CNX Resources Corporation

What they do

CNX develops and produces natural gas, NGLs, oil and condensate from unconventional shale formations, primarily the Marcellus and Utica Shale in Pennsylvania, Ohio and West Virginia, and from coalbed methane properties in Virginia. The company also owns midstream infrastructure and holds legacy surface acreage. At December 31, 2025, it reported 9.7 Tcfe of proved reserves, 99.1% operated, with 72.2% proved developed.

Revenue drivers

• Natural gas sales — The dominant revenue source. 2025 production was 92% natural gas and 94% shale, with total sales volumes of 629.0 Bcfe and average daily production of 1,723,178 Mcfe.
• Shale segment — The primary operating and growth area for reserves, production and capital. Shale sales volumes were 590.8 Bcfe in 2025, supported by about 557,000 net Marcellus acres and 612,000 net Utica acres.
• NGLs, oil and condensate — Liquids made up 8% of 2025 production. In Q2 2026, NGLs were 14.8 Bcfe and oil and condensate were 0.4 Bcfe of the 151.5 Bcfe total.
• Coalbed methane — CBM properties in Virginia contributed 6% of 2025 production. CBM sales volumes were 9.7 Bcf in Q2 2026, 9.1 Bcf in Q1 2026 and 9.4 Bcf in Q4 2025.

Recent performance

Full-year 2025 net income was $633 million, or $3.98 per diluted share, compared with a net loss of $90 million, or $0.60 per diluted share, in 2024. The 2025 result included a $278 million unrealized gain on commodity derivatives and a $97 million net gain on asset sales and abandonments, while 2024 included a $453 million unrealized derivative loss. 2025 revenue was $2.24 billion and operating cash flow was $1.03 billion. Quarterly revenue was $583.8 million in Q3 2025, $610.5 million in Q4 2025, $786.7 million in Q1 2026 and $618.5 million in Q2 2026. Total Q2 2026 production was 151.5 Bcfe, or 1,664.8 MMcfe per day.

Strategy

CNX describes its strategy as using its held-by-production acreage, development inventory, midstream ownership, low-cost operations and legacy surface acreage to create long-term per share value. In 2025 it repurchased 16.9 million shares for $528 million at an average price of $31.00, and it completed the $518 million cash acquisition of Apex Energy II's upstream and associated midstream business on January 27, 2025. The company states it is centered on ultra-low carbon intensity natural gas development, production, midstream and technology. It does not pay a dividend, based on reported dividends per share of $0 from 2021 through 2025.

Risks

• Natural gas and NGL price volatility — CNX states that an extended decline in the prices it receives for natural gas and NGLs would adversely affect its business, operating results, financial condition and cash flows.
• Appalachian Basin concentration and basis discount — Producing properties are geographically concentrated in the Appalachian Basin, where not all gas can be consumed locally and local pricing is discounted to benchmark hubs such as Henry Hub.
• Derivative hedging results — Commodity hedges materially swing reported earnings, as shown by a $278 million unrealized derivative gain in 2025 versus a $453 million unrealized loss in 2024.
• Inflation and cost pressure — CNX states that inflation over the last few years, primarily in steel, diesel fuel and labor, continues to present risk, and that unable-to-mitigate cost increases could further affect financial position.

Outlook

Management guides 2026 annual sales volumes to approximately 605-620 Bcfe and 2026 capital expenditures to approximately $556-$586 million. That capital budget includes the first of three annual $16 million payments for the right to acquire Utica Shale oil and gas rights beneath the legacy Apex Energy footprint. CNX also reports hedged gas volumes of 460.4 Bcf for 2026, including 207.9 Bcf of actual settlements, and 402.4 Bcf for 2027.