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1Q 2026 Earnings Results &
Supplemental Information of CNX Resources
TABLE OF CONTENTS:Page:
Production Volumes and Activity Summary........................................................................................................................2
Hedge Volumes and Pricing…...........................................................................................................................................3
Gas Hedging Gain/Loss Projections and Actuals..............................................................................................................4
Consolidated Statements of Income..................................................................................................................................5
Consolidated Balance Sheets............................................................................................................................................6
Consolidated Statements of Cash Flows….......................................................................................................................7
Market Mix and Natural Gas Price Reconciliation…..........................................................................................................8
Price and Cost Data (Per Mcfe).........................................................................................................................................9
Guidance…........................................................................................................................................................................10
Year End 2025 Acreage and Undeveloped Location Update…......................................................................................… 11
Definitions..........................................................................................................................................................................12
Sales of Natural Gas, NGL and Oil, including Cash Settlements and Natural Gas, NGL and Oil Production Costs.........
13
Quarterly Adjusted EBITDAX and Adjusted Net Income....................................................................................................14
Operating Margin...............................................................................................................................................................15
Cash Operating Margin......................................................................................................................................................16
Net Debt and Adjusted EBITDAX TTM..............................................................................................................................17
Free Cash Flow..................................................................................................................................................................18
Risk Factors.......................................................................................................................................................................19

NOTE: Please note that CNX is unable to provide a reconciliation of non-GAAP projected financial results contained in this presentation, including the non-GAAP measures referenced above, to their respective comparable financial measure calculated in accordance with GAAP. This is due to our inability to calculate the comparable GAAP projected metrics, including operating income, net cash provided by operating activities and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.



PRODUCTION VOLUMES
GASQ1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Shale Sales Volumes (Bcf)129.8 130.5 139.2 146.9 126.0 
CBM Sales Volumes (Bcf)9.1 9.4 9.7 9.4 9.3 
Other Sales Volumes (Bcf)0.1 0.1 0.1 — 0.1 
LIQUIDS*
NGLs Sales Volumes (Bcfe)13.1 12.1 12.0 11.1 12.2 
Oil and Condensate Sales Volumes (Bcfe)0.3 0.2 0.3 0.2 0.2 
TOTAL (Bcfe)152.4 152.3 161.3 167.6 147.8 
Average Daily Production (MMcfe)1,693.0 1,654.8 1,753.3 1,841.8 1,642.3 
* NGLs, Oil and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
Q1 2026 ACTIVITY SUMMARYTDFracTIL
Average Lateral Length(1)
Rigs at Period End
SWPA Marcellus14 3 6 10,070 — 
Utica— — — — — 
CPA Marcellus— — 3 8,010 — 
Utica— 3 3 13,590 1
Total14 6 12 1
(1) Measured in lateral feet from perforation to perforation.



2

NATURAL GAS HEDGE VOLUMES AND PRICING(1)
Q2 2026202620272028
NYMEX Hedges
Volumes (Bcf)89.3356.2259.7102.8
Average Prices ($/Mcf)$3.50$3.55$4.17$4.03
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)25.9103.4140.638.9
Average Prices ($/Mcf)$2.64$2.64$3.31$3.11
Total Volumes Hedged (Bcf)(2)
115.1459.6400.3141.6
NYMEX + Basis (fully-covered volumes)(3)
Volumes (Bcf)110.8445.6400.3141.6
Average Prices ($/Mcf)$2.71$2.74$3.31$3.25
NYMEX Hedges Exposed to Basis
Volumes (Bcf)4.3614.0--
Average Prices ($/Mcf)$3.50$3.54--
Total Volumes Hedged (Bcf)(2)
115.1459.6400.3141.6
Estimated Conversion Factor(4)
1.0601.0631.0641.060
(1) Hedge positions as of 4/15/2026.
(2) Excludes basis hedges in excess of NYMEX hedges of 1.9 Bcf and 58.6 Bcf for 2027 and 2028, respectively.
(3) Includes the impact of NYMEX and basis-only hedges as well as physical sales agreements.
(4) To convert Bcf to TBtu, multiply by conversion factor; to convert $/Mcf to $/MMBtu, divide by conversion factor.


3

HEDGING GAIN/LOSS PROJECTIONS
Q2 2026CY2026
Hedged VolumesWtd. Avg. AverageForecastedHedged VolumesWtd. Avg.AverageForecasted
($/MMBtu)(000 MMBtu)Hedged Price
Forward Market(1)
Gain/(Loss)(2) ($ in 000s)
(000 MMBtu)Hedged Price
Forward Market(1)
Gain/(Loss)(2) ($ in 000s)
NYMEX94,640$3.30$2.82$45,593378,670$3.34$3.64($105,482)
Index27,300$2.49$2.10$10,699 109,500$2.49$2.93($48,446)
Basis:
Eastern Gas-South (DOM)27,300($0.88)($0.83)($1,599)110,060($0.88)($0.78)($9,225)
TCO Pool (TCO)12,058($0.74)($0.58)($1,968)48,643($0.74)($0.57)($7,079)
Michcon (NMC)8,190($0.19)($0.29)$77132,850($0.19)($0.37)$5,761
TETCO M3 (TMT)— — ($0.73)— — — $0.43— 
TETCO M2 (BM2)26,618($1.01)($0.82)($4,920)106,763($1.01)($0.73)($28,707)
STA 165 (TSD)— — ($0.67)$0— — $0.22— 
Total Financial Basis Hedges74,165($7,716)298,315($39,249)
Total Projected Realized Gain / (Loss)$48,576($193,177)
Note: Forward market prices, hedged volumes, and hedge prices are as of 4/15/2026. Anticipated hedging activity is not included in projections.
(1) April 2026 prices are settled.
(2) Forecasted Gain/(Loss) amounts are based on sum of current monthly hedge positions vs. strip.

Actual Change in Derivatives
(Dollars in millions)Q1 2026Q4-2025Q3-2025Q2-2025Q1-2025
Realized (Loss) Gain ($222)($58)$22($35)($110)
Unrealized Gain (Loss)226 130 110 456 (418)
Gain (Loss) on Commodity Derivative Instruments$4$72$132$421$(528)

4

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:Q1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Natural Gas, NGL and Oil Revenue$722,044$476,615$400,990$485,029$551,094
Gain (Loss) on Commodity Derivative Instruments3,98172,065131,695421,121(528,220)
Purchased Gas Revenue12,68714,3659,02610,40811,550
Other Revenue and Operating Income47,94247,43942,12945,86447,964
Total Revenue and Other Operating Income786,654 610,484 583,840 962,422 82,388 
Costs and Expenses:
Operating Expense
Lease Operating Expense21,77020,70027,12726,25623,333
Transportation, Gathering and Compression102,40193,93997,05396,95395,159
Production, Ad Valorem, and Other Fees8,7896,5347,7259,6687,273
Depreciation, Depletion and Amortization134,613145,134149,323152,595127,062
Exploration and Production Related Other Costs4,1775,0081,6561,7702,082
Purchased Gas Costs12,25313,5818,4559,40211,209
Selling, General, and Administrative Costs32,24541,84630,37529,06839,013
Other Operating (Income) Expense(4,622)14,640 19,178 21,014 14,080 
Total Operating Expense311,626341,382340,892346,726319,211
Other Expense (Income)
Other Expense5094,2881,7523,7293,947
Gain on Asset Sales and Abandonments, net(6,365)(2,410)(67,460)(17,715)(9,583)
Loss on Debt Extinguishment12,009842———
Interest Expense40,470 41,975 42,964 44,041 41,612 
Total Other Expense (Income)46,62344,695(22,744)30,05535,976
Total Costs and Expenses358,249 386,077 318,148 376,781 355,187 
Earnings (Loss) Before Income Tax428,405224,407265,692585,641(272,799)
Income Tax Expense (Benefit) 80,258 28,154 63,589 153,120 (75,084)
Net Income (Loss) $348,147$196,253$202,103$432,521$(197,715)
Earnings (Loss) per Share
Basic$2.45$1.45$1.45$3.02$(1.34)
Diluted$2.18$1.28$1.21$2.53$(1.34)
Weighted-Average Shares OutstandingQ1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Weighted-Average Shares of Common Stock Outstanding142,202,197 135,514,779 139,251,482 143,429,950 147,778,141 
Effect of Diluted Shares*18,086,409 19,021,107 28,333,716 28,316,646 — 
Weighted-Average Diluted Shares of Common Stock Outstanding160,288,606 154,535,886 167,585,198 171,746,596 147,778,141 
*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards and the potential share settlement impact related to CNX's Convertible Notes are antidilutive.




5

CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands31-Mar-2631-Dec-2530-Sep-2530-Jun-2531-Mar-25
ASSETS
Current Assets:
Cash and Cash Equivalents$3,748$779$4,735$3,391$2,615
Restricted Cash2,428 12,685 10,168 10,072 10,272 
Accounts and Notes Receivable
Trade, net209,523 264,658 141,264 180,152 246,765 
Other Receivables, net27,928 61,249 56,596 37,166 51,560 
Supplies Inventories30,108 26,201 30,822 39,318 27,591 
Derivative Instruments164,572 106,068 100,076 107,401 68,860 
Prepaid Expenses20,025 18,697 17,234 16,725 17,767 
Total Current Assets458,332 490,337 360,895 394,225 425,430 
Property, Plant and Equipment:
Property, Plant and Equipment14,222,717 14,057,224 13,839,517 13,771,249 13,667,826 
Less—Accumulated Depreciation, Depletion and Amortization6,310,588 6,193,871 6,054,758 5,912,645 5,771,499 
Total Property, Plant and Equipment—Net7,912,129 7,863,353 7,784,759 7,858,604 7,896,327 
Other Non-Current Assets:
Operating Lease Right-of-Use Assets137,987 150,310 167,893 91,546 85,666 
Derivative Instruments184,261 134,396 118,387 167,561 165,908 
Goodwill323,314 323,314 323,314 323,314 323,314 
Other Intangible Assets55,695 57,333 58,971 60,609 62,247 
Restricted Cash— — 2,430 2,428 — 
Other Non-Current Assets59,465 75,403 87,469 89,580 87,817 
Total Other Non-Current Assets760,722 740,756 758,464 735,038 724,952 
TOTAL ASSETS$9,131,183$9,094,446$8,904,118$8,987,867$9,046,709
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable$162,043$158,811$110,649$120,019$144,376
Derivative Instruments244,321 377,945 316,729 403,112 770,980 
Current Portion of Finance Lease Obligations5,106 5,095 5,080 4,338 4,335 
Current Portion of Long-Term Debt208,437 208,095 329,378 328,837 328,300 
Current Portion of Operating Lease Obligations47,486 48,453 48,140 47,819 50,082 
Other Accrued Liabilities260,356 325,976 255,313 293,558 284,820 
Total Current Liabilities927,749 1,124,375 1,065,289 1,197,683 1,582,893 
Non-Current Liabilities:
Long-Term Debt2,158,416 2,213,264 2,247,199 2,286,855 2,353,350 
Finance Lease Obligations23,716 24,991 26,209 19,229 20,304 
Operating Lease Obligations93,438 104,955 122,477 46,424 37,834 
Derivative Instruments107,944 158,368 251,206 342,613 439,769 
Deferred Income Taxes936,137 857,367 836,354 761,490 604,526 
Asset Retirement Obligations163,692 163,051 124,460 125,504 124,253 
Other Non-Current Liabilities93,511 111,059 115,351 115,356 113,006 
Total Non-Current Liabilities3,576,854 3,633,055 3,723,256 3,697,471 3,693,042 
TOTAL LIABILITIES4,504,603 4,757,430 4,788,545 4,895,154 5,275,935 
Stockholders' Equity:
Common Stock1,420 1,427 1,360 1,420 1,456 
Capital in Excess of Par Value2,356,077 2,357,039 2,254,021 2,298,970 2,324,116 
Preferred Stock— — — — — 
Retained Earnings2,274,690 1,984,229 1,865,695 1,797,896 1,450,844 
Accumulated Other Comprehensive Loss(5,607)(5,679)(5,503)(5,573)(5,642)
TOTAL STOCKHOLDERS' EQUITY4,626,580 4,337,016 4,115,573 4,092,713 3,770,774 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$9,131,183$9,094,446$8,904,118$8,987,867$9,046,709




6

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:Q1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Net Income (Loss)$348,147$196,253$202,103$432,521($197,715)
Depreciation, Depletion and Amortization134,613145,134149,323152,595127,062
Amortization of Deferred Financing Costs2,5002,6502,7132,7012,668
Stock-Based Compensation5,6854,6145,1655,0848,816
Gain on Asset Sales and Abandonments, net(6,365)(2,410)(67,460)(17,715)(9,583)
Loss on Debt Extinguishment12,009842———
(Gain) Loss on Commodity Derivative Instruments(3,981)(72,065)(131,695)(421,121)528,220
Net Cash (Paid) Received in Settlement of Commodity Derivative Instruments(288,435)18,44110,405(84,097)(88,285)
Deferred Income Taxes78,74321,07074,838156,938(91,636)
Other463(4)1,351(605)1,097
Changes in Operating Assets:
Accounts and Notes Receivable62,958(115,678)39,26681,874(72,103)
Supplies Inventories(3,907)4,6218,496(11,727)(13,019)
Prepaid Expenses(1,329)(1,463)(509)1,042(2,108)
Changes in Other Assets14,932(350)(291)(103)23,277
Changes in Operating Liabilities:
Accounts Payable(9,444)39,583(17,917)(13,453)13,396
Accrued Interest(25,451)20,452(21,309)20,335(14,419)
Other Operating Liabilities(26,162)39,258(20,769)(24,184)24,565
Changes in Other Liabilities(17,463)(3,900)512,407(24,577)
Net Cash Provided by Operating Activities277,513297,048233,761282,492215,656
Cash Flows from Investing Activities:
Capital Expenditures(169,906)(174,414)(75,544)(113,565)(131,465)
Proceeds from Asset Sales32,4282,44967,79320,78316,630
Investments in Equity Affiliates (565)7,322—(2,140)(1,163)
Apex Acquisition (Net of Cash Acquired)(10,255)———(517,599)
Net Cash Used in Investing Activities(148,298)(164,643)(7,751)(94,922)(633,597)
Cash Flows from Financing Activities:
Payments on Long-Term Notes(507,965)————
Proceeds from CNXM Revolving Credit Facility Borrowings134,65086,30072,50088,17592,250
Repayments of CNXM Revolving Credit Facility Borrowings(62,400)(74,050)(74,000)(88,875)(85,600)
Proceeds from CNX Revolving Credit Facility Borrowings496,450352,500436,350365,300772,950
Repayments of CNX Revolving Credit Facility Borrowings(620,150)(399,750)(475,550)(431,900)(463,350)
Proceeds from Issuance of CNX Senior Notes500,000———198,500
Payments on Other Debt(1,265)(1,375)(1,181)(948)(960)
Proceeds from Issuance of Common Stock1,5061,10856110820
Shares Withheld for Taxes(15,216)(167)(348)(406)(13,086)
Purchases of Common Stock(54,039)(100,335)(182,374)(115,714)(125,138)
Debt Issuance and Financing Fees(8,074)(505)(21)(308)(631)
Net Cash (Used in) Provided by Financing Activities(136,503)(136,274)(224,568)(184,566)375,755
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(7,288)(3,869)1,4423,004(42,186)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period13,46417,33315,89112,88755,073
Cash, Cash Equivalents and Restricted Cash at End of Period$6,176$13,464$17,333$15,891$12,887





7

MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
2026E
Gas Sold (%)(1)
Basis(2)
Eastern Gas-South27%($0.82)
ETNG Mainline4%($0.58)
TCO Pool22%($0.69)
TETCO ELA & WLA2%($0.43)
TETCO M32%$0.00
TETCO M226%($0.85)
Michcon8%($0.38)
Physical basis sales9%($0.31)
Weighted Average Basis100%($0.64)
NYMEX$3.64
Weighted Average Basis (Not considering hedging)($0.64)
Realized Price (per MMBtu)$3.00
     Conversion Factor (MMBtu/Mcf)1.063
Realized Price Before Financial Hedging (per Mcf)$3.19
(1) Individual market percentages exclude physical basis sales, which are shown separately.
(2) Reflects actual realized basis for three months ended March 31; April - December forward market basis prices as of 4/15/2026.

8

PRICE AND COST DATA (PER MCFE) - NON-GAAP
Q1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Average Sales Price - Natural Gas$4.74$3.12$2.43$2.84$3.66
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement($1.59)($0.42)$0.15 ($0.23)($0.81)
Average Sales Price - Oil and Condensate*$9.68$8.83$9.49$8.74$9.61
Average Sales Price - NGLs*$4.59$3.15$3.04$3.58$4.42
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement
$3.28$2.75$2.62$2.68$2.99
Lease Operating Expense (LOE)$0.14$0.14$0.17$0.16$0.16
Production, Ad Valorem, and Other Fees$0.06$0.04$0.05$0.05$0.05
Transportation, Gathering and Compression$0.67$0.62$0.60$0.58$0.64
Depreciation, Depletion and Amortization (DD&A)$0.85$0.92$0.89$0.88$0.83
Total Natural Gas, NGL and Oil Production Costs
$1.72$1.72$1.71$1.67$1.68
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A
$0.87$0.80$0.82$0.79$0.85
Natural Gas, NGL and Oil Production Cash Margin, before DD&A$2.41$1.95$1.80$1.89$2.14
Fully Burdened Cash Costs, before DD&A(1)
$0.95$1.11$1.09$1.05$1.11
Fully Burdened Cash Margin, before DD&A$2.33$1.64$1.53$1.63$1.88
Note: "Total Natural Gas, NGL and Oil Production Costs" excludes Selling, General, and Administration and Other Operating Expenses.
*NGLs, Oil, and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
(1) Fully burdened cash costs include production cash costs, selling, general and administrative (SG&A) cash costs, other operating cash expense, other cash expense (income), other revenue and operating income, and cash interest expense.
Q1 2026, Q4 2025, Q3 2025, Q2 2025 and Q1 2025 total fully burdened cash costs exclude a (gain)/loss on asset sales of ($0.04) per Mcfe, ($0.02) per Mcfe,($0.42) per Mcfe, ($0.11) per Mcfe and $0.06 per Mcfe, respectively. Q1 2026, Q4 2025, Q3 2025, Q2 2025 and Q1 2025 exclude unrealized losses on interest rate swaps and noncash amortization of $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe and $0.02 per Mcfe, respectively. Q1 2026, Q4 2025, Q3 2025, Q2 2025 and Q1 2025, exclude loss on debt extinguishment and inventory adjustments of $0.08 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe, $0.00 per Mcfe and $0.01 per Mcfe, respectively.
Natural Gas Price ReconciliationQ1-2026Q4-2025Q3-2025Q2-2025Q1-2025
NYMEX Natural Gas ($/MMBtu)$5.04$3.55$3.07$3.44$3.65
Average Differential(0.55)(0.62)(0.77)(0.76)(0.26)
BTU Conversion (MMBtu/Mcf)*0.25 0.19 0.12 0.15 0.27 
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement(1.59)(0.42)0.15 (0.23)(0.81)
Realized Natural Gas Price per Mcf$3.15$2.70$2.57$2.61$2.85
*Conversion factor1.061.071.051.061.08







9

GUIDANCE
PREVIOUSUPDATED
($ in millions)2026E2026E
LowHighLowHigh
Production Volumes (Bcfe)605-620605-620
    % Liquids~7%-~8%~7%-~8%
    % of Natural Gas Hedged81%81%
Prices on Open Volumes(1)
    Natural Gas NYMEX ($/MMBtu)$4.07$3.64
    Natural Gas Differential ($/MMBtu)($0.56)($0.64)
    NGL Realized Price ($/Bbl)~$20.75~$24.75
($ in millions)
Adjusted EBITDAX(2)
$1,310-$1,360$1,265-$1,315
Capital Expenditures
    Drilling & Completions (D&C)$390-$410$390-$410
    Non-D&C $150-$160$150-$160
Base Capital Expenditures$540-$570$540-$570
    Utica Shale rights payment$16-$16$16-$16
Total Capital Expenditures556-586556-586
Environmental Attributes Sales Free Cash Flow (FCF) Impact(2)
~$70~$70
Free Cash Flow (FCF)(2)(3)
~$550~$525
    FCF Per Share(2)(3)(4)
~$3.55~$3.41
(1) Forward market prices for 2026 guidance as of 4/15/2026.
(2) Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions.
(3) Guidance for FCF includes approximately $45 million in expected asset sales in 2026 and approximately $20 million from the sale of 45Z tax credits for 8 months of remediation activities in 2025.
(4) Previous guidance for 2026 FCF per share based on shares outstanding of 142,402,658, as of 1/23/2026, plus 12.4 million net shares expected to be issued to settle the remaining CNX Convertible Notes. Updated guidance for 2026 FCF per share based on shares outstanding of 141,477,594, as of 4/15/2026, plus 12.4 million net shares expected to be issued to settle the remaining CNX Convertible Notes.

2026E ACTIVITY SUMMARYTIL
Average Lateral Length(1)
SWPAMarcellus2413,750
CPAMarcellus37,880
Utica713,400
Total34
(1) Measured in lateral feet from perforation to perforation.






10


YEAR END 2025 ACREAGE AND UNDEVELOPED LOCATION UPDATE

YE2024 MARCELLUS ACREAGEYE2025 MARCELLUS ACREAGE
SWPACentralGreaterTOTAL SWPASWPACentralGreaterTOTAL SWPA
Total Net Acres108,00026,600134,600Total Net Acres106,40026,300132,700
Net Developed Acres66,8003,60070,400Net Developed Acres70,9003,60074,600
Net Undeveloped Acres41,20023,00064,200Net Undeveloped Acres35,50022,70058,100
WVSHR/PENSEastTOTAL WVWVSHR/PENSEastTOTAL WV
Total Net Acres14,30010,90083,900Total Net Acres14,3008,90081,900
Net Developed Acres10,90080011,700Net Developed Acres10,90080011,700
Net Undeveloped Acres3,40010,10072,200Net Undeveloped Acres3,4008,10070,200
CPASouthNorthTOTAL CPACPASouthNorthTOTAL CPA
Total Net Acres112,50087,200301,000Total Net Acres151,10087,200340,100
Net Developed Acres6,4001,0007,300Net Developed Acres21,5001,00022,400
Net Undeveloped Acres106,10086,200293,700Net Undeveloped Acres129,60086,200317,700
OHTOTAL OHOHTOTAL OH
Total Net Acres8,300Total Net Acres1,700
Net Developed Acres200Net Developed Acres200
Net Undeveloped Acres8,100Net Undeveloped Acres1,500
Total Net Acres527,800Total Net Acres556,400
YE2024 UTICA ACREAGEYE2025 UTICA ACREAGE
SWPACentralGreaterTOTAL SWPASWPACentralGreaterTOTAL SWPA
Total Net Acres113,90056,000169,800Total Net Acres113,00056,100169,100
Net Developed Acres8,200—8,200Net Developed Acres8,200—8,200
Net Undeveloped Acres105,70056,000161,600Net Undeveloped Acres104,80056,100160,900
WVSHR/PENSEastTOTAL WVWVSHR/PENSEastTOTAL WV
Total Net Acres11,60084,300133,600Total Net Acres11,40082,500131,600
Net Developed Acres———Net Developed Acres———
Net Undeveloped Acres11,60084,300133,600Net Undeveloped Acres11,40082,500131,600
CPASouthNorthTOTAL CPACPASouthNorthTOTAL CPA
Total Net Acres113,80086,900238,800Total Net Acres126,20087,000247,700
Net Developed Acres3,4002003,600Net Developed Acres8,3002008,400
Net Undeveloped Acres110,40086,700235,200Net Undeveloped Acres117,90086,800239,300
OHDryTOTAL OHOHDryTOTAL OH
Total Net Acres15,60063,500Total Net Acres15,40063,400
Net Developed Acres13,20013,200Net Developed Acres13,20013,200
Net Undeveloped Acres2,40050,300Net Undeveloped Acres2,20050,200
Total Net Acres605,700Total Net Acres611,800
Note: The YE2025 acreage does not include the Utica Shale rights across approximately 23,000 acres that CNX agreed to acquire beneath the Apex Energy footprint since the transaction closed in Q1 2026.
Acres by type curve area do not equal total acres because some CNX-controlled acres fall outside of identified type curve areas. The table includes results of leasing activity and expirations; and future development, lateral lengths and inter-lateral spacing, will ultimately vary as the assets are developed.














11

Non-GAAP Measures (Definitions, Purpose, and Reconciliations)

CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the company. Although these are not measures of performance calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating CNX because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company’s operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.

Definitions: EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below. Although EBIT, EBITDAX, and adjusted EBITDAX are not measures of performance calculated in accordance with generally accepted accounting principles, management believes that they are useful to an investor in evaluating CNX Resources because they are widely used to evaluate a company's operating performance. We exclude stock-based compensation from adjusted EBITDAX because we do not believe it accurately reflects the actual operating expense incurred during the relevant period and may vary widely from period to period irrespective of operating results. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with generally accepted accounting principles. In addition, because all companies do not calculate EBIT, EBITDAX or adjusted EBITDAX identically, the presentation here may not be comparable to similarly titled measures of other companies. Sales of natural gas, NGL and oil, including cash settlements excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Natural gas, NGL and oil production costs excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations. Adjusted Net Income (Loss) is defined as net income after adjusting for the discrete items listed below as well as the tax effectiveness. Operating Margins are defined as adjusted EBIT divided by Total Revenue after adjusting for unrealized (gain) loss on commodity derivative instruments. Adjusted Trailing-Twelve-Months (TTM) EBITDAX is defined as EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below. Cash Operating Margins are defined as adjusted EBITDA divided by total Revenue after adjusting for unrealized (gain) loss on commodity derivative instruments. Net Debt is defined as total long-term debt minus cash, cash equivalents, and restricted cash. Adjusted Net Debt is defined as total long-term debt plus the historical impact of recent accounting pronouncement, minus cash, cash equivalents, and restricted cash. Free Cash Flow (FCF) is defined as net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates.

Reconciliations of EBIT, EBITDAX, adjusted EBITDAX, adjusted EBIT, adjusted EBITDA, sales of natural gas, NGL and oil, including cash settlements, natural gas, NGL and oil production costs, adjusted net income, operating margins, cash operating margins, net debt, adjusted net debt, adjusted TTM EBITDAX and FCF to the most directly comparable GAAP financial measures are as follows:





12

Non-GAAP Measures
Sales of Natural Gas, NGL and Oil, including cash settlements excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Sales of Natural Gas, NGL and Oil, including cash settlements is a non-GAAP measure that excludes purchased gas revenue and other revenue and operating income, which are not directly related to CNX’s natural gas producing activities. Natural Gas, NGL and Oil Production Costs is a non-GAAP measure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations (See Note 21 - Segment Information of the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX's 2025 Annual Report on Form 10-K as filed with the SEC on February 10, 2026). These expenses include, but are not limited to, interest expense and other corporate expenses such as selling, general and administrative costs in the current periods presented.
(Dollars in millions)Q1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Total Revenue and Other Operating Income$787$611$584$962$82
(Deduct) Add:
Purchased Gas Revenue(13)(15)(9)(10)(11)
Unrealized (Gain) Loss on Commodity Derivative Instruments(226)(130)(110)(456)418
Other Revenue and Operating Income(48)(47)(42)(46)(48)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure$500$419$423$450$441
Total Operating Expense$312$342$341$346$319
(Deduct):
Depreciation, Depletion and Amortization (DD&A) - Corporate (6)(5)(5)(4)(6)
   Exploration and Production Related Other Costs(4)(5)(2)(2)(2)
Purchased Gas Costs(12)(14)(9)(9)(11)
Selling, General and Administrative Costs(32)(42)(30)(29)(39)
Other Operating Income (Expense)4 (15)(19)(21)(14)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1
$262$261$276$281$247
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.









13

Non-GAAP Measures
EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below.
(Dollars in millions)Q1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Net Income (Loss)$348$196$202$433($198)
Interest Expense41 42 43 43 42 
Interest Income— — — (1)— 
Income Tax Expense (Benefit) 80 28 64 153 (75)
Earnings (Loss) Before Interest & Taxes (EBIT)469 266 309 628 (231)
Depreciation, Depletion & Amortization135145149 153 127
Exploration Expense452 2 2
Earnings (Loss) Before Interest, Taxes, DD&A and Exploration (EBITDAX)$608$416$460$783($102)
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments(226)(130)(110)(456)418
Gain on Non-Core Asset Sale——(57)— —
Stock-Based Compensation6 5 5 5 9 
Loss on Debt Extinguishment12 1 — — — 
Total Pre-tax Adjustments(208)(124)(162)(451)427 
Adjusted EBITDAX$400$292$298$332$325
Adjusted Net Income is defined as net income after adjusting for the discrete items listed below as well as the related tax effect.
(Dollars in millions)Q1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Net Income (Loss) from EBITDAX Reconciliation$348$196$202$433($198)
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation(208)(124)(162)(451)427 
Tax Effect of Adjustments53 31 42 119 (113)
Adjusted Net Income$193$103$82$101$116







14

Non-GAAP Measures
Operating Margin: Adjusted EBIT divided by Total Revenue and Other Operating Income after adjusting for unrealized (gain) loss on commodity derivative instruments.
(Dollars in millions)Q1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Total Revenue and Other Operating Income$787$611$584$962$82
Net Income (Loss) $348$196$202$433($198)
Interest Expense4142434342
Interest Income———(1)—
Income Tax Expense (Benefit) 802864153(75)
Earnings (Loss) Before Interest & Taxes (EBIT)469266309628(231)
Depreciation, Depletion & Amortization135145149153127
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)$604$411$458$781($104)
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments($226)($130)($110)($456)$418
Total Adjustments($226)($130)($110)($456)$418
Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments$561$481$474$506$500
Adjusted EBIT$243$136$199$172$187
Operating Margin43%28%42%34%37%
















15

Non-GAAP Measures
Cash Operating Margin: Adjusted EBITDA divided by Total Revenue and Other Operating Income after adjusting for unrealized (gain) loss on commodity derivative instruments, stock based compensation and the other discrete items listed below.
(Dollars in millions)Q1-2026Q4-2025Q3-2025Q2-2025Q1-2025
Total Revenue and Other Operating Income$787$611$584$962$82
Net Income (Loss)$348$196$202$433($198)
Interest Expense4142434342
Interest Income———(1)—
Income Tax Expense (Benefit)802864153(75)
Earnings (Loss) Before Interest & Taxes (EBIT)469266309628(231)
Depreciation, Depletion & Amortization135145149153127
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)$604$411$458$781($104)
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments$(226)$(130)($110)($456)$418
Gain on Non-Core Asset Sale——(57)——
Stock-Based Compensation65559
Loss on Debt Extinguishment121———
Total Adjustments($208)($124)($162)($451)$427
Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments$561$481$474$506$500
Adjusted EBITDA$396$287$296$330$323
Cash Operating Margin71%60%62%65%65%















16

Non-GAAP Measures
Management uses net debt to determine the company's outstanding debt obligations that would not be readily satisfied by its cash, cash equivalents, and restricted cash on hand. Management believes that using net debt is useful to investors in determining the company's leverage ratio since the company could choose to use its cash, cash equivalents, and restricted cash to retire debt.
Net Debt: Total long-term debt minus cash, cash equivalents, and restricted cash.
Adjusted Net Debt: Total long-term debt, plus the historical impact of accounting pronouncement, minus cash, cash equivalents, and restricted cash.
(Dollars in millions)
Net Debt31-Mar-2631-Dec-2531-Dec-2431-Dec-2331-Dec-2231-Dec-2131-Dec-2030-Sep-20
Total Long-Term Debt (GAAP)(1)
$2,367$2,421$2,166$2,214$2,206$2,214$2,424$2,600
Less: Cash, Cash Equivalents, and Restricted Cash61355—21422156
Net Debt$2,361$2,408$2,111$2,214$2,185$2,210$2,402$2,444
(1) Includes current portion
(Dollars in millions)
Adjusted Net Debt31-Mar-2631-Dec-2531-Dec-2431-Dec-2331-Dec-2231-Dec-2131-Dec-2030-Sep-20
Total Long-Term Debt (GAAP)(1)
$2,367$2,421$2,166$2,214$2,206$2,214$2,424$2,600
Plus: Impact of Recent Accounting Pronouncement(2)
—————8298101
Less: Cash, Cash Equivalents, and Restricted Cash61355—21422156
Adjusted Net Debt $2,361$2,408$2,111$2,214$2,185$2,292$2,500$2,545
(1) Includes current portion
(2) On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity and upon adoption long-term debt increased by $82MM (See Note 12 - Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX’s December 31, 2022 Form 10-K for additional information). As this adjustment was recorded on a prospective basis, Management believes that presenting investors with the net debt on a historical basis would be beneficial.

Adjusted TTM EBITDAX: EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below.
Three Months EndedTwelve Months Ended
(Dollars in millions)30-Jun-2530-Sep-2531-Dec-2531-Mar-2631-Mar-26
Net Income $433$202$196$348$1,179
Interest Expense43434241169
Interest Income(1)———(1)
Income Tax Expense 153642880325
Earnings Before Interest & Taxes (EBIT)6283092664691,672
Depreciation, Depletion & Amortization153149145135582
Exploration Expense225413
Earnings Before Interest, Taxes, DD&A, and Exploration (EBITDAX)7834604166082,267
Adjustments:
Unrealized Gain on Commodity Derivative Instruments(456)(110)(130)(226)(922)
Gain on Non-Core Asset Sale—(57)——(57)
Stock Based Compensation555621
Loss on Debt Extinguishment——11213
Total Pre-tax Adjustments(451)(162)(124)(208)(945)
Adjusted EBITDAX TTM$332$298$292$400$1,322




17

Non-GAAP Measures
The Company's management believes that the following measures provide useful information to external users of the Company's consolidated financial statements, such as industry analysts, lenders and ratings agencies. Free cash flow should not be considered as alternatives to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.                                    
Free Cash Flow (FCF): Net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates.
2026 Free Cash Flow
(Dollars in millions)Q1-2026
Net Cash Provided by Operating Activities$278
Capital Expenditures(170)
Proceeds from Asset Sales32
Investments in Equity Affiliates(1)
Free Cash Flow$139
2025 Free Cash Flow
(Dollars in millions)Q4-2025Q3-2025Q2-2025Q1-2025YTD-2025
Net Cash Provided by Operating Activities$296$234$283$216$1,029
Capital Expenditures(174)(76)(114)(131)(495)
Proceeds from Asset Sales3682116108
Investments in Equity Affiliates7—(2)(1)4
Free Cash Flow$132$226$188$100$646
2024 Free Cash Flow
(Dollars in millions)Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024
Net Cash Provided by Operating Activities$269$170$192$185$816
Capital Expenditures(105)(115)(152)(168)(540)
Proceeds from Asset Sales3787860
Investments in Equity Affiliates(2)(3)——(5)
Free Cash Flow$199$60$47$25$331
2023 Free Cash Flow
(Dollars in millions)Q4-2023Q3-2023Q2-2023Q1-2023YTD-2023
Net Cash Provided by Operating Activities$161$206$199$248$814
Capital Expenditures(107)(206)(196)(170)(679)
Proceeds from Asset Sales81913211170
Free Cash Flow$62$19$135$89$305
2022 Free Cash Flow
(Dollars in millions)Q4-2022Q3-2022Q2-2022Q1-2022YTD-2022
Net Cash Provided by Operating Activities$442$265$192$336$1,235
Capital Expenditures(173)(134)(137)(122)(566)
Proceeds from Asset Sales7472038
Free Cash Flow$276$135$62$234$707
2021 Free Cash Flow
(Dollars in millions)Q4-2021Q3-2021Q2-2021Q1-2021YTD-2021
Net Cash Provided by Operating Activities$254$215$239$219$927
Capital Expenditures(117)(97)(129)(123)(466)
Proceeds from Asset Sales21127545
Free Cash Flow$158$130$117$101$506
2020 Free Cash Flow
(Dollars in millions)Q4-2020Q3-2020Q2-2020Q1-2020YTD-2020
Net Cash Provided by Operating Activities$161$223$144$267$795
Capital Expenditures(92)(108)(135)(152)(487)
Proceeds from Asset Sales166121448
Free Cash Flow$85$121$21$129$356

18


Risk Factors

This presentation, including the oral statements made in connection herewith, contains forward-looking statements estimates and projections within the meaning of the federal securities laws. Statements that are not historical are forward-looking and may include our operational and strategic plans; estimates of gas reserves and resources; projected timing and rates of return of future investments; and projections and estimates of future production revenues, income and capital spending. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements estimates and projections. Investors should not place undue reliance on forward-looking statements as a prediction of future actual results. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly.

Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions “Cautionary Statement Regarding Forward-looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (SEC) on February 10, 2026, as supplemented by our quarterly reports on Form 10-Q, and any other reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; events beyond our control, including a global or domestic health crisis or global instability; our operations and national and global economic conditions, generally; conditions in the oil and gas industry; the financial condition of our customers; any nonperformance by customers of their contractual obligations; changes in customer, employee or supplier relationships; ability to quality for environmental attribute credits and the volatility of environmental attribute markets; and changes in safety, health, environmental and other regulations.


19