Slide 1: Q4 2025 Update
Q4 2025 Update January 29, 2026
Slide 2: Q4 2025 Highlights
Q4 2025 Highlights “The fourth quarter represented our 24th consecutive quarter of free cash flow generation, Q4 2025 RESULTS SNAPSHOT AND 2026E (1) highlighting our Sustainable Business Model and consistent execution that are the cornerstones of growing our long-term per share value," commented Ala
Slide 3: CNX Has Generated ~$2.9 Billion in Free Cash Flow Since Q1 2020
CNX Has Generated ~$2.9 Billion in Free Cash Flow(1) Since Q1 2020 $600 Free Cash Flow (FCF)(1) ~$550 $500 24 consecutive quarters of $400 generating positive FCF, used to return $ in millions capital to $300 $276 shareholders and $234 $226 reduce debt $199 $200 $188 $158 $129 $130 $135 $135 $132 $1
Slide 4: Balance Sheet and Hedge Book Drive Capacity to Retire Shares and Reduce Debt
Balance Sheet and Hedge Book Drive Capacity to Retire Shares and Reduce Debt Shares Repurchased Since Q3 2020 224.5 Net of 9.5MM shares (3.6) issued as part of CNX has (18.7) convertible note exchange Shares (Millions) agreement repurchased 98.2 (33.4) (17.7) 142.4(1) million shares for (7.4) (7.3)
Slide 5: Balance Sheet and Liquidity Strength
Balance Sheet and Liquidity Strength Significant ~$1.8 billion in Maturities as of December 31, 2025(1) liquidity under credit facilities – $3,000 combined elected 5.8% 6% commitments of $2.0 billion 5.4% 5.6% 5.5% $2,500 5% Undrawn Revolver $2,000 4% Capacity $ in millions Significant runway before
Slide 6: 2026 Guidance
2026 Guidance 2026E Activity Summary 2026E Avg ($ in millions) Low High TILs Lateral Length Production Volumes (Bcfe) 605 - 620 SWPA Marcellus 24 13,750 % Liquids ~7% - ~8% % of Natural Gas Hedged 81% CPA Marcellus 3 7,880 (1) Utica 3 13,500 Prices on Open Volumes Total 30 Natural Gas NYMEX ($/MMBtu
Slide 7: GHG Emissions
GHG Emissions 2025 increases are associated with the Revised EPA Greenhouse Methane Intensity of Top US NG Basins CNX Methane Intensity Gas Reporting Program (GHGRP) 0.08% The Appalachian Basin is the lowest methane 0.06% intensity basin in the U.S. 0.04% 0.02% 0.00% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 8: Investor Contacts & Notices
Investor Contacts & Notices 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 Investor Relations C