natural gas to market. This dependence, particularly on a limited number of pipeline systems, exposes the company to risks of capacity constraints, disruptions, unscheduled downtime, and increased costs, which could adversely affect its financial results. The natural gas industry is also intensely competitive, with some competitors possessing greater resources, which could make it challenging for CNX to secure development support and maintain its market position.

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The accelerated, cost-competitive deployment of utility-scale renewable energy (primarily solar and wind) paired with rapidly advancing battery storage technology, which increasingly displaces natural gas in the power generation sector, thereby reducing long-term demand for CNX's core product.

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CNX Resources primarily operates within the Appalachian Basin, focusing on natural gas production, including shale gas and coalbed methane, as well as providing midstream services.

• Natural Gas Production (Shale Gas - Marcellus and Utica): The Appalachian Basin is a key natural gas-producing region and accounts for a substantial portion of U.S. natural gas production. While a specific dollar figure for the addressable market size of Appalachian natural gas production for CNX Resources is not readily available in the provided search results, the company is described as one of the largest producers of natural gas in the United States, with significant operations in the Marcellus and Utica Shales across Pennsylvania, Ohio, and West Virginia. CNX Resources reported 8.54 trillion cubic feet equivalent of proved natural gas reserves as of December 31, 2024. The company emphasizes utilizing Appalachian natural gas to displace regional energy imports and to spur domestic manufacturing. They also noted that innovative technology for producing pad-level compressed natural gas (CNG) and liquefied natural gas (LNG) from Appalachian natural gas has the potential to displace all petroleum products imported from the Middle East in the U.S. and 56% of transatlantic and transpacific petroleum imports, reducing global emissions.

• Coalbed Methane (CBM) Production: CNX Resources operates and develops Coalbed Methane properties in Virginia. The company also has the right to capture Coal Mine Methane from active and abandoned mines in the Appalachian region. A specific addressable market size in dollar terms for CBM production for CNX Resources in the Appalachian region is not provided in the search results.

• Midstream Services: CNX Resources provides natural gas gathering, processing, and transportation services. They own or operate approximately 2,700 miles of natural gas gathering pipelines and a number of natural gas processing facilities. The company focuses its midstream operations within the Appalachian Basin. A specific addressable market size in dollar terms for midstream services for CNX Resources in the Appalachian region is not provided in the search results.

• Other Products and Services: CNX Resources is involved in new technologies and initiatives, including methane capture and abatement programs, and developing alternative fuels like compressed natural gas (CNG) and liquefied natural gas (LNG), and hydrogen-based aviation fuel. For example, a partnership with Pittsburgh International Airport aims to produce alternative fuels and electricity from natural gas wells. The addressable market for the technology developed by CNX for producing pad-level CNG and LNG in the U.S. has the potential to displace all petroleum products imported from the Middle East. While this indicates a significant potential, a specific quantifiable market size in dollar terms is not available in the provided information.

Based on the available information, quantifiable addressable market sizes in dollar figures for CNX Resources' main products and services in their operating regions are not explicitly stated. Therefore, for precise market sizing in dollar terms, the answer is null.

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Share Repurchases

• From the third quarter of 2020 through October 20, 2025, CNX Resources repurchased approximately 95.7 million shares for $1.8 billion at an average price of $18.86 per share, reducing total outstanding shares by approximately 43%.
• In the third quarter of 2025, the company repurchased 6.1 million shares for $182 million at an average price of $30.12 per share.
• In 2024, CNX repurchased 7.4 million shares of its common stock for $181 million at an average price of $24.56 per share.

Share Issuance

• Since the fourth quarter of 2020 and through October 20, 2025, approximately 6.0 million shares were issued related to equity compensation.

Outbound Investments

• On January 27, 2025, CNX completed the strategic acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC for a total cash consideration of $505 million to $517.6 million.

Capital Expenditures

• CNX plans capital expenditures of $450 million-$500 million in 2025, with $300 million-$325 million specifically allocated to drilling and completions.
• In 2024, the company spent approximately $540 million in capital expenditures.
• The primary focus of capital investments is on high-return projects within their Appalachian asset base, including Utica CPA development, and potential coal mine methane (CMM) and hydrogen production projects, pending regulatory clarity.