<span item_type="fundamental" item_id="d0c4ef12b0f5fac71570818b2503bbe4" counter_id="ST/US/CNX" env="prod"></span><span item_type="announcement" item_id="614655392936893313" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 2.239 B.</p><p>EPS: As of FY2025, the actual value is USD 3.98, beating the estimate of USD 3.0459.</p><p>EBIT: As of FY2025, the actual value is USD 1.062 B.</p><p></p><h4>Company Overview and Operational Highlights</h4><p>CNX Resources Corporation’s total sales volumes grew approximately 91% over the past ten years to 629 net Bcfe in 2025, with an average production of 1,723,178 Mcfe per day, composed of 92% natural gas and 8% liquids. Production was primarily from Shale (94%) and CBM (6%). Proved natural gas reserves reached 9.7 Tcfe, with 89.5% natural gas and 72.2% proved developed. On January 27, 2025, the company acquired Apex Energy II, LLC’s natural gas upstream and associated midstream business for approximately $518 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Proved Reserves (MMcfe)</h4><p>Total Proved Developed Reserves were 6,972,410 in 2025, compared to 6,099,654 in 2024 and 6,027,762 in 2023. Total Proved Undeveloped Reserves were 2,689,734 in 2025, 2,438,289 in 2024, and 2,712,980 in 2023. Overall, Total Proved Reserves amounted to 9,662,144 in 2025, up from 8,537,943 in 2024 and 8,740,742 in 2023. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Discounted Future Net Cash Flows (in millions)</h4><p>Estimated Future Net Cash Flows (pre-tax) less Undiscounted Income Taxes were $12,297 in 2025, $6,136 in 2024, and $7,356 in 2023. The Total PV-10 Non-GAAP Measure of Pre-Tax Discounted Future Net Cash Flows was $6,830 in 2025, $3,827 in 2024, and $4,201 in 2023. The Total Standardized GAAP Measure of After-Tax Discounted Future Net Cash Flows was $5,066 in 2025, $2,839 in 2024, and $3,110 in 2023. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Sales Volumes Produced (MMcfe)</h4><p>Total Sales Volume was 628,960 in 2025, compared to 550,814 in 2024 and 560,366 in 2023. Shale segment contributed 590,835 in 2025, 511,408 in 2024, and 519,503 in 2023. CBM segment contributed 37,814 in 2025, 39,130 in 2024, and 40,598 in 2023. Other sales volumes were 311 in 2025, 276 in 2024, and 265 in 2023. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Average Sales Price and Lifting Cost (per Mcfe)</h4><p>The Total Average Sales Price (Including Effect of Derivative Instruments) was $2.75 in 2025, $2.66 in 2024, and $2.61 in 2023. Excluding the effect of derivative instruments, the Total Average Sales Price was $3.04 in 2025, $2.15 in 2024, and $2.32 in 2023. Average Lifting Costs Excluding Ad Valorem and Severance Taxes were $0.15 in 2025, $0.13 in 2024, and $0.11 in 2023. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Net Income (Loss)</h4><p>Net Income was $633 million in 2025, compared to a Net Loss of - $90 million in 2024 and Net Income of $1,721 million in 2023. The 2025 Net Income included an unrealized gain on commodity derivative instruments of $278 million, while 2024 included an unrealized loss of - $453 million. Net gain on asset sales and abandonments was $97 million in 2025 and $25 million in 2024. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Cash Flows (in millions)</h4><p>Cash Provided by Operating Activities was $1,029 in 2025, $816 in 2024, and $815 in 2023. Cash Used in Investing Activities was - $901 in 2025, - $484 in 2024, and - $509 in 2023. Cash Used in Financing Activities was - $170 in 2025, - $277 in 2024, and - $326 in 2023. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Shale Segment Performance (2025 vs. 2024)</h4><p>Earnings before income tax for the Shale segment were $760 million in 2025, up from $617 million in 2024. Total Shale Sales Volumes increased by 15.5% to 590.8 Bcfe in 2025 from 511.4 Bcfe in 2024. The Average Sales Price for Gas was $2.93 per Mcf in 2025, a 52.6% increase from $1.92 in 2024. The (Loss) Gain on Commodity Derivative Instruments - Cash Settlement was - $0.31 per Mcf in 2025, compared to $0.57 per Mcf in 2024. Total Average Shale Sales Price was $2.70 per Mcfe in 2025, up 3.1% from $2.62 in 2024. Total Average Shale Production Costs decreased by 1.3% to $1.53 per Mcfe in 2025 from $1.55 in 2024, with Shale Lease Operating Expenses at $0.12 per Mcfe and Shale Transportation, Gathering and Compression Costs at $0.54 per Mcfe in 2025. Total Average Shale Production Margin increased by 9.3% to $1.17 per Mcfe in 2025 from $1.07 in 2024. Other Revenue and Operating Income, primarily from third-party gathering services, was $69 million in 2025, slightly up from $68 million in 2024. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Coalbed Methane (CBM) Segment Performance (2025 vs. 2024)</h4><p>The CBM segment reported a Loss before income tax of - $17 million in 2025, an improvement from - $26 million in 2024. CBM Gas Sales Volumes decreased by 3.3% to 37.8 Bcf in 2025 from 39.1 Bcf in 2024. The Average Sales Price for Gas was $3.91 per Mcf in 2025, a 45.4% increase from $2.69 in 2024. The (Loss) Gain on Commodity Derivative Instruments - Cash Settlement - Gas was - $0.30 per Mcf in 2025, compared to $0.53 per Mcf in 2024. Total Average CBM Sales Price was $3.61 per Mcf in 2025, up 12.5% from $3.21 in 2024. Total Average CBM Production Costs increased by 4.9% to $4.06 per Mcf in 2025 from $3.87 in 2024, with CBM Lease Operating Expenses at $0.64 per Mcf and CBM Transportation, Gathering and Compression Costs at $1.69 per Mcf in 2025. Total Average CBM Production Margin improved to - $0.45 per Mcf in 2025 from - $0.66 per Mcf in 2024. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Other Segment Performance (2025 vs. 2024)</h4><p>Earnings (Loss) before income tax for the Other segment was $60 million in 2025, a significant improvement from - $711 million in 2024. This segment recorded an Unrealized Gain on Commodity Derivative Instruments of $278 million in 2025, contrasting with a - $453 million loss in 2024. Sales of Environmental Attributes were $78 million in 2025, down from $95 million in 2024. Excess Firm Transportation Income was $22 million in 2025, up from $20 million in 2024, and Water Income was $15 million in 2025, compared to $12 million in 2024. Total SG&amp;A was $140 million in 2025, a decrease from $146 million in 2024, and Total Other Operating Expense was $69 million in 2025, down from $83 million in 2024. Total Interest Expense increased to $170 million in 2025 from $151 million in 2024. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>Other Key Financial Information</h4><p>Capital Expenditures were $495.0 million in 2025, $540.3 million in 2024, and $679.4 million in 2023. Total Long-Term Debt was $2,429 million as of December 31, 2025. Total Equity was $4,337 million as of December 31, 2025, an increase from $4,098 million as of December 31, 2024. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p><h4>2026 Outlook</h4><p>CNX Resources Corporation projects annual sales volumes for 2026 to be between 605 and 620 Bcfe. Capital expenditures for 2026 are expected to range from $556 million to $586 million. This range includes the first of three annual $16 million payments for the right to acquire Utica Shale oil and gas rights. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070412/000107041226000038/cnx-20251231.htm"></span></p>

CNX Resources | 10-K: FY2025 Revenue: USD 2.239 B