1Q 2026 Earnings Results & Supplemental Information of CNX Resources
TABLE OF CONTENTS: Page:Production Volumes and Activity Summary........................................................................................................................ 2
Hedge Volumes and Pricing…........................................................................................................................................... 3
Gas Hedging Gain/Loss Projections and Actuals.............................................................................................................. 4
Consolidated Statements of Income.................................................................................................................................. 5
Consolidated Balance Sheets............................................................................................................................................ 6
Consolidated Statements of Cash Flows…....................................................................................................................... 7
Market Mix and Natural Gas Price Reconciliation….......................................................................................................... 8
Price and Cost Data (Per Mcfe)......................................................................................................................................... 9
Guidance…........................................................................................................................................................................ 10
Year End 2025 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.
PRODUCTION VOLUMES | |||||
GAS | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 |
Shale Sales Volumes (Bcf) | 129.8 | 130.5 | 139.2 | 146.9 | 126.0 |
CBM Sales Volumes (Bcf) | 9.1 | 9.4 | 9.7 | 9.4 | 9.3 |
Other Sales Volumes (Bcf) | 0.1 | 0.1 | 0.1 | - | 0.1 |
LIQUIDS* | |||||
NGLs Sales Volumes (Bcfe) | 13.1 | 12.1 | 12.0 | 11.1 | 12.2 |
Oil and Condensate Sales Volumes (Bcfe) | 0.3 | 0.2 | 0.3 | 0.2 | 0.2 |
TOTAL (Bcfe) | 152.4 | 152.3 | 161.3 | 167.6 | 147.8 |
Average Daily Production (MMcfe) | 1,693.0 | 1,654.8 | 1,753.3 | 1,841.8 | 1,642.3 |
* NGLs, Oil and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
Q1 2026 ACTIVITY SUMMARY TD Frac TIL Average Lateral Length(1) Rigs at Period EndSWPA Marcellus Utica | 14 - | 3 - | 6 - | 10,070 - | - - |
CPA Marcellus | - | - | 3 | 8,010 | - |
Utica | - | 3 | 3 | 13,590 | 1 |
Total | 14 | 6 | 12 | 1 |
Measured in lateral feet from perforation to perforation.
NATURAL GAS HEDGE VOLUMES AND PRICING(1) | |||||||
Q2 2026 | 2026 | 2027 | 2028 | ||||
NYMEX Hedges | |||||||
Volumes (Bcf) Average Prices ($/Mcf) | 89.3 $3.50 | 356.2 $3.55 | 259.7 $4.17 | 102.8 $4.03 | |||
Physical Fixed Price Sales and Index Hedges | |||||||
Volumes (Bcf) Average Prices ($/Mcf) | 25.9 $2.64 | 103.4 $2.64 | 140.6 $3.31 | 38.9 $3.11 | |||
Total Volumes Hedged (Bcf)(2) NYMEX + Basis (fully-covered volumes)(3) | 115.1 | 459.6 | 400.3 | 141.6 | |||
Volumes (Bcf) Average Prices ($/Mcf) | 110.8 $2.71 | 445.6 $2.74 | 400.3 $3.31 | 141.6 $3.25 | |||
NYMEX Hedges Exposed to Basis | |||||||
Volumes (Bcf) | 4.36 | 14.0 | - | - | |||
Average Prices ($/Mcf) | $3.50 | $3.54 | - | - | |||
Total Volumes Hedged (Bcf)(2) | 115.1 | 459.6 | 400.3 | 141.6 | |||
Estimated Conversion Factor(4) | 1.060 | 1.063 | 1.064 | 1.060 | |||
Hedge positions as of 4/15/2026.
Excludes basis hedges in excess of NYMEX hedges of 1.9 Bcf and 58.6 Bcf for 2027 and 2028, respectively.
Includes the impact of NYMEX and basis-only hedges as well as physical sales agreements.
To convert Bcf to TBtu, multiply by conversion factor; to convert $/Mcf to $/MMBtu, divide by conversion factor.
Q2 2026 | CY2026 | |||||||
Hedged | Wtd. | Hedged | Wtd. | |||||
Volumes | Avg. | Average | Forecasted | Volumes | Avg. | Average | Forecasted | |
Gain/ | ||||||||
(000 | Hedged | Forward | Gain/(Loss)(2) | (000 | Hedged | Forward | (Loss)(2) | |
MMBtu) | Price | Market(1) | ($ in 000s) | MMBtu) | Price | Market(1) | ($ in 000s) | |
($/MMBtu)
NYMEX | 94,640 | $3.30 | $2.82 | $45,593 | 378,670 | $3.34 | $3.64 | ($105,482) |
Index | 27,300 | $2.49 | $2.10 | $10,699 | 109,500 | $2.49 | $2.93 | ($48,446) |
Basis: | ||||||||
Eastern Gas-South (DOM) | 27,300 | ($0.88) | ($0.83) | ($1,599) | 110,060 | ($0.88) | ($0.78) | ($9,225) |
TCO Pool (TCO) | 12,058 | ($0.74) | ($0.58) | ($1,968) | 48,643 | ($0.74) | ($0.57) | ($7,079) |
Michcon (NMC) | 8,190 | ($0.19) | ($0.29) | $771 | 32,850 | ($0.19) | ($0.37) | $5,761 |
TETCO M3 (TMT) | - | - | ($0.73) | - | - | - | $0.43 | - |
TETCO M2 (BM2) | 26,618 | ($1.01) | ($0.82) | ($4,920) | 106,763 | ($1.01) | ($0.73) | ($28,707) |
STA 165 (TSD) | - | - | ($0.67) | $0 | - | - | $0.22 | - |
Total Financial Basis Hedges | 74,165 | ($7,716) | 298,315 | ($39,249) | ||||
Total Projected Realized Gain / (Loss) | $48,576 | ($193,177) |
Note: Forward market prices, hedged volumes, and hedge prices are as of 4/15/2026. Anticipated hedging activity is not included in projections.
April 2026 prices are settled.
Forecasted Gain/(Loss) amounts are based on sum of current monthly hedge positions vs. strip.
Actual Change in Derivatives | |||||
(Dollars in millions) | Q1 2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 |
Realized (Loss) Gain | ($222) | ($58) | $22 | ($35) | ($110) |
Unrealized Gain (Loss) | 226 | 130 | 110 | 456 | (418) |
Gain (Loss) on Commodity Derivative Instruments | $4 | $72 | $132 | $421 | $(528) |
CONSOLIDATED STATEMENTS OF INCOME | |||||
(Unaudited) Dollars in thousands, except per share data Revenue and Other Operating Income: | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 |
Natural Gas, NGL and Oil Revenue | $722,044 | $476,615 | $400,990 | $485,029 | $551,094 |
Gain (Loss) on Commodity Derivative Instruments | 3,981 | 72,065 | 131,695 | 421,121 | (528,220) |
Purchased Gas Revenue | 12,687 | 14,365 | 9,026 | 10,408 | 11,550 |
Other Revenue and Operating Income | 47,942 | 47,439 | 42,129 | 45,864 | 47,964 |
Total Revenue and Other Operating Income | 786,654 | 610,484 | 583,840 | 962,422 | 82,388 |
Costs and Expenses: | |||||
Operating Expense | |||||
Lease Operating Expense | 21,770 | 20,700 | 27,127 | 26,256 | 23,333 |
Transportation, Gathering and Compression | 102,401 | 93,939 | 97,053 | 96,953 | 95,159 |
Production, Ad Valorem, and Other Fees | 8,789 | 6,534 | 7,725 | 9,668 | 7,273 |
Depreciation, Depletion and Amortization | 134,613 | 145,134 | 149,323 | 152,595 | 127,062 |
Exploration and Production Related Other Costs | 4,177 | 5,008 | 1,656 | 1,770 | 2,082 |
Purchased Gas Costs | 12,253 | 13,581 | 8,455 | 9,402 | 11,209 |
Selling, General, and Administrative Costs | 32,245 | 41,846 | 30,375 | 29,068 | 39,013 |
Other Operating (Income) Expense | (4,622) | 14,640 | 19,178 | 21,014 | 14,080 |
Total Operating Expense | 311,626 | 341,382 | 340,892 | 346,726 | 319,211 |
Other Expense (Income) | |||||
Other Expense | 509 | 4,288 | 1,752 | 3,729 | 3,947 |
Gain on Asset Sales and Abandonments, net | (6,365) | (2,410) | (67,460) | (17,715) | (9,583) |
Loss on Debt Extinguishment | 12,009 | 842 | - | - | - |
Interest Expense | 40,470 | 41,975 | 42,964 | 44,041 | 41,612 |
Total Other Expense (Income) | 46,623 | 44,695 | (22,744) | 30,055 | 35,976 |
Total Costs and Expenses | 358,249 | 386,077 | 318,148 | 376,781 | 355,187 |
Earnings (Loss) Before Income Tax | 428,405 | 224,407 | 265,692 | 585,641 | (272,799) |
Income Tax Expense (Benefit) | 80,258 | 28,154 | 63,589 | 153,120 | (75,084) |
Net Income (Loss) | $348,147 | $196,253 | $202,103 | $432,521 | $(197,715) |
Earnings (Loss) per Share | |||||
Basic | $2.45 | $1.45 | $1.45 | $3.02 | $(1.34) |
Diluted | $2.18 | $1.28 | $1.21 | $2.53 | $(1.34) |
Weighted-Average Shares Outstanding | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 |
Weighted-Average Shares of Common Stock Outstanding | 142,202,197 | 135,514,779 | 139,251,482 | 143,429,950 | 147,778,141 |
Effect of Diluted Shares* | 18,086,409 | 19,021,107 | 28,333,716 | 28,316,646 | - |
Weighted-Average Diluted Shares of Common Stock Outstanding | 160,288,606 | 154,535,886 | 167,585,198 | 171,746,596 | 147,778,141 |
*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.