0001070412truefalse00010704122025-01-302025-01-300001070412us-gaap:CommonStockMember2025-01-302025-01-300001070412cnx:PreferredSharePurchaseRightsMember2025-01-302025-01-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 30, 2025
CNX Resources Corporation
(Exact name of registrant as specified in its charter)
Delaware 001-14901 51-0337383
(State or other jurisdiction
of incorporation)		 (Commission File Number) (IRS Employer
Identification No.)
 
CNX Center
1000 Horizon Vue Drive
Canonsburg, Pennsylvania 15317

(Address of principal executive offices)
(Zip code)

Registrant's telephone number, including area code:
(724) 485-4000

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of exchange on which registered
Common Stock ($.01 par value) CNX New York Stock Exchange
Preferred Share Purchase Rights -- New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐



Item 2.02 Results of Operations and Financial Condition.
 
CNX Resources Corporation (“CNX” or the “Company”) today released financial and operational results for the fourth quarter and full fiscal year 2024 by posting those results on its website. A copy of those results is attached to this Current Report as Exhibit 99.1 and incorporated into this Item 2.02 by reference.

The information furnished pursuant to this Item 2.02 and Item 7.01, including Exhibit 99.1, are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 7.01 Regulation FD

The information set forth under Item 2.02 is incorporated into this Item 7.01 by reference.    

Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits.  




































SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
                        
                        CNX RESOURCES CORPORATION

By:    /s/ Alan K. Shepard
     Alan K. Shepard
Chief Financial Officer and Executive Vice President


Dated: January 30, 2025



cnxlogo2a03a.jpg

4Q 2024 Earnings Results &
Supplemental Information of CNX Resources
TABLE OF CONTENTS:Page:
Production Volumes and Activity Summary........................................................................................................................2
Hedge Volumes and Pricing…...........................................................................................................................................3
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
GASQ4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Shale Sales Volumes (Bcf)115.6110.8111.7119.4457.5123.9
CBM Sales Volumes (Bcf)9.910.09.79.539.19.9
Other Sales Volumes (Bcf)— 0.10.10.10.30.1
LIQUIDS*
NGLs Sales Volumes (Bcfe)16.213.212.411.253.012.8
Oil and Condensate Sales Volumes (Bcfe)0.20.40.10.20.90.2
TOTAL (Bcfe)141.9134.5134.0140.4550.8146.9
Average Daily Production (MMcfe)1,543.11,461.81,472.51,542.41,509.11,596.9
* 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.
Q4 2024 ACTIVITY SUMMARYTDFracTIL
Average Lateral Length(1)
Rigs at Period End
SWPAMarcellus-9618,825-
Utica-----
CPAMarcellus-----
Utica1---1
Total1961
(1) Measured in lateral feet from perforation to perforation.



2

HEDGE VOLUMES AND PRICING(1)
Q1 20252025202620272028
NYMEX Hedges
Volumes (Bcf)83.0341.9314.0149.76.9
Average Prices ($/Mcf)$3.37$3.33$3.47$4.18$4.25
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)34.2137.0102.4133.5-
Average Prices ($/Mcf)$2.38$2.33$2.67$3.30-
Total Volumes Hedged (Bcf)(2)
117.2478.9416.4283.26.9
NYMEX + Basis (fully-covered volumes)(3)
Volumes (Bcf)117.2475.6416.4283.26.9
Average Prices ($/Mcf)$2.65$2.58$2.67$3.28$3.64
NYMEX Hedges Exposed to Basis
Volumes (Bcf)-3.3---
Average Prices ($/Mcf)-$3.33---
Total Volumes Hedged (Bcf)(2)
117.2478.9416.4283.26.9
Estimated Conversion Factor(4)
1.0701.0701.0731.0671.063
(1) Hedge positions as of 1/15/2025.
(2) Excludes basis hedges in excess of NYMEX hedges of 0.9 Bcf, 15.9 Bcf, 21.3 Bcf, 44.8 Bcf, and 17.2 Bcf for Q1 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.




3

HEDGING GAIN/LOSS PROJECTIONS
Q1 2025CY2025
HedgedWtd. Avg.Avg.ForecastedHedgedWtd. Avg.Avg.Forecasted
VolumesHedgedForward
Gain/(Loss)(2)
VolumesHedgedForward
Gain/(Loss)(2)
($/MMBtu)(000 MMBtu)Price
Market(1)
($ in 000s)(000 MMBtu)Price
Market(1)
($ in 000s)
NYMEX88,875$3.15$3.72($49,834)365,938$3.12$3.86($272,379)
Index36,395$2.22$3.36($41,454)145,708$2.18$3.16($142,065)
Basis:
Eastern Gas-South (DOM)35,845($0.72)($0.44)($10,085)149,970($0.72)($0.79)$10,411
TCO Pool (TCO)1,800($0.87)($0.28)($1,054)7,300($0.87)($0.60)($1,934)
Michcon (NMC)7,200($0.24)($0.33)$65329,200($0.24)($0.36)$3,466
TETCO M2 (BM2)28,350($0.91)($0.33)($16,214)114,975($0.91)($0.76)($16,485)
Transco Zone 5 South (DKR)1,350$1.12$1.24($135)5,475$1.12$0.61$2,793
Total Financial Basis Hedges74,545($26,835)306,920($1,749)
Total Projected Realized Loss($118,123)($416,193)
Note: Forward market prices, hedged volumes, and hedge prices are as of 1/15/2025. Anticipated hedging activity is not included in projections.
(1) January 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)Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Realized Gain $21$95$110$55$281$43
Unrealized (Loss) Gain ($304)($6)($96)($47)($453)$533
(Loss) Gain on Commodity Derivative Instruments($283)$89$14$8($172)$576

4

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Natural Gas, NGL and Oil Revenue$364,413$259,459$236,233$325,972$1,186,077$334,394
(Loss) Gain on Commodity Derivative Instruments(282,992)88,96414,0957,528(172,405)576,210
Purchased Gas Revenue6,85527,30611,02914,27759,46716,916
Other Revenue and Operating Income48,30148,48460,08636,776193,64741,245
Total Revenue and Other Operating Income136,577 424,213 321,443 384,553 1,266,786 968,765 
Costs and Expenses:
Operating Expense
Lease Operating Expense17,84817,25317,81917,72670,64617,194
Transportation, Gathering and Compression97,58696,27491,70996,651382,220100,146
Production, Ad Valorem, and Other Fees6,6466,6466,6387,62427,5544,755
Depreciation, Depletion and Amortization128,336121,227117,541118,650485,754112,827
Exploration and Production Related Other Costs1,8351,9352,3642,3128,4462,016
Purchased Gas Costs6,69926,59410,37113,58457,24816,089
Selling, General, and Administrative Costs43,54232,49832,02537,671145,73629,538
Other Operating Expense20,576 16,462 21,077 24,633 82,748 17,368 
Total Operating Expense323,068318,889299,544318,8511,260,352299,933
Other Expense
Other Expense (Income)4,539(4,590)(676)(5,399)(6,126)3,876
(Gain) Loss on Assets Sales and Abandonments, net(33,627)(10,570)(814)20,296(24,715)(11,380)
(Gain) Loss on Debt Extinguishment——(2)7,0457,043—
Interest Expense36,596 37,923 38,634 37,441 150,594 37,331 
Total Other Expense7,50822,76337,14259,383126,79629,827
Total Costs and Expenses330,576 341,652 336,686 378,234 1,387,148 329,760 
(Loss) Income Before Income Tax(193,999)82,561(15,243)6,319(120,362)639,005
Income Tax (Benefit) Expense (49,375)17,021 3,018 (532)(29,868)125,020 
Net (Loss) Income($144,624)$65,540($18,261)$6,851($90,494)$513,985
(Loss) Earnings per Share
Basic($0.97)$0.44($0.12)$0.04($0.60)$3.28
Diluted($0.97)$0.37($0.12)$0.04($0.60)$2.76
Weighted-Average Shares OutstandingQ4-2024Q3-2024Q2-2024Q1-2024^YTD-2024Q4-2023
Weighted-Average Shares of Common Stock Outstanding148,946,949 150,342,177 152,608,500 153,364,652 151,306,438 156,812,941 
Effect of Diluted Shares*^— 28,771,284 — 2,787,069 — 29,895,586 
Weighted-Average Diluted Shares of Common Stock Outstanding148,946,949 179,113,461 152,608,500 156,151,721 151,306,438 186,708,527 
*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).




5

CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands31-Dec-2430-Sep-2430-Jun-2431-Mar-2431-Dec-23
ASSETS
Current Assets:
Cash and Cash Equivalents$17,198$1,310$3,923$1,988$443
Restricted Cash37,875 — — — — 
Accounts and Notes Receivable:
Trade, net179,547 101,788 108,091 91,093 116,119 
Other Receivables, net17,859 50,597 38,404 43,604 17,872 
Supplies Inventories14,572 12,965 14,505 14,368 19,846 
Derivative Instruments87,925 147,020 186,429 290,171 252,524 
Prepaid Expenses15,659 19,259 17,195 19,218 14,984 
Total Current Assets370,635 332,939 368,547 460,442 421,788 
Property, Plant and Equipment:
Property, Plant and Equipment13,037,948 12,907,324 12,799,473 12,662,876 12,537,118 
Less—Accumulated Depreciation, Depletion and Amortization5,653,837 5,533,957 5,415,933 5,301,316 5,194,485 
Total Property, Plant and Equipment—Net7,384,111 7,373,367 7,383,540 7,361,560 7,342,633 
Other Non-Current Assets:
Operating Lease Right-of-Use Assets98,713 103,692 112,414 125,821 139,466 
Derivative Instruments160,183 228,883 241,384 223,941 280,530 
Goodwill323,314 323,314 323,314 323,314 323,314 
Other Intangible Assets63,885 65,524 67,162 68,800 70,438 
Other Non-Current Assets111,062 110,330 106,593 92,764 48,488 
Total Other Non-Current Assets757,157 831,743 850,867 834,640 862,236 
TOTAL ASSETS$8,511,903$8,538,049$8,602,954$8,656,642$8,626,657
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable$123,249$120,125$126,192$163,016$147,361
Derivative Instruments354,621 185,795 156,541 117,400 61,102 
Current Portion of Finance Lease Obligations4,236 2,576 2,534 1,897 1,862 
Current Portion of Long-Term Debt327,766 327,236 326,710 326,187 325,668 
Current Portion of Operating Lease Obligations51,474 49,033 51,329 51,986 53,791 
Other Accrued Liabilities261,232 207,972 230,047 213,616 233,214 
Total Current Liabilities1,122,578 892,737 893,353 874,102 822,998 
Non-Current Liabilities:
Long-Term Debt1,838,234 1,957,655 1,955,433 1,942,508 1,888,706 
Finance Lease Obligations21,040 10,270 10,710 5,419 5,500 
Operating Lease Obligations49,519 57,493 64,777 77,162 89,531 
Derivative Instruments429,533 369,569 451,743 475,589 526,554 
Deferred Income Taxes696,136 745,735 728,297 724,643 729,454 
Asset Retirement Obligations119,189 104,921 105,321 105,527 105,315 
Other Non-Current Liabilities137,644 142,954 142,675 142,372 97,582 
Total Non-Current Liabilities3,291,295 3,388,597 3,458,956 3,473,220 3,442,642 
TOTAL LIABILITIES4,413,873 4,281,334 4,352,309 4,347,322 4,265,640 
Stockholders' Equity:
Common Stock1,490 1,494 1,516 1,534 1,548 
Capital in Excess of Par Value2,348,959 2,348,061 2,363,053 2,373,114 2,384,910 
Preferred Stock— — — — — 
Retained Earnings1,753,293 1,914,218 1,893,215 1,941,892 1,981,860 
Accumulated Other Comprehensive Loss(5,712)(7,058)(7,139)(7,220)(7,301)
TOTAL STOCKHOLDERS' EQUITY4,098,030 4,256,715 4,250,645 4,309,320 4,361,017 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$8,511,903$8,538,049$8,602,954$8,656,642$8,626,657




6

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Cash Flows from Operating Activities:
Net (Loss) Income($144,624)$65,540($18,261)$6,851($90,494)513,985
Depreciation, Depletion and Amortization128,336121,227117,541118,650485,754112,827
Amortization of Deferred Financing Costs2,6232,6123,7112,39911,3452,332
Stock-Based Compensation4,3464,1924,1797,37420,0914,186
(Gain) Loss on Asset Sales and Abandonments, net(33,627)(10,570)(814)20,296(24,715)(11,380)
(Gain) Loss on Debt Extinguishment——(2)7,0457,043—
Loss (Gain) on Commodity Derivative Instruments282,992(88,964)(14,095)(7,528)172,405(576,210)
(Gain) Loss on Other Derivative Instruments——(112)1,2111,0991,231
Net Cash Received in Settlement of Commodity Derivative Instruments73,59287,955115,79930,593307,93961,003
Deferred Income Taxes(50,060)17,4083,624(4,841)(33,869)125,043
Other344494457501,345(1,273)
Changes in Operating Assets:
Accounts and Notes Receivable(43,986)(1,963)(13,226)(821)(59,996)(40,500)
Supplies Inventories(1,606)1,539(137)5,4785,274161
Prepaid Expenses3,600(2,064)2,023(4,234)(675)(893)
Changes in Other Assets(748)(789)(180)(45,367)(47,084)(192)
Changes in Operating Liabilities:
Accounts Payable454(2,864)(24,850)23,066(4,194)(54,107)
Accrued Interest16,710(18,010)17,488(14,603)1,58516,770
Other Operating Liabilities34,075(5,934)(1,740)(5,401)21,00010,666
Changes in Other Liabilities(3,624)34236144,84741,926(2,517)
Net Cash Provided by Operating Activities268,797170,151191,766185,065815,779161,132
Cash Flows from Investing Activities:
Capital Expenditures(105,495)(114,737)(151,916)(168,184)(540,332)(107,749)
Proceeds from Asset Sales36,5828,1417,4878,52460,7348,090
Investments in Equity Affiliates(1,309)(3,452)(110)—(4,871)—
Net Cash Used in Investing Activities(70,222)(110,048)(144,539)(159,660)(484,469)(99,659)
Cash Flows from Financing Activities:
Payments on Long-Term Notes———(356,504)(356,504)—
Proceeds from CNXM Revolving Credit Facility Borrowings71,70070,75050,60072,200265,250118,725
Repayments of CNXM Revolving Credit Facility Borrowings(82,300)(90,750)(95,300)(86,000)(354,350)(101,625)
Proceeds from CNX Revolving Credit Facility Borrowings194,800306,000292,300341,4001,134,500402,050
Repayments of CNX Revolving Credit Facility Borrowings(304,600)(284,750)(235,300)(318,450)(1,143,100)(375,000)
Proceeds from Issuance of CNX Senior Notes———395,000395,000—
Payments on Other Debt(686)(639)(597)(487)(2,409)(493)
Proceeds from Issuance of Common Stock1,4811709291092,689106
Shares Withheld for Taxes(98)(303)(48)(17,830)(18,279)(20)
Purchases of Common Stock(25,005)(62,996)(44,381)(51,821)(184,203)(113,426)
Debt Issuance and Financing Fees(104)(198)(13,495)(1,477)(15,274)—
Net Cash Used in Financing Activities(144,812)(62,716)(45,292)(23,860)(276,680)(69,683)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash53,763(2,613)1,9351,54554,630(8,210)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period1,3103,9231,9884434438,653
Cash, Cash Equivalents, and Restricted Cash at End of Period$55,073$1,310$3,923$1,988$55,073$443





7

MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
2025E
Gas Sold (%)(1)
Basis(2)
Eastern Gas-South25%($0.79)
ETNG Mainline3%$0.28
TCO Pool23%($0.60)
TETCO ELA & WLA4%($0.09)
TETCO M35%($0.08)
TETCO M222%($0.76)
Michcon8%($0.36)
Physical basis sales10%($0.06)
Weighted Average Basis100%($0.54)
NYMEX$3.86
Weighted Average Basis (Not considering hedging)($0.54)
Realized Price (per MMBtu)$3.32
     Conversion Factor (MMBtu/Mcf)1.070
Realized Price Before Financial Hedging (per Mcf)$3.55
(1) Individual market percentages exclude physical basis sales, which are shown separately.
(2) Forward market basis prices as of 1/15/2025.

8

PRICE AND COST DATA (PER MCFE) - NON-GAAP
Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Average Sales Price - Natural Gas$2.41$1.73$1.60$2.17$1.98$2.16
Average Gain on Commodity Derivative Instruments - Cash Settlement$0.17$0.78 $0.91 $0.42 $0.57$0.32 
Average Sales Price - Oil and Condensate*$9.59$10.31$11.00$10.68$10.26$10.77
Average Sales Price - NGLs*$3.64$3.50$3.28$3.99$3.60$3.33
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement
$2.72$2.63$2.58$2.71$2.66$2.57
Lease Operating Expense (LOE)$0.13$0.13$0.13$0.13$0.13$0.12
Production, Ad Valorem, and Other Fees$0.05$0.05$0.05$0.06$0.05$0.03
Transportation, Gathering and Compression$0.69$0.72$0.68$0.69$0.69$0.68
Depreciation, Depletion and Amortization (DD&A)$0.86$0.86$0.85$0.81$0.85$0.75
Total Natural Gas, NGL and Oil Production Costs
$1.73$1.76$1.71$1.69$1.72$1.58
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A
$0.87$0.90$0.86$0.88$0.87$0.83
Natural Gas, NGL and Oil Production Cash Margin, before DD&A$1.85$1.73$1.72$1.83$1.79$1.74
Fully Burdened Cash Costs, before DD&A(1)
$1.22$1.11$1.03$1.20$1.13$1.09
Fully Burdened Cash Margin, before DD&A$1.50$1.52$1.55$1.51$1.53$1.48
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. Q4 2024, Q3 2024, Q2, 2024, Q1 2024, YTD 2024 and Q4 2023 total fully burdened cash costs exclude a (gain)/loss on asset sales of ($0.24) per Mcfe, ($0.08) per Mcfe, $0.01 per Mcfe, $0.15 per Mcfe, $0.04 per Mcfe and $0.08 per Mcfe, respectively. Q4 2024, Q3 2024, Q2 2024, Q1 2024, YTD 2024 and Q4 2023 exclude unrealized losses on interest rate swaps and noncash amortization of $0.02 per Mcfe, $0.02 per Mcfe,$0.03 per Mcfe, $0.03 per Mcfe, $0.02 per Mcfe and $0.02 per Mcfe, respectively. Q4 2024, Q3 2024, Q2 2024, Q1 2024, YTD 2024 and Q4 2023 exclude loss on debt extinguishment and inventory adjustments of $0.00 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe, $0.06 per Mcfe, $0.01 per Mcfe, and $0.00 per Mcfe, respectively.
Natural Gas Price ReconciliationQ4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
NYMEX Natural Gas ($/MMBtu)$2.79$2.16$1.89$2.24$2.27$2.88
Average Differential(0.54)(0.56)(0.41)(0.25)(0.43)(0.89)
BTU Conversion (MMBtu/Mcf)*0.160.13 0.12 0.18 0.140.17 
Gain on Natural Gas Commodity Derivative Instruments-Cash Settlement0.180.78 0.91 0.42 0.570.31 
Realized Natural Gas Price per Mcf$2.59$2.51$2.51$2.59$2.55$2.47
*Conversion factor1.071.091.081.091.081.09










9

GUIDANCE
($ in millions)CNX 2025E
Apex Energy(1) 2025E
Proforma(1) 2025E
LowHighLowHighLowHigh
Production Volumes (Bcfe)545-55560-65605-620
% Liquids~7%‘-~8%
% of Natural Gas Hedged85%
Prices on Open Volumes(2)
Natural Gas NYMEX ($/MMBtu)$3.86
Natural Gas Differential ($/MMBtu)($0.54)
NGL Realized Price ($/Bbl)~$21.75
Adjusted EBITDAX(3)
$1,090-$1,130$135-$145$1,225-$1,275
Capital Expenditures
Drilling & Completions (D&C)$290‘-$315~$10$300‘-$325
Non-D&C$130-$150~$15$145-$165
Discretionary Capital$5-$10$5-$10
Total Capital Expenditures$425-$475~$25$450-$500
Environmental Attributes Sales Free Cash Flow (FCF) Impact(3)
~$75
Total Free Cash Flow (FCF)(3)(4)(6)
~$575
FCF Per Share(3)(4)(5)
~$3.85
(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 1/15/2025.
(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) Guidance for 2025 FCF per share based on shares outstanding of 149,247,242, as of 1/8/2025.
(6) Excludes $505 million Apex Energy acquisition.

2025E ACTIVITY SUMMARYTIL
Average Lateral Length(1)
SWPA CentralMarcellus1312,800
CPAMarcellus1315,600
Utica812,500
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:




11


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 2023 Annual Report on Form 10-K as filed with the SEC on February 8, 2024). 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)Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Total Revenue and Other Operating Income$138$424$321$384$1,267$969
(Deduct) Add:
Purchased Gas Revenue(7)(27)(11)(14)(59)(18)
Unrealized Loss (Gain) on Commodity Derivative Instruments 304 696 47 453 (533)
Other Revenue and Operating Income(49)(49)(60)(36)(194)(42)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure$386$354$346$381$1,467$376
Total Operating Expense$323$319$299$319$1,260$300
(Deduct):
Depreciation, Depletion and Amortization (DD&A) - Corporate (3)(4)(4)(5)(16)(3)
Exploration and Production Related Other Costs(2)(2)(2)(2)(8)(2)
Purchased Gas Costs(7)(27)(10)(13)(57)(17)
Selling, General and Administrative Costs(43)(33)(32)(38)(146)(29)
Other Operating Expense(22)(16)(21)(24)(83)(18)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1
$246$237$230$237$950$231
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.









12

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)Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Net (Loss) Income($145)$66($18)$7($90)$514
Interest Expense37 37 39 37 150 37 
Interest Income(2)— — — (2)— 
Income Tax (Benefit) Expense (50)17 3 — (30)125 
(Loss) Earnings Before Interest & Taxes (EBIT)(160)120 24 44 28 676 
Depreciation, Depletion & Amortization129121117 119 486 113 
Exploration Expense222 2 8 2 
(Loss) Earnings Before Interest, Taxes, DD&A and Exploration (EBITDAX)($29)$243$143$165$522$791
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments3046 96 47 453 (533)
Loss on Non-Core Asset Sales— — — 26 26 — 
Stock-Based Compensation5 4 4 7 20 4 
Loss on Debt Extinguishment— — — 7 7 — 
Virginia Flood Expense— — (1)— (1)— 
Total Pre-tax Adjustments309 10 99 87 505 (529)
Adjusted EBITDAX$280$253$242$252$1,027$262
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)Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Net (Loss) Income from EBITDAX Reconciliation($145)$66($18)$7($90)$514
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation309 10 99 87 505 (529)
Tax Effect of Adjustments(79)(3)(26)(23)(131)139 
Adjusted Net Income$85$73$55$71$284$124







13

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)Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Total Revenue and Other Operating Income $138$424$321$384$1,267$969
Net (Loss) Income($145)$66($18)$7($90)$514
Interest Expense3737393715037
Interest Income(2)———(2)—
Income Tax (Benefit) Expense (50)173—(30)125
(Loss) Earnings Before Interest & Taxes (EBIT)(160)120244428676
Depreciation, Depletion & Amortization129121117119486113
(Loss) Earnings Before Interest, Taxes, DD&A (EBITDA)($31)$241$141$163$514$789
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments$304$6$96$47$453($533)
Total Adjustments$304$6$96$47$453($533)
Total Revenue and Other Operating Income Minus Unrealized Loss (Gain) on Commodity Derivative Instruments$442$430$417$431$1,720$436
Adjusted EBIT$144$126$120$91$481$143
Operating Margin33 %29 %29 %21 %28 %33 %
















14

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)Q4-2024Q3-2024Q2-2024Q1-2024YTD-2024Q4-2023
Total Revenue and Other Operating Income$138$424$321$384$1,267$969
Net (Loss) Income($145)$66($18)$7($90)$514
Interest Expense3737393715037
Interest Income(2)———(2)—
Income Tax (Benefit) Expense (50)173—(30)125
(Loss) Earnings Before Interest & Taxes (EBIT)(160)120244428676
Depreciation, Depletion & Amortization129121117119486113
(Loss) Earnings Before Interest, Taxes, DD&A (EBITDA)($31)$241$141$163$514$789
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments304$6$96$47$453($533)
Loss on Non-Core Asset Sale———2626—
Stock-Based Compensation5447204
Virginia Flood Expense——(1)—(1)—
Loss on Debt Extinguishment———77—
Total Adjustments$309$10$99$87$505($529)
Total Revenue and Other Operating Income Minus Unrealized Loss (Gain) on Commodity Derivative Instruments$442$430$417$431$1,720$436
Adjusted EBITDA$278$251$240$250$1,019$260
Cash Operating Margin63 %58 %58 %58 %59 %60 %














15

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 recent accounting pronouncement, minus cash, cash equivalents, and restricted cash.
(Dollars in millions)
Net Debt31-Dec-2430-Sep-2430-Jun-2431-Mar-2431-Dec-2331-Dec-2231-Dec-2131-Dec-2030-Sep-20
Total Long-Term Debt (GAAP)(1)
$2,166$2,285$2,282$2,269$2,214$2,206$2,214$2,424$2,600
Less: Cash, Cash Equivalents, and Restricted Cash55142—21422156
Net Debt$2,111$2,284$2,278$2,267$2,214$2,185$2,210$2,402$2,444
(1) Includes current portion
(Dollars in millions)
Adjusted Net Debt 31-Dec-2430-Sep-2430-Jun-2431-Mar-2431-Dec-2331-Dec-2231-Dec-2131-Dec-2030-Sep-20
Total Long-Term Debt (GAAP)(1)
$2,166$2,285$2,282$2,269$2,214$2,206$2,214$2,424$2,600
Plus: Impact of Recent Accounting Pronouncement(2)
——————8298101
Less: Cash, Cash Equivalents, and Restricted Cash55142—21422156
Adjusted Net Debt $2,111$2,284$2,278$2,267$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 10 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of CNX’s September 30, 2023 Form 10-Q 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-Mar-2430-Jun-2430-Sep-2431-Dec-2431-Dec-24
Net Income (Loss)$7($18)$66($145)($90)
Interest Expense37393737150
Interest Income———(2)(2)
Income Tax Expense (Benefit)—317(50)(30)
Earnings (Loss) Before Interest & Taxes (EBIT)4424120(160)28
Depreciation, Depletion & Amortization119117121129486
Exploration Expense22228
Earnings (Loss) Before Interest, Taxes, DD&A, and Exploration (EBITDAX)165143243(29)522
Adjustments:
Unrealized Loss on Commodity Derivative Instruments47966304453
Loss on Non-Core Asset Sales26———26
Stock Based Compensation744520
Loss on Debt Extinguishment7———7
Virginia Flood Expense—(1)——(1)
Total Pre-tax Adjustments879910309505
Adjusted EBITDAX TTM$252$242$253$280$1,027

16

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.
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






17

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, 2023 filed with the Securities and Exchange Commission (SEC), as supplemented by our quarterly reports on Form 10-Q filed in 2024, 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.

18
v3.24.4
Cover Page Cover Page
Jan. 30, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 30, 2025
Entity Registrant Name CNX Resources Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-14901
Entity Tax Identification Number 51-0337383
Entity Address, Address Line One CNX Center
Entity Address, Address Line Two 1000 Horizon Vue Drive
Entity Address, City or Town Canonsburg
Entity Address, State or Province PA
Entity Address, Postal Zip Code 15317
City Area Code 724
Local Phone Number 485-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001070412
Amendment Flag false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock ($.01 par value)
Trading Symbol CNX
Security Exchange Name NYSE
Preferred Share Purchase Rights  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Share Purchase Rights
Security Exchange Name NYSE
No Trading Symbol Flag true
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