CNX is like a regional, natural gas-focused ExxonMobil or Chevron, handling everything from extraction to delivery in the Appalachian Basin.

Think of CNX as Kinder Morgan, but instead of just transporting natural gas, they also find, drill for, and produce the gas themselves.

• Natural Gas Production and Sales: CNX Resources explores for, develops, produces, and sells pipeline-quality natural gas primarily from shale and coalbed methane properties in the Appalachian Basin.
• Midstream Services: The company designs, builds, and operates natural gas gathering systems, pipelines, and processing facilities to transport gas from the wellhead to sales points.
• Water Management Services: CNX Resources provides turn-key solutions for water sourcing, delivery, and disposal, serving both its own natural gas operations and third parties.

CNX Resources (CNX) primarily sells its products and services to other companies.

The company produces and sells pipeline-quality natural gas primarily for gas wholesalers. While the background information indicates these are other companies, specific names of these customer companies are not provided in the description.

Additionally, CNX Resources offers turn-key solutions for water sourcing, delivery, and disposal for its natural gas operations and for third parties, which would also be other companies, though specific names are not listed.

Alan K. Shepard, President and Chief Executive Officer
Alan K. Shepard became the President and Chief Executive Officer of CNX Resources Corporation on January 1, 2026. Prior to this, he held the positions of President and Chief Financial Officer since June 12, 2025, and Chief Financial Officer since June 1, 2022. He also served as the Company's Vice President – Accounting and Chief Accounting Officer starting in February 2020. Before rejoining CNX in 2020, Mr. Shepard was the Chief Financial Officer of EdgeMarc Energy, which was a private equity-funded oil and gas exploration and production company. He brings over 20 years of experience in the energy sector and is an inactive Certified Public Accountant in Pennsylvania. Mr. Shepard 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, Chief Financial Officer
Everett Good assumed the role of Chief Financial Officer of CNX Resources Corporation on January 1, 2026. He previously served as Vice President of Finance and Treasury since 2021, where he was responsible for the Company's capital markets, strategic planning, and treasury management functions. Mr. Good has been with CNX for 13 years and previously held roles in finance and planning, including Director of Finance and Investor Relations at CNX Midstream Partners LP. He is a Certified Public Accountant and holds both a bachelor's degree in accounting and information systems and a Master of Science in accounting from Virginia Tech's Pamplin College of Business.

Navneet Behl, Chief Operating Officer
Navneet Behl has served as the Chief Operating Officer of CNX Resources Corporation since November 17, 2022. Before this appointment, he was the Vice President of Engineering at CNX. Prior to joining CNX, Mr. Behl was the CEO and co-founder of OilRox Resources starting in 2019. From 2014 to 2019, he served as Vice President of Operations for Apache Corp, and earlier in his career, he held various engineering and business management positions at EOG Resources and Schlumberger. Mr. Behl earned a Bachelor of Technology in Petroleum Engineering from the Indian School of Mines, a Master of Science in Engineering from the University of Texas at Austin, and an Executive MBA from the MIT Sloan School of Management.

Donald W. Rush, Chief Strategy Officer
Donald W. Rush has been the Chief Strategy Officer of CNX Resources Corporation since June 1, 2022. Previously, he served as the Chief Financial Officer of CNX Resources Corporation from August 2, 2017, and as a Director and Chief Financial Officer of the general partner of CNX Midstream Partners LP since January 3, 2018. Mr. Rush oversaw the Company's commercial functions, including mergers and acquisitions, gas marketing and transportation, as Vice President of Energy Marketing. His career at CNX has also included various strategy and planning, business development, and engineering positions over 12 years. Mr. Rush holds a B.S. in civil engineering from the University of Pittsburgh and an M.B.A. from Carnegie Mellon University's Tepper School of Business.

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.

The key risks to CNX Resources' business are primarily driven by the inherent volatility of the natural gas market, the evolving regulatory landscape, and the company's specific hedging strategies.

1. Volatile Natural Gas Market: CNX Resources operates in a natural gas market highly susceptible to fluctuations in supply and demand, weather conditions, and broader economic factors. This volatility can significantly impact natural gas prices, directly affecting the company's financial performance and strategic planning. While hedging activities are employed to mitigate some of these risks, they may also prevent the company from fully capitalizing on periods of rising natural gas prices.
2. Regulatory Changes and Environmental Uncertainty: The natural gas industry is heavily regulated, with extensive environmental laws and regulations governing nearly all aspects of CNX's operations. Changes in these regulations, including those related to cybersecurity, can increase operational costs, impose constraints, and impact financial health. Furthermore, there is uncertainty surrounding the realization of tax credits and environmental revenues, which could affect the company's financial outlook.
3. Impact of Hedging Strategy: CNX Resources' extensive hedging program, while designed to protect cash flows from commodity price volatility, can become a significant drag on financial performance in a rising natural gas price environment. For instance, a substantial portion of its dry natural gas production has been hedged at fixed prices, potentially limiting the company's ability to benefit from higher market prices and realize significant cash flow upside.

CNX Resources (symbol: CNX) is poised for future revenue growth over the next 2-3 years, driven by its diversified strategies beyond traditional natural gas production. Key drivers include the expansion of its New Technologies Group, continued development of its Deep Utica Shale assets, pursuit of new demand opportunities, and the commercialization of proprietary technologies.

1. Expansion of New Technologies Group and Environmental Attribute Monetization: CNX's New Technologies Group is a significant contributor to free cash flow through the monetization of environmental attributes, primarily from coal mine methane (CMM) and waste methane abatement operations. This segment is expected to contribute approximately $75 million in annual free cash flow and is anticipated to have a more meaningful impact on the company's financials in 2025 and 2026 as new ventures and commercial opportunities take shape. In 2025, CNX captured about 9.0 million metric tons of waste methane CO2e, with approximately $70 million in environmental attribute sales projected for 2026.

2. Deep Utica Shale Development and Optimized Natural Gas Production: While CNX aims to maintain a relatively flat overall production profile, its focus on the Deep Utica Shale is a key growth driver. The company has expressed optimism about its Deep Utica assets, with detailed results expected in the second half of 2024 and plans to complete approximately five Utica laterals in 2026. Coupled with continuous operational efficiencies in its Marcellus and Utica operations, this strategic development supports sustained and efficient revenue generation from its core natural gas business.

3. New Demand Opportunities from AI and Data Centers: CNX is actively exploring emerging demand opportunities for natural gas, particularly from energy-intensive sectors like artificial intelligence (AI) and data centers. CEO Nick DeIuliis has indicated that this "AI stuff is going to be great for the region, great for the industry," suggesting a potential future revenue stream as these markets expand and require increased energy supply within the Appalachian Basin.

4. Commercialization of Proprietary Technologies: The company is pursuing the commercialization of its internally developed proprietary technologies designed to enhance efficiency and reduce emissions in natural gas development. An example is the AutoSep technology, which provides significant cost savings and environmental benefits. While not yet materially contributing to the financial bottom line, its broader adoption across Appalachia is expected to gain traction, particularly from 2026, potentially generating new revenue through market adoption and third-party services.

Share Repurchases

• CNX Resources authorized an additional $2 billion for share repurchases in late January 2026, bringing the total authorization to approximately $2.4 billion with no expiration date.
• From late 2020 through the fourth quarter of 2025, CNX repurchased approximately 98 million shares for $1.9 billion, at an average price of $19.27, resulting in a reduction of its share count by about 37%.
• Annual share repurchases amounted to $523.561 million in 2025, $184.203 million in 2024, and $319.866 million in 2023.

Share Issuance

• Approximately 6.0 million shares were issued between Q4 2020 and October 20, 2025, primarily related to equity compensation.
• In the fourth quarter of 2025, CNX reduced $122 million in principal on its convertible notes due 2026 through an exchange for common stock.

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 ranging from $505 million to $517.6 million.

Capital Expenditures

• Capital expenditures for CNX Resources totaled $495 million in 2025 and approximately $540 million in 2024.
• The company's capital expenditure plan for 2026 is projected to be between $540 million and $570 million, with $390 million to $410 million allocated for drilling and completions, and $150 million to $160 million for non-drilling and completion activities.
• The primary focus of capital investments includes high-return projects within their Appalachian asset base, particularly deep Utica development, and potential coal mine methane (CMM) and hydrogen production projects.