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What changed in CNX Resources Corp's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of CNX Resources Corp's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+332 added−344 removedSource: 10-K (2026-02-10) vs 10-K (2025-02-11)

Top changes in CNX Resources Corp's 2025 10-K

332 paragraphs added · 344 removed · 282 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

66 edited+10 added−9 removed109 unchanged
Biggest changeNet Reserves (Millions of Cubic Feet Equivalent) As of December 31, 2024 2023 2022 Proved Developed Reserves 6,099,654 6,027,762 6,221,422 Proved Undeveloped Reserves 2,438,289 2,712,980 3,585,468 Total Proved Developed and Undeveloped Reserves (1) 8,537,943 8,740,742 9,806,890 ___________ (1) For additional information on our reserves, see Note 23 – Supplemental Gas Data (unaudited) to the Consolidated Financial Statements in Item 8 of this Form 10-K. 9 Discounted Future Net Cash Flows The following table shows our estimated future net cash flows and total standardized measure of discounted future net cash flows at 10%: As of December 31, 2024 2023 2022 (Dollars in millions) Estimated Future Net Cash Flows (pre-tax) less Undiscounted Income Taxes $ 6,136 $ 7,356 $ 31,559 Total PV-10 Non-GAAP Measure of Pre-Tax Discounted Future Net Cash Flows (1) $ 3,827 $ 4,201 $ 14,501 Total Standardized GAAP Measure of After-Tax Discounted Future Net Cash Flows $ 2,839 $ 3,110 $ 10,763 ____________ (1) We calculate our present value at 10% (PV-10) in accordance with the following table.
Biggest changeDiscounted Future Net Cash Flows The following table shows our estimated future net cash flows and total standardized measure of discounted future net cash flows at 10%: As of December 31, 2025 2024 2023 (Dollars in millions) Estimated Future Net Cash Flows (pre-tax) less Undiscounted Income Taxes $ 12,297 $ 6,136 $ 7,356 Total PV-10 Non-GAAP Measure of Pre-Tax Discounted Future Net Cash Flows (1) $ 6,830 $ 3,827 $ 4,201 Total Standardized GAAP Measure of After-Tax Discounted Future Net Cash Flows $ 5,066 $ 2,839 $ 3,110 ____________ (1) We calculate our present value at 10% (PV-10) in accordance with the following table.
CNX is actively pursuing the commercialization of internally developed proprietary technologies that seek to reduce both cost and emissions during various natural gas development phases. The ability to achieve commercial success with these activities is dependent on, among other considerations, successful testing and validation of our technology and future market adoption.
Proprietary Technology. CNX is actively pursuing the commercialization of internally developed proprietary technologies that seek to reduce both cost and emissions during various natural gas development phases. The ability to achieve commercial success with these activities is dependent on, among other considerations, successful testing and validation of our technology and future market adoption.
Risks Related to our Business Operations • Our dependence on third party pipeline and processing systems could adversely affect our operations and limit sales of our natural gas and NGLs as a result of disruptions, capacity constraints, proximity issues or decreases in availability of pipelines or other midstream facilities. • Uncertainties exist in the estimation of the economic recovery of natural gas reserves. • Developing, producing and operating natural gas wells is subject to operating risks and hazards that could increase expenses, decrease our production levels and expose us to losses or liabilities that may not be fully covered under our insurance policies. • Our identified development locations are scheduled over multiple future years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their actual development. • Our exploration and development projects and midstream development require substantial capital expenditures and are subject to regulatory, environmental, political, legal and economic risks and if CNX fails to generate sufficient cash flow, obtain required capital or financing on satisfactory terms or respond to regulatory and political developments, our natural gas reserves may decline, and our operations and financial results may suffer. 20 • CNX may not be able to obtain the required personnel, services, equipment, parts and raw materials in a timely manner, in sufficient quantities or at reasonable costs to support our operations. • If CNX cannot find adequate sources of water for our use or if CNX is unable to dispose of or recycle water produced from our operations at a reasonable cost and within applicable environmental rules, our ability to produce natural gas economically and in sufficient quantities could be impaired. • Failure to successfully replace our current natural gas reserves through economic development of our existing or acquired undeveloped assets or through acquisition of additional producing assets, would lead to a decline in our natural gas, NGL and oil production levels and reserves. • CNX may incur losses as a result of title defects in the properties in which CNX invests or that it acquires or the loss of certain leasehold or other rights related to our midstream activities.
Risks Related to our Business Operations • Our dependence on third party pipeline and processing systems could adversely affect our operations and limit sales of our natural gas and NGLs as a result of disruptions, capacity constraints, proximity issues, or decreases in availability of pipelines or other midstream facilities. • Uncertainties exist in the estimation of the economic recovery of natural gas reserves. • Developing, producing, and operating natural gas wells is subject to operating risks and hazards that could increase expenses, decrease our production levels, and expose us to losses or liabilities that may not be fully covered under our insurance policies. • Our identified development locations are scheduled over multiple future years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their actual development. • Our exploration and development projects and midstream development require substantial capital expenditures and are subject to regulatory, environmental, political, legal, and economic risks and if CNX fails to generate sufficient cash flow, obtain required capital or financing on satisfactory terms, or respond to regulatory and political developments, our natural gas reserves may decline, and our operations and financial results may suffer. • CNX may not be able to obtain the required personnel, services, equipment, parts, and raw materials in a timely manner, in sufficient quantities or at reasonable costs to support our operations. • If CNX cannot find adequate sources of water for our use or if CNX is unable to dispose of or recycle water produced from our operations at a reasonable cost and within applicable environmental rules, our ability to produce natural gas economically and in sufficient quantities could be impaired. • Failure to successfully replace our current natural gas reserves through economic development of our existing or acquired undeveloped assets or through acquisition of additional producing assets, would lead to a decline in our natural gas, NGL, and oil production levels and reserves. • CNX may incur losses as a result of title defects in the properties in which CNX invests or that it acquires or the loss of certain leasehold or other rights related to our midstream activities.
Risks Related to Economic Conditions and our Industry • Prices for natural gas and NGLs are volatile and can fluctuate widely based upon a number of factors beyond our control, including supply and demand for our products. • If natural gas prices decrease or operational efforts are unsuccessful, CNX may be required to record write-downs of the quantity and value of our proved natural gas properties. • Competition and consolidation within the natural gas industry may adversely affect our ability to sell our products and midstream services or other parts of the business. • Deterioration in the economic conditions in any of the industries in which our customers or their customers operate, a domestic or worldwide financial downturn, or negative credit market conditions may have a material adverse effect on our liquidity, results of operations, business and financial condition that CNX cannot predict. • Our hedging activities may prevent us from benefiting from price increases and may expose us to other risks. • Negative public perception regarding our Company or industry could have an adverse effect on our operations, financial results or stock price. • Events beyond our control, including a global or domestic health crisis or global instability and actual and threatened geopolitical conflict, may result in unexpected adverse operating and financial results. • Increasing attention to environmental, social and governance (ESG) matters may adversely impact our business.
Risks Related to Economic Conditions and our Industry • Prices for natural gas and NGLs are volatile and can fluctuate widely based upon a number of factors beyond our control, including supply and demand for our products. • If natural gas prices decrease or operational efforts are unsuccessful, CNX may be required to record write-downs of the quantity and value of our proved natural gas properties. • Competition and consolidation within the natural gas industry may adversely affect our ability to sell our products and midstream services or other parts of the business. • Deterioration in the economic conditions in any of the industries in which our customers or their customers operate, a domestic or worldwide financial downturn, or negative credit market conditions may have a material adverse effect on our liquidity, results of operations, business, and financial condition that CNX cannot predict. • Our hedging activities may prevent us from benefiting from price increases and may expose us to other risks. • Negative public perception regarding our Company or industry could have an adverse effect on our operations, financial results, or stock price. • Events beyond our control, including a global or domestic health crisis or global instability and actual and threatened geopolitical conflict, may result in unexpected adverse operating and financial results. • Increasing attention to environmental, social, and governance matters may adversely impact our business.
These assessments take into account industry and internal best management practices and evaluate compliance with laws and regulations, and applicable permits, and include reviews of our third-party service providers, including, for instance, waste management transporters and related facilities. Hydraulic Fracturing Activities. Hydraulic fracturing is typically regulated by state oil and natural gas commissions and similar agencies; however, the U.S.
These assessments take into account industry and internal best management practices and evaluate compliance with laws and regulations, and applicable permits, and include reviews of our third-party service providers, including, for instance, waste management transporters and related facilities. 16 Hydraulic Fracturing Activities. Hydraulic fracturing is typically regulated by state oil and natural gas commissions and similar agencies; however, the U.S.
CNX conducts regular internal and external audits to ensure compliance, adherence to best-in-class processes and continuous improvement, as we relentlessly strive to be the most responsible and efficient operator in the industry. 15 Health, Safety and Environmental. No job or activity is considered a success if CNX compromises the safety of its employees and contractors or adversely impacts the environment.
CNX conducts regular internal and external audits to ensure compliance, adherence to best-in-class processes and continuous improvement, as we relentlessly strive to be the most responsible and efficient operator in the industry. Health, Safety and Environmental. No job or activity is considered a success if CNX compromises the safety of its employees and contractors or adversely impacts the environment.
See “ Risk Factors- Our hedging activities may prevent us from benefiting from price increases and may expose us to other risks.” 19 Available Information Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Exchange Act, are filed with the Securities and Exchange Commission (the SEC ).
See “ Risk Factors- Our hedging activities may prevent us from benefiting from price increases and may expose us to other risks.” Available Information Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Exchange Act, are filed with the Securities and Exchange Commission (the SEC ).
Accountability is an expectation at all levels of the Company—from individual contributors and service providers to management and executive leadership. In addition to continual analysis and assessment, CNX empowers its employees and contractors to take corrective action or stop work immediately if adverse safety or environmental conditions are identified.
Accountability is an expectation at all levels of the Company 14 —from individual contributors and service providers to management and executive leadership. In addition to continual analysis and assessment, CNX empowers its employees and contractors to take corrective action or stop work immediately if adverse safety or environmental conditions are identified.
These statutes and related regulations may be revised or amended which may lead to additional safety requirements. See “ Risk Factors -- CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas pipelines and gathering facilities ” for additional discussion regarding gas transmission and gathering pipelines.
These statutes and related regulations may be revised or amended which may lead to additional safety requirements. See “ Risk Factors -- CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas pipelines and midstream facilities ” for additional discussion regarding gas transmission and gathering pipelines.
See “Risk Factors - Climate change risk, legislation, litigation and regulation of greenhouse gas emissions at the federal or state level may increase our operating costs and reduce the value of our natural gas assets” for additional discussion regarding certain laws and regulations related to air emissions and related matters. 17 Clean Water Act .
See “Risk Factors - Climate change risk, legislation, litigation, and regulation of greenhouse gas emissions at the federal or state level may increase our operating costs and reduce the value of our natural gas assets” for additional discussion regarding certain laws and regulations related to air emissions and related matters. Clean Water Act .
Other General Risks • Cybersecurity incidents targeting our data, systems, oil and natural gas industry systems and infrastructure, or the systems of our third-party service providers or business partners could materially adversely affect our business, financial condition or results of operations. • Terrorist activities could materially adversely affect our business and results of operations.
Other General Risks • Cybersecurity incidents targeting our data, systems, oil and natural gas industry systems and infrastructure, or the systems of our third-party service providers or business partners could materially adversely affect our business, financial condition, or results of operations. • Terrorist activities could materially adversely affect our business and results of operations. 21
The Company holds approximately 52,000 acres of incremental Upper Devonian acres; however, these acres have historically not been disclosed separately as they generally coincide with our Marcellus acreage, and we have no current drilling program targeting this formation. Coalbed Methane (CBM) We have rights to extract CBM in Virginia from approximately 283,000 net CBM acres at December 31, 2024.
The Company holds approximately 52,000 acres of incremental Upper Devonian acres; however, these acres have historically not been disclosed separately as they generally coincide with our Marcellus acreage, and we have no current drilling program targeting this formation. Coalbed Methane (CBM) We have rights to extract CBM in Virginia from approximately 283,000 net CBM acres at December 31, 2025.
As of December 31, 2024, there are no net exploratory wells in process. Reserves The following table shows our estimated proved developed and proved undeveloped reserves. Reserve information is net of royalty interest. Proved developed and proved undeveloped reserves are reserves that could be commercially recovered under current economic conditions, operating methods and government regulations.
As of December 31, 2025, there are no net exploratory wells in process. Reserves The following table shows our estimated proved developed and proved undeveloped reserves. Reserve information is net of royalty interest. Proved developed and proved undeveloped reserves are reserves that could be commercially recovered under current economic conditions, operating methods and government regulations.
CNX owns or operates approximately 2,700 miles of natural gas gathering pipelines as well as a number of natural gas processing facilities. 12 CNX owns substantially all of its Shale gathering systems in Pennsylvania and West Virginia. With respect to CNX’s Shale wells in Ohio, CNX primarily contracts with third-party gathering services.
CNX owns or operates approximately 2,600 miles of natural gas gathering pipelines as well as a number of natural gas processing facilities. 12 CNX owns substantially all of its Shale gathering systems in Pennsylvania and West Virginia. With respect to CNX’s Shale wells in Ohio, CNX primarily contracts with third-party gathering services.
There are a number of proposed and final laws and regulations intended to limit or increase disclosure or transparency with respect to greenhouse gas emissions, and proposed regulations that restrict emissions or require more stringent reporting could increase our costs should the requirements necessitate the installation of new equipment or the purchase of emission credits or allowances.
There are a number of laws and regulations intended to limit or increase disclosure or transparency with respect to greenhouse gas emissions, and regulations that restrict emissions or require more stringent reporting could increase our costs should the requirements necessitate the installation of new equipment or the purchase of emission credits or allowances.
Additionally, OSHA's hazardous communication standard, the EPA community right-to-know regulations under Title III of the federal Superfund Amendment and Reauthorization Act and comparable state laws and regulations require that information be maintained about hazardous materials used or produced by our natural gas operations and that this information be provided to employees, state and local governments and the public.
Additionally, OSHA's hazardous communication standard, the EPA community right-to-know regulations under Title III of the federal Superfund Amendment and Reauthorization Act and comparable state laws and regulations require that information be maintained about hazardous materials used or produced by our natural gas operations and that this information be provided to employees, state and local governments and the public. 18 Climate Change Laws and Regulations .
CNX also has rights to extract CBM from approximately 1,863,000 net CBM acres, and rights to capture CMM from various active and abandoned mines in other states including West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico; however, although the Company has very limited activity in some of these areas, there are no current plans to drill additional CBM wells or capture CMM in these areas.
CNX also has rights to extract CBM from approximately 1,862,000 net CBM acres, and rights to capture RMG from various active and abandoned mines in other states including West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico; however, although the Company has very limited activity in some of these areas, there are no current plans to drill additional CBM wells or capture RMG in these areas.
(2) Future development costs for 2024 include $705 million of plugging and abandonment costs and $161 million of midstream and water infrastructure capital on an undiscounted pre-tax basis. On a PV-10 pre-tax discounted basis, these amounts equate to $94 million and $132 million, respectively.
On a PV-10 pre-tax discounted basis, these amounts equate to $70 million and $133 million, respectively. 10 Future development costs for 2024 include $705 million of plugging and abandonment costs and $161 million of midstream and water infrastructure capital on an undiscounted pre-tax basis. On a PV-10 pre-tax discounted basis, these amounts equate to $94 million and $132 million, respectively.
The Company may reevaluate plans as opportunities present themselves. Other Gas We have rights to extract natural gas from other Shale and shallow oil and gas formations primarily in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia from approximately 938,000 net acres at December 31, 2024.
The Company may reevaluate plans as opportunities present themselves. Other Gas We have rights to extract natural gas from other Shale and shallow oil and gas formations primarily in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia from approximately 946,000 net acres at December 31, 2025.
The Company includes drilled and uncompleted net development wells in proved undeveloped reserves and the Company intends to complete and turn-in-line the wells within five years of the initial disclosure. There were no net dry development wells in 2024, 2023 or 2022. As of December 31, 2024, there were 9.0 net completed developmental wells ready to be turned in-line.
The Company includes drilled and uncompleted net development wells in proved undeveloped reserves and the Company intends to complete and turn-in-line the wells within five years of the initial disclosure. There were no net dry development wells in 2025, 2024 or 2023. As of December 31, 2025, there were 2.0 net completed developmental wells ready to be turned in-line.
Sales of NGLs, condensates and oil enhance our reported natural gas equivalent sales price. Across all volumes, when excluding the impact of hedging, sales of liquids added $0.17 per Mcfe, $0.12 per Mcfe, and $0.02 per Mcfe for 2024, 2023, and 2022, respectively, to average gas sales prices.
Sales of NGLs, condensates and oil enhance our reported natural gas equivalent sales price. Across all volumes, when excluding the impact of hedging, sales of liquids added $0.05 per Mcfe, $0.17 per Mcfe, and $0.12 per Mcfe for 2025, 2024, and 2023, respectively, to average gas sales prices.
Additionally, based on our current drill plans and lease management we do not anticipate any material impact to our consolidated financial statements from the expiration of such leases. Development Wells (Net) During the years ended December 31, 2024, 2023 and 2022, we drilled 25.7 , 30.8 and 37.0 net d evelopment wells, respectively.
Additionally, based on our current drill plans and lease management we do not anticipate any material impact to our consolidated financial statements from the expiration of such leases. Development Wells (Net) During the years ended December 31, 2025, 2024 and 2023, we drilled 18.9 , 25.7 and 30.8 net d evelopment wells, respectively.
We extract CBM natural gas primarily from the Pocahontas #3 seam. CNX also has the right to capture Coal Mine Methane (CMM) from active and abandoned mines in this region. The CMM we capture would otherwise be vented into the atmosphere as third-party mining operations progress.
We extract CBM natural gas primarily from the Pocahontas #3 seam. CNX also has the right to capture Remediated Mine Gas (RMG) from active and abandoned mines in this region. The RMG we capture would otherwise be vented into the atmosphere as third-party mining operations progress.
Climate Change Laws and Regulations . Climate change continues to be an area of legislative and regulatory focus.
Climate change continues to be an area of legislative and regulatory focus.
CNX is not a party to any collective bargaining agreements. CNX recognizes that our future success depends on the expertise and services of our employees and is firmly committed to the health and safety of not only our employees and service providers, but also the communities in which CNX operates. Training and Education .
CNX recognizes that our future success depends on the expertise and services of our employees and is firmly committed to the health and safety of not only our employees and service providers, but also the communities in which CNX operates. Training and Education .
Legal, Environmental and Regulatory Risks • Climate change risk, legislation, litigation and regulation of greenhouse gas emissions at the federal or state level may increase our operating costs and reduce the value of our natural gas assets. • Environmental regulations can increase costs and introduce uncertainty that could adversely impact the market for natural gas with potential short and long-term liabilities. • Existing and future governmental laws, regulations, other legal requirements and judicial decisions that govern our business may increase our costs of doing business and may restrict our operations. • CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas pipelines and midstream facilities. • Changes in federal or state tax laws focused on natural gas exploration and development could cause our financial position and profitability to deteriorate. • Our future tax liability may be greater than expected if our net operating loss carryforwards are limited, CNX does not generate expected deductions, or tax authorities challenge certain of our tax positions. • We may be unable to qualify for existing federal and state level environmental attribute credits and new markets for environmental attributes are currently volatile, and otherwise may not develop as quickly or efficiently as we anticipate or at all. • CNX and its subsidiaries are subject to various legal proceedings and investigations, which may have an adverse effect on our business.
Legal, Environmental and Regulatory Risks • Climate change risk, legislation, litigation, and regulation of greenhouse gas emissions at the federal or state level may increase our operating costs and reduce the value of our natural gas assets. • Environmental regulations can increase costs and introduce uncertainty that could adversely impact the market for natural gas with potential short- and long-term liabilities. • Existing and future governmental laws, regulations, other legal requirements, and judicial decisions that govern our business may increase our costs of doing business and may restrict our operations. 20 • CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas pipelines and midstream facilities. • Changes in federal or state tax laws focused on natural gas exploration and development could cause our financial position and profitability to deteriorate. • Our future tax liability may be greater than expected if our net operating loss carryforwards are limited, CNX does not generate expected deductions, or tax authorities challenge certain of our tax positions. • Expectations of future revenue from sales of environmental attributes and the availability of various clean energy and environmental attribute credits, incentives, or grants are subject to price fluctuations, eligibility criteria, and compliance with specific voluntary or compliance program requirements, legislative changes, or regulatory actions that are outside of CNX control, and new markets for environmental attributes are volatile and otherwise may not develop as quickly or efficiently as we anticipate or at all. • CNX and its subsidiaries are subject to various legal proceedings and investigations, which may have an adverse effect on our business.
The following table illustrates the net wells drilled by well classification type: For the Years Ended December 31, 2024 2023 2022 Shale Segment 25.7 30.8 37.0 CBM Segment — — — Other Gas Segment — — — Total Development Wells (Net) 25.7 30.8 37.0 Exploratory Wells (Net) There were no net exploratory wells drilled during the years ended December 31, 2024, 2023 and 2022.
The following table illustrates the net wells drilled by well classification type: For the Years Ended December 31, 2025 2024 2023 Shale Segment 18.9 25.7 30.8 CBM Segment — — — Other Segment — — — Total Development Wells (Net) 18.9 25.7 30.8 Exploratory Wells (Net) There were no net exploratory wells drilled during the years ended December 31, 2025, 2024 and 2023.
Gob wells and wells drilled by other operators in which we own an interest are excluded from net development wells. As o f December 31, 2024, there were 4.98 net development wells and no exploratory wells drilled but uncompleted.
Gob wells and wells drilled by other operators in which we own an interest are excluded from net development wells. As o f December 31, 2025, there were 10.00 net development wells and no exploratory wells drilled but uncompleted.
The notional volumes associated with these gas swaps represented approximately 420.3 Bcf of our total sales volumes for the year ended December 31, 2023 at an average price of $2.51 per Mcf.
The notional volumes associated with these gas swaps represented approximately 420.6 Bcf of our total sales volumes for the year ended December 31, 2024 at an average price of $2.58 per Mcf.
For the Year Ended December 31, 2024 2023 2022 Average Sales Price - Gas (per Mcf) $ 1.98 $ 2.20 $ 6.27 Gain (Loss) on Commodity Derivative Instruments - Cash Settlement (per Mcf) $ 0.57 $ 0.32 $ (3.35) Average Sales Price - NGLs (per Mcfe)** $ 3.60 $ 3.54 $ 6.36 Average Sales Price - Oil/Condensate (per Mcfe)** $ 10.26 $ 10.98 $ 13.65 Total Average Sales Price (per Mcfe) Including Effect of Derivative Instruments $ 2.66 $ 2.61 $ 3.17 Total Average Sales Price (per Mcfe) Excluding Effect of Derivative Instruments $ 2.15 $ 2.32 $ 6.29 Average Lifting Costs Excluding Ad Valorem and Severance Taxes (per Mcfe) $ 0.13 $ 0.11 $ 0.11 Average Sales Price - NGLs (per Bbl) $ 21.60 $ 21.24 $ 38.16 Average Sales Price - Oil/Condensate (per Bbl) $ 61.56 $ 65.88 $ 81.90 **Oil, NGLs, 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.
For the Year Ended December 31, 2025 2024 2023 Average Sales Price - Gas (per Mcf) $ 2.99 $ 1.98 $ 2.20 (Loss) Gain on Commodity Derivative Instruments - Cash Settlement (per Mcf) $ (0.31) $ 0.57 $ 0.32 Average Sales Price - NGLs (per Mcfe)** $ 3.55 $ 3.60 $ 3.54 Average Sales Price - Oil/Condensate (per Mcfe)** $ 9.21 $ 10.26 $ 10.98 Total Average Sales Price (per Mcfe) Including Effect of Derivative Instruments $ 2.75 $ 2.66 $ 2.61 Total Average Sales Price (per Mcfe) Excluding Effect of Derivative Instruments $ 3.04 $ 2.15 $ 2.32 Average Lifting Costs Excluding Ad Valorem and Severance Taxes (per Mcfe) $ 0.15 $ 0.13 $ 0.11 Average Sales Price - NGLs (per Bbl) $ 21.30 $ 21.60 $ 21.24 Average Sales Price - Oil/Condensate (per Bbl) $ 55.26 $ 61.56 $ 65.88 **Oil, NGLs, 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.
Additionally, CNX may be unable to acquire additional properties in the future and any acquired properties may not provide the anticipated benefits. • There is no guarantee that CNX will continue to repurchase shares of our common stock under our current or any future share repurchase program at levels undertaken previously or at all. 21 • CNX may operate a portion of our business with one or more joint venture partners or in circumstances where CNX is not the operator, which may restrict our operational and corporate flexibility. • In connection with the separation of our coal business, CONSOL Energy has agreed to indemnify us for certain liabilities, and we have agreed to indemnify CONSOL Energy for certain liabilities.
Additionally, CNX may be unable to acquire additional properties in the future and any acquired properties may not provide the anticipated benefits. • There is no guarantee that CNX will continue to repurchase shares of our common stock under our current or any future share repurchase program at levels undertaken previously or at all. • CNX may operate a portion of our business with one or more joint venture partners or in circumstances where CNX is not the operator, which may restrict our operational and corporate flexibility. • In connection with the separation of our coal business, Core Natural Resources, Inc., the successor by merger to CONSOL Energy Inc.
Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-K for a breakdown of sales volume variances.
Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-K for a breakdown by segment.
These transactions exist parallel to the underlying physical transactions and represented approximately 420.6 Bcf of our total sales volumes for the year ended December 31, 2024 at an average price of $2.58 per Mcf.
These transactions exist parallel to the underlying physical transactions and represented approximately 482.3 Bcf of our total sales volumes for the year ended December 31, 2025 at an average price of $2.59 per Mcf.
We have rights to extract natural gas from Shale formations in Pennsylvania, West Virginia, and Ohio from approximately 528,000 net Marcellus Shale acres and approximately 606,000 net Utica Shale acres at December 31, 2024. Approximately 339,000 Utica Shale acres coincide with Marcellus Shale acreage in Pennsylvania, West Virginia, and Ohio.
We have rights to extract natural gas from Shale formations in Pennsylvania, West Virginia, and Ohio from approximately 557,000 net Marcellus Shale acres and approximately 612,000 net Utica Shale acres at December 31, 2025. Approximately 341,000 Utica Shale acres coincide with Marcellus Shale acreage in Pennsylvania, West Virginia, and Ohio.
CNX has the benefit of having its operations centered in the Appalachian Basin, which the Company believes is one of the largest, most efficient, and environmentally sustainable sources of natural gas in the world. 2024 Operational Highlights and Outlook • Over the past ten years, CNX's total sales volumes have grown by approximately 134% to a total of 550.8 net Bcfe in 2024; • Total average production of 1,504,956 Mcfe per day in 2024; • 90% Natural Gas, 10% Liquids; and • 93% Shale, 7% coalbed methane.
CNX has the benefit of having its operations centered in the Appalachian Basin, which the Company believes is one of the largest, most efficient, and environmentally sustainable sources of natural gas in the world. 2025 Operational Highlights and Outlook • Over the past ten years, CNX's total sales volumes have grown by approximately 91% to a total of 629 net Bcfe in 2025; • Total average production of 1,723,178 Mcfe per day in 2025; • 92% Natural Gas, 8% Liquids; and • 94% Shale, 6% coalbed methane.
In the near term, we anticipate the majority of our New Technologies’ earnings to result from CMM capture activities being monetized through the Pennsylvania Alternative Energy Portfolio Standard (AEPS) program, other compliance programs, and sales to various voluntary market counterparties that desire to purchase carbon offsets to be used towards their own emission reduction goals.
In the near term, we expect to derive most of our environmental attribute earnings from RMG capture activities monetized through the Pennsylvania Alternative Energy Portfolio Standard (AEPS) program, other compliance programs, and sales to various voluntary market counterparties that desire to purchase carbon offsets to be used towards their own emission reduction goals.
At December 31, 2024, our proved natural gas, NGL, condensate and oil reserves (collectively, “natural gas reserves”) had the following characteristics: • 8.5 Tcfe of proved reserves; • 89.4% natural gas; • 71.4% proved developed; and • 99.1% operated. 6 On January 27, 2025, the Company completed the acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC (“the Apex Transaction") for total cash consideration of approximately $505 million, subject to certain post-closing adjustments.
At December 31, 2025, our proved natural gas, NGL, condensate and oil reserves (collectively, “natural gas reserves”) had the following characteristics: • 9.7 Tcfe of proved reserves; • 89.5% natural gas; • 72.2% proved developed; and • 99.1% operated. 6 On January 27, 2025, the Company completed the acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC for total cash consideration of approximately $518 million.
Reconciliation of PV-10 to Standardized GAAP Measure As of December 31, 2024 2023 2022 (Dollars in millions) Average Henry Hub Price ($/MMBtu) (1) $ 2.130 $ 2.637 $ 6.357 Future Cash Inflows $ 17,997 $ 20,281 $ 54,714 Future Production Costs (8,034) (8,515) (10,225) Future Development Costs (including Abandonments) (2) (1,743) (1,903) (2,234) Future Net Cash Flows (pre-tax) 8,220 9,863 42,255 10% Discount Factor (4,393) (5,662) (27,754) PV-10 (Non-GAAP Measure) 3,827 4,201 14,501 Undiscounted Income Taxes (2,084) (2,507) (10,696) 10% Discount Factor 1,096 1,416 6,958 Discounted Income Taxes (988) (1,091) (3,738) Standardized GAAP Measure (3) $ 2,839 $ 3,110 $ 10,763 ___________ (1) Based on the average, first day-of-the-month price.
Reconciliation of PV-10 to Standardized GAAP Measure As of December 31, 2025 2024 2023 (Dollars in millions) Average Henry Hub Price ($/MMBtu) (1) $ 3.387 $ 2.130 $ 2.637 Future Cash Inflows $ 29,123 $ 17,997 $ 20,281 Future Production Costs (10,414) (8,034) (8,515) Future Development Costs (including Abandonments) (2) (2,221) (1,743) (1,903) Future Net Cash Flows (pre-tax) 16,488 8,220 9,863 10% Discount Factor (9,658) (4,393) (5,662) PV-10 (Non-GAAP Measure) 6,830 3,827 4,201 Undiscounted Income Taxes (4,192) (2,084) (2,507) 10% Discount Factor 2,428 1,096 1,416 Discounted Income Taxes (1,764) (988) (1,091) Standardized GAAP Measure (3) $ 5,066 $ 2,839 $ 3,110 ___________ (1) Based on the average, first day-of-the-month price.
CNX cannot predict whether new legislation to regulate natural gas sales might be enacted in the future or what effect, if any, any such legislation might have on our operations. Occupational Safety and Health Act .
Natural gas prices are currently unregulated, but Congress historically has been active in the area of natural gas regulation. CNX cannot predict whether new legislation to regulate natural gas sales might be enacted in the future or what effect, if any, any such legislation might have on our operations. Occupational Safety and Health Act .
In addition to routine reviews and inspections by regulators to confirm compliance with applicable regulatory and permit requirements, CNX has established protocols for ongoing assessments to identify potential environmental exposures.
Our natural gas and midstream operations are also subject to numerous federal environmental laws and regulations. In addition to routine reviews and inspections by regulators to confirm compliance with applicable regulatory and permit requirements, CNX has established protocols for ongoing assessments to identify potential environmental exposures.
These exercises range from tabletop exercises to internal drills, up to and including events involving external resources. CNX actively engages with local municipalities and emergency responders to ensure they are aware of our planned activities. This helps to familiarize emergency response resources with CNX personnel, facilities and operations.
CNX actively engages with local municipalities and emergency responders to ensure they are aware of our planned activities. This helps to familiarize emergency response resources with CNX personnel, facilities and operations.
Industry Segments Financial information concerning industry segments, as defined by GAAP, for the years ended December 31, 2024, 2023 and 2022 is included in Note 21 – Segment Information in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K and is incorporated herein by reference.
This proactive approach gives emergency responders the opportunity to ask questions and understand CNX protocols, so they are prepared in the case of an emergency. 15 Industry Segments Financial information concerning industry segments, as defined by GAAP, for the years ended December 31, 2025, 2024 and 2023 is included in Note 21 – Segment Information in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K and is incorporated herein by reference.
Emergency Preparedness and Response. Emergency response plans are developed for all CNX locations and operations. The plans are reviewed for effectiveness biannually and are communicated to affected employees through safety and environmental meetings and training. Drills and mock emergency exercises are conducted to ensure all employees understand their roles and responsibilities during an actual event.
The plans are reviewed for effectiveness biannually and are communicated to affected employees through safety and environmental meetings and training. Drills and mock emergency exercises are conducted to ensure all employees understand their roles and responsibilities during an actual event. These exercises range from tabletop exercises to internal drills, up to and including events involving external resources.
(3) For additional information on our reserves, see Note 23 – Supplemental Gas Data (unaudited) to the Consolidated Financial Statements in Item 8 of this Form 10-K. 10 Sales Volumes Produced The following table sets forth net sales volumes produced for the periods indicated: For the Year Ended December 31, 2024 2023 2022 Natural Gas Sales Volume (MMcf) Shale 457,531 473,828 496,614 CBM 39,130 40,598 43,733 Other 260 242 349 Total 496,921 514,668 540,696 NGL* Sales Volume (Mbbls) Shale 8,825 7,410 6,333 Total 8,825 7,410 6,333 Sales Volume (MMcfe) Shale 52,949 44,460 37,995 Total 52,949 44,460 37,995 Oil and Condensate* Sales Volume (Mbbls) Shale 155 203 240 Other 3 3 6 Total 158 206 246 Sales Volume (MMcfe) Shale 928 1,215 1,441 Other 16 23 37 Total 944 1,238 1,478 Total Sales Volume (MMcfe) Shale 511,408 519,503 536,050 CBM 39,130 40,598 43,733 Other 276 265 386 Total** 550,814 560,366 580,169 *Oil, NGLs, 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. **See Part II.
Sales Volumes Produced The following table sets forth net sales volumes produced for the periods indicated: For the Year Ended December 31, 2025 2024 2023 Natural Gas Sales Volume (MMcf) Shale 542,573 457,531 473,828 CBM 37,814 39,130 40,598 Other 214 260 242 Total 580,601 496,921 514,668 NGL* Sales Volume (Mbbls) Shale 7,904 8,825 7,410 Other 3 — — Total 7,907 8,825 7,410 Sales Volume (MMcfe) Shale 47,423 52,949 44,460 Other 17 — — Total 47,440 52,949 44,460 Oil and Condensate* Sales Volume (Mbbls) Shale 140 155 203 Other 13 3 3 Total 153 158 206 Sales Volume (MMcfe) Shale 839 928 1,215 Other 80 16 23 Total 919 944 1,238 Total Sales Volume (MMcfe) Shale 590,835 511,408 519,503 CBM 37,814 39,130 40,598 Other 311 276 265 Total** 628,960 550,814 560,366 *Oil, NGLs, 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. **See Part II.
Risk Factors Summary The following is a summary of the principal risks that could adversely affect our business, operations and financial results. Please refer to Item 1A “Risk Factors” of this Form 10-K below for additional discussion of the risks summarized in this Risk Factors Summary.
Please refer to Item 1A “Risk Factors” of this Form 10-K below for additional discussion of the risks summarized in this Risk Factors Summary.
As of January 15, 2025, these physical and swap transactions represent approximately 478.9 Bcf of our estimated 2025 production at an average price of $2.58 per Mcf, 432.3 Bcf of our estimated 2026 production at an average price of $2.67 per Mcf, 304.4 Bcf of our estimated 2027 production at an average price of $3.28 per Mcf, 51.6 Bcf of our estimated 2028 production at an average price of $3.64 per Mcf, and a nominal amount of our estimated 2029 production.
As of January 8, 2026, these physical and swap transactions represent approximately 448.8 Bcf of our estimated 2026 production at an average price of $2.74 per Mcf, 379.3 Bcf of our estimated 2027 production at an average price of $3.28 per Mcf, 186.5 Bcf of our estimated 2028 production at an average price of $3.25 per Mcf and a nominal amount of our estimated 2029 production.
Non-Core Mineral Assets and Surface Properties CNX owns significant natural gas assets that are not in our short-term or medium-term development plans.
To date, there has been no material impact to the financial statements associated with these activities. Non-Core Mineral Assets and Surface Properties CNX owns significant natural gas assets that are not in our short-term or medium-term development plans.
We believe that our assumptions and methodology in this regard are reasonable. 8 The following table represents the terms under which we hold these acres: Gross Unproved Acres Net Unproved Acres Gross Proved Undeveloped Acres Net Proved Undeveloped Acres Held by Production/Fee 4,743,731 3,448,289 21,326 21,326 Expiration Within 2 Years 33,601 24,817 2,759 2,759 Expiration Beyond 2 Years 32,338 12,793 3,857 3,857 Total Acreage 4,809,670 3,485,899 27,942 27,942 The leases reflected above as Gross and Net Unproved Acres with expiration dates are included in our current drill plan or active land program.
We believe that our assumptions and methodology in this regard are reasonable. 8 The following table represents the terms under which we hold these acres: Gross Unproved Acres Net Unproved Acres Gross Proved Undeveloped Acres Net Proved Undeveloped Acres Held by Production/Fee 4,885,067 3,484,766 17,804 17,804 Expiration Within 2 Years 32,458 19,678 4,382 4,382 Expiration Beyond 2 Years 28,554 12,764 3,906 3,906 Total Acreage 4,946,079 3,517,208 26,092 26,092 The leases reflected above as Gross and Net Unproved Acres with expiration dates are included in our current drill plan or active land program.
See “Risk Factors -- Existing and future governmental laws, regulations, other legal requirements and judicial decisions that govern our business may increase our costs of doing business and may restrict our operations ” for additional discussion regarding additional laws and regulations affecting our business, operations and industry. 16 The Company anticipates that compliance with existing laws and regulations governing the Company and its current operations will not have a material adverse effect upon its capital expenditures, earnings or competitive position.
See “Risk Factors - Existing and future governmental laws, regulations, other legal requirements and judicial decisions that govern our business may increase our costs of doing business and may restrict our operations ” for additional discussion regarding additional laws and regulations affecting our business, operations and industry.
The following table sets forth, at December 31, 2024, the number of producing wells, developed acreage and undeveloped acreage: Gross (1) Net (2) Producing Gas Wells (including gob wells) - Working Interest 4,518 4,447 Producing Oil Wells - Working Interest 2 — Producing Gas Wells - Royalty Interest 350 — Producing Oil Wells - Royalty Interest 127 — Net Acreage Position: Proved Developed Acreage 416,500 416,500 Proved Undeveloped Acreage 27,941 27,941 Unproved Acreage 4,809,670 3,485,900 Total Acreage 5,254,111 3,930,341 _________ (1) All of our acreage identified as proved developed and undeveloped is controlled fully by CNX through ownership of a 100% working interest.
The following table sets forth, at December 31, 2025, the number of producing wells, developed acreage and undeveloped acreage: Gross (1) Net (2) Producing Gas Wells (including gob wells) - Working Interest 4,560 4,488 Producing Oil Wells - Working Interest 2 — Producing Gas Wells - Royalty Interest 412 — Producing Oil Wells - Royalty Interest 128 — Net Acreage Position: Proved Developed Acreage 428,042 428,042 Proved Undeveloped Acreage 26,092 26,092 Unproved Acreage 4,946,079 3,517,208 Total Acreage 5,400,213 3,971,342 _________ (1) All of our acreage identified as proved developed and undeveloped is controlled fully by CNX through ownership of a 100% working interest.
These new markets are volatile and have significant risk associated with eligibility, qualification and compliance with applicable programs, changing market conditions, increased competition, as well as political and regulatory risk.
We continue to focus efforts on opportunities to grow both the volume and value of environmental attributes as a source of future earnings. These new markets are volatile and have significant risk associated with eligibility, qualification and compliance with applicable programs, changing market conditions, increased competition, as well as political and regulatory risk.
This surface acreage is valuable to us in the development of the gathering system for our Shale production.
This surface acreage is valuable to us in the development of the gathering system for our Shale production. We also derive value from this surface control by granting rights of way or development rights to third parties.
However, the distinction between federally unregulated gathering facilities and FERC-regulated transmission facilities is a fact-based determination, and the classification of such facilities may be the subject of dispute and, potentially, litigation.
However, the distinction between federally unregulated gathering facilities and FERC-regulated transmission facilities is a fact-based determination, and the classification of such facilities may be the subject of dispute and, potentially, litigation. CNX owns certain natural gas pipeline facilities that CNX believes meet the traditional tests used to establish a pipeline's status as a gatherer not subject to FERC jurisdiction.
Information About Our Executive Officers Incorporated by reference into this Part I is the information set forth in Part III. Item 10 under the caption “Information About Our Executive Officers” (included herein pursuant to Item 401(b) of Regulation S-K).
Information About Our Executive Officers Incorporated by reference into this Part I is the information set forth in Part III.
Future development costs for 2022 include $442 million of plugging and abandonment costs and $293 million of midstream and water infrastructure capital on an undiscounted pre-tax basis. On a PV-10 pre-tax discounted basis, these amounts equate to $8 million and $242 million, respectively.
(2) Future development costs for 2025 include $1,017 million of plugging and abandonment costs and $157 million of midstream and water infrastructure capital on an undiscounted pre-tax basis.
CNX’s hybrid approach, where the traditional safety and environmental teams are merged with an operational field compliance team, forms the Operational Excellence department. The Environmental, Safety and Corporate Responsibility (ESCR) Committee of the Board of Directors is kept apprised of quality, health, safety, and environmental related matters on an as needed basis and in ESCR Committee meetings.
The Environmental, Safety and Corporate Responsibility (ESCR) Committee of the Board of Directors is kept apprised of quality, health, safety, and environmental related matters on an as needed basis and in ESCR Committee meetings. Emergency Preparedness and Response. Emergency response plans are developed for all CNX locations and operations.
See Note 22 – Subsequent Event in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information. In 2025, CNX expects capital expenditures to be between $450 million and $500 million. The Company continuously evaluates multiple factors to determine activity throughout the year, and as such, may update guidance accordingly.
See Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information. In 2026, CNX expects capital expenditures to be between $556 million and $586 million.
New or additional species that may be identified as requiring protection or consideration may lead to delays in permits and/or other restrictions on construction and development. Safety of Gas Transmission and Gathering Pipelines . Natural gas pipelines serving our operations are subject to regulation by the U.S.
New or additional species that may be identified as requiring protection or consideration may lead to delays in permits and/or other restrictions on construction and development. Multiple proposed rules in 2025 could change the regulations for the Endangered Species Act.
CNX expects 2025 annual sales volumes to be approximately 605-620 Bcfe. 11 Average Sales Price and Average Lifting Cost The following table sets forth the total average sales price and the total average lifting cost for all of our natural gas and NGL production for the periods indicated.
Average Sales Price and Average Lifting Cost The following table sets forth the total average sales price and the total average lifting cost for all of our natural gas and NGL production for the periods indicated. Total lifting cost is the cost of raising gas to the gathering system and does not include depreciation, depletion or amortization. See Part II.
Environmental Laws Many of the laws and regulations governing our operations are state-level environmental laws and regulations, which vary according to the state where CNX is operating. Our natural gas and midstream operations are also subject to numerous federal environmental laws and regulations.
The Company cannot predict when or whether any such proposals may become effective or the effect that such proposals may have on the Company. Environmental Laws Many of the laws and regulations governing our operations are state-level environmental laws and regulations, which vary according to the state where CNX is operating.
CNX competes with other large producers, as well as a myriad of smaller producers and marketers. CNX also competes for pipeline capacity and other services to deliver its products to customers. 13 New Technologies CNX’s New Technologies efforts are rooted in the Company’s extensive legacy asset base and innovative tradition.
CNX competes with other large producers, as well as a myriad of smaller producers and marketers. CNX also competes for pipeline capacity and other services to deliver its products to customers. 13 Low Carbon Intensity Premium Products Environmental Attributes. CNX actively explores potential pathways to develop and qualify environmental attributes under various programs.
The majority of our shallow oil and gas leasehold position is held by third-party production and all of it is extensively overlain by existing third-party natural gas gathering and transmission infrastructure. 7 Summary of Properties as of December 31, 2024 Shale CBM Other Gas Segment Segment Segment Total Estimated Net Proved Reserves (MMcfe) 7,839,424 693,068 5,451 8,537,943 Percent Developed (1) 73 % 55 % 100 % 71 % Net Producing Wells (including oil and gob wells) 544 3,801 102 4,447 Net Acreage Position: Net Proved Developed Acres 119,691 258,660 38,149 416,500 Net Proved Undeveloped Acres (2) 27,941 — — 27,941 Net Unproved Acres (3) 698,717 1,887,579 899,604 3,485,900 Total Net Acres (4) 846,349 2,146,239 937,753 3,930,341 _________ (1) Percent developed is calculated as net proved developed reserves divided by net proved reserves, measured in MMcfe.
The majority of our shallow oil and gas leasehold position is held by third-party production and all of it is extensively overlain by existing third-party natural gas gathering and transmission infrastructure. 7 Summary of Properties as of December 31, 2025 Shale CBM Other Segment Segment Segment Total Estimated Net Proved Reserves (MMcfe) 8,844,273 812,626 5,245 9,662,144 Percent Developed (1) 73 % 61 % 100 % 72 % Net Producing Wells (including oil and gob wells) 665 3,784 39 4,488 Net Acreage Position: Net Proved Developed Acres 143,997 247,598 36,447 428,042 Net Proved Undeveloped Acres (2) 26,092 — — 26,092 Net Unproved Acres (3) 710,414 1,897,151 909,643 3,517,208 Total Net Acres (4) 880,503 2,144,749 946,090 3,971,342 _________ (1) Percent developed is calculated as net proved developed reserves divided by net proved reserves, measured in MMcfe.
Additional proposals that affect the oil and natural gas industry are regularly considered by Congress, the states, local governments, regulatory agencies and the courts. The Company cannot predict when or whether any such proposals may become effective or the effect that such proposals may have on the Company.
The Company anticipates that compliance with existing laws and regulations governing the Company and its current operations will not have a material adverse effect upon its capital expenditures, earnings or competitive position. Additional proposals that affect the oil and natural gas industry are regularly considered by Congress, the states, local governments, regulatory agencies and the courts.
See Item 1A, “Risk Factors - We may be unable to qualify for existing federal and state level environmental attribute credits and new markets for environmental attributes are currently volatile, and otherwise may not develop as quickly or efficiently as we anticipate or at all. ” for certain risks associated with environmental attributes. Proprietary Technology.
See Item 1A, “Risk Factors - Expectations of future revenue from sales of environmental attributes and the availability of various clean energy and environmental attribute credits, incentives, or grants are subject to price fluctuations, eligibility criteria, and compliance with specific voluntary or compliance program requirements, legislative changes, or regulatory actions that are outside of CNX control, and new markets for environmental attributes are volatile and otherwise may not develop as quickly or efficiently as we anticipate or at all. ” for certain risks associated with environmental attributes.
We also derive value from this surface control by granting rights of way or development rights to third parties. 14 Human Capital Management As of December 31, 2024, CNX had 458 employees, which includes 63 employees directly attributable to our midstream operations and 60 employees directly attributable to our CBM operations in Virginia.
Human Capital Management As of December 31, 2025, CNX had 390 employees, which includes 44 employees directly attributable to our midstream operations and 54 employees directly attributable to our CBM operations in Virginia. CNX is not a party to any collective bargaining agreements.
Total lifting cost is the cost of raising gas to the gathering system and does not include depreciation, depletion or amortization. See Part II. Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-K for a breakdown by segment.
Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-K for a breakdown of sales volume variances. 11 CNX expects 2026 annual sales volumes to be approximately 605 - 620 Bcfe.
Removed
Proved developed and proved undeveloped reserves are defined by the Securities and Exchange Commission (SEC).
Added
Included in CNX’s 2026 capital expenditures is the first of three annual payments of $16 million associated with an agreement that grants CNX the right to acquire Utica Shale oil and gas rights that sit beneath the legacy Apex Energy footprint. The Company continuously evaluates multiple factors to determine activity throughout the year, and as such, may update guidance accordingly.
Removed
They currently represent what CNX views as a unique set of market opportunities in the areas of environmental attributes, proprietary technology and derivative product development. Environmental Attributes. CNX actively explores potential pathways to develop and qualify environmental attributes under various programs.
Added
Proved developed and proved undeveloped reserves are defined by the Securities and Exchange Commission (SEC). 9 Net Reserves (Millions of Cubic Feet Equivalent) As of December 31, 2025 2024 2023 Proved Developed Reserves 6,972,410 6,099,654 6,027,762 Proved Undeveloped Reserves 2,689,734 2,438,289 2,712,980 Total Proved Developed and Undeveloped Reserves (1) 9,662,144 8,537,943 8,740,742 ___________ (1) For additional information on our reserves, see Note 22 – Supplemental Gas Data (unaudited) to the Consolidated Financial Statements in Item 8 of this Form 10-K.
Removed
While CNX will make new investments each year to capture some of these unabated sources, currently available incentives do not provide sufficient economic justification to significantly expand our activities. As such, we do not anticipate any major investments in new capture projects until an alternate monetization pathway improves the economics of these projects.
Added
(3) For additional information on our reserves, see Note 22 – Supplemental Gas Data (unaudited) to the Consolidated Financial Statements in Item 8 of this Form 10-K.
Removed
We expect the annual volumes of waste methane captured for 2025 that would qualify for these various programs to be approximately 17-18 Bcfe. We continue to focus efforts on opportunities to grow both the volume and value of environmental attributes as a source of future earnings.
Added
The quantities and types of environmental attributes we sell and the associated revenue can vary depending on a number of factors, including the market for these credits, changes to the various voluntary or compliance programs under which the credits are generated and sold, and our ability to strictly comply with the programs under which the attributes can be sold.
Removed
To date, there has been no material impact to the financial statements associated with these activities. Derivative Products.
Added
While CNX will make new investments each year to capture some of these unabated sources, significant program uncertainty continues to exist and is pending a final rulemaking process. Future investments in new capture projects are dependent on the final terms of the corresponding programs.
Removed
CNX believes that using natural gas as a sustainable fuel source for high-emitting economic sectors like transportation, manufacturing, and other industrial processes could dramatically reduce emissions footprints in those sectors while creating new vertical markets for compressed natural gas (CNG) and liquefied natural gas (LNG) and help fast-track the implementation of downstream products such as hydrogen and ammonia.
Added
These proposals include removing the definition of the term “harm,” which includes habitat modification, removing the “blanket rule” option for protecting species, and changing how critical habitat is determined. CNX cannot predict how the proposed rules will be finalized or enforced. 17 Safety of Gas Transmission and Gathering Pipelines .
Removed
CNX is an active participant in West Virginia’s pursuit of a regional hydrogen energy hub, CNX joined the Appalachian Regional Clean Hydrogen Hub (ARCH2) coalition in 2022. CNX brings local expertise, low-carbon technology capabilities, infrastructure, and carbon capture and storage (CCS) skill sets to the coalition, which is composed of energy producers, end-users, infrastructure developers and technological experts.
Added
Natural gas pipelines serving our operations are subject to regulation by the U.S.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

97 edited+14 added−23 removed197 unchanged
Biggest changeWe expect environmental attributes (including but not limited to carbon credits, air quality credits, renewable or alternative energy credits, alternate energy credits, methane capture credits, methane performance certificates, emission reductions, differentiated energy attribute tokens, production tax credits, investment tax credits, grants, energy attribute certificates, carbon intensity claims, renewable thermal certificates, offsets and/or allowances) to continue to grow as a source of future revenue.
Biggest changeExpectations of future revenue from sales of environmental attributes and the availability of various clean energy and environmental attribute credits, incentives, or grants are subject to price fluctuations, eligibility criteria, and compliance with specific voluntary or compliance program requirements, legislative changes, or regulatory actions that are outside of CNX control, and new markets for environmental attributes are volatile and otherwise may not develop as quickly or efficiently as we anticipate or at all. 34 We expect environmental attributes (including but not limited to carbon credits, air quality credits, renewable or alternative energy credits, alternate energy credits, methane capture credits, methane performance certificates, emission reductions, differentiated energy attribute tokens, grants, energy attribute certificates, carbon intensity claims, renewable thermal certificates, offsets and/or allowances) to continue to grow as a source of future revenue, and to be able to pursue various state and federal incentives and tax credits (including production tax credits and investment tax credits).
The cost of developing and operating a well is often uncertain, and a number of factors can delay, suspend, or prevent development operations, decrease production and/or increase the cost of our natural gas operations at particular sites for varying lengths of time, including unexpected development and production conditions (such as pressure or irregularities in geologic formations or wells, 27 material and equipment failures, fires, ruptures, loss of well control, landslides, mine subsidence, explosions or other accidents and environmental concerns and adverse weather conditions), which conditions and risks may be amplified as we increase the vertical and horizontal length of drilling endeavors; similar operational or design issues relating to pipelines, compressor stations, pump stations, related equipment and surrounding properties; challenges relating to transportation, pipeline infrastructure and capacity for treatment or disposal of waste water generated in operations and failure to obtain, or delays in the issuance of, permits at the state or local level and the resolution of regulatory concerns.
The cost of developing and operating a well is often uncertain, and a number of factors can delay, suspend, or prevent development operations, decrease production, and/or increase the cost of our natural gas operations at particular sites for varying lengths of time, including unexpected development and production conditions (such as pressure or irregularities in geologic formations or wells, material and equipment failures, fires, ruptures, loss of well control, landslides, mine subsidence, explosions, or other accidents and environmental concerns and adverse weather conditions), which conditions and risks may be amplified as we increase the vertical and horizontal length of drilling endeavors; similar operational or design issues relating to pipelines, compressor stations, pump stations, related equipment, and surrounding properties; challenges relating to transportation, pipeline infrastructure, and capacity for treatment or disposal of waste water generated in operations and failure to obtain, or delays in the issuance of, permits at the state or local level and the resolution of regulatory concerns.
The degree to which CNX is leveraged could have important consequences, including, but not limited to: • increasing our vulnerability to general adverse economic and industry conditions; • requiring us to dedicate a substantial portion of our cash flow from operations to the payment of interest and principal due under our outstanding debt, which will limit our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions, development of our natural gas reserves or other general corporate requirements; • limiting our flexibility in planning for, or reacting to, changes in our business and in the natural gas industry; • placing us at a competitive disadvantage compared to our competitors with lower leverage and better access to capital resources; and 35 • limiting our ability to implement our business strategy.
The degree to which CNX is leveraged could have important consequences, including, but not limited to: • increasing our vulnerability to general adverse economic and industry conditions; • requiring us to dedicate a substantial portion of our cash flow from operations to the payment of interest and principal due under our outstanding debt, which will limit our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions, development of our natural gas reserves, or other general corporate requirements; • limiting our flexibility in planning for, or reacting to, changes in our business and in the natural gas industry; • placing us at a competitive disadvantage compared to our competitors with lower leverage and better access to capital resources; and • limiting our ability to implement our business strategy.
In addition, such transactions may expose us to the risk of financial loss in certain circumstances, including instances in which: • our production is less than expected; • market prices for natural gas rise significantly in excess of our derivative hedge price resulting in significant cash payments to our hedge counterparties; 24 • we are unable to find available counterparties in the future with which to enter into hedges and counterparties able to enter into basis hedge contracts; • the creditworthiness of our counterparties or their guarantors is substantially impaired; and • counterparties have credit limits that may constrain our ability to hedge additional volumes.
In addition, such transactions may expose us to the risk of financial loss in certain circumstances, including instances in which: • our production is less than expected; • market prices for natural gas rise significantly in excess of our derivative hedge price resulting in significant cash payments to our hedge counterparties; • we are unable to find available counterparties in the future with which to enter into hedges and counterparties able to enter into basis hedge contracts; • the creditworthiness of our counterparties or their guarantors is substantially impaired; and • counterparties have credit limits that may constrain our ability to hedge additional volumes.
The realization of any of these risks could adversely affect our ability to conduct our operations, materially increase our costs, or result in substantial loss to us as a result of claims for: • personal injury or loss of life; • damage to and destruction of property, natural resources and equipment, including our properties and our natural gas production or transportation facilities; • pollution and other environmental damage to our properties or the properties of others; • potential legal liability and monetary losses; • damage to our reputation within the industry or with customers; • regulatory enforcement, investigations and penalties; • suspension of our operations; and • repair and remediation costs.
The realization of any of these risks could adversely affect our ability to conduct our operations, materially increase our costs, or result in substantial loss to us as a result of claims for: • personal injury or loss of life; • damage to and destruction of property, natural resources and equipment, including our properties and our natural gas production or transportation facilities; 27 • pollution and other environmental damage to our properties or the properties of others; • potential legal liability and monetary losses; • damage to our reputation within the industry or with customers; • regulatory enforcement, investigations, and penalties; • suspension of our operations; and • repair and remediation costs.
Any such regulation that may be implemented, as well as uncertainty concerning such regulation and public policy pressures, could adversely impact the market for natural gas, 33 as well as for our securities” (See Note 20 – Commitments and Contingent Liabilities in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for further discussion of pending legal proceedings).
Any such regulation that may be implemented, as well as uncertainty concerning such regulation and public policy pressures, could adversely impact the market for natural gas, as well as for our securities” (See Note 20 – Commitments and Contingent Liabilities in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for further discussion of pending legal proceedings).
CNX is, therefore, subject to the possibility of more onerous terms or increased costs to retain necessary land use if we do not have valid rights-of-way or if such rights-of-way lapse or terminate. CNX may obtain the rights to construct and operate our pipelines on land owned by third parties and governmental agencies for a specific period of time.
CNX is, therefore, subject to the possibility of more onerous terms or increased costs to retain necessary land use if we do not have valid rights-of-way or if such rights-of-way lapse or terminate. CNX may obtain the rights to construct and operate our pipelines on land owned by third 30 parties and governmental agencies for a specific period of time.
CNX could also incur liability as a result of actions taken or not taken by a joint venture partner or third-party operator. Disputes between us and the other party may result in litigation or arbitration that would increase our expenses, delay or terminate projects and distract our officers and directors from focusing their time and effort on our business.
CNX could also incur liability as a 38 result of actions taken or not taken by a joint venture partner or third-party operator. Disputes between us and the other party may result in litigation or arbitration that would increase our expenses, delay or terminate projects, and distract our officers and directors from focusing their time and effort on our business.
If our customers fail to develop their properties in the areas covered by these acreage dedications, or otherwise sell, exchange, farm-out or otherwise dispose of all of, or an undivided interest in, the development of the dedicated acreage, the resulting decrease in the development of reserves by our midstream customers could result in reduced volumes 28 serviced by us and a commensurate decline in revenues and cash flows.
If our customers fail to develop their properties in the areas covered by these acreage dedications, or otherwise sell, exchange, farm-out, or otherwise dispose of all of, or an undivided interest in, the development of the dedicated acreage, the resulting decrease in the development of reserves by our midstream customers could result in reduced volumes serviced by us and a commensurate decline in revenues and cash flows.
While CNX expects to be able to utilize our NOL carryforwards and generate deductions to offset our future taxable income, in the event that deductions are not generated as expected, one or more of our tax positions are successfully challenged by the IRS (in a tax audit or otherwise), or our NOL 34 carryforwards are subject to future limitations, our future tax liability may be greater than expected.
While CNX expects to be able to utilize our NOL carryforwards and generate deductions to offset our future taxable income, in the event that deductions are not generated as expected, one or more of our tax positions are successfully challenged by the IRS (in a tax audit or otherwise), or our NOL carryforwards are subject to future limitations, our future tax liability may be greater than expected.
Our ability to obtain insurance on commercially reasonable terms or at all to mitigate the financial impact of cybersecurity incidents may be challenged by the future prevalence and nature of incidents experienced by companies and insurance markets willingness to underwrite this risk. 40 Terrorist activities could materially adversely affect our business and results of operations.
Our ability to obtain insurance on commercially reasonable terms or at all to mitigate the financial impact of cybersecurity incidents may be challenged by the future prevalence and nature of incidents experienced by companies and insurance markets willingness to underwrite this risk. Terrorist activities could materially adversely affect our business and results of operations.
International demand and storage levels also affect NGL prices. Further, an oversupply of NGLs in the local markets where CNX operates requires excess NGLs to be transported out of our region and into the broader market, including international exports. NGLs are transported by a variety of methods, including pipeline, rail, and truck.
International demand and storage levels also affect NGL prices. Further, an oversupply of NGLs in the local markets where CNX operates requires excess NGLs to be transported out of our region and into the broader market, including international exports. NGLs are transported by a variety of methods, including pipeline, rail, truck, and barge.
Pennsylvania, under Act 127 of 2011, authorized Public Utility Commission (PUC) to oversee Class I gathering lines, and required standards and fees for Class II and Class III pipelines. The State of Ohio also moved to regulate natural gas gathering lines in a similar manner pursuant to Ohio Senate Bill 315 (SB315).
Pennsylvania, under Act 127 of 2011, authorized Public Utility Commission (PUC) to oversee Class I gathering lines, and required standards and fees for Class II and Class III pipelines. In 2012, the State of Ohio also moved to regulate natural gas gathering lines in a similar manner pursuant to Ohio Senate Bill 315 (SB315).
To ensure adequate water for our operations, CNX may be required to invest substantial amounts of capital in water pipelines which are used for relatively short periods of time. Increased regulation of these water pipelines could cause us to invest additional capital, alter our disposal or transportation method or negatively affect our operations.
To ensure 29 adequate water for our operations, CNX may be required to invest substantial amounts of capital in water pipelines which are used for relatively short periods of time. Increased regulation of these water pipelines could cause us to invest additional capital, alter our disposal or transportation method, or negatively affect our operations.
In either case, and in other cases, our obligations under the Convertible Notes and the 37 indenture could increase the cost of acquiring us or otherwise discourage a third party from acquiring us, including in a transaction that noteholders or holders of our common stock may view as favorable.
In either case, and in other cases, our obligations under the Convertible Notes and the indenture could increase the cost of acquiring us or otherwise discourage a third party from acquiring us, including in a transaction that noteholders or holders of our common stock may view as favorable.
CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas pipelines and midstream facilities. The Pipeline and Hazardous Materials Safety Administration (PHMSA) has adopted safety, transportation and operational regulations applicable to pipeline operators.
CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas pipelines and midstream facilities. 33 The Pipeline and Hazardous Materials Safety Administration (PHMSA) has adopted safety, transportation, and operational regulations applicable to pipeline operators.
The PV-10 measure of pre-tax discounted future 26 net cash flows and the standardized measure of after-tax discounted future net cash flows from our proved reserves included within this Form 10-K are not necessarily the same as the current market value of our estimated natural gas reserves.
The PV-10 measure of pre-tax discounted future net cash flows and the standardized measure of after-tax discounted future net cash flows from our proved reserves included within this Form 10-K are not necessarily the same as the current market value of our estimated natural gas reserves.
Without sufficient capital, CNX could be required to curtail the pace of the development of our natural gas properties and midstream activities, which in turn could lead to a decline in our reserves and production, and could adversely affect our business, financial condition and results of operations.
Without sufficient capital, CNX could be required 28 to curtail the pace of the development of our natural gas properties and midstream activities, which in turn could lead to a decline in our reserves and production, and could adversely affect our business, financial condition, and results of operations.
Our business partners, including vendors, service providers and financial institutions, are also dependent on digital technology. As dependence on digital technologies has increased the threat of cybersecurity incidents, including deliberate attacks or unintentional events, have also increased.
Our business partners, including vendors, service providers, and financial institutions, are also dependent on digital technology. 39 As dependence on digital technologies has increased the threat of cybersecurity incidents, including deliberate attacks or unintentional events, have also increased.
As the pandemic and global instability has significantly impacted economic activity and markets around the world, similar pandemics and conflicts could negatively impact our business in numerous ways, including, but not limited to, the following: • our revenue may be reduced if there is a resulting economic downturn or recession, to the extent it leads to a prolonged decrease in the demand for or disruption in the global supply of natural gas and liquefied natural gas (LNG) and, to a lesser extent, NGLs and oil; and • the operations of our midstream service providers, on whom CNX relies for the transmission, gathering and processing of a significant portion of our produced natural gas, NGLs, oil and condensate, and our other service providers and suppliers may be disrupted or suspended in response to containing the outbreak, geopolitical instability and/or the difficult economic environment may lead to the bankruptcy or closing of service providers, facilities and infrastructure or delays or disruptions in our supply chain, which may result in substantial discounts in the prices CNX receives for our produced natural gas, NGLs, oil and condensate or result in the shut-in of producing wells or the delay or discontinuance of development plans for our properties.
As global instability has significantly impacted economic activity and markets around the world, similar health crises and conflicts could negatively impact our business in numerous ways, including, but not limited to, the following: • our revenue may be reduced if there is a resulting economic downturn or recession, to the extent it leads to a prolonged decrease in the demand for or disruption in the global supply of natural gas and liquefied natural gas (LNG) and, to a lesser extent, NGLs and oil; and • the operations of our midstream service providers, on whom CNX relies for the transmission, gathering, and processing of a significant portion of our produced natural gas, NGLs, oil, and condensate, and our other service providers and suppliers may be disrupted or suspended in response to containing the outbreak, geopolitical instability, and/or the difficult economic environment may lead to the bankruptcy or closing of service providers, facilities, and infrastructure or delays or disruptions in our supply chain, which may result in substantial discounts in the prices CNX receives for our produced natural gas, NGLs, oil, and condensate or result in the shut-in of producing wells or the delay or discontinuance of development plans for our properties.
Failure to comply with these covenants could result in an event of default that, if not cured or waived, could materially adversely affect us.
Failure to comply with these covenants could result in an event of default that, if not cured or waived, could materially 35 adversely affect us.
If our borrowing base declined significantly below $2.3 billion, CNX may be unable to implement our development plans, make acquisitions or otherwise execute our business plan which could materially adversely affect our financial condition and results of operations. CNX also could be required to repay any outstanding indebtedness in excess of the redetermined borrowing base.
If our borrowing base declined significantly below $2.4 billion, CNX may be unable to implement our development plans, make acquisitions, or otherwise execute our business plan which could materially adversely affect our financial condition and results of operations. CNX also could be required to repay any outstanding indebtedness in excess of the redetermined borrowing base.
As a result of such 30 examinations, certain curative work may be required to correct defects in the marketability of the title and such curative work entails expense.
As a result of such examinations, certain curative work may be required to correct defects in the marketability of the title and such curative work entails expense.
Our borrowing base under our senior secured revolving credit facility could decrease for a variety of reasons including lower natural gas prices, declines in natural gas reserves, asset sales and lending requirements or regulations. Significant reductions in our borrowing base below $2.3 billion could materially adversely affect our results of operations, financial condition and liquidity.
Our borrowing base under our senior secured revolving credit facility could decrease for a variety of reasons including lower natural gas prices, declines in natural gas reserves, asset sales and lending requirements or regulations. Significant reductions in our borrowing base below $2.4 billion could materially adversely affect our results of operations, financial condition, and liquidity.
In the past CNX has had to record an impairment charge related to certain assets and CNX may incur impairment charges in the future, which could have an adverse effect on our results of operations in the period taken. There were no indicators of impairment for the years ended December 31, 2024, 2023 and 2022.
In the past CNX has had to record an impairment charge related to certain assets and CNX may incur impairment charges in the future, which could have an adverse effect on our results of operations in the period taken. There were no indicators of impairment for the years ended December 31, 2025, 2024 and 2023.
This could cause the permits CNX needs to conduct our operations to be withheld, delayed, or burdened by requirements that restrict our ability to profitably conduct our business. In addition, in recent years increasing attention has been given to corporate activities related to environmental issues in public discourse and the investment community.
This could cause the permits CNX needs to conduct our operations to be withheld, delayed, or burdened by requirements that restrict our ability to profitably 24 conduct our business. In addition, in recent years attention has been given to corporate activities related to environmental issues in public discourse and the investment community.
In addition, accelerated levels of inflation, including through the introduction of new tariffs, may lead to price increases beyond CNX’s control that could lead to CNX incurring increased costs for contractors and/or materials. For example, fuel pricing and labor shortages have led to increased ground transportation costs.
In addition, accelerated levels of inflation, including through the introduction of new tariffs, may lead to price increases beyond CNX’s control that could lead to CNX incurring increased costs for contractors and/or materials. For example, fuel pricing and labor shortages could lead to increased ground transportation costs.
Further, 36 CNX will be subject to the unsecured risk that the financial institutions might default under the capped call transactions.
Further, CNX will be subject to the unsecured risk that the financial institutions might default under the capped call transactions.
Our insurance may not protect us against such occurrences. ITEM 1B. Unresolved Staff Comments None.
Our insurance may not protect us against such occurrences. 40 ITEM 1B. Unresolved Staff Comments None.
A significant portion of our natural gas is sold on or through two pipeline systems, Texas Eastern Transmission and Columbia Gas Transmission, which could experience capacity issues, operational disruptions and unexpected downtime, including from cybersecurity incidents and cyberattacks, with either no or little alternative transportation options available for our natural gas.
A significant portion of our natural gas is sold on or through three pipeline systems, Texas Eastern Transmission, Columbia Gas Transmission, and Eastern Gas Transmission & Storage, which could experience capacity issues, operational disruptions, and unexpected downtime, including from cybersecurity incidents and cyberattacks, with either no or little alternative transportation options available for our natural gas.
If divestment efforts continue, the price of our common stock or debt securities, and our ability to access capital markets or to otherwise obtain new investment or financing, may be negatively impacted and have a material adverse effect on our business, financial condition, results of operations and cash flows.
If divestment efforts are successful, the price of our common stock or debt securities, and our ability to access capital markets or to otherwise obtain new investment or financing, may be negatively impacted and have a material adverse effect on our business, financial condition, results of operations, and cash flows.
For example, see disclosure in Note 20 – Commitments and Contingent Liabilities in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for further discussion regarding a lawsuit filed by the UMWA 1992 Benefit Plan against CNX and CONSOL Energy in May 2020.
For example, see disclosure in Note 20 – Commitments and Contingent Liabilities in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for further discussion regarding a lawsuit filed by the UMWA 1992 Benefit Plan against CNX and Core in May 2020.
Our senior secured revolving credit facility and the indentures governing certain of our senior notes limit the incurrence of additional indebtedness unless specified tests or exceptions are met, subject our operations to compliance with certain financial covenants on a quarterly basis, and impose a number of restrictions upon us, such as restrictions on granting liens on our assets, making investments, paying dividends, stock repurchases, selling assets and engaging in acquisitions.
The agreement governing the CNX Credit Facility and the indentures governing certain of our senior notes limit the incurrence of additional indebtedness unless specified tests or exceptions are met, subject our operations to compliance with certain financial covenants on a quarterly basis, and impose a number of restrictions upon us, such as restrictions on granting liens on our assets, making investments, paying dividends, stock repurchases, selling assets, and engaging in acquisitions.
If natural gas prices decline by $0.10 per MMBtu, then the pre-tax present value using a 10% discount rate of our proved natural gas reserves as of December 31, 2024 would decrease from $3.8 billion to $3.6 billion.
If natural gas prices decline by $0.10 per MMBtu, then the pre-tax present value using a 10% discount rate of our proved natural gas reserves as of December 31, 2025 would decrease from $6.8 billion to $6.6 billion.
Pursuant to the Separation and Distribution Agreement and certain other agreements with CONSOL Energy, CNX and CONSOL Energy have agreed to indemnify the other for certain liabilities in each case for uncapped amounts. We remain liable as a guarantor on certain liabilities that were assumed by CONSOL Energy in connection with the separation.
Pursuant to the Separation and Distribution Agreement and certain other agreements with Core, CNX and Core have agreed to indemnify the other for certain liabilities in each case for uncapped amounts. We remain liable as a guarantor on certain liabilities that were assumed by Core in connection with the separation.
The value of environmental attributes may also be adversely affected by eligibility determinations, policies, conditional restrictions, mischaracterizations, uncertainty, or penalties associated with certain legislative, agency, registry, verifier, certification system, or judicial determinations, updates or rulemakings. These and other factors could impact our future results of operations and cash flows.
The value of environmental attributes or derived credits may also be adversely affected by eligibility determinations, policies, conditional restrictions, mischaracterizations, uncertainty, IRS disallowance, or penalties associated with certain legislative, agency, registry, verifier, certification system, or judicial determinations, updates, or rulemakings. These and other factors could impact our future results of operations and cash flows.
In connection with the separation of our coal business, CONSOL Energy has agreed to indemnify us for certain liabilities, and we have agreed to indemnify CONSOL Energy for certain liabilities. If we are required to pay under these indemnities to CONSOL Energy, our financial results could be negatively impacted.
In connection with the separation of our coal business, Core has agreed to indemnify us for certain liabilities, and we have agreed to indemnify Core for certain liabilities. If we are required to pay under these indemnities to Core, our financial results could be negatively impacted.
Other General Risks Cybersecurity incidents targeting our data, systems, oil and natural gas industry systems and infrastructure, or the systems of our third-party service providers or business partners could materially adversely affect our business, financial condition or results of operations.
Each of these risks could negatively affect our business, results of operations, and financial condition. Other General Risks Cybersecurity incidents targeting our data, systems, oil and natural gas industry systems and infrastructure, or the systems of our third-party service providers or business partners could materially adversely affect our business, financial condition, or results of operations.
Third parties could also seek to hold us responsible for any of the liabilities that CONSOL Energy has agreed to retain, including in respect of certain statutory obligations related to, among others, health and environmental matters.
Third parties could also seek to hold us responsible for any of the liabilities that Core has agreed to retain, including in respect of certain statutory obligations related to, among others, health and environmental matters.
The issue of global climate change continues to attract considerable public and scientific attention, with underlying concern about the impacts of human activity, especially the emissions of greenhouse gases (“GHGs”) such as carbon dioxide (“CO 2 ”) and methane into the environment and is increasingly the subject of civil litigation and regulatory focus.
The issue of global climate change continues to attract considerable public and scientific attention, with underlying concern about the impacts of human activity, especially the emissions of greenhouse gases (“GHGs”) such as carbon dioxide (“CO2”) and methane into the environment and is increasingly the subject of civil litigation and regulatory focus.
The CONSOL Energy indemnity may not be sufficient to hold us harmless from the full amount of liabilities for which CONSOL Energy has been allocated responsibility, and CONSOL Energy may not be able to satisfy its indemnification obligations in the future.
The Core indemnity may not be sufficient to hold us harmless from the full amount of liabilities for which Core has been allocated responsibility, and Core may not be able to satisfy its indemnification obligations in the future.
In developing our business plan, we consider allocating capital and other resources to various aspects of our businesses including well development, reserve acquisitions, exploratory activity, corporate items (including share and debt repurchases) and other alternatives, including investments into new proprietary technologies and strategies surrounding the generation and monetization of environmental attributes from our operations, including but not limited to carbon credit offsets.
In developing our business plan, we consider allocating capital and other resources to various aspects of our businesses including well development, reserve acquisitions, exploratory activity, corporate items (including share and debt repurchases), and other alternatives, including investments into new proprietary technologies and strategies surrounding the generation and monetization of environmental attributes from our operations, including but not limited to credits derived from environmental attributes.
Continued service and equipment provider consolidation poses a potential risk to CNX of increasing the likelihood of key personnel turnover within our service providers. Service provider consolidation also poses the risk of individuals or equipment being relocated to another basin based on the service provider’s business plan.
Continued service and equipment provider consolidation poses a potential risk to CNX of increasing the likelihood of key personnel turnover within our service providers. Service provider consolidation also poses the risk of individuals or equipment being relocated to another basin, or a reduction in services provided, based on the service provider’s business plan.
While CNX has not incurred significant disruptions to its operations during the past three fiscal years as a direct result of the COVID-19 pandemic or geopolitical conflict, including the ongoing war in Ukraine and the ongoing conflicts in the Middle East, the resulting global instability and any similar disruptions may materially and adversely affect, our business, operating and financial results and liquidity in the future.
While CNX has not incurred significant disruptions to its operations during the past three fiscal years as a direct result of any global or domestic health crisis or geopolitical conflict, including the war in Ukraine and the ongoing conflicts in the Middle East, the resulting global instability and any similar disruptions may materially and adversely affect, our business, operating and financial results, and liquidity in the future.
As of December 31, 2024, CNX has U.S. federal and state NOL carryforwards of $0.7 billion and $1.5 billion, respectively, some of which expire at various dates from 2025 to 2041 while others have no expiration date. CNX expects to be able to utilize these NOL carryforwards and generate deductions to offset our future taxable income.
As of December 31, 2025, CNX has U.S. federal and state NOL carryforwards of $0.7 billion and $1.2 billion, respectively, some of which expire at various dates from 2026 to 2045 while others have no expiration date. CNX expects to be able to utilize these NOL carryforwards and generate deductions to offset our future taxable income.
The borrowing base under our senior secured revolving credit facility is currently $2.3 billion. Our borrowing base is redetermined by the lenders twice per year, and the next scheduled borrowing base redetermination is expected to occur in the spring of 2025.
The borrowing base under our senior secured revolving credit facility is currently $2.4 billion. Our borrowing base is redetermined by the lenders twice per year, and the next scheduled borrowing base redetermination is expected to occur in the spring of 2026.
There is also increased 23 competition within the industry as a result of oil-focused drilling, where natural gas is produced as an ancillary byproduct and may be sold at prices below market. Some of such “byproduct” gas could be transported to our key markets, thereby affecting regional supply. The industry also faces competition from alternative energy sources.
There is also increased competition within the industry as a result of oil-focused drilling, where natural gas is produced as an ancillary byproduct, and this inelastic supply may depress market prices. Some of such “byproduct” gas could be transported to our key markets, thereby affecting regional supply. The industry also faces competition from alternative energy sources.
Our results of operations may be adversely affected by a depressed level of, or downward fluctuations in the price for NGLs. 22 Apart from issues with respect to the supply of products CNX produces, demand can fluctuate widely due to a number of matters beyond our control, including: • weather conditions in our markets that affect the demand for natural gas; • changes in the consumption pattern of industrial consumers, electricity generators and residential users of electricity and natural gas; • with respect to natural gas, the price and availability of alternative fuel sources used by electricity generators; • technological advances affecting energy consumption and conservation measures reducing demand; • the costs, availability and capacity of transportation infrastructure; • proximity and capacity of natural gas pipelines and other transportation facilities; • changes in levels of international demand and tariffs associated with international export; and • the impact of domestic and foreign governmental laws and regulations, including environmental and climate change regulations and delays.
Apart from issues with respect to the supply of products CNX produces, demand can fluctuate widely due to a number of matters beyond our control, including: • weather conditions in our markets that affect the demand for natural gas; • changes in the consumption pattern of industrial consumers, electricity generators, and residential users of electricity and natural gas; • with respect to natural gas, the price and availability of alternative fuel sources used by electricity generators; • technological advances affecting energy consumption and conservation measures reducing demand; • the costs, availability, and capacity of transportation infrastructure; • proximity and capacity of natural gas pipelines and other transportation facilities; • changes in levels of international demand and tariffs associated with international export; and • the impact of domestic and foreign governmental laws and regulations, including environmental and climate change regulations and delays.
Finally, there are currently close to two dozen lawsuits filed on behalf of various states and municipalities seeking to hold producers of oil, natural gas and coal liable for the consequences of certain weather-related events, like rising sea levels and more frequent and severe flooding, storms and heatwaves, and seeking money damages for remedial measures aimed at eliminating or ameliorating damages caused by climate change.
Finally, there are currently several dozen lawsuits filed on behalf of various states and municipalities seeking to hold producers of oil, natural gas, and coal liable for the consequences of certain weather-related events, like rising sea levels and severe flooding, storms, and heatwaves, and seeking money damages for remedial measures aimed at eliminating or ameliorating damages caused by these weather-related events.
The imposition of new environmental initiatives and regulations could include restrictions on our ability to conduct hydraulic fracturing operations or to dispose of waste resulting from such operations. Public interest in the protection of the environment has increased dramatically in recent years.
The imposition of new environmental initiatives and regulations, including with respect to waste disposal facilities, could include restrictions on our ability to conduct hydraulic fracturing operations or to dispose of waste resulting from such operations. 32 Public interest in the protection of the environment has increased dramatically in recent years.
However, these types of contracts expose us to economic risk during a downturn in demand or during periods of oversupply. Having to pay for services we do not use decreases our cash flow and increases our costs. 29 Global politics can also create additional risk to CNX.
However, these types of contracts expose us to economic risk during a downturn in demand or during periods of oversupply. Having to pay for services we do not use decreases our cash flow and increases our costs. Global and national politics, including geopolitical hostilities, or natural disasters can also create additional risk to CNX.
Although this ordinance is being challenged, local and statewide efforts to increase setback requirements could gain momentum as a result. Additionally, the Pennsylvania Environmental Quality Board (EQB) is considering a rulemaking petition submitted by the Protective Buffers PA coalition, which includes environmental and public health organizations, to increase statewide setback distances for natural gas wells.
Although this ordinance is being challenged, local and statewide efforts to increase setback requirements could gain momentum as a result. Additionally, the Pennsylvania Environmental Quality Board (EQB) is considering a rulemaking petition submitted by certain environmental and public health organizations, to increase statewide setback distances for natural gas wells.
Risks Related to our Business Operations Our dependence on third party pipeline and processing systems could adversely affect our operations and limit sales of our natural gas and NGLs as a result of disruptions, capacity constraints, proximity issues or decreases in availability of pipelines or other midstream facilities.
Failure to mitigate these impacts could adversely affect our business, financial condition, and results of operations. 25 Risks Related to our Business Operations Our dependence on third party pipeline and processing systems could adversely affect our operations and limit sales of our natural gas and NGLs as a result of disruptions, capacity constraints, proximity issues or decreases in availability of pipelines or other midstream facilities.
CNX also does not have control over the availability of environmental attributes, competition for those attributes, markets for those attributes, or pricing and other terms related to such attributes.
In addition to potential counterparty risk, CNX also does not have control over the availability of environmental attributes, competition for those attributes, markets for those attributes, or pricing and other terms related to such attributes.
Furthermore, there can be no assurance that our environmental attributes will generate significant revenue, as pricing continues to be volatile and program qualification requirements can change.
Furthermore, there can be no assurance that our environmental attributes will generate significant revenue, as pricing is volatile and program qualification or eligibility requirements can change.
A number of advocacy groups, both domestically and internationally, have campaigned for the investment community, including investment advisors, sovereign wealth funds, public pension funds, universities, and other groups, to promote change at public companies, including through investment and voting practices.
A number of advocacy groups, both domestically and internationally, have campaigned for the investment community and other groups to promote change at public companies, including through investment and voting practices.
Additionally, increased governmental attention to ESG matters, including state actions such as California’s Climate Corporate Data Accountability Act and its Climate-Related Financial Risk Act, may require the production and public reporting of additional data for investors’ evaluation of investment and voting decisions.
Additionally, increased governmental attention to environmental, social and governance matters, including state actions such as California’s Climate Corporate Data Accountability Act, may require the production and public reporting of additional data for investors’ evaluation of investment and voting decisions.
Actual future net cash flows from our proved and unproved oil and natural gas properties may be affected by factors such as: • geological conditions; • our acreage position, and our ability to acquire additional acreage, including purchases and third-party swaps to develop our position efficiently; • changes in governmental regulations and taxation; • the amount and timing of actual production; • future prices and our hedging position; • future operating costs; • operational risks and results; and • capital costs of drilling, completion and gathering assets.
Actual future net cash flows from our proved and unproved oil and natural gas properties may be affected by factors such as: • geological conditions; • our acreage position, and our ability to acquire additional acreage, including purchases and third-party swaps to develop our position efficiently; • changes in governmental regulations and taxation; • the amount and timing of actual production; • future prices and our hedging position; • future operating costs; • operational risks and results; and • capital costs of drilling, completion, and gathering assets. 26 The timing of both our production and our incurrence of expenses in connection with the development and production of natural gas, NGLs and oil and/or condensate will affect the timing of actual future net cash flows from proved reserves and thus their actual present value.
Additionally, the value of environmental attributes may fluctuate based on the quantities and types of environmental attributes we sell and the associated revenue can vary depending on a number of factors, including the market for these credits, changes to the various voluntary or compliance programs under which the credits are generated and sold, and our ability to strictly comply with the programs under which the attributes can be sold.
The value of environmental attributes or derived credits may fluctuate and the associated revenue or benefit can vary depending on a number of factors, including the market for these credits, legislative changes, eligibility and transferability requirements, changes to voluntary or compliance programs under which environmental attributes or derived credits are generated and sold, and our ability to strictly comply with the programs under which the attributes can be sold.
Consequently, it is possible that any of these occurrences, or a combination of them, could materially adversely affect our business, financial condition and impact our production. 39 The natural gas industry, and our business partners have become increasingly dependent upon digital technologies, including information systems, infrastructure and cloud applications and services, and third-party risk management and oversight to operate our businesses, process and record financial and operating data, market our natural gas, arrange transportation, communicate with our employees and business partners, analyze geologic and operational information, estimate quantities of natural gas reserves, monitor and control our field equipment and assets and perform other activities related to our businesses.
The natural gas industry, and our business partners have become increasingly dependent upon digital technologies, including information systems, infrastructure and cloud applications and services, and third-party risk management and oversight to operate our businesses, process and record financial and operating data, market our natural gas, arrange transportation, communicate with our employees and business partners, analyze geologic and operational information, estimate quantities of natural gas reserves, monitor and control our field equipment and assets, and perform other activities related to our businesses.
In November 2021, PHMSA published a final rule in the Federal Register with an effective date of May 15, 2022, expanding certain federal pipeline safety requirements to all onshore gas gathering pipelines.
Compliance with the rule could materially adversely affect our operations. In May 2020, PHMSA proposed additional amendments to the Federal Pipeline Safety Regulations. In November 2021, PHMSA published a final rule in the Federal Register with an effective date of May 15, 2022, expanding certain federal pipeline safety requirements to all onshore gas gathering pipelines.
Deterioration in the economic conditions in any of the industries in which our customers and their customers operate, a domestic or worldwide financial downturn, or negative credit market conditions can have a material adverse effect on our liquidity, results of operations, business and financial condition that CNX cannot predict.
Deterioration in the economic conditions in any of the industries in which our customers and their customers operate, a domestic or worldwide financial downturn, or negative credit market conditions can have a material adverse effect on our liquidity, results of operations, business, and financial condition that CNX cannot predict. 23 Economic conditions in a number of industries in which our customers and their customers operate, such as electric power generation, have experienced substantial deterioration in the past, resulting in reduced demand for natural gas.
Lack of market demand could result in temporarily shut-in wells due to low commodity prices and it is possible that some of our wells may be shut-in in the future or sales terms may be less favorable than might otherwise be obtained should demand for our products decrease and/or prices decrease.
Lack of market demand could result in temporarily shut-in wells due to low commodity prices and it is possible that some of our wells may be shut-in in the future or sales terms may be less favorable than might otherwise be obtained should demand for our products decrease and/or prices decrease. 22 If natural gas prices decrease or operational efforts are unsuccessful, CNX may be required to record write-downs of the quantity and value of our proved natural gas properties.
There is also the possibility that CNX may become involved in future investigations or suits regarding its business activities. There is the potential that the costs of defending litigation in an individual matter or the aggregation of many matters could have an adverse effect on our cash flows, results of operations or financial position.
There is the potential that the costs of defending litigation in an individual matter or the aggregation of many matters could have an adverse effect on our cash flows, results of operations, or financial position.
The process of integrating acquired businesses or assets may involve unforeseen difficulties and may require a disproportionate amount of our managerial and financial resources. Our failure to make acquisitions in the future and successfully integrate the acquired businesses or assets into our existing operations could materially adversely affect our financial condition and results of operations.
Our failure to make acquisitions in the future and successfully integrate the acquired businesses or assets into our existing operations could materially adversely affect our financial condition and results of operations.
The EPA has adopted regulations under existing provisions of the federal Clean Air Act that establish Prevention of Significant Deterioration, or PSD, construction and Title V operating permits for large stationary sources. Facilities requiring PSD permits may also be required to meet “best available control technology” (BACT) standards.
The EPA has adopted regulations under existing provisions of the federal Clean Air Act that establish Prevention of Significant Deterioration, or PSD, construction and Title V operating permits for large stationary sources.
Based on an evaluation of these factors, our Board of Directors may determine not to repurchase shares or to repurchase shares at reduced levels from those anticipated by our shareholders See Note 5 – Stock Repurchase in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for further discussion. 38 CNX may operate a portion of our business with one or more joint venture partners or in circumstances where CNX is not the operator, which may restrict our operational and corporate flexibility.
Based on an evaluation of these factors, our Board of Directors may determine not to repurchase shares or to repurchase shares at reduced levels from those anticipated by our shareholders See Note 5 – Stock Repurchase in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for further discussion.
Responding to investigations or defending these actions, especially purported class actions, can be costly and can distract management. For example, CNX is a party to four climate change lawsuits being pursued by communities against fossil fuel producers relating to climate change, which are beginning to gain prevalence in the courts.
Responding to investigations or defending these actions, especially purported class actions, can be costly and can distract management. For example, CNX is a party to four climate change lawsuits being pursued by communities against fossil fuel producers relating to climate change. There is also the possibility that CNX may become involved in future investigations or suits regarding its business activities.
In addition, upon a default by a counterparty, we may suffer adverse tax consequences and more dilution than we currently anticipate with respect to our common stock. CNX can provide no assurances as to the financial stability or viability of any counterparty.
In addition, upon a default by a counterparty, we may suffer adverse tax consequences and more dilution than we currently anticipate with respect to our common stock.
For example, hydraulic fracturing is an important and common practice that is used to stimulate production of hydrocarbons from tight unconventional 32 Shale formations. The process involves the injection of water, sand and chemicals under pressure into formations to fracture the surrounding rock and stimulate production. The process is typically regulated by state environmental or oil and natural gas agencies.
The process involves the injection of water, sand and chemicals under pressure into formations to fracture the surrounding rock and stimulate production. The process is typically regulated by state environmental or oil and natural gas agencies.
Risks Related to Strategic Transactions Strategic determinations, including the allocation of capital and other resources to strategic opportunities, are subject to risk and uncertainties, and our failure to appropriately allocate capital and resources among our strategic opportunities may adversely affect our financial condition.
Risks Related to Strategic Transactions Strategic determinations, including the allocation of capital and other resources to strategic opportunities, are subject to risk and uncertainties, and our failure to appropriately allocate capital and resources among our strategic opportunities may adversely affect our financial condition. 37 Our future growth prospects are dependent upon our ability to identify optimal strategies for investing our capital resources to produce superior rates of return.
Any of these disruptions or outcomes could have a material adverse effect on our business, operations, financial results and liquidity. 25 Increasing attention to environmental, social and governance (ESG) matters may adversely impact our business. Organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG matters.
Any of these disruptions or outcomes could have a material adverse effect on our business, operations, financial results, and liquidity. Increasing attention to environmental, social and governance matters may adversely impact our business.
A further amendment of the rule addressing, among other things, integrity management provisions, pipeline corrosion control requirements, and addressing repair criteria for high consequent and non-high consequence areas became effective May 5, 2023.
A further amendment of the rule addressing, among other things, integrity management provisions, pipeline corrosion control requirements, and addressing repair criteria for high consequence and non-high consequence areas became effective May 5, 2023. While portions of the rule were struck down by the United States Court of Appeals for the D.C. Circuit, the majority of the rule remains unchanged.
Any disruption in those means of transportation could have a further detrimental impact on the price CNX receives for our NGLs.
Any disruption in those means of transportation could have a further detrimental impact on the price CNX receives for our NGLs. Our results of operations may be adversely affected by a depressed level of, or downward fluctuations in the price for NGLs.
Existing and future governmental laws, regulations, other legal requirements and judicial decisions that govern our business may increase our costs of doing business and may restrict our operations.
Please read “Laws and Regulations” under Item 1 of Part I of this Form 10-K. Existing and future governmental laws, regulations, other legal requirements and judicial decisions that govern our business may increase our costs of doing business and may restrict our operations.
The regulatory focus has resulted in varying regulatory requirements between governmental administrations. In 2013, the EPA began regulating GHGs under the Clean Air Act to limit emissions of CO 2 from natural gas-fired power plants. Subsequently, the EPA reviewed and proposed repealing the Clean Power Plan in 2017, replacing it with the Affordable Clean Energy Rule (ACER) in 2019.
The regulatory focus has resulted in varying regulatory requirements between governmental administrations. In 2013, the EPA began regulating GHGs under the Clean Air Act to limit emissions of CO2 from natural gas-fired power plants.
Cyber-attacks and cybersecurity incidents may continue to evolve in frequency and complexity. While no industry is immune, industrial networks have come under increased targeted attacks recently (such as Colonial Pipeline and JBS Foods Group). This has led to increased scrutiny by cyber insurance carriers.
Cyber-attacks and cybersecurity incidents may continue to evolve in frequency and complexity. While no industry is immune, industrial networks have come under increased targeted attacks recently. This has led to increased scrutiny by cyber insurance carriers. As a result, securing a policy with sufficient protection to address costs, liabilities, and damages has become more challenging.
As of January 15, 2025, CNX expects these transactions will represent approximately 478.9 Bcf of our estimated 2025 production at an average price of $2.58 per Mcf, 432.3 Bcf of our estimated 2026 production at an average price of $2.67 per Mcf, 304.4 Bcf of our estimated 2027 production at an average price of $3.28 per Mcf, 51.6 Bcf of our estimated 2028 production at an average price of $3.64 per Mcf, and a nominal amount of our estimated 2029 production.
As of January 8, 2026, CNX expects these transactions will represent approximately 448.8 Bcf of our estimated 2026 production at an average price of $2.74 per Mcf, 379.3 Bcf of our estimated 2027 production at an average price of $3.28 per Mcf, 186.5 Bcf of our estimated 2028 production at an average price of $3.25 per Mcf and a nominal amount of our estimated 2029 production.
While new laws and regulations that are aimed at reducing GHG emissions will increase demand for natural gas, they may also result in increased costs for permitting, equipping, monitoring and reporting GHGs associated with natural gas production and use.
While new laws and regulations that are aimed at reducing GHG emissions will increase demand for natural gas, they may also result in increased costs for permitting, equipping, monitoring, and reporting GHGs associated with natural gas production and use. 31 In addition, spurred by concerns regarding climate change, the oil and natural gas industry continues to face demand for corporate transparency and a demonstrated commitment to sustainability goals.
These activities include increasing attention and demands for action related to climate change and energy transition matters, such as promoting the use of substitutes to fossil fuel products and encouraging the divestment of fossil fuel equities, as well as pressuring lenders and other financial services companies to limit or curtail activities with fossil fuel companies.
These activities include focusing attention on and demanding action related to climate change and energy transition matters, such as promoting the use of substitutes to fossil fuel products and encouraging the divestment of fossil fuel equities.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeCNX’s cybersecurity team includes executive officers and dedicated cybersecurity personnel, such as our Vice President of Information and Technology, who has approximately 30 years of technical leadership and cybersecurity expertise, and multiple cybersecurity engineers.
Biggest changeThe team is led by our Vice President Chief Information and Technology Officer, who has approximately 30 years of technical leadership and cybersecurity expertise, and multiple cybersecurity engineers.
We have developed a written incident response plan (IRP) that delineates the procedures to be followed for handling a variety of cybersecurity incidents; categorizes potential cybersecurity incidents and the required timeframe for reporting each; establishes cybersecurity incident response levels; provides for the conducting of legally privileged investigations to enable us to meet applicable legal obligations, including possible notification requirements; and outlines the roles and responsibilities for various personnel in the event of a cybersecurity incident.
We have developed a written incident response plan (IRP) that delineates the procedures to be followed for handling a variety of cybersecurity incidents; categorizes potential cybersecurity incidents and the required timeframe for reporting each; establishes cybersecurity incident response levels; provides for the conducting of legally privileged investigations designed to enable us to meet applicable legal obligations, including possible notification requirements; and outlines the roles and responsibilities for various personnel in the event of a cybersecurity incident.
In connection with and pursuant to the IRP, our dedicated incident response team works collaboratively across CNX to carry out a program that has been designed to protect our information system from cybersecurity threats, assess and manage risks arising from any such threats, and to promptly respond to potential cybersecurity incidents.
In connection with and pursuant to the IRP, our dedicated incident response team works collaboratively 41 across CNX to carry out a program that has been designed to protect our information system from cybersecurity threats, assess and manage risks arising from any such threats, and to promptly respond to potential cybersecurity incidents.
Separately, management and oversight of the risks from cybersecurity threats associated with our engagement of third-party service providers is currently included in our internal auditing procedures and we have plans to further mature these procedures in the current fiscal year. 41 Governance The Board, in coordination with the ESCR Committee, is responsible for the oversight of risks from cybersecurity threats.
Separately, management and oversight of the risks from cybersecurity threats associated with our engagement of third-party service providers are currently included in our internal auditing procedures and we have plans to further mature these procedures in the current fiscal year. Governance The Board, in coordination with the ESCR Committee, is responsible for the oversight of risks from cybersecurity threats.
The CNX IRP calls for prompt and timely direct notifications and updates to the Board (or its committees) as necessary in connection with potentially significant cybersecurity incidents that may occur. On a periodic basis, the Board and the ESCR Committee discuss our approach to cybersecurity with our Vice President Information and Technology.
The CNX IRP calls for prompt and timely direct notifications and updates to the Board (or its committees) as necessary in connection with potentially significant cybersecurity incidents that may occur. On a periodic basis, the Board and the ESCR Committee discuss our approach to cybersecurity with our Vice President - Chief Information and Technology Officer.
Led by professionals with deep cybersecurity expertise across multiple industries, the team takes a cross-functional approach to addressing risks and engages in discussions with the Board of Directors and executive management as needed.
The team is staffed by professionals with deep cybersecurity expertise across multiple industries, the team takes a cross-functional approach to addressing risks and engages in discussions with the Board of Directors and executive management as needed.
Risk Management and Strategy The Company recognizes the risk that cybersecurity threats pose to our operations and considers cybersecurity an integral component of our overall risk management strategy. We have adopted the U.S. Department of Commerce’s National Institute of Standards and Technology (NIST) Cybersecurity Framework to guide our cybersecurity program.
Risk Management and Strategy The Company recognizes the risk that cybersecurity threats pose to our operations and considers cybersecurity an integral component of our overall risk management strategy. We have adopted the U.S. Department of Commerce’s National Institute of Standards and Technology (NIST) Cybersecurity Framework to guide our cybersecurity program. CNX’s cybersecurity team includes executive officers and dedicated cybersecurity personnel.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+1 added−0 removed3 unchanged
Biggest change(2) Shares repurchased as part of the Company's current $2,900 million share repurchase program authorized by CNX’s Board of Directors, which is not subject to an expiration date. See Note 5 – Stock Repurchase in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information. See Part III. Item 12.
Biggest changeOn January 29, 2026, the Company announced that its Board of Directors approved an additional $2.0 billion increase to the existing authorization. Following the announcement, the amount available for repurchases was approximately $2.4 billion. See Note 5 – Stock Repurchase in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
The current peer group is comprised of CNX, Antero Resources Corporation, Expand Energy Corporation, EQT Corporation, Gulfport Energy Corporation and Range Resources Corporation. The graph assumes that the value of the investment in CNX common stock and each index was $100 at December 31, 2019.
The current peer group is comprised of CNX, Antero Resources Corporation, Expand Energy Corporation, EQT Corporation, Gulfport Energy Corporation and Range Resources Corporation. The graph assumes that the value of the investment in CNX common stock and each index was $100 at December 31, 2020.
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company's common stock is listed on the New York Stock Exchange under the symbol “CNX”. As of December 31, 2024, there were 76 holders of record of our common stock.
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company's common stock is listed on the New York Stock Exchange under the symbol “CNX”. As of December 31, 2025, there were 70 holders of record of our common stock.
“Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” for information relating to CNX's equity compensation plans.
See Part III. Item 12. “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” for information relating to CNX's equity compensation plans.
In addition, CNX’s ability to pay dividends is limited by the covenants governing the CNX Credit Facility and the indentures governing certain of CNX’s Senior Notes. 43 Purchases of Equity Securities by the Issuer The following table sets forth repurchases of our common stock during the three months ended December 31, 2024: ISSUER PURCHASES OF EQUITY SECURITIES Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (000's omitted) October 1, 2024- October 31, 2024 600,064 $34.99 600,064 $951,003 November 1, 2024- November 30, 2024 — — — $951,003 December 1, 2024- December 31, 2024 2,721 $36.25 — $951,003 Total 602,785 600,064 (1) Includes shares of common stock withheld from employees to satisfy minimum tax withholding obligations associated with the vesting of restricted stock during the period.
In addition, CNX’s ability to pay dividends is limited by the covenants governing the CNX Credit Facility and the indentures governing certain of CNX’s Senior Notes. 43 Purchases of Equity Securities by the Issuer The following table sets forth repurchases of our common stock during the three months ended December 31, 2025: ISSUER PURCHASES OF EQUITY SECURITIES Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (000's omitted) October 1, 2025- October 31, 2025 1,905,204 $32.52 1,905,131 $467,370 November 1, 2025- November 30, 2025 635,673 $36.18 634,833 $444,403 December 1, 2025- December 31, 2025 436,717 $37.84 433,108 $428,014 Total 2,977,594 2,973,072 (1) Includes shares of common stock withheld from employees to satisfy minimum tax withholding obligations associated with the vesting of restricted stock during the period.
The graph also assumes that all dividends were reinvested and that the investments were held through December 31, 2024. 2019 2020 2021 2022 2023 2024 CNX Resources Corporation 100.0 122.0 155.3 190.2 226.0 414.5 Peer Group 100.0 107.2 249.0 382.3 388.0 516.4 S&P 500 Stock Index 100.0 116.3 147.6 119.0 147.7 182.2 Cumulative Total Shareholder Return Among CNX Resources Corporation, Peer Group and S&P 500 Stock Index The above information is being furnished pursuant to Regulation S-K, Item 201(e) (Performance Graph).
The graph also assumes that all dividends were reinvested and that the investments were held through December 31, 2025. 2020 2021 2022 2023 2024 2025 CNX Resources Corporation 100.0 127.3 155.9 185.3 339.8 340.8 Peer Group 100.0 232.3 356.6 361.9 481.7 531.8 S&P 500 Stock Index 100.0 126.9 102.3 127.0 156.6 182.3 Cumulative Total Shareholder Return Among CNX Resources Corporation, Peer Group and S&P 500 Stock Index The above information is being furnished pursuant to Regulation S-K, Item 201(e) (Performance Graph).
Added
(2) The Company’s stock repurchase program was initially announced on September 5, 2017, pursuant to authorization from the Company’s Board of Directors. As of December 31, 2025, total authorization under the program was $2.9 billion, of which approximately $0.4 billion remained available.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

97 edited+25 added−30 removed69 unchanged
Biggest changeThese increases were offset, in-part, by the $0.22 per Mcf decrease in natural gas sales price, when excluding the impact of hedging, and the 17.7 Bcf decrease in natural gas sales volume. 49 SEGMENT ANALYSIS for the year ended December 31, 2024 compared to the year ended December 31, 2023: For the Year Ended Difference to Year Ended December 31, 2024 December 31, 2023 (in millions) Shale CBM Other Total Shale CBM Other Total Natural Gas, NGLs and Oil Revenue $ 1,080 $ 105 $ 1 $ 1,186 $ (90) $ (26) $ — $ (116) Gain (Loss) on Commodity Derivative Instruments 260 21 (453) (172) 109 9 (2,218) (2,100) Purchased Gas Revenue — — 59 59 — — (16) (16) Other Revenue and Operating Income 68 — 126 194 1 — 63 64 Total Revenue (Loss) and Other Operating Income 1,408 126 (267) 1,267 20 (17) (2,171) (2,168) Lease Operating Expense 48 22 — 70 4 3 — 7 Production, Ad Valorem, and Other Fees 22 6 — 28 1 (1) — — Transportation, Gathering and Compression 316 64 2 382 — (2) 2 — Depreciation, Depletion and Amortization 405 60 21 486 40 10 2 52 Exploration and Production Related Other Costs — — 8 8 — — (2) (2) Purchased Gas Costs — — 57 57 — — (13) (13) Selling, General and Administrative Costs — — 146 146 — — 21 21 Other Operating Expense — — 83 83 — — 3 3 Total Operating Costs and Expenses 791 152 317 1,260 45 10 13 68 Other (Income) Expense — — (6) (6) — — (15) (15) Gain on Asset Sales and Abandonments, net — — (25) (25) — — 107 107 Loss on Debt Extinguishment — — 7 7 — — 7 7 Interest Expense — — 151 151 — — 8 8 Total Other Expenses — — 127 127 — — 107 107 Total Costs and Expenses 791 152 444 1,387 45 10 120 175 Earnings (Loss) Before Income Tax $ 617 $ (26) $ (711) $ (120) $ (25) $ (27) $ (2,291) $ (2,343) 50 SHALE SEGMENT The Shale segment had earnings before income tax of $617 million for the year ended December 31, 2024 compared to earnings before income tax of $642 million for the year ended December 31, 2023.
Biggest changeThese increases were offset, in-part, by the impact of the change in the (loss) gain on commodity derivative instruments - cash settlement related to the Company's hedging program, the 5.5 Bcfe decrease in NGL sales volumes and the $0.30 per barrel decrease in NGL prices. 48 SEGMENT ANALYSIS for the year ended December 31, 2025 compared to the year ended December 31, 2024: For the Year Ended Difference to Year Ended December 31, 2025 December 31, 2024 (in millions) Shale CBM Other Total Shale CBM Other Total Natural Gas, NGLs and Oil Revenue $ 1,764 $ 148 $ 2 $ 1,914 $ 684 $ 43 $ 1 $ 728 (Loss) Gain on Commodity Derivative Instruments (170) (11) 278 97 (430) (32) 731 269 Purchased Gas Revenue — — 45 45 — — (14) (14) Other Revenue and Operating Income 69 — 114 183 1 — (12) (11) Total Revenue and Other Operating Income 1,663 137 439 2,239 255 11 706 972 Lease Operating Expense 73 24 — 97 25 2 — 27 Production, Ad Valorem, and Other Fees 25 6 — 31 3 — — 3 Transportation, Gathering and Compression 317 64 2 383 1 — — 1 Depreciation, Depletion and Amortization 488 60 26 574 83 — 5 88 Exploration and Production Related Other Costs — — 11 11 — — 3 3 Purchased Gas Costs — — 43 43 — — (14) (14) Selling, General and Administrative Costs — — 140 140 — — (6) (6) Other Operating Expense — — 69 69 — — (14) (14) Total Operating Costs and Expenses 903 154 291 1,348 112 2 (26) 88 Other Expense — — 14 14 — — 20 20 Gain on Asset Sales and Abandonments, net — — (97) (97) — — (72) (72) Loss on Debt Extinguishment — — 1 1 — — (6) (6) Interest Expense — — 170 170 — — 19 19 Total Other Expenses — — 88 88 — — (39) (39) Total Costs and Expenses 903 154 379 1,436 112 2 (65) 49 Earnings (Loss) Before Income Tax $ 760 $ (17) $ 60 $ 803 $ 143 $ 9 $ 771 $ 923 49 SHALE SEGMENT The Shale segment had earnings before income tax of $760 million for the year ended December 31, 2025 compared to earnings before income tax of $617 million for the year ended December 31, 2024.
See Note 12 – Long-Term Debt in the 58 Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information. • During the year ended December 31, 2024, CNX issued $400 million aggregate principal amount of CNX 7.25% Senior Notes due March 2032 at par.
See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information. • During the year ended December 31, 2024, CNX issued $400 million aggregate principal amount of CNX 7.25% Senior Notes due March 2032 at par.
Some of the factors and assumptions which impact economically recoverable reserve estimates include: • geological conditions; • historical production from the area compared with production from other producing areas; • the assumed effects of regulations and taxes by governmental agencies; • assumptions governing future prices; and • future operating costs.
Some of the factors and assumptions which impact economically recoverable reserve estimates include: • geological conditions; • historical production from the area compared with production from other producing areas; • the assumed effects of regulations and taxes by governmental agencies; 60 • assumptions governing future prices; and • future operating costs.
Actual results could differ from those estimates upon the subsequent resolution of identified matters. Management believes that the estimates utilized are reasonable. The following critical 60 accounting estimates are materially impacted by judgments, assumptions and estimates used in the preparation of the Consolidated Financial Statements.
Actual results could differ from those estimates upon the subsequent resolution of identified matters. Management believes that the estimates utilized are reasonable. The following critical accounting estimates are materially impacted by judgments, assumptions and estimates used in the preparation of the Consolidated Financial Statements.
The estimation of fair value of a reporting unit is determined using the income approach and/or the market approach as described below. The income approach is a quantitative evaluation to determine the fair value of the reporting unit.
The estimation of fair value of a reporting unit is determined using the income approach and/or the market approach as described below. 61 The income approach is a quantitative evaluation to determine the fair value of the reporting unit.
CNX uses a combination of surety bonds, corporate guarantees and letters of credit to secure the Company's financial obligations for employee-related, environmental, performance and various other items which are not reflected in the Consolidated Balance Sheet at December 31, 2024. Management believes these items will expire without being funded.
CNX uses a combination of surety bonds, corporate guarantees and letters of credit to secure the Company's financial obligations for employee-related, environmental, performance and various other items which are not reflected in the Consolidated Balance Sheet at December 31, 2025. Management believes these items will expire without being funded.
If market conditions were to change, for instance due to a significant decline in commodity prices, and our revenue was reduced significantly or operating and capital costs were to increase significantly, our cash flows and liquidity could be reduced. As of December 31, 2024, CNX was in compliance with all of its debt covenants.
If market conditions were to change, for instance due to a significant decline in commodity prices, and our revenue was reduced significantly or operating and capital costs were to increase significantly, our cash flows and liquidity could be reduced. As of December 31, 2025, CNX was in compliance with all of its debt covenants.
The effective tax rates for the years ended December 31, 2024 and 2023 differ from the U.S. federal statutory rate of 21% primarily due to federal tax credits, state income taxes including tax rate changes, equity compensation, and the impact of changes in certain state deferred tax asset valuation allowances.
The effective tax rates for the years ended December 31, 2025 and 2024 differ from the U.S. federal statutory rate of 21% primarily due to federal tax credits, state income taxes including tax rate changes, equity compensation, and the impact of changes in certain state deferred tax asset valuation allowances.
Payment of the principal and interest on the notes is guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner). • An aggregate principal amount of $500 million of 7.375% Senior Notes due January 2031, less $5 million of unamortized discount.
Payment of the principal and interest on the notes is guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner). • An aggregate principal amount of $500 million of 7.375% Senior Notes due January 2031, less $4 million of unamortized discount.
There can be no assurance that additional capital resources, including debt and equity financing, will be available to CNX on terms which CNX finds acceptable, or at all. 57 Factors that may Impact our Liquidity • The Company’s cash on hand and access to additional liquidity.
There can be no assurance that additional capital resources, including debt and equity financing, will be available to CNX on terms which CNX finds acceptable, or at all. 56 Factors that may Impact our Liquidity • The Company’s cash on hand and access to additional liquidity.
If it is determined that the properties will not yield proved reserves, the related costs are expensed in the period the determination is made. There were no indicators of impairment related to the Company’s unproved properties in the years ended December 31, 2024 or 2023.
If it is determined that the properties will not yield proved reserves, the related costs are expensed in the period the determination is made. There were no indicators of impairment related to the Company’s unproved properties in the years ended December 31, 2025 or 2024.
For the Company’s annual impairment assessment during the fourth quarter of 2024, the Company elected to perform a qualitative impairment test on its goodwill and concluded that it is more likely than not that the fair value exceeded the carrying value and goodwill was not impaired.
For the Company’s annual impairment assessment during the fourth quarter of 2025, the Company elected to perform a qualitative impairment test on its goodwill and concluded that it is more likely than not that the fair value exceeded the carrying value and goodwill was not impaired.
Payment of the principal and interest on the CNX Credit Facility is guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner). • An aggregate principal amount of $16 million in outstanding borrowings under the CNXM Credit Facility.
Payment of the principal and interest on the CNX Credit Facility is guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner). • An aggregate principal amount of $33 million in outstanding borrowings under the CNXM Credit Facility.
There were no indicators of impairment related to the Company's proved oil and gas properties in the years ended December 31, 2024 or 2023. CNX evaluates capitalized costs of unproved gas properties for recoverability on a prospective basis.
There were no indicators of impairment related to the Company's proved oil and gas properties in the years ended December 31, 2025 or 2024. CNX evaluates capitalized costs of unproved gas properties for recoverability on a prospective basis.
Recent Accounting Pronouncements See Note 1 – Significant Accounting Policies in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for a summary of recent accounting pronouncements. 63
Recent Accounting Pronouncements See Note 1 – Significant Accounting Policies in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for a summary of recent accounting pronouncements. 62
The net gain recognized during the year ended December 31, 2024 primarily relates to a $51 million gain on the sales of various non-core assets (primarily rights-of-way, surface acreage and the interest in various non-operated oil and gas assets), none of which were individually material.
The net gain during the year ended December 31, 2024 primarily relates to a $51 million gain on the sale of various non-core assets (primarily rights-of-way, surface acreage and the interest in various non-operated oil and gas assets), none of which were individually material.
Interest on the notes is payable January 15 and July 15 each year.
Interest on the notes is payable January 15 and July 15 of each year.
CNX also enters into various financial natural gas and NGL swap transactions to manage the market risk exposure to in-basin and out-of-basin pricing. The fair value of these contracts was a net liability of $536 million at December 31, 2024 and a net liability of $56 million at December 31, 2023.
CNX also enters into various financial natural gas and NGL swap transactions to manage the market risk exposure to in-basin and out-of-basin pricing. The fair value of these contracts was a net liability of $296 million at December 31, 2025 and a net liability of $536 million at December 31, 2024.
For the year ended December 31, 2024, CNX had production volumes of 550.8 Bcfe. • Prices for natural gas and NGLs are volatile, and an extended decline in the prices we receive for our natural gas and NGLs will adversely affect our financial condition and cash flows. • In order to manage the market risk exposure of volatile natural gas prices in the future, CNX enters into various physical natural gas supply transactions with both gas marketers and end users for terms varying in length.
For the year ended December 31, 2025, CNX had production volumes of 629.0 Bcfe. • Prices for natural gas and NGLs are volatile, and an extended decline in the prices we receive for our natural gas and NGLs will adversely affect our financial condition and cash flows. • In order to manage the market risk exposure of volatile natural gas prices in the future, CNX enters into various physical natural gas supply transactions with both gas marketers and end users for terms varying in length.
A similar discussion and analysis that compares year ended December 31, 2023 to the fiscal year ended December 31, 2022 is omitted from this Form 10-K and may be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our Form 10-K for the year ended December 31, 2023, which is incorporated herein by reference.
A similar discussion and analysis that compares year ended December 31, 2024 to the fiscal year ended December 31, 2023 is omitted from this Annual Report on Form 10-K and may be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our Annual Report on Form 10-K for the year ended December 31, 2024, which is incorporated herein by reference.
It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, New Technologies, exploration and production related other costs, as well as various other expenses that are managed outside the Shale and CBM segments such as selling, general and administrative (“SG&A”), interest expense and income taxes.
It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, sales of environmental attributes, exploration and production related other costs, as well as various other expenses that are managed outside the Shale and CBM segments such as selling, general and administrative expense (“SG&A”), interest expense and income taxes.
See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information. • During the years ended December 31, 2024 and 2023, CNX repurchased $184 million and $320 million, respectively, of its common stock on the open market. • During the year ended December 31, 2024, debt issuance and financing fees increased $15 million primarily due to amending both the CNX and CNXM Credit Facilities.
See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information. • During the years ended December 31, 2025 and 2024, CNX repurchased $524 million and $184 million, respectively, of its common stock on the open market. • During the year ended December 31, 2025, debt issuance and financing fees decreased $14 million primarily due to amending both the CNX and CNXM Credit Facilities in 2024.
Our accounts and notes receivable balance may fluctuate as of any balance sheet date depending on the prices we receive for our natural gas and NGLs and the volumes sold. • Capital expenditures are expected to range between $450 million to $500 million for the year ended December 31, 2025.
Our accounts and notes receivable balance may fluctuate as of any balance sheet date depending on the prices we receive for our natural gas and NGLs and the volumes sold. • Capital expenditures are expected to range between $556 million to $586 million for the year ended December 31, 2026.
The increase in unit costs was due to the decrease in total Shale sales volumes. 51 • Depreciation, depletion and amortization costs attributable to the Shale segment were $405 million for the year ended December 31, 2024 compared to $365 million for the year ended December 31, 2023.
The decrease in unit costs was due to the increase in total Shale sales volumes. • Depreciation, depletion and amortization costs attributable to the Shale segment were $488 million for the year ended December 31, 2025 compared to $405 million for the year ended December 31, 2024.
The increase in total dollars and unit costs for the CBM segment were due to the following items: • CBM lease operating expense was $22 million for the year ended December 31, 2024 compared to $19 million for the year ended December 31, 2023.
The increase in total dollars and unit costs for the CBM segment were due to the following items: 51 • CBM lease operating expense was $24 million for the year ended December 31, 2025 compared to $22 million for the year ended December 31, 2024.
Gain on Asset Sales and Abandonments, net A net gain on asset sales of $25 million was recognized in the year ended December 31, 2024, compared to a gain of $132 million in the year ended December 31, 2023.
Gain on Asset Sales and Abandonments, net A net gain on asset sales of $97 million was recognized in the year ended December 31, 2025, compared to a net gain of $25 million in the year ended December 31, 2024.
Loss on Debt Extinguishment A loss on debt extinguishment of $7 million was recognized in the year ended December 31, 2024 in connection with CNX’s repurchase of $350 million of the 7.25% Senior Notes due March 2027 at an average price equal to 101.9% of their principal amount.
The loss recognized during the year ended December 31, 2024 was in connection with CNX’s repurchase of $350 million aggregate principal amount of its 7.25% Senior Notes due March 2027 at an average price equal to 101.9% of their principal amount.
Total operating costs and expenses for the Shale segment were $791 million for the year ended December 31, 2024 compared to $746 million for the year ended December 31, 2023.
Total operating costs and expenses for the Shale segment were $903 million for the year ended December 31, 2025 compared to $791 million for the year ended December 31, 2024.
Total operating costs and expenses for the CBM segment were $152 million for the year ended December 31, 2024 compared to $142 million for the year ended December 31, 2023.
Total operating costs and expenses for the CBM segment were $154 million for the year ended December 31, 2025 compared to $152 million for the year ended December 31, 2024.
The increase was offset, in part, by lower borrowings on the CNXM Credit Facility. See Note 10 – Revolving Credit Facilities and Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
The increase was offset, in part, by lower weighted average interest rates on both the CNX and CNXM Credit Facilities. See Note 10 – Revolving Credit Facilities and Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
The notional amounts associated with these financial hedges represented approximately 30.6 Bcf of the Company's produced CBM gas sales volumes for the year ended December 31, 2024 at an average gain of $0.67 per Mcf hedged. For the year ended December 31, 2023, these financial hedges represented approximately 31.9 Bcf at an average gain of $0.36 per Mcf hedged.
The notional amounts associated with these financial hedges represented approximately 29.5 Bcf of the Company's produced CBM gas sales volumes for the year ended December 31, 2025 at an average loss of $0.39 per Mcf hedged. For the year ended December 31, 2024, these financial hedges represented approximately 30.6 Bcf at an average gain of $0.67 per Mcf hedged.
The determination to pay dividends in the future will depend upon, among other things, general business conditions, CNX's financial results, contractual and legal restrictions regarding the payment of dividends by CNX, planned investments by CNX, and such other factors as CNX’s Board of Directors deems relevant.
CNX has not paid dividends on its common stock since 2016. The determination to pay dividends in the future will depend upon, among other things, general business conditions, CNX's financial results, contractual and legal restrictions regarding the payment of dividends by CNX, planned investments by CNX, and such other factors as CNX’s Board of Directors deems relevant.
If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the natural gas properties to their estimated fair values is required, which is determined based on discounted cash flow techniques using a market-specific weighted average cost of capital.
The Company groups its assets by geological and geographical characteristics. If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the natural gas properties to their estimated fair values is required, which is determined based on discounted cash flow techniques using a market-specific weighted average cost of capital.
See the Consolidated Statements of Stockholders' Equity in Item 8 of this Form 10-K for additional details. The declaration and payment of dividends by CNX is subject to the discretion of CNX's Board of Directors, and no assurance can be given that CNX will pay dividends in the future. CNX has not paid dividends on its common stock since 2016.
See the Consolidated Statements of Stockholders' Equity in Item 8 of this Form 10-K for additional details. 59 The declaration and payment of dividends by CNX is subject to the discretion of CNX's Board of Directors, and no assurance can be given that CNX will pay dividends in the future.
The notional amounts associated with these financial hedges represented approximately 389.7 Bcf of the Company's produced Shale gas sales volumes for the year ended December 31, 2024 at an average gain of $0.67 per Mcf hedged. For the year ended December 31, 2023, these financial hedges represented approximately 399.2 Bcf at an average gain of $0.37 per Mcf hedged.
The notional amounts associated with these financial hedges represented approximately 452.6 Bcf of the Company's produced Shale gas sales volumes for the year ended December 31, 2025 at an average loss of $0.38 per Mcf hedged. For the year ended December 31, 2024, these financial hedges represented approximately 389.7 Bcf at an average gain of $0.67 per Mcf hedged.
The Other Segment had a loss before income tax of $711 million for the year ended December 31, 2024 compared to earnings before income tax of $1,580 million for the year ended December 31, 2023. The decrease in total dollars is discussed below.
The Other Segment had earnings before income tax of $60 million for the year ended December 31, 2025 compared to a loss before income tax of $711 million for the year ended December 31, 2024. The increase in total dollars is discussed below.
The increases in total dollars and unit costs for the Shale segment were due to the following items: • Shale lease operating expenses were $48 million for the year ended December 31, 2024 compared to $44 million for the year ended December 31, 2023.
The increase in total dollars and decrease in unit costs for the Shale segment were due to the following items: • Shale lease operating expenses were $73 million for the year ended December 31, 2025 compared to $48 million for the year ended December 31, 2024.
At December 31, 2024, prior to consideration of valuation allowances on deferred tax assets, CNX had deferred tax liabilities in excess of deferred tax assets of approximately $659 million. At December 31, 2024, CNX had a valuation allowance of $37 million on deferred tax assets.
At December 31, 2025, prior to consideration of valuation allowances on deferred tax assets, CNX had deferred tax liabilities in excess of deferred tax assets of approximately $825 million. At December 31, 2025, CNX had a valuation allowance of $32 million on deferred tax assets.
General CNX continually monitors factors that could cause actual results of operations to differ from historical results or current expectations. Examples include global events such as the conflict between Russia and Ukraine and announcements by the Organization of the Petroleum Exporting Countries that impact oil production, both of which have had an impact on global commodity prices.
General CNX continually monitors factors that could cause actual results of operations to differ from historical results or current expectations. Examples include global events such as the current uncertainties in global financial markets, geopolitical tensions and announcements by the Organization of the Petroleum Exporting Countries that impact oil production, all of which have had an impact on global commodity prices.
Included in earnings for the year ended December 31, 2023 was an unrealized gain on commodity derivative instruments of $1,765 million and a net gain on asset sales and abandonments of $132 million.
Included in earnings for the year ended December 31, 2025 was an unrealized gain on commodity derivative instruments of $278 million and a net gain on asset sales and abandonments of $97 million.
The increase in total average Shale sales price was primarily due to a $0.25 per Mcf change in the gain on commodity derivative instruments - cash settlement and a $0.06 per Mcfe increase in the average NGL sales price. These increases were offset in part by a $0.19 per Mcf decrease in average gas sales price.
The increase in total average Shale sales price was primarily due to a $1.01 per Mcf increase in average gas sales price. These increases were offset, in part, by a $0.88 per Mcf change in the (loss) gain on commodity derivative instruments - cash settlements and a $0.05 per Mcfe decrease in the average NGL sales price.
Off-Balance Sheet Transactions CNX does not maintain off-balance sheet transactions, arrangements, obligations or other relationships with unconsolidated entities or others that are reasonably likely to have a material current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources which are not disclosed in the Notes to the Audited Consolidated Financial Statements.
(c) The table above does not include obligations to taxing authorities due to the uncertainty surrounding the ultimate settlement of amounts and timing of these obligations. 58 Off-Balance Sheet Transactions CNX does not maintain off-balance sheet transactions, arrangements, obligations or other relationships with unconsolidated entities or others that are reasonably likely to have a material current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources which are not disclosed in the Notes to the Audited Consolidated Financial Statements.
See Note 22 – Subsequent Event in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information. Total Equity and Dividends CNX had total equity of $4,098 million at December 31, 2024 compared to $4,361 million at December 31, 2023.
See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information. Total Equity and Dividends CNX had total equity of $4,337 million at December 31, 2025 compared to $4,098 million at December 31, 2024.
In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies. 47 Non-GAAP Financial Measures Reconciliation For the Years Ended December 31, (Dollars in millions) 2024 2023 Total Revenue and Other Operating Income $ 1,267 $ 3,435 (Deduct) Add: Purchased Gas Revenue (59) (75) Loss (Gain) on Commodity Derivative Instruments - Unrealized 453 (1,765) Other Revenue and Operating Income (194) (130) Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure $ 1,467 $ 1,465 Total Operating Expense $ 1,260 $ 1,192 (Deduct): Depreciation, Depletion and Amortization (DD&A) - Corporate (16) (14) Exploration and Production Related Other Costs (8) (10) Purchased Gas Costs (57) (70) Selling, General and Administrative Costs (146) (125) Other Operating Expense (83) (80) Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure 1 $ 950 $ 893 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.
In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies. 46 Non-GAAP Financial Measures Reconciliation For the Years Ended December 31, (Dollars in millions) 2025 2024 Total Revenue and Other Operating Income $ 2,239 $ 1,267 (Deduct) Add: Purchased Gas Revenue (45) (59) (Gain) Loss on Commodity Derivative Instruments - Unrealized (278) 453 Other Revenue and Operating Income (183) (194) Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure $ 1,733 $ 1,467 Total Operating Expense $ 1,348 $ 1,260 Deduct: Depreciation, Depletion and Amortization (DD&A) - Corporate (20) (16) Exploration and Production Related Other Costs (11) (8) Purchased Gas Costs (43) (57) Selling, General and Administrative Costs (140) (146) Other Operating Expense (69) (83) Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure 1 $ 1,065 $ 950 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.
Cash, cash equivalents and restricted cash were $55 million as of December 31, 2024 and nominal as of December 31, 2023. • Accounts and notes receivable - trade as of December 31, 2024 and 2023 were $180 million and $116 million, respectively.
Cash, cash equivalents and restricted cash were $13 million as of December 31, 2025 and $55 million as of December 31, 2024. • Accounts and notes receivable - trade as of December 31, 2025 and 2024 were $265 million and $180 million, respectively.
For the Years Ended December 31, 2024 2023 Variance Percent Change Shale Gas Sales Volumes (Bcf) 457.5 473.8 (16.3) (3.4) % NGLs Sales Volumes (Bcfe)* 53.0 44.5 8.5 19.1 % Oil/Condensate Sales Volumes (Bcfe)* 0.9 1.2 (0.3) (25.0) % Total Shale Sales Volumes (Bcfe)* 511.4 519.5 (8.1) (1.6) % Average Sales Price - Gas (per Mcf) $ 1.92 $ 2.11 $ (0.19) (9.0) % Gain on Commodity Derivative Instruments - Cash Settlement (per Mcf) $ 0.57 $ 0.32 $ 0.25 78.1 % Average Sales Price - NGLs (per Mcfe)* $ 3.60 $ 3.54 $ 0.06 1.7 % Average Sales Price - Oil/Condensate (per Mcfe)* $ 10.23 $ 10.95 $ (0.72) (6.6) % Total Average Shale Sales Price (per Mcfe) $ 2.62 $ 2.54 $ 0.08 3.1 % Average Shale Lease Operating Expenses (per Mcfe) 0.09 0.08 0.01 12.5 % Average Shale Production, Ad Valorem and Other Fees (per Mcfe) 0.04 0.04 — — % Average Shale Transportation, Gathering and Compression Costs (per Mcfe) 0.62 0.61 0.01 1.6 % Average Shale Depreciation, Depletion and Amortization Costs (per Mcfe) 0.80 0.70 0.10 14.3 % Total Average Shale Production Costs (per Mcfe) $ 1.55 $ 1.43 $ 0.12 8.4 % Total Average Shale Production Margin (per Mcfe) $ 1.07 $ 1.11 $ (0.04) (3.6) % *NGLs and Oil/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.
For the Years Ended December 31, 2025 2024 Variance Percent Change Shale Gas Sales Volumes (Bcf) 542.6 457.5 85.1 18.6 % NGLs Sales Volumes (Bcfe)* 47.4 53.0 (5.6) (10.6) % Oil/Condensate Sales Volumes (Bcfe)* 0.8 0.9 (0.1) (11.1) % Total Shale Sales Volumes (Bcfe)* 590.8 511.4 79.4 15.5 % Average Sales Price - Gas (per Mcf) $ 2.93 $ 1.92 $ 1.01 52.6 % (Loss) Gain on Commodity Derivative Instruments - Cash Settlement (per Mcf) $ (0.31) $ 0.57 $ (0.88) (154.4) % Average Sales Price - NGLs (per Mcfe)* $ 3.55 $ 3.60 $ (0.05) (1.4) % Average Sales Price - Oil/Condensate (per Mcfe)* $ 9.03 $ 10.23 $ (1.20) (11.7) % Total Average Shale Sales Price (per Mcfe) $ 2.70 $ 2.62 $ 0.08 3.1 % Average Shale Lease Operating Expenses (per Mcfe) 0.12 0.09 0.03 33.3 % Average Shale Production, Ad Valorem and Other Fees (per Mcfe) 0.04 0.04 — — % Average Shale Transportation, Gathering and Compression Costs (per Mcfe) 0.54 0.62 (0.08) (12.9) % Average Shale Depreciation, Depletion and Amortization Costs (per Mcfe) 0.83 0.80 0.03 3.7 % Total Average Shale Production Costs (per Mcfe) $ 1.53 $ 1.55 $ (0.02) (1.3) % Total Average Shale Production Margin (per Mcfe) $ 1.17 $ 1.07 $ 0.10 9.3 % *NGLs and Oil/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.
See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information. No such transactions occurred in the prior period.
See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information.
Net (Loss) Income CNX reported a net loss of $90 million, or a loss per diluted share of $0.60, for the year ended December 31, 2024, compared to net income of $1,721 million, or earnings per diluted share of $8.99, for the year ended December 31, 2023.
Net Income (Loss) CNX reported net income of $633 million, or earnings per diluted share of $3.98, for the year ended December 31, 2025, compared to a net loss of $90 million, or a loss per diluted share of $0.60, for the year ended December 31, 2024.
The remaining gain relates to the sale of various non-core assets (primarily rights-of-way and surface acreage), none of which were individually material.
The remaining net gain during the period primarily relates to sale of various other non-core assets (primarily rights-of-way, surface acreage and other non-operated oil and gas interests and assets) none of which were individually material.
The increase in rate is primarily attributable to downward reserve revisions due to higher operating costs and price changes. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations. OTHER SEGMENT The Other Segment includes nominal shallow oil and gas production which is not significant to the Company.
The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations. OTHER SEGMENT The Other Segment includes nominal shallow oil and gas production which is not significant to the Company.
Selected Natural Gas, NGL and Oil Production Financial Data The following table presents a summary of our total sales volumes, sales of natural gas, NGL and oil including cash settlements, natural gas, NGL and oil production costs and natural gas, NGL and oil production margin related to our production operations on a total company basis (See Non-GAAP Financial Measures Reconciliation above for the reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP): For the Years Ended December 31, 2024 2023 Variance in Millions Per Mcfe in Millions Per Mcfe in Millions Per Mcfe Total Sales Volumes (Bcfe)* 550.8 560.4 (9.6) Natural Gas, NGL and Oil Revenue $ 1,186 $ 2.09 $ 1,302 $ 2.29 $ (116) $ (0.20) Gain on Commodity Derivative Instruments - Cash Settlement 281 0.57 163 0.32 118 0.25 Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure 1,467 2.66 1,465 2.61 2 0.05 Lease Operating Expense 70 0.13 63 0.11 7 0.02 Production, Ad Valorem, and Other Fees 28 0.05 28 0.05 — — Transportation, Gathering and Compression 382 0.69 382 0.68 — 0.01 Depreciation, Depletion and Amortization (DD&A) 470 0.85 420 0.75 50 0.10 Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure 950 1.72 893 1.59 57 0.13 Natural Gas, NGL and Oil Production Margin, a Non-GAAP Financial Measure $ 517 $ 0.94 $ 572 $ 1.02 $ (55) $ (0.08) *NGLs and Oil/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 NGL, condensate, and natural gas prices.
Selected Natural Gas, NGL and Oil Production Financial Data The following table presents a summary of our total sales volumes, sales of natural gas, NGL and oil including cash settlements, natural gas, NGL and oil production costs and natural gas, NGL and oil production margin related to our production operations on a total company basis (See Non-GAAP Financial Measures Reconciliation above for the reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP): For the Years Ended December 31, 2025 2024 Variance in Millions Per Mcfe in Millions Per Mcfe in Millions Per Mcfe Total Sales Volumes (Bcfe)* 629.0 550.8 78.2 Natural Gas, NGL and Oil Revenue $ 1,914 $ 3.06 $ 1,186 $ 2.09 $ 728 $ 0.97 (Loss) Gain on Commodity Derivative Instruments - Cash Settlement (181) (0.31) 281 0.57 (462) (0.88) Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure 1,733 2.75 1,467 2.66 266 0.09 Lease Operating Expense 97 0.15 70 0.13 27 0.02 Production, Ad Valorem, and Other Fees 31 0.05 28 0.05 3 — Transportation, Gathering and Compression 383 0.61 382 0.69 1 (0.08) Depreciation, Depletion and Amortization (DD&A) 554 0.88 470 0.85 84 0.03 Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure 1,065 1.69 950 1.72 115 (0.03) Natural Gas, NGL and Oil Production Margin, a Non-GAAP Financial Measure $ 668 $ 1.06 $ 517 $ 0.94 $ 151 $ 0.12 *NGLs and Oil/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 NGL, condensate, and natural gas prices.
For the Years Ended December 31, 2024 2023 Variance Percent Change CBM Gas Sales Volumes (Bcf) 39.1 40.6 (1.5) (3.7) % Average Sales Price - Gas (per Mcf) $ 2.69 $ 3.22 $ (0.53) (16.5) % Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf) $ 0.53 $ 0.28 $ 0.25 89.3 % Total Average CBM Sales Price (per Mcf) $ 3.21 $ 3.51 $ (0.30) (8.5) % Average CBM Lease Operating Expenses (per Mcf) 0.56 0.49 0.07 14.3 % Average CBM Production, Ad Valorem and Other Fees (per Mcf) 0.14 0.16 (0.02) (12.5) % Average CBM Transportation, Gathering and Compression Costs (per Mcf) 1.65 1.61 0.04 2.5 % Average CBM Depreciation, Depletion and Amortization Costs (per Mcf) 1.52 1.23 0.29 23.6 % Total Average CBM Production Costs (per Mcf) $ 3.87 $ 3.49 $ 0.38 10.9 % Total Average CBM Production Margin (per Mcf) $ (0.66) $ 0.02 $ (0.68) (3,400.0) % The CBM segment had natural gas revenue of $105 million for the year ended December 31, 2024 compared to $131 million for the year ended December 31, 2023.
For the Years Ended December 31, 2025 2024 Variance Percent Change CBM Gas Sales Volumes (Bcf) 37.8 39.1 (1.3) (3.3) % Average Sales Price - Gas (per Mcf) $ 3.91 $ 2.69 $ 1.22 45.4 % (Loss) Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf) $ (0.30) $ 0.53 $ (0.83) (156.6) % Total Average CBM Sales Price (per Mcf) $ 3.61 $ 3.21 $ 0.40 12.5 % Average CBM Lease Operating Expenses (per Mcf) 0.64 0.56 0.08 14.3 % Average CBM Production, Ad Valorem and Other Fees (per Mcf) 0.17 0.14 0.03 21.4 % Average CBM Transportation, Gathering and Compression Costs (per Mcf) 1.69 1.65 0.04 2.4 % Average CBM Depreciation, Depletion and Amortization Costs (per Mcf) 1.56 1.52 0.04 2.6 % Total Average CBM Production Costs (per Mcf) $ 4.06 $ 3.87 $ 0.19 4.9 % Total Average CBM Production Margin (per Mcf) $ (0.45) $ (0.66) $ 0.21 31.8 % The CBM segment had natural gas revenue of $148 million for the year ended December 31, 2025 compared to $105 million for the year ended December 31, 2024.
For the Years Ended December 31, 2024 2023 Variance Percent Change Purchased Gas Sales Volumes (in Bcf) 31.1 31.1 — — % Purchased Gas Average Sales Price (per Mcf) $ 1.91 $ 2.39 $ (0.48) (20.1) % Purchased Gas Average Cost (per Mcf) $ 1.84 $ 2.25 $ (0.41) (18.2) % 53 Other Revenue and Operating Income For the Years Ended December 31, (in millions) 2024 2023 Variance Percent Change Sales of Environmental Attributes $ 95 $ 41 $ 54 131.7 % Water Income 12 3 9 300.0 % Excess Firm Transportation Income 20 16 4 25.0 % (Loss) Equity Income from Affiliates (1) 3 (4) (133.3) % Total Other Revenue and Operating Income $ 126 $ 63 $ 63 100.0 % • Sales of environmental attributes includes items such as (but are not limited to): carbon credits, air quality credits, renewable or alternative energy credits, methane capture credits, methane performance certificates, emission reductions, offsets and/or allowances.
For the Years Ended December 31, 2025 2024 Variance Percent Change Purchased Gas Sales Volumes (in Bcf) 13.1 31.1 (18.0) (57.9) % Purchased Gas Average Sales Price (per Mcf) $ 3.47 $ 1.91 $ 1.56 81.7 % Purchased Gas Average Cost (per Mcf) $ 3.27 $ 1.84 $ 1.43 77.7 % 52 Other Revenue and Operating Income For the Years Ended December 31, (in millions) 2025 2024 Variance Percent Change Sales of Environmental Attributes $ 78 $ 95 $ (17) (17.9) % Excess Firm Transportation Income 22 20 2 10.0 % Water Income 15 12 3 25.0 % Equity Loss from Affiliates (1) (1) — — % Total Other Revenue and Operating Income $ 114 $ 126 $ (12) (9.5) % • Sales of environmental attributes include items such as (but are not limited to): carbon credits, air quality credits, renewable or alternative energy credits, methane capture credits, methane performance certificates, emission reductions, offsets and/or allowances.
Future results of operations and strength of the balance sheet for any particular quarterly or annual period could be materially affected by changes in the Company’s assumptions.
Future results of operations and strength of the balance sheet for any particular quarterly or annual period could be materially affected by changes in the Company’s assumptions. See “Impairment of Long-Lived Assets” below for additional information regarding the Company’s oil and gas reserves.
The decrease was offset, in part, by an 8.5 Bcfe increase in NGL sales volumes primarily due to an increase in ethane recoveries. 48 Changes in the average costs per Mcfe were primarily related to the following items: • Lease operating expense increased on a per unit basis primarily due to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in well tending expense. • Depreciation, depletion and amortization expense increased on a per unit basis primarily due to a higher annual depletion rate for 2024.
The increase in volumes was offset, in part, by normal production declines. 47 Changes in the average costs per Mcfe were primarily related to the following items: • Lease operating expense increased on a per unit basis primarily due to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in well tending expense.
Cash Flows (in millions) For the Years Ended December 31, 2024 2023 Change Cash Provided by Operating Activities $ 816 $ 815 $ 1 Cash Used in Investing Activities $ (484) $ (509) $ 25 Cash Used in Financing Activities $ (277) $ (326) $ 49 Cash provided by operating activities changed in the period-to-period comparison primarily due to the following items: • Net income decreased $1,811 million in the period-to-period comparison. • Adjustments to reconcile net income to cash provided by operating activities primarily consisted of a $2,329 million net change in commodity derivative instruments, a $531 million net decrease in deferred income taxes, a $108 million change in the gain on asset sales and abandonments, net, and a $94 million net decrease from various other changes in working capital.
Cash Flows (in millions) For the Years Ended December 31, 2025 2024 Change Cash Provided by Operating Activities $ 1,029 $ 816 $ 213 Cash Used in Investing Activities $ (901) $ (484) $ (417) Cash Used in Financing Activities $ (170) $ (277) $ 107 Cash provided by operating activities changed in the period-to-period comparison primarily due to the following items: • Net income increased $724 million in the period-to-period comparison. • Adjustments to reconcile net income to cash provided by operating activities primarily consisted of a $721 million net change in commodity derivative instruments, a $195 million net increase in deferred income taxes, a $72 million change in the gain on asset sales and abandonments, net, and an $87 million net increase from various other changes in working capital.
The $26 million decrease was primarily due to a 16.5% decrease in the average sales price for natural gas in the current period and a 3.7% decrease in CBM gas sales volumes due to normal production declines.
The $43 million increase was primarily due to a 45.4% increase in the average sales price for natural gas in the current period offset, in part, by a 3.3% decrease in CBM sales volumes due to normal production declines.
Interest on the notes is payable May 1 and November 1 of each year. Payment of the principal and interest on the notes is guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner).
Interest on the notes is payable March 1 and September 1 of each year. Payment on the principal and interest on the notes is guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner). • An aggregate principal amount of $500 million of 6.00% Senior Notes due January 2029.
The increase in the period-to-period comparison was due to an increase in the amount of environmental attributes sold. • Water income increased in the period-to-period comparison due to higher third-party sales in the current period. • Excess firm transportation income represents revenue from the sale of excess firm transportation capacity to third parties.
The decrease in the period-to-period comparison was due to a decrease in the amount of environmental attributes sold and a decrease in the price received. • Excess firm transportation income represents revenue from the sale of excess firm transportation capacity to third parties.
The increase in per unit costs was also due to the decrease in total CBM volumes. 52 • CBM production, ad valorem and other fees were $6 million for the year ended December 31, 2024 compared to $7 million for the year ended December 31, 2023.
The increase in total dollars and unit costs was primarily due to an increase in repair and maintenance and well tending expense. The increase in per unit costs was also due to the decrease in total CBM volumes. • CBM production, ad valorem and other fees were $6 million for both the years ended December 31, 2025 and 2024.
Cash used in investing activities changed in the period-to-period comparison primarily due to the following items: • Capital expenditures decreased $139 million primarily due to a decrease in drilling and completions activity in Marcellus Shale. • Proceeds from asset sales decreased $109 million primarily due to the sale of various non-operated producing oil and gas assets primarily located in the Appalachian Basin to a third party in the year ended December 31, 2023 for cash proceeds of $125 million.
Cash used in investing activities changed in the period-to-period comparison primarily due to the following items: • Capital expenditures decreased $45 million primarily due to a decrease in drilling and completions activity in Marcellus Shale. • Proceeds from asset sales increased $47 million primarily due to the sale of Marcellus Shale rights primarily located in Monroe County, Ohio to a third party during the year ended December 31, 2025 for cash proceeds of $57 million.
Interest on the notes is payable March 1 and September 1 of each year.
Interest on the notes is payable January 15 and July 15 of each year.
The Shale segment had natural gas, NGLs and oil/condensate revenue of $1,080 million for the year ended December 31, 2024 compared to $1,170 million for the year ended December 31, 2023.
The increase in volumes was offset, in part, by normal production declines. The Shale segment had natural gas, NGLs and oil/condensate revenue of $1,764 million for the year ended December 31, 2025 compared to $1,080 million for the year ended December 31, 2024.
For the Years Ended December 31, 2024 2023 Variance Percent Change Other Gas Sales Volumes (Bcf) 0.3 0.3 — — % (Loss) Gain on Commodity Derivative Instruments - Unrealized For the year ended December 31, 2024, the Other Segment recognized an unrealized loss on commodity derivative instruments of $453 million.
Unrealized Gain (Loss) on Commodity Derivative Instruments For the year ended December 31, 2025, the Other Segment recognized an unrealized gain on commodity derivative instruments of $278 million. For the year ended December 31, 2024, the Other Segment recognized an unrealized loss on commodity derivative instruments of $453 million.
See Note 20 – Commitments and Contingent Liabilities in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional details of the various financial guarantees that have been issued by CNX. 59 Debt At December 31, 2024, CNX had total long-term debt of $2,175 million, including the current portion of long-term debt of $328 million and excluding unamortized debt issuance costs.
See Note 20 – Commitments and Contingent Liabilities in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional details of the various financial guarantees that have been issued by CNX.
Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. 62 The determination of the fair value requires us to make significant estimates and assumptions.
The market approach measures the fair value of a reporting unit through the analysis of recent transactions and/or financial multiples of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business.
Income Taxes For the Years Ended December 31, (in millions) 2024 2023 Variance Percent Change Total Company (Loss) Income Before Income Tax $ (120) $ 2,223 $ (2,343) 105.4 % Income Tax (Benefit) Expense $ (30) $ 502 $ (532) 106.0 % Effective Income Tax Rate 24.8 % 22.6 % 2.2 % The effective income tax rate was 24.8% for the year ended December 31, 2024 compared to 22.6% for the year ended December 31, 2023.
Income Taxes For the Years Ended December 31, (in millions) 2025 2024 Variance Percent Change Total Company Income (Loss) Before Income Tax $ 803 $ (120) $ 923 769.2 % Income Tax Expense (Benefit) $ 170 $ (30) $ 200 666.7 % Effective Income Tax Rate 21.1 % 24.8 % (3.7) % The effective income tax rate was 21.1% for the year ended December 31, 2025 compared to 24.8% for the year ended December 31, 2024.
The increase in per unit costs was due to the decrease in CBM gas sales volumes. • Depreciation, depletion and amortization costs attributable to the CBM segment were $60 million for the year ended December 31, 2024 compared to $50 million for the year ended December 31, 2023.
The increase in per unit costs was also due to the decrease in CBM gas sales volumes. • Depreciation, depletion and amortization costs attributable to the CBM segment were $60 million for both the years ended December 31, 2025 and 2024. These amounts also included depletion on a unit of production basis of $0.85 per Mcfe for both periods.
The increase in the period-to-period comparison was primarily due to an increase in third-party gathering volumes. COALBED METHANE (CBM) SEGMENT The CBM segment had a loss before income tax of $26 million for the year ended December 31, 2024 compared to earnings before income tax of $1 million for the year ended December 31, 2023.
The Shale segment had other revenue and operating income of $69 million for the year ended December 31, 2025 compared to $68 million for the year ended December 31, 2024. The increase in the period-to-period comparison was primarily due to an increase in third-party gathering volumes.
The decrease in total dollars was primarily due to a decrease in repairs and maintenance expense offset, in part, by an increase in electrical compression expense.
The increase in total dollars was primarily due to higher repairs and maintenance and electrical compression expense offset, in part, by lower processing costs due to the production mix of higher dry gas volumes and an increase in lower cost ethane volumes.
See “Impairment of Long-Lived Assets” below for additional information regarding the Company’s oil and gas reserves. 61 Impairment of Long-Lived Assets The carrying values of the Company's proved oil and gas properties are reviewed for impairment whenever events or changes in circumstances indicate that a property’s carrying amount may not be recoverable.
Impairment of Long-Lived Assets The carrying values of the Company's proved oil and gas properties are reviewed for impairment whenever events or changes in circumstances indicate that a property’s carrying amount may not be recoverable. Impairment tests require that the Company first compare future undiscounted cash flows by asset group to their respective carrying values.
The increase in total dollars was primarily related to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in well tending expense. • Shale transportation, gathering and compression costs were $316 million for both the years ended December 31, 2024 and 2023.
The increase in total dollars and unit costs was primarily related to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions, higher well tending expense and higher repairs and maintenance expense.
The remaining variance includes the sale of various non-core assets in both periods. (See Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information).
These gains were offset, in part, by a $26 million loss on the sale of a non-core pipeline to a third party. See Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
Average Realized Price Reconciliation The following table presents a breakout of liquids and natural gas sales information and settled derivative information to assist in the understanding of the Company’s natural gas production and sales portfolio and information regarding settled commodity derivatives: For the Years Ended December 31, in thousands (unless noted) 2024 2023 Variance Percent Change LIQUIDS NGL: Sales Volume (MMcfe) 52,949 44,461 8,488 19.1 % Sales Volume (Mbbls) 8,825 7,410 1,415 19.1 % Gross Price ($/Bbl) $ 21.60 $ 21.24 $ 0.36 1.7 % Gross NGL Revenue $ 190,374 $ 157,573 $ 32,801 20.8 % Oil/Condensate: Sales Volume (MMcfe) 943 1,236 (293) (23.7) % Sales Volume (Mbbls) 157 206 (49) (23.8) % Gross Price ($/Bbl) $ 61.56 $ 65.88 $ (4.32) (6.6) % Gross Oil/Condensate Revenue $ 9,675 $ 13,577 $ (3,902) (28.7) % NATURAL GAS Sales Volume (MMcf) 496,921 514,669 (17,748) (3.4) % Sales Price ($/Mcf) $ 1.98 $ 2.20 $ (0.22) (10.0) % Gross Gas Revenue $ 986,028 $ 1,131,068 $ (145,040) (12.8) % Hedging Impact ($/Mcf) $ 0.57 $ 0.32 $ 0.25 (78.1) % Gain on Commodity Derivative Instruments - Cash Settlement $ 281,195 $ 163,026 $ 118,169 (72.5) % The increase in Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure, was primarily due to the impact of the change in the gain on commodity derivative instruments - cash settlement related to the Company's hedging program, the 8.5 Bcfe increase in NGL sales volumes and the $0.36 per barrel increase in NGL prices.
Average Realized Price Reconciliation The following table presents a breakout of liquids and natural gas sales information and settled derivative information to assist in the understanding of the Company’s natural gas production and sales portfolio and information regarding settled commodity derivatives: For the Years Ended December 31, in thousands (unless noted) 2025 2024 Variance Percent Change LIQUIDS NGL: Sales Volume (MMcfe) 47,440 52,949 (5,509) (10.4) % Sales Volume (Mbbls) 7,907 8,825 (918) (10.4) % Gross Price ($/Bbl) $ 21.30 $ 21.60 $ (0.30) (1.4) % Gross NGL Revenue $ 168,574 $ 190,374 $ (21,800) (11.5) % Oil/Condensate: Sales Volume (MMcfe) 919 943 (24) (2.5) % Sales Volume (Mbbls) 153 157 (4) (2.5) % Gross Price ($/Bbl) $ 55.26 $ 61.56 $ (6.30) (10.2) % Gross Oil/Condensate Revenue $ 8,461 $ 9,675 $ (1,214) (12.5) % NATURAL GAS Sales Volume (MMcf) 580,601 496,921 83,680 16.8 % Sales Price ($/Mcf) $ 2.99 $ 1.98 $ 1.01 51.0 % Gross Gas Revenue $ 1,736,693 $ 986,028 $ 750,665 76.1 % Hedging Impact ($/Mcf) $ (0.31) $ 0.57 $ (0.88) (154.4) % (Loss) Gain on Commodity Derivative Instruments - Cash Settlement $ (181,020) $ 281,195 $ (462,215) (164.4) % The increase in Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure, was primarily due to the 83.7 Bcf increase in natural gas sales volumes and the $1.01 per Mcf increase in natural gas sales price, when excluding the impact of hedging.
The total average CBM sales price decreased $0.30 per Mcf due to a $0.53 per Mcf decrease in average gas sales price, offset, in part, by a $0.25 per Mcf change in the gain on commodity derivative instruments - cash settlement resulting from the Company's hedging program.
The total average CBM sales price increased $0.40 per Mcf due to a $1.22 per Mcf increase in average gas sales price, offset, in part, by a $0.83 per Mcf change in the (loss) gain on commodity derivative instruments - cash settlements.
Payment on the principal and interest on the notes is guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner). • An aggregate principal amount of $331 million of 2.25% Convertible Senior Notes due May 2026, unless earlier redeemed, repurchased, or converted, less $3 million of unamortized discount and issuance costs.
CNX is not a guarantor of these notes. • An aggregate principal amount of $209 million of 2.25% Convertible Senior Notes due May 2026, unless earlier redeemed, repurchased, or converted, less $1 million of unamortized discount and issuance costs. Interest on the notes is payable May 1 and November 1 of each year.
Interest Expense For the Years Ended December 31, (in millions) 2024 2023 Variance Percent Change Total Interest Expense $ 151 $ 143 $ 8 5.6 % 56 The $8 million increase in total interest expense was primarily due to higher borrowings on the CNX Credit Facility at higher interest rates and higher principal balances related to the long-term debt that was issued in February 2024.
See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information. 55 Interest Expense For the Years Ended December 31, (in millions) 2025 2024 Variance Percent Change Total Interest Expense $ 170 $ 151 $ 19 12.6 % The $19 million increase in total interest expense was primarily due to higher borrowings on both the CNX and CNXM Credit Facilities and higher principal balances related to the long-term debt that was issued in 2025.
Purchased gas costs were $57 million for the year ended December 31, 2024 compared to $70 million for the year ended December 31, 2023. The period-to-period decrease in purchased gas revenue was due to a decrease in average sales price.
Purchased gas revenue was $45 million for the year ended December 31, 2025 compared to $59 million for the year ended December 31, 2024. Purchased gas costs were $43 million for the year ended December 31, 2025 compared to $57 million for the year ended December 31, 2024.
On January 21, 2025, the Company closed on a private offering of $200 million aggregate principal amount of additional 7.25% senior notes due 2032 at a price of 100.5% of their principal amount, plus accrued interest from September 1, 2024 to the date of closing.
During the year ended December 31, 2025, CNX issued $200 million aggregate principal amount of additional 7.25% senior notes due 2032 (the "New Notes") at a price of 100.5% of par, plus accrued interest from September 1, 2024 to the date of closing less an underwriter discount and other issuance costs of $2 million.
The decrease was offset, in part, by a 19.1% increase in NGLs sales volumes due to an increase in ethane recoveries and a 1.7% increase in the average sales price for NGLs.
The $684 million increase was due primarily to a 52.6% increase in the average sales price for natural gas and an 18.6% increase in Shale gas sales volumes. These increases were offset, in part, by a 10.6% decrease in NGLs sales volumes and a 1.4% decrease in the average sales price for NGLs.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeAll of CNX's transactions are denominated in U.S. dollars, and, as a result, it does not have material exposure to currency exchange-rate risks. 64 Natural Gas Hedging Volumes As of January 15, 2025, the Company's hedged volumes for the periods indicated are as follows: For the Three Months Ended March 31, June 30, September 30, December 31, Total Year 2025 Fixed Price Volumes Hedged Bcf 118.2 119.7 121.0 121.0 478.9* Weighted Average Hedge Price per Mcf $ 2.65 $ 2.56 $ 2.56 $ 2.56 $ 2.58 2026 Fixed Price Volumes Hedged Bcf 108.4 107.5 108.5 107.9 432.3 Weighted Average Hedge Price per Mcf $ 2.71 $ 2.67 $ 2.67 $ 2.64 $ 2.67 2027 Fixed Price Volumes Hedged Bcf 77.4 76.6 77.4 73.0 304.4 Weighted Average Hedge Price per Mcf $ 3.28 $ 3.28 $ 3.28 $ 3.29 $ 3.28 2028 Fixed Price Volumes Hedged Bcf 12.8 12.8 13.0 13.0 51.6 Weighted Average Hedge Price per Mcf $ 3.64 $ 3.64 $ 3.64 $ 3.64 $ 3.64 *Quarterly volumes do not add to annual volumes inasmuch as a discrete condition in individual quarters, where basis hedge volumes exceed NYMEX hedge volumes, does not exist for the year taken as a whole.
Biggest changeAll of CNX's transactions are denominated in U.S. dollars, and, as a result, it does not have material exposure to currency exchange-rate risks. 63 Natural Gas Hedging Volumes As of January 8, 2026, the Company's hedged volumes for the periods indicated are as follows: For the Three Months Ended March 31, June 30, September 30, December 31, Total Year 2026 Fixed Price Volumes Hedged Bcf 111.3 111.9 113.0 113.0 448.8* Weighted Average Hedge Price per Mcf $ 2.84 $ 2.72 $ 2.72 $ 2.70 $ 2.74 2027 Fixed Price Volumes Hedged Bcf 96.0 95.2 96.3 94.3 379.3* Weighted Average Hedge Price per Mcf $ 3.28 $ 3.27 $ 3.27 $ 3.31 $ 3.28 2028 Fixed Price Volumes Hedged Bcf 45.0 47.3 47.9 46.3 186.5 Weighted Average Hedge Price per Mcf $ 3.23 $ 3.27 $ 3.27 $ 3.24 $ 3.25 *Quarterly volumes do not add to annual volumes inasmuch as a discrete condition in individual quarters, where basis hedge volumes exceed NYMEX hedge volumes, does not exist for the year taken as a whole.
CNX is exposed to market price risk in the normal course of selling natural gas and liquids. CNX uses fixed-price contracts, options and derivative commodity instruments (over-the-counter swaps) to minimize exposure to market price volatility in the sale of natural gas and NGLs.
CNX is exposed to market price risk in the normal course of selling natural gas and NGLs. CNX uses fixed-price contracts, options and derivative commodity instruments (over-the-counter swaps) to minimize exposure to market price volatility in the sale of natural gas and NGLs.
A hypothetical 100 basis-point increase in the average rate for CNX's variable-rate instruments would decrease pre-tax future earnings as of December 31, 2024 and 2023 by $1 million and $2 million, respectively, on an annualized basis.
A hypothetical 100 basis-point increase in the average rate for CNX's variable-rate instruments would decrease pre-tax future earnings as of December 31, 2025 and 2024 by approximately $2 million and $1 million, respectively, on an annualized basis.
At December 31, 2024 and 2023, our open commodity derivative instruments were in a net liability position with fair values of $536 million and $56 million, respectively. A sensitivity analysis has been performed to determine the incremental effect on future earnings related to open derivative instruments at December 31, 2024 and 2023.
At December 31, 2025 and 2024, our open commodity derivative instruments were in a net liability position with fair values of $296 million and $536 million, respectively. A sensitivity analysis has been performed to determine the incremental effect on future earnings related to open derivative instruments at December 31, 2025 and 2024.
A hypothetical 10 percent increase in future natural gas prices would have decreased the fair value by $518 million and $557 million at December 31, 2024 and 2023, respectively. A hypothetical 10 percent decrease in future natural gas prices would have increased the fair value by $518 million and $557 million at December 31, 2024 and 2023, respectively.
A hypothetical 10 percent increase in future natural gas prices would have decreased the fair value by $423 million and $518 million at December 31, 2025 and 2024, respectively. A hypothetical 10 percent decrease in future natural gas prices would have increased the fair value by $423 million and $518 million at December 31, 2025 and 2024, respectively.
CNX’s primary exposure to market risk for changes in interest rates relates to CNX’s Credit Facility, under which there was $43 million of borrowings at December 31, 2024 and $52 million of borrowings at December 31, 2023, and CNXM's Credit Facility, under which there was $16 million of borrowings at December 31, 2024 and $105 million at December 31, 2023.
CNX’s primary exposure to market risk for changes in interest rates relates to CNX’s Credit Facility, under which there was $200 million of borrowings at December 31, 2025 and $43 million of borrowings at December 31, 2024, and CNXM's Credit Facility, under which there was $33 million of borrowings at December 31, 2025 and $16 million at December 31, 2024.
The Company has used derivative instruments in the past in order to manage risk related to interest rates, although there are currently no active agreements (see Note 19 – Derivative Instruments in the Notes to the Unaudited Consolidated Financial Statements included in Item 1 of this Form 10-Q for more information).
The Company has used derivative instruments in the past in order to manage risk related to interest rates, although there are currently no active agreements (see Note 19 – Derivative Instruments in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information).
At December 31, 2024 and 2023, CNX had $2,132 million and $2,065 million, respectively, aggregate principal amount of debt outstanding under fixed-rate instruments, including unamortized debt issuance costs of $9 million and $12 million, respectively. At December 31, 2024 and 2023, CNX had $59 million and $157 million, respectively, of debt outstanding under variable-rate instruments.
At December 31, 2025 and 2024, CNX had $2,219 million and $2,132 million, respectively, aggregate principal amount of debt outstanding under fixed-rate instruments, including unamortized debt issuance costs of $8 million and $9 million, respectively. At December 31, 2025 and 2024, CNX had $233 million and $59 million, respectively, of debt outstanding under variable-rate instruments.
Note: Table excludes basis only hedges of 17.2 Bcf for 2029. 65
Note: Table excludes basis only hedges of 21.0 Bcf for 2029. 64

Other CNX 10-K year-over-year comparisons