CNX Resources : Q1 2026 Earnings Results & Supplemental Information of CNX Corporation

About this update from Cnx Resources Corporation

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 End SWPA 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) HEDGING GAIN/LOSS PROJECTIONS ($/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.

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