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

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



PRODUCTION VOLUMES
GASQ3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Shale Sales Volumes (Bcf)132.8 126.5 129.8 130.5 139.2 
CBM Sales Volumes (Bcf)9.4 9.7 9.1 9.4 9.7 
Other Sales Volumes (Bcf)0.1 0.1 0.1 0.1 0.1 
LIQUIDS*
NGLs Sales Volumes (Bcfe)13.8 14.8 13.1 12.1 12.0 
Oil and Condensate Sales Volumes (Bcfe)0.2 0.4 0.3 0.2 0.3 
TOTAL (Bcfe)156.3 151.5 152.4 152.3 161.3 
Average Daily Production (MMcfe)1,699.2 1,664.8 1,693.0 1,654.8 1,753.3 
* 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.
Q3 2026 ACTIVITY SUMMARYTDFracTIL
Average Lateral Length(1)
Rigs at Period End
SWPA Marcellus— 12 12 12,600 — 
Utica— — — — — 
CPA Marcellus— — — — — 
Utica2— — — 1
Total2 12 12 1
(1) Measured in lateral feet from perforation to perforation.



2

NATURAL GAS HEDGE VOLUMES AND PRICING(1)
Q4 20262026202720282029
NYMEX Hedges
Volumes (Bcf)89.2357.5265.8185.634.7
Average Prices ($/Mcf)$3.54$3.53$4.16$3.98$3.85
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)25.7103.7143.647.53.5
Average Prices ($/Mcf)$2.67$2.64$3.30$3.10$3.03
Total Volumes Hedged (Bcf)(2)
115.0461.2409.4233.138.2
NYMEX + Basis (fully-covered volumes)(3)
Volumes (Bcf)110.1447.2409.4233.138.2
Average Prices ($/Mcf)$2.72$2.73$3.30$3.20$3.32
NYMEX Hedges Exposed to Basis
Volumes (Bcf)4.8214.0---
Average Prices ($/Mcf)$3.54$3.53---
Total Volumes Hedged (Bcf)(2)
115.0461.2409.4233.138.2
Estimated Conversion Factor(4)
1.0721.0591.0681.0601.052
(1) Hedge positions as of 10/14/2026.
(2) Excludes basis hedges in excess of NYMEX hedges of 2.0 Bcf, 61.7 Bcf, and 19.3 Bcf for 2027, 2028, and 2029, 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
Q4 2026CY2026CY2027
Hedged VolumesWtd. Avg. AverageForecastedHedged 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)
(000 MMBtu)Hedged Price
Forward Market(1)
Gain/(Loss)(2) ($ in 000s)
NYMEX95,680$3.30$3.25$4,829378,670$3.34$3.54($64,771)283,788$3.90$3.26$181,335
Index27,600$2.49$2.26$6,453 109,500$2.49$2.78($32,134)153,300$3.09$2.59$76,732 
Basis:
Eastern Gas-South (DOM)27,600($0.88)($1.10)$5,840110,060($0.88)($0.88)$1,81396,725($0.93)($0.75)($17,852)
TCO Pool (TCO)12,190($0.74)($0.94)$2,42248,643($0.74)($0.70)($875)62,050($0.75)($0.55)($12,763)
Michcon (NMC)8,280($0.19)($0.56)$3,02032,850($0.19)($0.40)$6,9247,300($0.21)($0.33)$877
TETCO M3 (TMT)— — ($0.49)— — — $0.25— — — $0.48— 
TETCO M2 (BM2)26,910($1.01)($1.05)$1,280106,763($1.01)($0.84)($17,048)71,775($1.01)($0.70)($22,698)
STA 165 (TSD)— — ($0.36)— — — $0.03— 3,650 $0.52$0.71($642)
Total Financial Basis Hedges74,980$12,562298,315($9,186)241,500($53,077)
Total Projected Realized Gain / (Loss)$23,844($106,091)$204,990
Note: Forward market prices, hedged volumes, and hedge prices are as of 10/14/2026. Anticipated hedging activity is not included in projections.
(1) January 2026 through October 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)Q3 2026Q2 2026Q1 2026Q4-2025Q3-2025
Realized Gain (Loss) $53$45($222)($58)$22
Unrealized Gain108 131 226 130 110 
Gain on Commodity Derivative Instruments$161$176$4$72$132

4

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:Q3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Natural Gas, NGL and Oil Revenue$372,516$389,435$722,044$476,615$400,990
Gain on Commodity Derivative Instruments160,563176,3363,98172,065131,695
Purchased Gas Revenue4,42612,45612,68714,3659,026
Other Revenue and Operating Income42,49940,25747,94247,43942,129
Total Revenue and Other Operating Income580,004 618,484 786,654 610,484 583,840 
Costs and Expenses:
Operating Expense
Lease Operating Expense23,83921,26221,77020,70027,127
Transportation, Gathering and Compression94,632103,223102,40193,93997,053
Production, Ad Valorem, and Other Fees6,6696,5468,7896,5347,725
Depreciation, Depletion and Amortization134,645136,232134,613145,134149,323
Exploration and Production Related Other Costs1,6982,7504,1775,0081,656
Purchased Gas Costs5,25012,24912,25313,5818,455
Selling, General, and Administrative Costs34,76833,83732,24541,84630,375
Other Operating Expense (Income)19,262 24,611 (4,622)14,640 19,178 
Total Operating Expense320,763340,710311,626341,382340,892
Other Expense (Income)
Other Expense3,9811,1835094,2881,752
(Gain) Loss on Asset Sales and Abandonments, net(3,515)626(6,365)(2,410)(67,460)
Loss on Debt Extinguishment——12,009842—
Interest Expense39,588 39,023 40,470 41,975 42,964 
Total Other Expense (Income)40,05440,83246,62344,695(22,744)
Total Costs and Expenses360,817 381,542 358,249 386,077 318,148 
Income Before Income Tax219,187236,942428,405224,407265,692
Income Tax Expense53,948 33,999 80,258 28,154 63,589 
Net Income$165,239$202,943$348,147$196,253$202,103
Earnings per Share
Basic$1.13$1.37$2.45$1.45$1.45
Diluted$1.12$1.32$2.18$1.28$1.21
Weighted-Average Shares OutstandingQ3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Weighted-Average Shares of Common Stock Outstanding146,044,472 148,155,232 142,202,197 135,514,779 139,251,482 
Effect of Diluted Shares1,578,927 5,806,041 18,086,409 19,021,107 28,333,716 
Weighted-Average Diluted Shares of Common Stock Outstanding147,623,399 153,961,273 160,288,606 154,535,886 167,585,198 




5

CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands30-Sep-2630-Jun-2631-Mar-2631-Dec-2530-Sep-25
ASSETS
Current Assets:
Cash and Cash Equivalents$1,977$6,162$3,748$779$4,735
Restricted Cash2,429 2,428 2,428 12,685 10,168 
Accounts and Notes Receivable
Trade, net140,931 163,835 209,523 264,658 141,264 
Other Receivables, net28,855 25,771 27,928 61,249 56,596 
Supplies Inventories33,996 32,509 30,108 26,201 30,822 
Derivative Instruments353,295 220,712 164,572 106,068 100,076 
Prepaid Expenses19,936 19,938 20,025 18,697 17,234 
Total Current Assets581,419 471,355 458,332 490,337 360,895 
Property, Plant and Equipment:
Property, Plant and Equipment14,488,439 14,380,988 14,222,717 14,057,224 13,839,517 
Less—Accumulated Depreciation, Depletion and Amortization6,566,969 6,442,893 6,310,588 6,193,871 6,054,758 
Total Property, Plant and Equipment—Net7,921,470 7,938,095 7,912,129 7,863,353 7,784,759 
Other Non-Current Assets:
Operating Lease Right-of-Use Assets114,556 126,593 137,987 150,310 167,893 
Derivative Instruments105,011 165,543 184,261 134,396 118,387 
Goodwill323,314 323,314 323,314 323,314 323,314 
Other Intangible Assets, net52,419 54,057 55,695 57,333 58,971 
Restricted Cash— — — — 2,430 
Other Non-Current Assets61,825 57,942 59,465 75,403 87,469 
Total Other Non-Current Assets657,125 727,449 760,722 740,756 758,464 
TOTAL ASSETS$9,160,014$9,136,899$9,131,183$9,094,446$8,904,118
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable$146,169$179,800$162,043$158,811$110,649
Derivative Instruments110,001 174,882 244,321 377,945 316,729 
Current Portion of Finance Lease Obligations5,753 5,110 5,106 5,095 5,080 
Current Portion of Long-Term Debt— — 208,437 208,095 329,378 
Current Portion of Operating Lease Obligations45,420 46,792 47,486 48,453 48,140 
Other Accrued Liabilities230,707 251,308 260,356 325,976 255,313 
Total Current Liabilities538,050 657,892 927,749 1,124,375 1,065,289 
Non-Current Liabilities:
Long-Term Debt2,278,924 2,223,745 2,158,416 2,213,264 2,247,199 
Finance Lease Obligations27,492 22,437 23,716 24,991 26,209 
Operating Lease Obligations71,321 82,024 93,438 104,955 122,477 
Derivative Instruments94,746 78,928 107,944 158,368 251,206 
Deferred Income Taxes1,054,659 969,080 936,137 857,367 836,354 
Asset Retirement Obligations167,968 165,693 163,692 163,051 124,460 
Other Non-Current Liabilities92,588 93,291 93,511 111,059 115,351 
Total Non-Current Liabilities3,787,698 3,635,198 3,576,854 3,633,055 3,723,256 
TOTAL LIABILITIES4,325,748 4,293,090 4,504,603 4,757,430 4,788,545 
Stockholders' Equity:
Common Stock1,440 1,491 1,420 1,427 1,360 
Capital in Excess of Par Value2,491,908 2,526,486 2,356,077 2,357,039 2,254,021 
Preferred Stock— — — — — 
Retained Earnings2,346,382 2,321,367 2,274,690 1,984,229 1,865,695 
Accumulated Other Comprehensive Loss(5,464)(5,535)(5,607)(5,679)(5,503)
TOTAL STOCKHOLDERS' EQUITY4,834,266 4,843,809 4,626,580 4,337,016 4,115,573 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$9,160,014$9,136,899$9,131,183$9,094,446$8,904,118




6

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:Q3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Net Income$165,239$202,943$348,147$196,253$202,103
Depreciation, Depletion and Amortization134,645136,232134,613145,134149,323
Amortization of Deferred Financing Costs2,0862,2022,5002,6502,713
Stock-Based Compensation7,2865,8255,6854,6145,165
(Gain) Loss on Asset Sales and Abandonments, net(3,515)626(6,365)(2,410)(67,460)
Loss on Debt Extinguishment——12,009842—
Gain on Commodity Derivative Instruments(160,563)(176,336)(3,981)(72,065)(131,695)
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments39,44940,459(288,435)18,44110,405
Deferred Income Taxes48,76432,91678,74321,07074,838
Other227645463(4)1,351
Changes in Operating Assets:
Accounts and Notes Receivable19,84847,53062,958(115,678)39,266
Supplies Inventories(1,487)(2,401)(3,907)4,6218,496
Prepaid Expenses287(1,329)(1,463)(509)
Changes in Other Assets(166)(229)14,932(350)(291)
Changes in Operating Liabilities:
Accounts Payable(13,991)(4,409)(9,444)39,583(17,917)
Accrued Interest(22,405)20,802(25,451)20,452(21,309)
Other Operating Liabilities38,308(27,239)(26,162)39,258(20,769)
Changes in Other Liabilities(201)(135)(17,463)(3,900)51
Net Cash Provided by Operating Activities253,526279,518277,513297,048233,761
Cash Flows from Investing Activities:
Capital Expenditures(139,152)(142,000)(169,906)(174,414)(75,544)
Proceeds from Asset Sales15,92836732,4282,44967,793
Investments in Equity Affiliates (5,050)—(565)7,322—
Apex Acquisition (Net of Cash Acquired)——(10,255)——
Net Cash Used in Investing Activities(128,274)(141,633)(148,298)(164,643)(7,751)
Cash Flows from Financing Activities:
Payments on Long-Term Notes——(507,965)——
Proceeds from CNXM Revolving Credit Facility Borrowings68,95069,450134,65086,30072,500
Repayments of CNXM Revolving Credit Facility Borrowings(91,950)(84,450)(62,400)(74,050)(74,000)
Proceeds from CNX Revolving Credit Facility Borrowings530,350522,900496,450352,500436,350
Repayments of CNX Revolving Credit Facility Borrowings(453,150)(443,550)(620,150)(399,750)(475,550)
Proceeds from Issuance of CNX Senior Notes——500,000——
Payments on Other Debt(1,497)(1,152)(1,265)(1,375)(1,181)
Proceeds from Issuance of Common Stock1341,7451,5061,10856
Shares Withheld for Taxes(2,033)—(15,216)(167)(348)
Purchases of Common Stock(180,240)(200,399)(54,039)(100,335)(182,374)
Debt Issuance and Financing Fees—(15)(8,074)(505)(21)
Net Cash Used in Financing Activities(129,436)(135,471)(136,503)(136,274)(224,568)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(4,184)2,414(7,288)(3,869)1,442
Cash, Cash Equivalents and Restricted Cash at Beginning of Period8,5906,17613,46417,33315,891
Cash, Cash Equivalents and Restricted Cash at End of Period$4,406$8,590$6,176$13,464$17,333





7

MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
2026E
Gas Sold (%)(1)
Basis(2)
Eastern Gas-South28%($0.89)
ETNG Mainline4%$0.65
TCO Pool23%($0.78)
TETCO ELA & WLA2%($0.69)
TETCO M30%$0.22
TETCO M227%($0.92)
Michcon7%($0.46)
Physical basis sales9%($0.30)
Weighted Average Basis100%($0.71)
NYMEX$3.54
Weighted Average Basis (Not considering hedging)($0.71)
Realized Price (per MMBtu)$2.83
     Conversion Factor (MMBtu/Mcf)1.059
Realized Price Before Financial Hedging (per Mcf)$3.00
(1) Individual market percentages exclude physical basis sales, which are shown separately.
(2) Reflects actual realized basis for nine months ended September 30; October - December forward market basis prices as of 10/14/2026.

8

PRICE AND COST DATA (PER MCFE) - NON-GAAP
Q3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Average Sales Price - Natural Gas$2.22$2.40$4.74$3.12$2.43
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement$0.37 $0.33 ($1.59)($0.42)$0.15 
Average Sales Price - Oil and Condensate*$12.54$12.29$9.68$8.83$9.49
Average Sales Price - NGLs*$3.95$3.90$4.59$3.15$3.04
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement
$2.72$2.87$3.28$2.75$2.62
Lease Operating Expense (LOE)$0.15$0.14$0.14$0.14$0.17
Production, Ad Valorem, and Other Fees$0.05$0.05$0.06$0.04$0.05
Transportation, Gathering and Compression$0.61$0.68$0.67$0.62$0.60
Depreciation, Depletion and Amortization (DD&A)$0.82$0.86$0.85$0.92$0.89
Total Natural Gas, NGL and Oil Production Costs
$1.63$1.73$1.72$1.72$1.71
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A
$0.81$0.87$0.87$0.80$0.82
Natural Gas, NGL and Oil Production Cash Margin, before DD&A$1.91$2.00$2.41$1.95$1.80
Fully Burdened Cash Costs, before DD&A(1)
$1.10$1.19$0.95$1.11$1.09
Fully Burdened Cash Margin, before DD&A$1.62$1.68$2.33$1.64$1.53
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.

Q3 2026, Q2 2026, Q1 2026, Q4 2025 and Q3 2025 total fully burdened cash costs exclude a (gain)/loss on asset sales of ($0.02) per Mcfe, $0.00 per Mcfe, ($0.04) per Mcfe, ($0.02) per Mcfe and ($0.42) per Mcfe, respectively.

Q3 2026, Q2 2026, Q1 2026, Q4 2025 and Q3 2025 exclude unrealized losses on interest rate swaps and noncash amortization of $0.01 per Mcfe, $0.01 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe and $0.02 per Mcfe, respectively.

Q3 2026, Q2 2026, Q1 2026, Q4 2025 and Q3 2025, exclude loss on debt extinguishment and inventory adjustments of $0.00 per Mcfe, $0.00 per Mcfe, $0.08 per Mcfe, $0.01 per Mcfe and $0.00 per Mcfe, respectively.
Natural Gas Price ReconciliationQ3-2026Q2-2026Q1-2026Q4-2025Q3-2025
NYMEX Natural Gas ($/MMBtu)$2.95$2.90$5.04$3.55$3.07
Average Differential(0.85)(0.62)(0.55)(0.62)(0.77)
BTU Conversion (MMBtu/Mcf)*0.11 0.12 0.25 0.19 0.12 
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement0.37 0.33 (1.59)(0.42)0.15 
Realized Natural Gas Price per Mcf$2.58$2.73$3.15$2.70$2.57
*Conversion factor1.051.051.061.071.05







9

GUIDANCE
PREVIOUSUPDATED
($ in millions)2026E2026E
LowHighLowHigh
Production Volumes (Bcfe)605.0-620.0612.5-617.5
    % Liquids~7%-~8%~8%-~9%
    % of Natural Gas Hedged81%82%
Prices on Open Volumes(1)
    Natural Gas NYMEX ($/MMBtu)3.553.54
    Natural Gas Differential ($/MMBtu)($0.59)($0.71)
    NGL Realized Price ($/Bbl)~$24.60~$26.95
($ in millions)
Adjusted EBITDAX(2)
$1,265-$1,315$1,290-$1,310
Capital Expenditures
    Drilling & Completions (D&C)$390-$410$405-$410
    Non-D&C $150-$160$150-$160
Base Capital Expenditures$540-$570$555-$570
    Utica Shale rights payment$16-$16$16-$16
Total Capital Expenditures556-586571-586
Environmental Attributes Sales Free Cash Flow (FCF) Impact(2)
~$80~$80
Free Cash Flow (FCF)(2)(3)
~$525~$550
    FCF Per Share(2)(3)(4)
~$3.55~$3.85
(1) Forward market prices for 2026 guidance as of 10/14/2026.
(2) Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions.
(3) Guidance for FCF includes approximately $50 million in expected asset sales in 2026 and approximately $30 million from the sale of 45Z tax credits for remediation activities in 2025.
(4) Previous guidance for 2026 FCF per share based on shares outstanding of 147,943,637, as of 7/15/2026. Updated guidance for 2026 FCF per share based on shares outstanding of 142,861,133, as of 10/14/2026.

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








10

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

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

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

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





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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)Q3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Total Revenue and Other Operating Income$580$618$787$611$584
(Deduct):
Purchased Gas Revenue(4)(12)(13)(15)(9)
Unrealized Gain on Commodity Derivative Instruments(108)(131)(226)(130)(110)
Other Revenue and Operating Income(43)(40)(48)(47)(42)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure$425$435$500$419$423
Total Operating Expense$321$340$312$342$341
(Deduct) Add:
Depreciation, Depletion and Amortization (DD&A) - Corporate (6)(5)(6)(5)(5)
   Exploration and Production Related Other Costs(2)(3)(4)(5)(2)
Purchased Gas Costs(5)(12)(12)(14)(9)
Selling, General and Administrative Costs(35)(34)(32)(42)(30)
Other Operating (Expense) Income(19)(24)4 (15)(19)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1
$254$262$262$261$276
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.









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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)Q3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Net Income$165$203$348$196$202
Interest Expense40 39 41 42 43 
Interest Income(1)— — — — 
Income Tax Expense54 34 80 28 64 
Earnings Before Interest & Taxes (EBIT)258 276 469 266 309 
Depreciation, Depletion & Amortization135136135145149 
Exploration Expense2345 2 
Earnings Before Interest, Taxes, DD&A and Exploration (EBITDAX)$395$415$608$416$460
Adjustments:
Unrealized Gain on Commodity Derivative Instruments(108)(131)(226)(130)(110)
Gain on Non-Core Asset Sale————(57)
Stock-Based Compensation7 6 6 5 5 
Loss on Debt Extinguishment— — 12 1 — 
Total Pre-tax Adjustments(101)(125)(208)(124)(162)
Adjusted EBITDAX$294$290$400$292$298
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)Q3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Net Income from EBITDAX Reconciliation$165$203$348$196$202
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation(101)(125)(208)(124)(162)
Tax Effect of Adjustments26 32 53 31 42 
Adjusted Net Income$90$110$193$103$82







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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)Q3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Total Revenue and Other Operating Income$580$618$787$611$584
Net Income$165$203$348$196$202
Interest Expense4039414243
Interest Income(1)————
Income Tax Expense5434802864
Earnings Before Interest & Taxes (EBIT)258276469266309
Depreciation, Depletion & Amortization135136135145149
Earnings Before Interest, Taxes, DD&A (EBITDA)$393$412$604$411$458
Adjustments:
Unrealized Gain on Commodity Derivative Instruments($108)($131)($226)($130)($110)
Total Adjustments($108)($131)($226)($130)($110)
Total Revenue and Other Operating Income Minus Unrealized Gain on Commodity Derivative Instruments$472$487$561$481$474
Adjusted EBIT$150$145$243$136$199
Operating Margin32%30%43%28%42%















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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)Q3-2026Q2-2026Q1-2026Q4-2025Q3-2025
Total Revenue and Other Operating Income$580$618$787$611$584
Net Income$165$203$348$196$202
Interest Expense4039414243
Interest Income(1)————
Income Tax Expense5434802864
Earnings Before Interest & Taxes (EBIT)258276469266309
Depreciation, Depletion & Amortization135136135145149
Earnings Before Interest, Taxes, DD&A (EBITDA)$393$412$604$411$458
Adjustments:
Unrealized Gain on Commodity Derivative Instruments$(108)$(131)$(226)$(130)($110)
Gain on Non-Core Asset Sale————(57)
Stock-Based Compensation76655
Loss on Debt Extinguishment——121—
Total Adjustments($101)($125)($208)($124)($162)
Total Revenue and Other Operating Income Minus Unrealized Gain on Commodity Derivative Instruments$472$487$561$481$474
Adjusted EBITDA$292$287$396$287$296
Cash Operating Margin62%59%71%60%62%















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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 Debt30-Sep-2630-Jun-2631-Mar-2631-Dec-2531-Dec-2431-Dec-2331-Dec-2231-Dec-2131-Dec-2030-Sep-20
Total Long-Term Debt (GAAP)(1)
$2,279$2,224$2,367$2,421$2,166$2,214$2,206$2,214$2,424$2,600
Less: Cash, Cash Equivalents, and Restricted Cash4961355—21422156
Net Debt$2,275$2,215$2,361$2,408$2,111$2,214$2,185$2,210$2,402$2,444
(1) Includes current portion
(Dollars in millions)
Adjusted Net Debt30-Sep-2630-Jun-2631-Mar-2631-Dec-2531-Dec-2431-Dec-2331-Dec-2231-Dec-2131-Dec-2030-Sep-20
Total Long-Term Debt (GAAP)(1)
$2,279$2,224$2,367$2,421$2,166$2,214$2,206$2,214$2,424$2,600
Plus: Impact of Recent Accounting Pronouncement(2)
———————8298101
Less: Cash, Cash Equivalents, and Restricted Cash4961355—21422156
Adjusted Net Debt $2,275$2,215$2,361$2,408$2,111$2,214$2,185$2,292$2,500$2,545
(1) Includes current portion
(2) On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity and upon adoption long-term debt increased by $82MM (See Note 12 - Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX’s December 31, 2022 Form 10-K for additional information). As this adjustment was recorded on a prospective basis, Management believes that presenting investors with the net debt on a historical basis would be beneficial.
Adjusted TTM EBITDAX: EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below.
Three Months EndedTwelve Months Ended
(Dollars in millions)31-Dec-2531-Mar-2630-Jun-2630-Sep-2630-Sep-26
Net Income $196$348$203$165$912
Interest Expense42413940162
Interest Income———(1)(1)
Income Tax Expense 28803454196
Earnings Before Interest & Taxes (EBIT)2664692762581,269
Depreciation, Depletion & Amortization145135136135551
Exploration Expense543214
Earnings Before Interest, Taxes, DD&A, and Exploration (EBITDAX)4166084153951,834
Adjustments:
Unrealized Gain on Commodity Derivative Instruments(130)(226)(131)(108)(595)
Stock Based Compensation566724
Loss on Debt Extinguishment112——13
Total Pre-tax Adjustments(124)(208)(125)(101)(558)
Adjusted EBITDAX TTM$292$400$290$294$1,276

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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)Q3-2026Q2-2026Q1-2026
Net Cash Provided by Operating Activities$253$280$278
Capital Expenditures(139)(142)(170)
Proceeds from Asset Sales16—32
Investments in Equity Affiliates(5)—(1)
Free Cash Flow$125$138$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

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Risk Factors

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

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


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