CNX Resources披露2026年二季度业绩材料

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 30, 2026
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 2026 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 2026 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/ Everett W. Good
Everett W. Good
Chief Financial Officer
Dated: July 30, 2026

----- EXHIBIT -----

EX-99.1
2
ex991supplementalq226.htm
EX-99.1
Document
2Q 2026 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
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Shale Sales Volumes (Bcf)
126.5
129.8
130.5
139.2
146.9
CBM Sales Volumes (Bcf)
9.7
9.1
9.4
9.7
9.4
Other Sales Volumes (Bcf)
0.1
0.1
0.1
0.1
—
LIQUIDS*
NGLs Sales Volumes (Bcfe)
14.8
13.1
12.1
12.0
11.1
Oil and Condensate Sales Volumes (Bcfe)
0.4
0.3
0.2
0.3
0.2
TOTAL (Bcfe)
151.5
152.4
152.3
161.3
167.6
Average Daily Production (MMcfe)
1,664.8
1,693.0
1,654.8
1,753.3
1,841.8
* 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 2026 ACTIVITY SUMMARY
TD
Frac
TIL
Average Lateral Length
(1)
Rigs at Period End
SWPA
Marcellus
—
6
5
20,880
—
Utica
—
—
—
—
—
CPA
Marcellus
—
—
—
—
—
Utica
2
—
—
—
1
Total
2
6
5
1
(1) Measured in lateral feet from perforation to perforation.
2
NATURAL GAS HEDGE VOLUMES AND PRICING
(1)
Q3 2026
2026
2027
2028
NYMEX Hedges
Volumes (Bcf)
90.0
357.0
259.8
128.8
Average Prices ($/Mcf)
$3.51
$3.54
$4.16
$4.01
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)
26.0
103.6
140.6
38.9
Average Prices ($/Mcf)
$2.65
$2.64
$3.31
$3.11
Total Volumes Hedged (Bcf)
(2)
116.0
460.5
400.4
167.6
NYMEX + Basis (fully-covered volumes)
(3)
Volumes (Bcf)
111.6
446.5
400.4
167.6
Average Prices ($/Mcf)
$2.71
$2.73
$3.31
$3.23
NYMEX Hedges Exposed to Basis
Volumes (Bcf)
4.39
14.0
-
-
Average Prices ($/Mcf)
$3.51
$3.54
-
-
Total Volumes Hedged (Bcf)
(2)
116.0
460.5
400.4
167.6
Estimated Conversion Factor
(4)
1.063
1.061
1.064
1.059
(1) Hedge positions as of 7/15/2026.
(2) Excludes basis hedges in excess of NYMEX hedges of 1.9 Bcf and 56.9 Bcf for 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 $/MMBtu, divide by conversion factor.
3
HEDGING GAIN/LOSS PROJECTIONS
Q3 2026
CY2026
CY2027
Hedged Volumes
Wtd. Avg.
Average
Forecasted
Hedged Volumes
Wtd. Avg.
Average
Forecasted
Hedged Volumes
Wtd. Avg.
Average
Forecasted
($/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
95,680
$3.30
$3.01
$27,495
378,670
$3.34
$3.55
($71,779)
276,488
$3.91
$3.33
$160,661
Index
27,600
$2.49
$2.22
$7,323
109,500
$2.49
$2.86
($40,194)
149,650
$3.11
$2.67
$65,582
Basis:
Eastern Gas-South (DOM)
27,600
($0.88)
($0.87)
($416)
110,060
($0.88)
($0.76)
($11,563)
89,425
($0.95)
($0.74)
($18,192)
TCO Pool (TCO)
12,190
($0.74)
($0.74)
($47)
48,643
($0.74)
($0.59)
($6,141)
62,050
($0.75)
($0.58)
($10,812)
Michcon (NMC)
8,280
($0.19)
($0.40)
$1,749
32,850
($0.19)
($0.34)
$4,849
7,300
($0.21)
($0.33)
$849
TETCO M3 (TMT)
—
—
($0.73)
—
—
—
$0.45
—
—
—
$0.50
—
TETCO M2 (BM2)
26,910
($1.01)
($0.85)
($4,119)
106,763
($1.01)
($0.72)
($30,666)
71,775
($1.01)
($0.68)
($24,096)
STA 165 (TSD)
—
—
($0.75)
—
—
—
$0.18
—
3,650
$0.52
$0.67
($492)
Total Financial Basis Hedges
74,980
($2,833)
298,315
($43,520)
234,200
($52,743)
Total Projected Realized Gain / (Loss)
$31,985
($155,493)
$173,500
Note: Forward market prices, hedged volumes, and hedge prices are as of 7/15/2026. Anticipated hedging activity is not included in projections.
(1) July 2026 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 2026
Q1 2026
Q4-2025
Q3-2025
Q2-2025
Realized Gain (Loss)
$45
($222)
($58)
$22
($35)
Unrealized Gain
131
226
130
110
456
Gain on Commodity Derivative Instruments
$176
$4
$72
$132
$421
4
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Natural Gas, NGL and Oil Revenue
$389,435
$722,044
$476,615
$400,990
$485,029
Gain on Commodity Derivative Instruments
176,336
3,981
72,065
131,695
421,121
Purchased Gas Revenue
12,456
12,687
14,365
9,026
10,408
Other Revenue and Operating Income
40,257
47,942
47,439
42,129
45,864
Total Revenue and Other Operating Income
618,484
786,654
610,484
583,840
962,422
Costs and Expenses:
Operating Expense
Lease Operating Expense
21,262
21,770
20,700
27,127
26,256
Transportation, Gathering and Compression
103,223
102,401
93,939
97,053
96,953
Production, Ad Valorem, and Other Fees
6,546
8,789
6,534
7,725
9,668
Depreciation, Depletion and Amortization
136,232
134,613
145,134
149,323
152,595
Exploration and Production Related Other Costs
2,750
4,177
5,008
1,656
1,770
Purchased Gas Costs
12,249
12,253
13,581
8,455
9,402
Selling, General, and Administrative Costs
33,837
32,245
41,846
30,375
29,068
Other Operating Expense (Income)
24,611
(4,622)
14,640
19,178
21,014
Total Operating Expense
340,710
311,626
341,382
340,892
346,726
Other Expense (Income)
Other Expense
1,183
509
4,288
1,752
3,729
Loss (Gain) on Asset Sales and Abandonments, net
626
(6,365)
(2,410)
(67,460)
(17,715)
Loss on Debt Extinguishment
—
12,009
842
—
—
Interest Expense
39,023
40,470
41,975
42,964
44,041
Total Other Expense (Income)
40,832
46,623
44,695
(22,744)
30,055
Total Costs and Expenses
381,542
358,249
386,077
318,148
376,781
Earnings Before Income Tax
236,942
428,405
224,407
265,692
585,641
Income Tax Expense
33,999
80,258
28,154
63,589
153,120
Net Income
$202,943
$348,147
$196,253
$202,103
$432,521
Earnings per Share
Basic
$1.37
$2.45
$1.45
$1.45
$3.02
Diluted
$1.32
$2.18
$1.28
$1.21
$2.53
Weighted-Average Shares Outstanding
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Weighted-Average Shares of Common Stock Outstanding
148,155,232
142,202,197
135,514,779
139,251,482
143,429,950
Effect of Diluted Shares
5,806,041
18,086,409
19,021,107
28,333,716
28,316,646
Weighted-Average Diluted Shares of Common Stock Outstanding
153,961,273
160,288,606
154,535,886
167,585,198
171,746,596
5
CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands
30-Jun-26
31-Mar-26
31-Dec-25
30-Sep-25
30-Jun-25
ASSETS
Current Assets:
Cash and Cash Equivalents
$6,162
$3,748
$779
$4,735
$3,391
Restricted Cash
2,428
2,428
12,685
10,168
10,072
Accounts and Notes Receivable
Trade, net
163,835
209,523
264,658
141,264
180,152
Other Receivables, net
25,771
27,928
61,249
56,596
37,166
Supplies Inventories
32,509
30,108
26,201
30,822
39,318
Derivative Instruments
220,712
164,572
106,068
100,076
107,401
Prepaid Expenses
19,938
20,025
18,697
17,234
16,725
Total Current Assets
471,355
458,332
490,337
360,895
394,225
Property, Plant and Equipment:
Property, Plant and Equipment
14,380,988
14,222,717
14,057,224
13,839,517
13,771,249
Less—Accumulated Depreciation, Depletion and Amortization
6,442,893
6,310,588
6,193,871
6,054,758
5,912,645
Total Property, Plant and Equipment—Net
7,938,095
7,912,129
7,863,353
7,784,759
7,858,604
Other Non-Current Assets:
Operating Lease Right-of-Use Assets
126,593
137,987
150,310
167,893
91,546
Derivative Instruments
165,543
184,261
134,396
118,387
167,561
Goodwill
323,314
323,314
323,314
323,314
323,314
Other Intangible Assets
54,057
55,695
57,333
58,971
60,609
Restricted Cash
—
—
—
2,430
2,428
Other Non-Current Assets
57,942
59,465
75,403
87,469
89,580
Total Other Non-Current Assets
727,449
760,722
740,756
758,464
735,038
TOTAL ASSETS
$9,136,899
$9,131,183
$9,094,446
$8,904,118
$8,987,867
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable
$179,800
$162,043
$158,811
$110,649
$120,019
Derivative Instruments
174,882
244,321
377,945
316,729
403,112
Current Portion of Finance Lease Obligations
5,110
5,106
5,095
5,080
4,338
Current Portion of Long-Term Debt
—
208,437
208,095
329,378
328,837
Current Portion of Operating Lease Obligations
46,792
47,486
48,453
48,140
47,819
Other Accrued Liabilities
251,308
260,356
325,976
255,313
293,558
Total Current Liabilities
657,892
927,749
1,124,375
1,065,289
1,197,683
Non-Current Liabilities:
Long-Term Debt
2,223,745
2,158,416
2,213,264
2,247,199
2,286,855
Finance Lease Obligations
22,437
23,716
24,991
26,209
19,229
Operating Lease Obligations
82,024
93,438
104,955
122,477
46,424
Derivative Instruments
78,928
107,944
158,368
251,206
342,613
Deferred Income Taxes
969,080
936,137
857,367
836,354
761,490
Asset Retirement Obligations
165,693
163,692
163,051
124,460
125,504
Other Non-Current Liabilities
93,291
93,511
111,059
115,351
115,356
Total Non-Current Liabilities
3,635,198
3,576,854
3,633,055
3,723,256
3,697,471
TOTAL LIABILITIES
4,293,090
4,504,603
4,757,430
4,788,545
4,895,154
Stockholders' Equity:
Common Stock
1,491
1,420
1,427
1,360
1,420
Capital in Excess of Par Value
2,526,486
2,356,077
2,357,039
2,254,021
2,298,970
Preferred Stock
—
—
—
—
—
Retained Earnings
2,321,367
2,274,690
1,984,229
1,865,695
1,797,896
Accumulated Other Comprehensive Loss
(5,535)
(5,607)
(5,679)
(5,503)
(5,573)
TOTAL STOCKHOLDERS' EQUITY
4,843,809
4,626,580
4,337,016
4,115,573
4,092,713
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$9,136,899
$9,131,183
$9,094,446
$8,904,118
$8,987,867
6
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Net Income
$202,943
$348,147
$196,253
$202,103
$432,521
Depreciation, Depletion and Amortization
136,232
134,613
145,134
149,323
152,595
Amortization of Deferred Financing Costs
2,202
2,500
2,650
2,713
2,701
Stock-Based Compensation
5,825
5,685
4,614
5,165
5,084
Loss (Gain) on Asset Sales and Abandonments, net
626
(6,365)
(2,410)
(67,460)
(17,715)
Loss on Debt Extinguishment
—
12,009
842
—
—
Gain on Commodity Derivative Instruments
(176,336)
(3,981)
(72,065)
(131,695)
(421,121)
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments
40,459
(288,435)
18,441
10,405
(84,097)
Deferred Income Taxes
32,916
78,743
21,070
74,838
156,938
Other
645
463
(4)
1,351
(605)
Changes in Operating Assets:
Accounts and Notes Receivable
47,530
62,958
(115,678)
39,266
81,874
Supplies Inventories
(2,401)
(3,907)
4,621
8,496
(11,727)
Prepaid Expenses
87
(1,329)
(1,463)
(509)
1,042
Changes in Other Assets
(229)
14,932
(350)
(291)
(103)
Changes in Operating Liabilities:
Accounts Payable
(4,409)
(9,444)
39,583
(17,917)
(13,453)
Accrued Interest
20,802
(25,451)
20,452
(21,309)
20,335
Other Operating Liabilities
(27,239)
(26,162)
39,258
(20,769)
(24,184)
Changes in Other Liabilities
(135)
(17,463)
(3,900)
51
2,407
Net Cash Provided by Operating Activities
279,518
277,513
297,048
233,761
282,492
Cash Flows from Investing Activities:
Capital Expenditures
(142,000)
(169,906)
(174,414)
(75,544)
(113,565)
Proceeds from Asset Sales
367
32,428
2,449
67,793
20,783
Investments in Equity Affiliates
—
(565)
7,322
—
(2,140)
Apex Acquisition (Net of Cash Acquired)
—
(10,255)
—
—
—
Net Cash Used in Investing Activities
(141,633)
(148,298)
(164,643)
(7,751)
(94,922)
Cash Flows from Financing Activities:
Payments on Long-Term Notes
—
(507,965)
—
—
—
Proceeds from CNXM Revolving Credit Facility Borrowings
69,450
134,650
86,300
72,500
88,175
Repayments of CNXM Revolving Credit Facility Borrowings
(84,450)
(62,400)
(74,050)
(74,000)
(88,875)
Proceeds from CNX Revolving Credit Facility Borrowings
522,900
496,450
352,500
436,350
365,300
Repayments of CNX Revolving Credit Facility Borrowings
(443,550)
(620,150)
(399,750)
(475,550)
(431,900)
Proceeds from Issuance of CNX Senior Notes
—
500,000
—
—
—
Payments on Other Debt
(1,152)
(1,265)
(1,375)
(1,181)
(948)
Proceeds from Issuance of Common Stock
1,745
1,506
1,108
56
110
Shares Withheld for Taxes
—
(15,216)
(167)
(348)
(406)
Purchases of Common Stock
(200,399)
(54,039)
(100,335)
(182,374)
(115,714)
Debt Issuance and Financing Fees
(15)
(8,074)
(505)
(21)
(308)
Net Cash Used in Financing Activities
(135,471)
(136,503)
(136,274)
(224,568)
(184,566)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
2,414
(7,288)
(3,869)
1,442
3,004
Cash, Cash Equivalents and Restricted Cash at Beginning of Period
6,176
13,464
17,333
15,891
12,887
Cash, Cash Equivalents and Restricted Cash at End of Period
$8,590
$6,176
$13,464
$17,333
$15,891
7
MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
2026E
Gas Sold (%)
(1)
Basis
(2)
Eastern Gas-South
27%
($0.76)
ETNG Mainline
4%
$0.58
TCO Pool
23%
($0.65)
TETCO ELA & WLA
2%
($0.55)
TETCO M3
1%
$0.73
TETCO M2
27%
($0.75)
Michcon
7%
($0.36)
Physical basis sales
9%
($0.31)
Weighted Average Basis
100%
($0.59)
NYMEX
$3.55
Weighted Average Basis (Not considering hedging)
($0.59)
Realized Price (per MMBtu)
$2.96
Conversion Factor (MMBtu/Mcf)
1.061
Realized Price Before Financial Hedging (per Mcf)
$3.14
(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 7/15/2026.
8
PRICE AND COST DATA (PER MCFE) - NON-GAAP
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Average Sales Price - Natural Gas
$2.40
$4.74
$3.12
$2.43
$2.84
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement
$0.33
($1.59)
($0.42)
$0.15
($0.23)
Average Sales Price - Oil and Condensate*
$12.29
$9.68
$8.83
$9.49
$8.74
Average Sales Price - NGLs*
$3.90
$4.59
$3.15
$3.04
$3.58
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement
$2.87
$3.28
$2.75
$2.62
$2.68
Lease Operating Expense (LOE)
$0.14
$0.14
$0.14
$0.17
$0.16
Production, Ad Valorem, and Other Fees
$0.05
$0.06
$0.04
$0.05
$0.05
Transportation, Gathering and Compression
$0.68
$0.67
$0.62
$0.60
$0.58
Depreciation, Depletion and Amortization (DD&A)
$0.86
$0.85
$0.92
$0.89
$0.88
Total Natural Gas, NGL and Oil Production Costs
$1.73
$1.72
$1.72
$1.71
$1.67
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A
$0.87
$0.87
$0.80
$0.82
$0.79
Natural Gas, NGL and Oil Production Cash Margin, before DD&A
$2.00
$2.41
$1.95
$1.80
$1.89
Fully Burdened Cash Costs, before DD&A
(1)
$1.19
$0.95
$1.11
$1.09
$1.05
Fully Burdened Cash Margin, before DD&A
$1.68
$2.33
$1.64
$1.53
$1.63
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 2026, Q1 2026, Q4 2025, Q3 2025 and Q2 2025 total fully burdened cash costs exclude a (gain)/loss on asset sales of $0.00 per Mcfe, ($0.04) per Mcfe, ($0.02) per Mcfe,($0.42) per Mcfe and ($0.11) per Mcfe, respectively. Q2 2026, Q1 2026, Q4 2025, Q3 2025 and Q2 2025 exclude unrealized losses on interest rate swaps and noncash amortization of $0.01 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe and $0.02 per Mcfe, respectively. Q2 2026, Q1 2026, Q4 2025, Q3 2025 and Q2 2025, exclude loss on debt extinguishment and inventory adjustments of $0.00 per Mcfe, $0.08 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe and $0.00 per Mcfe, respectively.
Natural Gas Price Reconciliation
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
NYMEX Natural Gas ($/MMBtu)
$2.90
$5.04
$3.55
$3.07
$3.44
Average Differential
(0.62)
(0.55)
(0.62)
(0.77)
(0.76)
BTU Conversion (MMBtu/Mcf)*
0.12
0.25
0.19
0.12
0.15
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement
0.33
(1.59)
(0.42)
0.15
(0.23)
Realized Natural Gas Price per Mcf
$2.73
$3.15
$2.70
$2.57
$2.61
*Conversion factor
1.05
1.06
1.07
1.05
1.06
9
GUIDANCE
PREVIOUS
UPDATED
($ in millions)
2026E
2026E
Low
High
Low
High
Production Volumes (Bcfe)
605
-
620
605
-
620
% Liquids
~7%
-
~8%
~7%
-
~8%
% of Natural Gas Hedged
81%
81%
Prices on Open Volumes
(1)
Natural Gas NYMEX ($/MMBtu)
$3.64
3.55
Natural Gas Differential ($/MMBtu)
($0.64)
($0.59)
NGL Realized Price ($/Bbl)
~$24.75
~$24.60
($ in millions)
Adjusted EBITDAX
(2)
$1,265
-
$1,315
$1,265
-
$1,315
Capital Expenditures
Drilling & Completions (D&C)
$390
-
$410
$390
-
$410
Non-D&C
$150
-
$160
$150
-
$160
Base Capital Expenditures
$540
-
$570
$540
-
$570
Utica Shale rights payment
$16
-
$16
$16
-
$16
Total Capital Expenditures
556
-
586
556
-
586
Environmental Attributes Sales Free Cash Flow (FCF) Impact
(2)
~$70
~$80
Free Cash Flow (FCF)
(2)(3)
~$525
~$525
FCF Per Share
(2)(3)(4)
~$3.41
~$3.55
(1) Forward market prices for 2026 guidance as of 7/15/2026.
(2) Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions.
(3) Guidance for FCF includes approximately $45 million in expected asset sales in 2026 and approximately $30 million from the sale of 45Z tax credits for remediation activities in 2025.
(4) Previous guidance for 2026 FCF per share based on shares outstanding of 141,477,594, as of 4/15/2026, plus 12.4 million net shares expected to be issued to settle the remaining CNX Convertible Notes. Updated guidance for 2026 FCF per share based on shares outstanding of 147,943,637, as of 7/15/2026.
2026E ACTIVITY SUMMARY
TIL
Average Lateral Length
(1)
SWPA
Marcellus
24
13,750
CPA
Marcellus
3
7,880
Utica
7
13,400
Total
34
(1) Measured in lateral feet from perforation to perforation.
10
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:
11
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 2025 Annual Report on Form 10-K as filed with the SEC on February 10, 2026). 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)
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Total Revenue and Other Operating Income
$618
$787
$611
$584
$962
(Deduct):
Purchased Gas Revenue
(12)
(13)
(15)
(9)
(10)
Unrealized Gain on Commodity Derivative Instruments
(131)
(226)
(130)
(110)
(456)
Other Revenue and Operating Income
(40)
(48)
(47)
(42)
(46)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure
$435
$500
$419
$423
$450
Total Operating Expense
$340
$312
$342
$341
$346
(Deduct) Add:
Depreciation, Depletion and Amortization (DD&A) - Corporate
(5)
(6)
(5)
(5)
(4)
Exploration and Production Related Other Costs
(3)
(4)
(5)
(2)
(2)
Purchased Gas Costs
(12)
(12)
(14)
(9)
(9)
Selling, General and Administrative Costs
(34)
(32)
(42)
(30)
(29)
Other Operating (Expense) Income
(24)
4
(15)
(19)
(21)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure
1
$262
$262
$261
$276
$281
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.
12
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)
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Net Income
$203
$348
$196
$202
$433
Interest Expense
39
41
42
43
43
Interest Income
—
—
—
—
(1)
Income Tax Expense
34
80
28
64
153
Earnings Before Interest & Taxes (EBIT)
276
469
266
309
628
Depreciation, Depletion & Amortization
136
135
145
149
153
Exploration Expense
3
4
5
2
2
Earnings Before Interest, Taxes, DD&A and Exploration (EBITDAX)
$415
$608
$416
$460
$783
Adjustments:
Unrealized Gain on Commodity Derivative Instruments
(131)
(226)
(130)
(110)
(456)
Gain on Non-Core Asset Sale
—
—
—
(57)
—
Stock-Based Compensation
6
6
5
5
5
Loss on Debt Extinguishment
—
12
1
—
—
Total Pre-tax Adjustments
(125)
(208)
(124)
(162)
(451)
Adjusted EBITDAX
$290
$400
$292
$298
$332
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)
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Net Income from EBITDAX Reconciliation
$203
$348
$196
$202
$433
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation
(125)
(208)
(124)
(162)
(451)
Tax Effect of Adjustments
32
53
31
42
119
Adjusted Net Income
$110
$193
$103
$82
$101
13
Non-GAAP Measures
Operating Margin: Adjusted EBIT divided by Total Revenue and Other Operating Income after adjusting for unrealized (gain) loss on commodity derivative instruments.
(Dollars in millions)
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Total Revenue and Other Operating Income
$618
$787
$611
$584
$962
Net Income
$203
$348
$196
$202
$433
Interest Expense
39
41
42
43
43
Interest Income
—
—
—
—
(1)
Income Tax Expense
34
80
28
64
153
Earnings Before Interest & Taxes (EBIT)
276
469
266
309
628
Depreciation, Depletion & Amortization
136
135
145
149
153
Earnings Before Interest, Taxes, DD&A (EBITDA)
$412
$604
$411
$458
$781
Adjustments:
Unrealized Gain on Commodity Derivative Instruments
($131)
($226)
($130)
($110)
($456)
Total Adjustments
($131)
($226)
($130)
($110)
($456)
Total Revenue and Other Operating Income Minus Unrealized Gain on Commodity Derivative Instruments
$487
$561
$481
$474
$506
Adjusted EBIT
$145
$243
$136
$199
$172
Operating Margin
30
%
43
%
28
%
42
%
34
%
14
Non-GAAP Measures
Cash Operating Margin: Adjusted EBITDA divided by Total Revenue and Other Operating Income after adjusting for unrealized (gain) loss on commodity derivative instruments, stock-based compensation and the other discrete items listed below.
(Dollars in millions)
Q2-2026
Q1-2026
Q4-2025
Q3-2025
Q2-2025
Total Revenue and Other Operating Income
$618
$787
$611
$584
$962
Net Income
$203
$348
$196
$202
$433
Interest Expense
39
41
42
43
43
Interest Income
—
—
—
—
(1)
Income Tax Expense
34
80
28
64
153
Earnings Before Interest & Taxes (EBIT)
276
469
266
309
628
Depreciation, Depletion & Amortization
136
135
145
149
153
Earnings Before Interest, Taxes, DD&A (EBITDA)
$412
$604
$411
$458
$781
Adjustments:
Unrealized Gain on Commodity Derivative Instruments
$(131)
$(226)
$(130)
($110)
($456)
Gain on Non-Core Asset Sale
—
—
—
(57)
—
Stock-Based Compensation
6
6
5
5
5
Loss on Debt Extinguishment
—
12
1
—
—
Total Adjustments
($125)
($208)
($124)
($162)
($451)
Total Revenue and Other Operating Income Minus Unrealized Gain on Commodity Derivative Instruments
$487
$561
$481
$474
$506
Adjusted EBITDA
$287
$396
$287
$296
$330
Cash Operating Margin
59
%
71
%
60
%
62
%
65
%
15
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, cash equivalents, and restricted cash 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-26
31-Mar-26
31-Dec-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)
$2,224
$2,367
$2,421
$2,166
$2,214
$2,206
$2,214
$2,424
$2,600
Less: Cash, Cash Equivalents, and Restricted Cash
9
6
13
55
—
21
4
22
156
Net Debt
$2,215
$2,361
$2,408
$2,111
$2,214
$2,185
$2,210
$2,402
$2,444
(1)
Includes current portion
(Dollars in millions)
Adjusted Net Debt
30-Jun-26
31-Mar-26
31-Dec-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)
$2,224
$2,367
$2,421
$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
9
6
13
55
—
21
4
22
156
Adjusted Net Debt
$2,215
$2,361
$2,408
$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-25
31-Dec-25
31-Mar-26
30-Jun-26
30-Jun-26
Net Income
$202
$196
$348
$203
$949
Interest Expense
43
42
41
39
165
Income Tax Expense
64
28
80
34
206
Earnings Before Interest & Taxes (EBIT)
309
266
469
276
1,320
Depreciation, Depletion & Amortization
149
145
135
136
565
Exploration Expense
2
5
4
3
14
Earnings Before Interest, Taxes, DD&A, and Exploration (EBITDAX)
460
416
608
415
1,899
Adjustments:
Unrealized Gain on Commodity Derivative Instruments
(110)
(130)
(226)
(131)
(597)
Gain on Non-Core Asset Sale
(57)
—
—
—
(57)
Stock Based Compensation
5
5
6
6
22
Loss on Debt Extinguishment
—
1
12
—
13
Total Pre-tax Adjustments
(162)
(124)
(208)
(125)
(619)
Adjusted EBITDAX TTM
$298
$292
$400
$290
$1,280
16
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.
2026 Free Cash Flow
(Dollars in millions)
Q2-2026
Q1-2026
Net Cash Provided by Operating Activities
$280
$278
Capital Expenditures
(142)
(170)
Proceeds from Asset Sales
—
32
Investments in Equity Affiliates
—
(1)
Free Cash Flow
$138
$139
2025 Free Cash Flow
(Dollars in millions)
Q4-2025
Q3-2025
Q2-2025
Q1-2025
YTD-2025
Net Cash Provided by Operating Activities
$296
$234
$283
$216
$1,029
Capital Expenditures
(174)
(76)
(114)
(131)
(495)
Proceeds from Asset Sales
3
68
21
16
108
Investments in Equity Affiliates
7
—
(2)
(1)
4
Free Cash Flow
$132
$226
$188
$100
$646
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
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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, 2025 filed with the Securities and Exchange Commission (SEC) on February 10, 2026, as supplemented by our quarterly reports on Form 10-Q, and any other 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.
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