EX-99.1 2 ex991supplementalq125.htm EX-99.1

1Q 2025 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 2024 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.

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PRODUCTION VOLUMES
GAS									Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Shale Sales Volumes (Bcf)									126.0						115.6						110.8						111.7						119.4
CBM Sales Volumes (Bcf)									9.3						9.9						10.0						9.7						9.5
Other Sales Volumes (Bcf)									0.1						—						0.1						0.1						0.1
LIQUIDS*
NGLs Sales Volumes (Bcfe)									12.2						16.2						13.2						12.4						11.2
Oil and Condensate Sales Volumes (Bcfe)									0.2						0.2						0.4						0.1						0.2
TOTAL (Bcfe)									147.8						141.9						134.5						134.0						140.4
Average Daily Production (MMcfe)									1,642.3						1,543.1						1,461.8						1,472.5						1,542.4
* 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 2025 ACTIVITY SUMMARY									TD						Frac						TIL						Average Lateral Length(1)						Rigs at Period End
SWPA			Marcellus						4						-						9						11,885						-
			Utica						-						-						-						-						-
CPA			Marcellus						-						5						8						17,250						-
			Utica						1						3						2						12,390						1
Total									5						8						19												1
(1) Measured in lateral feet from perforation to perforation.

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NATURAL GAS HEDGE VOLUMES AND PRICING(1)
			Q2 2025						2025						2026						2027						2028
NYMEX Hedges
Volumes (Bcf)			86.4						341.3						330.1						184.0						10.3
Average Prices ($/Mcf)			$3.29						$3.34						$3.49						$4.16						$4.13
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)			34.3						137.6						103.2						133.5						-
Average Prices ($/Mcf)			$2.30						$2.35						$2.64						$3.30						-
Total Volumes Hedged (Bcf)(2)			120.7						478.9						433.3						317.4						10.3
NYMEX + Basis (fully-covered volumes)(3)
Volumes (Bcf)			120.1						478.9						433.3						317.4						10.3
Average Prices ($/Mcf)			$2.54						$2.60						$2.69						$3.28						$3.52
NYMEX Hedges Exposed to Basis
Volumes (Bcf)			0.6						-						-						-						-
Average Prices ($/Mcf)			$3.29						-						-						-						-
Total Volumes Hedged (Bcf)(2)			120.7						478.9						433.3						317.4						10.3
Estimated Conversion Factor(4)			1.061						1.072						1.065						1.066						1.063
(1) Hedge positions as of 4/14/2025.
(2) Excludes basis hedges in excess of NYMEX hedges of 0.7 Bcf, 6.3 Bcf, 11.0 Bcf, 44.8 Bcf, and 17.2 Bcf for 2025, 2026, 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.

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HEDGING GAIN/LOSS PROJECTIONS
			Q2 2025															CY2025
			Hedged Volumes			Wtd. Avg.			Average			Forecasted						Hedged Volumes			Wtd. Avg.			Average			Forecasted
($/MMBtu)			(000 MMBtu)			Hedged Price			Forward Market(1)			Gain/(Loss)(2) ($ in 000s)						(000 MMBtu)			Hedged Price			Forward Market(1)			Gain/(Loss)(2) ($ in 000s)
NYMEX			91,683			$3.10			$3.58			($43,251)						365,938			$3.12			$3.76			($235,874)
Index			36,173			$2.16			$2.87			($25,727)						146,628			$2.19			$3.02			($121,379)
Basis:
Eastern Gas-South (DOM)			37,765			($0.72)			($0.76)			$1,334						149,970			($0.72)			($0.81)			$13,169
TCO Pool (TCO)			1,820			($0.87)			($0.63)			($432)						7,300			($0.87)			($0.66)			($1,502)
Michcon (NMC)			7,280			($0.24)			($0.31)			$532						29,200			($0.24)			($0.42)			$5,204
TETCO M2 (TMT)			—			—			—			—						900			$0.64			($0.20)			$402
TETCO M2 (BM2)			28,665			($0.91)			($0.79)			($3,461)						114,975			($0.91)			($0.80)			($12,433)
Transco Zone 5 South (T5B)			2,275			$0.92			($0.23)			$1,486						7,615			$0.98			$0.27			$2,244
Total Financial Basis Hedges			77,805									($542)						309,960									$7,086
Total Projected Realized Loss												($69,520)															($350,167)
Note: Forward market prices, hedged volumes, and hedge prices are as of 4/14/2025. Anticipated hedging activity is not included in projections.
(1) April 2025 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 2025						Q4 2024						Q3 2024						Q2 2024						Q1 2024
Realized (Loss) Gain			($110)						$21						$95						$110						$55
Unrealized Loss			($418)						($304)						($6)						($96)						($47)
(Loss) Gain on Commodity Derivative Instruments			($528)						($283)						$89						$14						$8

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CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Natural Gas, NGL and Oil Revenue			$551,094						$364,413						$259,459						$236,233						$325,972
(Loss) Gain on Commodity Derivative Instruments			(528,220)						(282,992)						88,964						14,095						7,528
Purchased Gas Revenue			11,550						6,855						27,306						11,029						14,277
Other Revenue and Operating Income			47,964						48,301						48,484						60,086						36,776
Total Revenue and Other Operating Income			82,388						136,577						424,213						321,443						384,553
Costs and Expenses:
Operating Expense
Lease Operating Expense			23,333						17,848						17,253						17,819						17,726
Transportation, Gathering and Compression			95,159						97,586						96,274						91,709						96,651
Production, Ad Valorem, and Other Fees			7,273						6,646						6,646						6,638						7,624
Depreciation, Depletion and Amortization			127,062						128,336						121,227						117,541						118,650
Exploration and Production Related Other Costs			2,082						1,835						1,935						2,364						2,312
Purchased Gas Costs			11,209						6,699						26,594						10,371						13,584
Selling, General, and Administrative Costs			39,013						43,542						32,498						32,025						37,671
Other Operating Expense			14,080						20,576						16,462						21,077						24,633
Total Operating Expense			319,211						323,068						318,889						299,544						318,851
Other Expense
Other Expense			3,947						4,539						(4,590)						(676)						(5,399)
(Gain) Loss on Asset Sales and Abandonments, net			(9,583)						(33,627)						(10,570)						(814)						20,296
(Gain) Loss on Debt Extinguishment			—						—						—						(2)						7,045
Interest Expense			41,612						36,596						37,923						38,634						37,441
Total Other Expense			35,976						7,508						22,763						37,142						59,383
Total Costs and Expenses			355,187						330,576						341,652						336,686						378,234
(Loss) Earnings Before Income Tax			(272,799)						(193,999)						82,561						(15,243)						6,319
Income Tax (Benefit) Expense			(75,084)						(49,375)						17,021						3,018						(532)
Net (Loss) Income			($197,715)						$(144,624)						$65,540						$(18,261)						$6,851
(Loss) Earnings per Share
Basic			$(1.34)						$(0.97)						$0.44						$(0.12)						$0.04
Diluted			$(1.34)						$(0.97)						$0.37						$(0.12)						$0.04
Weighted-Average Shares Outstanding			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Weighted-Average Shares of Common Stock Outstanding			147,778,141						148,946,949						150,342,177						152,608,500						153,364,652
Effect of Diluted Shares*^			—						—						28,771,284						—						2,787,069
Weighted-Average Diluted Shares of Common Stock Outstanding			147,778,141						148,946,949						179,113,461						152,608,500						156,151,721
*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.
^The Convertible Notes were not included in the computation of diluted income per share in the three months ended March 31, 2024 as the effect of including these shares in the calculation would have been anti-dilutive (See Note 2 - Earnings Per Share in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of CNX’s quarterly report on Form 10-Q for the period ended March 31, 2024).

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CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands			31-Mar-25						31-Dec-24						30-Sep-24						30-Jun-24						31-Mar-24
ASSETS
Current Assets:
Cash and Cash Equivalents			$2,615						$17,198						$1,310						$3,923						$1,988
Restricted Cash			10,272						37,875						—						—						—
Accounts and Notes Receivable
Trade, net			246,765						179,547						101,788						108,091						91,093
Other Receivables, net			51,560						17,859						50,597						38,404						43,604
Supplies Inventories			27,591						14,572						12,965						14,505						14,368
Derivative Instruments			68,860						87,925						147,020						186,429						290,171
Prepaid Expenses			17,767						15,659						19,259						17,195						19,218
Total Current Assets			425,430						370,635						332,939						368,547						460,442
Property, Plant and Equipment:
Property, Plant and Equipment			13,667,826						13,037,948						12,907,324						12,799,473						12,662,876
Less—Accumulated Depreciation, Depletion and Amortization			5,771,499						5,653,837						5,533,957						5,415,933						5,301,316
Total Property, Plant and Equipment—Net			7,896,327						7,384,111						7,373,367						7,383,540						7,361,560
Other Non-Current Assets:
Operating Lease Right-of-Use Assets			85,666						98,713						103,692						112,414						125,821
Derivative Instruments			165,908						160,183						228,883						241,384						223,941
Goodwill			323,314						323,314						323,314						323,314						323,314
Other Intangible Assets			62,247						63,885						65,524						67,162						68,800
Other Non-Current Assets			87,817						111,062						110,330						106,593						92,764
Total Other Non-Current Assets			724,952						757,157						831,743						850,867						834,640
TOTAL ASSETS			$9,046,709						$8,511,903						$8,538,049						$8,602,954						$8,656,642
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable			$144,376						$123,249						$120,125						$126,192						$163,016
Derivative Instruments			770,980						354,621						185,795						156,541						117,400
Current Portion of Finance Lease Obligations			4,335						4,236						2,576						2,534						1,897
Current Portion of Long-Term Debt			328,300						327,766						327,236						326,710						326,187
Current Portion of Operating Lease Obligations			50,082						51,474						49,033						51,329						51,986
Other Accrued Liabilities			284,820						261,232						207,972						230,047						213,616
Total Current Liabilities			1,582,893						1,122,578						892,737						893,353						874,102
Non-Current Liabilities:
Long-Term Debt			2,353,350						1,838,234						1,957,655						1,955,433						1,942,508
Finance Lease Obligations			20,304						21,040						10,270						10,710						5,419
Operating Lease Obligations			37,834						49,519						57,493						64,777						77,162
Derivative Instruments			439,769						429,533						369,569						451,743						475,589
Deferred Income Taxes			604,526						696,136						745,735						728,297						724,643
Asset Retirement Obligations			124,253						119,189						104,921						105,321						105,527
Other Non-Current Liabilities			113,006						137,644						142,954						142,675						142,372
Total Non-Current Liabilities			3,693,042						3,291,295						3,388,597						3,458,956						3,473,220
TOTAL LIABILITIES			5,275,935						4,413,873						4,281,334						4,352,309						4,347,322
Stockholders' Equity:
Common Stock			1,456						1,490						1,494						1,516						1,534
Capital in Excess of Par Value			2,324,116						2,348,959						2,348,061						2,363,053						2,373,114
Preferred Stock			—						—						—						—						—
Retained Earnings			1,450,844						1,753,293						1,914,218						1,893,215						1,941,892
Accumulated Other Comprehensive Loss			(5,642)						(5,712)						(7,058)						(7,139)						(7,220)
TOTAL STOCKHOLDERS' EQUITY			3,770,774						4,098,030						4,256,715						4,250,645						4,309,320
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			$9,046,709						$8,511,903						$8,538,049						$8,602,954						$8,656,642

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Net (Loss) Income			($197,715)						($144,624)						$65,540						($18,261)						$6,851
Depreciation, Depletion and Amortization			127,062						128,336						121,227						117,541						118,650
Amortization of Deferred Financing Costs			2,668						2,623						2,612						3,711						2,399
Stock-Based Compensation			8,816						4,346						4,192						4,179						7,374
(Gain) Loss on Asset Sales and Abandonments, net			(9,583)						(33,627)						(10,570)						(814)						20,296
(Gain) Loss on Debt Extinguishment			—						—						—						(2)						7,045
Loss (Gain) on Commodity Derivative Instruments			528,220						282,992						(88,964)						(14,095)						(7,528)
(Gain) Loss on Other Derivative Instruments			—						—						—						(112)						1,211
Net Cash (Paid) Received in Settlement of Commodity Derivative Instruments			(88,285)						73,592						87,955						115,799						30,593
Deferred Income Taxes			(91,636)						(50,060)						17,408						3,624						(4,841)
Other			1,097						344						494						457						50
Changes in Operating Assets:
Accounts and Notes Receivable			(72,103)						(43,986)						(1,963)						(13,226)						(821)
Supplies Inventories			(13,019)						(1,606)						1,539						(137)						5,478
Prepaid Expenses			(2,108)						3,600						(2,064)						2,023						(4,234)
Changes in Other Assets			23,277						(748)						(789)						(180)						(45,367)
Changes in Operating Liabilities:
Accounts Payable			13,396						454						(2,864)						(24,850)						23,066
Accrued Interest			(14,419)						16,710						(18,010)						17,488						(14,603)
Other Operating Liabilities			24,565						34,075						(5,934)						(1,740)						(5,401)
Changes in Other Liabilities			(24,577)						(3,624)						342						361						44,847
Net Cash Provided by Operating Activities			215,656						268,797						170,151						191,766						185,065
Cash Flows from Investing Activities:
Capital Expenditures			(131,465)						(105,495)						(114,737)						(151,916)						(168,184)
Proceeds from Asset Sales			16,630						36,582						8,141						7,487						8,524
Investments in Equity Affiliates			(1,163)						(1,309)						(3,452)						(110)						—
Apex Acquisition (Net of Cash Acquired)			(517,599)						—						—						—						—
Net Cash Used in Investing Activities			(633,597)						(70,222)						(110,048)						(144,539)						(159,660)
Cash Flows from Financing Activities:
Payments on Long-Term Notes			—						—						—						—						(356,504)
Proceeds from CNXM Revolving Credit Facility Borrowings			92,250						71,700						70,750						50,600						72,200
Repayments of CNXM Revolving Credit Facility Borrowings			(85,600)						(82,300)						(90,750)						(95,300)						(86,000)
Proceeds from CNX Revolving Credit Facility Borrowings			772,950						194,800						306,000						292,300						341,400
Repayments of CNX Revolving Credit Facility Borrowings			(463,350)						(304,600)						(284,750)						(235,300)						(318,450)
Proceeds from Issuance of CNX Senior Notes			198,500						—						—						—						395,000
Payments on Other Debt			(960)						(686)						(639)						(597)						(487)
Proceeds from Issuance of Common Stock			820						1,481						170						929						109
Shares Withheld for Taxes			(13,086)						(98)						(303)						(48)						(17,830)
Purchases of Common Stock			(125,138)						(25,005)						(62,996)						(44,381)						(51,821)
Debt Issuance and Financing Fees			(631)						(104)						(198)						(13,495)						(1,477)
Net Cash Provided by (Used in) Financing Activities			375,755						(144,812)						(62,716)						(45,292)						(23,860)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash			(42,186)						53,763						(2,613)						1,935						1,545
Cash, Cash Equivalents and Restricted Cash at Beginning of Period			55,073						1,310						3,923						1,988						443
Cash, Cash Equivalents and Restricted Cash at End of Period			$12,887						$55,073						$1,310						$3,923						$1,988

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MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
												2025E
												Gas Sold (%)(1)			Basis(2)
Eastern Gas-South												27%			($0.81)
ETNG Mainline												4%			$0.27
TCO Pool												25%			($0.66)
TETCO ELA & WLA												4%			($0.11)
TETCO M3												5%			($0.20)
TETCO M2												20%			($0.80)
Michcon												8%			($0.42)
Physical basis sales												8%			($0.09)
Weighted Average Basis												100%			($0.59)
NYMEX															$3.76
Weighted Average Basis (Not considering hedging)															($0.59)
Realized Price (per MMBtu)															$3.17
Conversion Factor (MMBtu/Mcf)															1.072
Realized Price Before Financial Hedging (per Mcf)															$3.40
(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 4/14/2025.

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PRICE AND COST DATA (PER MCFE) - NON-GAAP
			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Average Sales Price - Natural Gas			$3.66						$2.41						$1.73						$1.60						$2.17
Average Gain on Natural Gas Commodity Derivative Instruments - Cash Settlement			($0.81)						$0.17						$0.78						$0.91						$0.42
Average Sales Price - Oil and Condensate*			$9.61						$9.59						$10.31						$11.00						$10.68
Average Sales Price - NGLs*			$4.42						$3.64						$3.50						$3.28						$3.99
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement			$2.99						$2.72						$2.63						$2.58						$2.71
Lease Operating Expense (LOE)			$0.16						$0.13						$0.13						$0.13						$0.13
Production, Ad Valorem, and Other Fees			$0.05						$0.05						$0.05						$0.05						$0.06
Transportation, Gathering and Compression			$0.64						$0.69						$0.72						$0.68						$0.69
Depreciation, Depletion and Amortization (DD&A)			$0.83						$0.86						$0.86						$0.85						$0.81
Total Natural Gas, NGL and Oil Production Costs			$1.68						$1.73						$1.76						$1.71						$1.69
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A			$0.85						$0.87						$0.90						$0.86						$0.88
Natural Gas, NGL and Oil Production Cash Margin, before DD&A			$2.14						$1.85						$1.73						$1.72						$1.83
Fully Burdened Cash Costs, before DD&A(1)			$1.11						$1.22						$1.11						$1.03						$1.20
Fully Burdened Cash Margin, before DD&A			$1.88						$1.50						$1.52						$1.55						$1.51
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 2025, Q4 2024 Q3 2024, Q2, 2024 and Q1 2024 total fully burdened cash costs exclude a (gain)/loss on asset sales of $0.06 per Mcfe, ($0.24) per Mcfe, ($0.08) per Mcfe, $0.01 per Mcfe and $0.15 per Mcfe, respectively. Q1 2025, Q4 2024, Q3 2024, Q2 2024 and Q1 2024 exclude unrealized losses on interest rate swaps and noncash amortization of $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe,$0.03 per Mcfe and $0.03 per Mcfe, respectively. Q1 2025, Q4 2024, Q3 2024, Q2 2024 and Q1 2024, exclude loss on debt extinguishment and inventory adjustments of $0.01 per Mcfe, $0.00 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe and $0.06 per Mcfe, respectively.
Natural Gas Price Reconciliation			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
NYMEX Natural Gas ($/MMBtu)			$3.65						$2.79						$2.16						$1.89						$2.24
Average Differential			(0.26)						(0.54)						(0.56)						(0.41)						(0.25)
BTU Conversion (MMBtu/Mcf)*			0.26						0.16						0.13						0.12						0.18
(Loss) Gain on Commodity Derivative Instruments-Cash Settlement			(0.80)						0.18						0.78						0.91						0.42
Realized Natural Gas Price per Mcf			$2.86						$2.59						$2.51						$2.51						$2.59
*Conversion factor			1.08						1.07						1.09						1.08						1.09

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GUIDANCE
						PREVIOUS												UPDATED
($ in millions)						2025E												2025E
						Low						High						Low						High
Production Volumes (Bcfe)						605			-			620						605			-			620
% Liquids						~7%			‘-			~8%						~7%			‘-			~8%
% of Natural Gas Hedged						85%												85%
Prices on Open Volumes(2)
Natural Gas NYMEX ($/MMBtu)						$3.86												$3.76
Natural Gas Differential ($/MMBtu)						($0.54)												($0.59)
NGL Realized Price ($/Bbl)						~$21.75												~$20.00
($ in millions)
Adjusted EBITDAX(3)						$1,225			-			$1,275						$1,225			-			$1,275
Capital Expenditures
Drilling & Completions (D&C)						$300			-			$325						$300			-			$325
Non-D&C						$145			-			$165						$145			-			$165
Discretionary Capital						$5			-			$10						$5			-			$10
Total Capital Expenditures						$450			-			$500						$450			-			$500
Environmental Attributes Sales Free Cash Flow (FCF) Impact(3)						~$75												~$75
($ in millions)
Free Cash Flow (FCF)(3)(4)(6)						~$575												~$575
FCF Per Share(3)(4)(5)						~$3.85												~$3.97
(1) Apex Energy acquisition closed on 1/27/2025. Apex Energy guidance reflects 11 months of consolidated activity.
(2) Forward market prices for 2025 guidance as of 4/14/2025.
(3) Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions.
(4) Total FCF guidance includes approximately $30 million in expected asset sales in 2025.
(5) Previous guidance for 2025 FCF per share based on shares outstanding of 149,247,242, as of 1/8/2025. Updated guidance for 2025 FCF per share based on shares outstanding of 144,722,731, as of 4/14/2025.
(6) Excludes $518 million Apex Energy acquisition.

2025E ACTIVITY SUMMARY												TIL						Average Lateral Length(1)
SWPA Central						Marcellus						13						12,850
						Utica						-						-
CPA						Marcellus						13						15,600
						Utica						8						12,300
Total												34
(1) Measured in lateral feet from perforation to perforation.

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YEAR END 2024 ACREAGE AND UNDEVELOPED LOCATION UPDATE

YE2023 MARCELLUS ACREAGE															YE2024 MARCELLUS ACREAGE
SWPA			Central			Greater			TOTAL SWPA						SWPA			Central			Greater			TOTAL SWPA
Total Net Acres			107,600			27,100			134,700						Total Net Acres			108,000			26,600			134,600
Net Developed Acres			60,900			3,600			64,500						Net Developed Acres			66,800			3,600			70,400
Net Undeveloped Acres			46,700			23,500			70,200						Net Undeveloped Acres			41,200			23,000			64,200
WV			SHR/PENS			East			TOTAL WV						WV			SHR/PENS			East			TOTAL WV
Total Net Acres			14,900			10,900			85,100						Total Net Acres			14,300			10,900			83,900
Net Developed Acres			10,900			800			11,700						Net Developed Acres			10,900			800			11,700
Net Undeveloped Acres			4,000			10,100			73,400						Net Undeveloped Acres			3,400			10,100			72,200
CPA			South			North			TOTAL CPA						CPA			South			North			TOTAL CPA
Total Net Acres			110,400			86,900			297,600						Total Net Acres			112,500			87,200			301,000
Net Developed Acres			8,000			1,000			9,000						Net Developed Acres			6,400			1,000			7,300
Net Undeveloped Acres			102,400			85,900			288,600						Net Undeveloped Acres			106,100			86,200			293,700
OH									TOTAL OH						OH									TOTAL OH
Total Net Acres									10,000						Total Net Acres									8,300
Net Developed Acres									200						Net Developed Acres									200
Net Undeveloped Acres									9,800						Net Undeveloped Acres									8,100
Total Net Acres									527,400						Total Net Acres									527,800
YE2023 UTICA ACREAGE															YE2024 UTICA ACREAGE
SWPA			Central			Greater			TOTAL SWPA						SWPA			Central			Greater			TOTAL SWPA
Total Net Acres			116,200			56,500			172,700						Total Net Acres			113,900			56,000			169,800
Net Developed Acres			8,200			—			8,200						Net Developed Acres			8,200			—			8,200
Net Undeveloped Acres			108,000			56,500			164,500						Net Undeveloped Acres			105,700			56,000			161,600
WV			SHR/PENS			East			TOTAL WV						WV			SHR/PENS			East			TOTAL WV
Total Net Acres			12,100			84,600			134,300						Total Net Acres			11,600			84,300			133,600
Net Developed Acres			—			—			—						Net Developed Acres			—			—			—
Net Undeveloped Acres			12,100			84,600			134,300						Net Undeveloped Acres			11,600			84,300			133,600
CPA			South			North			TOTAL CPA						CPA			South			North			TOTAL CPA
Total Net Acres			111,000			86,700			236,400						Total Net Acres			113,800			86,900			238,800
Net Developed Acres			2,500			200			2,700						Net Developed Acres			3,400			200			3,600
Net Undeveloped Acres			108,500			86,500			233,700						Net Undeveloped Acres			110,400			86,700			235,200
OH			Dry						TOTAL OH						OH			Dry						TOTAL OH
Total Net Acres			15,500						63,400						Total Net Acres			15,600						63,500
Net Developed Acres			13,200						13,200						Net Developed Acres			13,200						13,200
Net Undeveloped Acres			2,300						50,200						Net Undeveloped Acres			2,400						50,300
Total Net Acres									606,800						Total Net Acres									605,700
Note: 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

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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 2024 Annual Report on Form 10-K as filed with the SEC on February 11, 2025). 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)			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Total Revenue and Other Operating Income			$82						$138						$424						$321						$384
(Deduct) Add:
Purchased Gas Revenue			(11)						(7)						(27)						(11)						(14)
Unrealized Loss on Commodity Derivative Instruments			418						304						6						96						47
Other Revenue and Operating Income			(48)						(49)						(49)						(60)						(36)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure			$441						$386						$354						$346						$381
Total Operating Expense			$319						$323						$319						$299						$319
(Deduct) Add:
Depreciation, Depletion and Amortization (DD&A) - Corporate			(6)						(3)						(4)						(4)						(5)
Exploration and Production Related Other Costs			(2)						(2)						(2)						(2)						(2)
Purchased Gas Costs			(11)						(7)						(27)						(10)						(13)
Selling, General and Administrative Costs			(39)						(43)						(33)						(32)						(38)
Other Operating Expense			(14)						(22)						(16)						(21)						(24)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1			$247						$246						$237						$230						$237

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)			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Net (Loss) Income			($198)						($145)						$66						($18)						$7
Interest Expense			42						37						37						39						37
Interest Income			—						(2)						—						—						—
Income Tax (Benefit) Expense			(75)						(50)						17						3						—
(Loss) Earnings Before Interest & Taxes (EBIT)			(231)						(160)						120						24						44
Depreciation, Depletion & Amortization			127						129						121						117						119
Exploration Expense			2						2						2						2						2
(Loss) Earnings Before Interest, Taxes, DD&A and Exploration (EBITDAX)			($102)						($29)						$243						$143						$165
Adjustments:
Unrealized Loss on Commodity Derivative Instruments			418						304						6						96						47
Loss on Non-Core Asset Sale			—						—						—						—						26
Stock-Based Compensation			9						5						4						4						7
Loss on Debt Extinguishment			—						—						—						—						7
Virginia Flood Expense			—						—						—						(1)						—
Total Pre-tax Adjustments			427						309						10						99						87
Adjusted EBITDAX			$325						$280						$253						$242						$252
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)			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Net (Loss) Income from EBITDAX Reconciliation			($198)						($145)						$66						($18)						$7
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation			427						309						10						99						87
Tax Effect of Adjustments			(113)						(79)						(3)						(26)						(23)
Adjusted Net Income			$116						$85						$73						$55						$71

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Non-GAAP Measures
Operating Margin: Adjusted EBIT divided by Total Revenue and Other Operating Income after adjusting for unrealized loss on commodity derivative instruments.
(Dollars in millions)			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Total Revenue and Other Operating Income			$82						$138						$424						$321						$384
Net (Loss) Income			($198)						($145)						$66						($18)						$7
Interest Expense			42						37						37						39						37
Interest Income			—						(2)						—						—						—
Income Tax (Benefit) Expense			(75)						(50)						17						3						—
(Loss) Earnings Before Interest & Taxes (EBIT)			(231)						(160)						120						24						44
Depreciation, Depletion & Amortization			127						129						121						117						119
(Loss) Earnings Before Interest, Taxes, DD&A (EBITDA)			($104)						($31)						$241						$141						$163
Adjustments:
Unrealized Loss on Commodity Derivative Instruments			$418						$304						$6						$96						$47
Total Adjustments			$418						$304						$6						$96						$47
Total Revenue and Other Operating Income Minus Unrealized Loss on Commodity Derivative Instruments			$500						$442						$430						$417						$431
Adjusted EBIT			$187						$144						$126						$120						$91
Operating Margin			37		%				33		%				29		%				29		%				21		%

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Non-GAAP Measures
Cash Operating Margin: Adjusted EBITDA divided by Total Revenue and Other Operating Income after adjusting for unrealized loss (gain) on commodity derivative instruments, stock based compensation and the other discrete items listed below.
(Dollars in millions)			Q1-2025						Q4-2024						Q3-2024						Q2-2024						Q1-2024
Total Revenue and Other Operating Income			$82						$138						$424						$321						$384
Net (Loss) Income			($198)						($145)						$66						($18)						$7
Interest Expense			42						37						37						39						37
Interest Income			—						(2)						—						—						—
Income Tax (Benefit) Expense			(75)						(50)						17						3						—
(Loss) Earnings Before Interest & Taxes (EBIT)			(231)						(160)						120						24						44
Depreciation, Depletion & Amortization			127						129						121						117						119
(Loss) Earnings Before Interest, Taxes, DD&A (EBITDA)			($104)						($31)						$241						$141						$163
Adjustments:
Unrealized Loss on Commodity Derivative Instruments			$418						$304						$6						$96						$47
Loss on Non-Core Asset Sale			—						—						—						—						26
Stock-Based Compensation			9						5						4						4						7
Virginia Flood Expense			—						—						—						(1)						—
Loss on Debt Extinguishment			—						—						—						—						7
Total Adjustments			$427						$309						$10						$99						$87
Total Revenue and Other Operating Income Minus Unrealized Loss on Commodity Derivative Instruments			$500						$442						$430						$417						$431
Adjusted EBITDA			$323						$278						$251						$240						$250
Cash Operating Margin			65		%				63		%				58		%				58		%				58		%

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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 and cash equivalents to retire debt.
Net Debt: Total long-term debt minus cash, cash equivalents, and restricted cash.
Adjusted Net Debt: Total long-term debt, plus the historical impact of accounting pronouncement, minus cash, cash equivalents, and restricted cash.
(Dollars in millions)
Net Debt						31-Mar-25						31-Dec-24						31-Dec-23						31-Dec-22																								31-Dec-21																								31-Dec-20						30-Sep-20
Total Long-Term Debt (GAAP)(1)						$2,682						$2,166						$2,214						$2,206																								$2,214																								$2,424						$2,600
Less: Cash, Cash Equivalents, and Restricted Cash						13						55						—						21																								4																								22						156
Net Debt						$2,669						$2,111						$2,214						$2,185																								$2,210																								$2,402						$2,444
(1) Includes current portion
(Dollars in millions)
Adjusted Net Debt						31-Mar-25						31-Dec-24						31-Dec-23						31-Dec-22																								31-Dec-21																								31-Dec-20						30-Sep-20
Total Long-Term Debt (GAAP)(1)						$2,682						$2,166						$2,214						$2,206																								$2,214																								$2,424						$2,600
Plus: Impact of Recent Accounting Pronouncement(2)						—						—						—						—																								82																								98						101
Less: Cash, Cash Equivalents, and Restricted Cash						13						55						—						21																								4																								22						156
Adjusted Net Debt						$2,669						$2,111						$2,214						$2,185																								$2,292																								$2,500						$2,545
(1) Includes current portion
(2) On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity and upon adoption long-term debt increased by $82MM (See Note 12 - Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX’s December 31, 2022 Form 10-K for additional information). As this adjustment was recorded on a prospective basis, Management believes that presenting investors with the net debt on a historical basis would be beneficial.

Adjusted TTM EBITDAX: EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below.
			Three Months Ended																								Twelve Months Ended
(Dollars in millions)			30-Jun-24						30-Sep-24						31-Dec-24						31-Mar-25						31-Mar-25
Net (Loss) Income			($18)						$66						($145)						($198)						($295)
Interest Expense			39						37						37						42						155
Interest Income			—						—						(2)						—						(2)
Income Tax Expense (Benefit)			3						17						(50)						(75)						(105)
Earnings (Loss) Before Interest & Taxes (EBIT)			24						120						(160)						(231)						(247)
Depreciation, Depletion & Amortization			117						121						129						127						494
Exploration Expense			2						2						2						2						8
Earnings (Loss) Before Interest, Taxes, DD&A, and Exploration (EBITDAX)			143						243						(29)						(102)						255
Adjustments:
Unrealized Loss on Commodity Derivative Instruments			96						6						304						418						824
Stock Based Compensation			4						4						5						9						22
Virginia Flood Expense			(1)						—						—						—						(1)
Total Pre-tax Adjustments			99						10						309						427						845
Adjusted EBITDAX TTM			$242						$253						$280						$325						$1,100

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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.
2025 Free Cash Flow
(Dollars in millions)			Q1-2025
Net Cash Provided by Operating Activities			$216
Capital Expenditures			(131)
Proceeds from Asset Sales			16
Investments in Equity Affiliates			(1)
Free Cash Flow			$100
2024 Free Cash Flow
(Dollars in millions)			Q4-2024						Q3-2024						Q2-2024						Q1-2024						YTD-2024
Net Cash Provided by Operating Activities			$269						$170						$192						$185						$816
Capital Expenditures			(105)						(115)						(152)						(168)						(540)
Proceeds from Asset Sales			37						8						7						8						60
Investments in Equity Affiliates			(2)						(3)						—						—						(5)
Free Cash Flow			$199						$60						$47						$25						$331
2023 Free Cash Flow
(Dollars in millions)			Q4-2023						Q3-2023						Q2-2023						Q1-2023						YTD-2023
Net Cash Provided by Operating Activities			$161						$206						$199						$248						$814
Capital Expenditures			(107)						(206)						(196)						(170)						(679)
Proceeds from Asset Sales			8						19						132						11						170
Free Cash Flow			$62						$19						$135						$89						$305
2022 Free Cash Flow
(Dollars in millions)			Q4-2022						Q3-2022						Q2-2022						Q1-2022						YTD-2022
Net Cash Provided by Operating Activities			$442						$265						$192						$336						$1,235
Capital Expenditures			(173)						(134)						(137)						(122)						(566)
Proceeds from Asset Sales			7						4						7						20						38
Free Cash Flow			$276						$135						$62						$234						$707
2021 Free Cash Flow
(Dollars in millions)			Q4-2021						Q3-2021						Q2-2021						Q1-2021						YTD-2021
Net Cash Provided by Operating Activities			$254						$215						$239						$219						$927
Capital Expenditures			(117)						(97)						(129)						(123)						(466)
Proceeds from Asset Sales			21						12						7						5						45
Free Cash Flow			$158						$130						$117						$101						$506
2020 Free Cash Flow
(Dollars in millions)			Q4-2020						Q3-2020						Q2-2020						Q1-2020						YTD-2020
Net Cash Provided by Operating Activities			$161						$223						$144						$267						$795
Capital Expenditures			(92)						(108)						(135)						(152)						(487)
Proceeds from Asset Sales			16						6						12						14						48
Free Cash Flow			$85						$121						$21						$129						$356

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Risk Factors

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

Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions “Cautionary Statement Regarding Forward-looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (SEC), as supplemented by our quarterly reports on Form 10-Q, and any subsequent reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; events beyond our control, including a global or domestic health crisis or global instability; our operations and national and global economic conditions, generally; conditions in the oil and gas industry; the financial condition of our customers; any nonperformance by customers of their contractual obligations; changes in customer, employee or supplier relationships; ability to quality for environmental attribute credits and the volatility of environmental attribute markets; and changes in safety, health, environmental and other regulations.

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