CNX Resources Corp
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
CNX$34.92-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0001070412-25-000090
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001070412-25-000109
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 253 previous paragraphs and 249 current paragraphs.
149 unchanged; 85 reworded; 14 added; 18 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 33 previous and 33 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
On September 30, 2025, CNX entered into an agreement to acquire Utica Shale oil and gas rights, across approximately 23,000 nearly contiguous acres, that sit beneath the Apex Energy footprint. The cost of the acquisition will be approximately $50 million to be paid equally over a three-year period starting in January 2026. This transaction provides the critical strategic benefits CNX envisioned when acquiring Apex due to our ability to leverage the Apex infrastructure already in place to efficiently develop that leasehold.
Current report
Net Income
Current report
The 26.8 Bcfe increase in sales volumes was primarily due to the Apex Transaction that was completed in the first quarter of 2025 (see Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information) and the timing of when new wells were turned-in-line. The increase in volumes was offset, in part, by normal production declines.
Current report
The Shale segment had natural gas, NGLs and oil/condensate revenue of $367 million for the three months ended September 30, 2025 compared to $237 million for the three months ended September 30, 2024. The $130 million increase was primarily due to a 39.6% increase in the average sales price for natural gas and a 21.8% increase in total Shale sales volumes. The increase was offset, in part, by the 81.0% change in the gain on commodity derivative instruments and a 13.1% decrease in the average sales price of NGLs.
Current report
The CBM segment had a loss before income tax of $5 million for the three months ended September 30, 2025 compared to a loss before income tax of $9 million for the three months ended September 30, 2024.
Current report
•Other decreased in the period-to-period comparison primarily due to lower professional services and various other one-time items, none of which were individually material.
Current report
Results of Operations -Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024
Current report
Net Income
Current report
The 67.9 Bcfe increase in sales volumes was primarily due to the Apex Transaction that was completed in the first quarter of 2025 (see Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information) and the timing of when new wells were turned-in-line. The increase in volumes was offset, in part, by normal production declines.
Current report
The Shale segment had natural gas, NGLs and oil/condensate revenue of $1,326 million for the nine months ended September 30, 2025 compared to $746 million for the nine months ended September 30, 2024. The $580 million increase was primarily due to a 62.4% increase in the average sales price for natural gas and an 18.1% increase in total Shale sales volumes. The increase was offset, in part, by the 140.0% change in the (loss) gain on commodity derivative instruments.
Current report
The CBM segment had a loss before income tax of $14 million for the nine months ended September 30, 2025 compared to a loss before income tax of $18 million for the nine months ended September 30, 2024.
Current report
Total operating costs and expenses for the CBM segment were $115 million for the nine months ended September 30, 2025 compared to $112 million for the nine months ended September 30, 2024. The increase in total dollars and unit costs for the CBM segment were due to the following items:
Current report
•Other decreased in the period-to-period comparison primarily due to lower professional services and various other one-time items, none of which were individually material.
Current report
•Net income increased $383 million in the period-to-period comparison.
Removed paragraphs (18)
Previous report
On May 30, 2025, the U.S. Department of Energy (DOE) provided an update to their previously released 45ZCF-GREET (45Z) model to include the addition of Remediated Methane Gas (RMG). This update is significant in that it represents the second recent recognition of RMG as a qualifying feedstock for various end use applications within a federal incentive program. CNX continues to closely monitor 45Z as regulators and administration officials work towards final rule implementation, and assuming that final rule is consistent with the previously released notice of intent, it is anticipated that CNX could receive an incremental annual tax credit generation opportunity.
Previous report
Net Income (Loss)
Previous report
The 33.6 Bcfe increase in sales volumes was primarily due to the Apex Transaction that was completed in the first quarter of 2025 (see Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information) and the timing of when new wells were turned-in-line. The increase in volumes was offset, in part, by normal production declines.
Previous report
The Shale segment had natural gas, NGLs and oil/condensate revenue of $452 million for the three months ended June 30, 2025 compared to $216 million for the three months ended June 30, 2024. The $236 million increase was primarily due to an 80.0% increase in the average sales price for natural gas, a 27.4% increase in total Shale sales volumes and a 9.1% increase in the average sales price of NGLs. The increase was offset, in part, by the 125.3% change in (loss) gain on commodity derivative instruments.
Previous report
The CBM segment had a loss before income tax of $8 million for the three months ended June 30, 2025 compared to a loss before income tax of $9 million for the three months ended June 30, 2024.
Previous report
•CBM transportation, gathering and compression costs were $17 million for the three months ended June 30, 2025 compared to $16 million for the three months ended June 30, 2024. The increase in total dollars and unit costs was primarily due to an increase in repairs and maintenance expense offset, in part, by a decrease in electrical compression expense.
Previous report
•Equity income from affiliates represents CNX’s share of earnings and losses from various entities, including interests in various oilfield service companies and an interest in a gas-fired generation facility located within CNX’s CBM field.
Previous report
Results of Operations -Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024
Previous report
Net Income (Loss)
Previous report
The 41.0 Bcfe increase in sales volumes was primarily due to the Apex Transaction that was completed in the first quarter of 2025 (see Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information) and the timing of when new wells were turned-in-line. The increase in volumes was offset, in part, by normal production declines.
Previous report
The Shale segment had natural gas, NGLs and oil/condensate revenue of $959 million for the six months ended June 30, 2025 compared to $508 million for the six months ended June 30, 2024. The $451 million increase was primarily due to a 73.6% increase in the average sales price for natural gas, a 16.3% increase in total Shale sales volumes and an 11.0% increase in the average sales price of NGLs. The increase was offset, in part, by the 175.8% change in the (loss) gain on commodity derivative instruments.
Previous report
The CBM segment had a loss before income tax of $10 million for the six months ended June 30, 2025 compared to a loss before income tax of $9 million for the six months ended June 30, 2024.
Previous report
Total operating costs and expenses for the CBM segment were $77 million for the six months ended June 30, 2025 compared to $74 million for the six months ended June 30, 2024. The increase in total dollars and unit costs for the CBM segment were due to the following items:
Previous report
•Equity income (loss) from affiliates represents CNX’s share of earnings and losses from various entities, including interests in various oilfield service companies and an interest in a gas-fired generation facility located within CNX’s CBM field.
Previous report
•Idle equipment and service charges relate to the temporary idling of certain equipment and other services that may be needed in the natural gas drilling and completions process.
Previous report
•Inventory adjustments represent required adjustments made to record inventory at the lower of cost or net realizable value.
Previous report
•Other includes multiple one-time items in the period-to-period comparison. The decrease in the period-to-period comparison, was primarily due to the prior period including a $3 million charge related to a prior year sales and use tax audit settlement and a $3 million charge related to a prior year pipeline tariff filing. No such transactions occurred in the current period.
Previous report
•Net income increased $246 million in the period-to-period comparison.
Reworded paragraphs (85)
Previous wording
Total hedged natural gas production for the third quarter of 2025 is 121.9 Bcf. CNX's annual gas hedge position is shown in the table below:
Current wording
Total hedged natural gas production for the fourth quarter of 2025 is 121.9 Bcf. CNX's annual gas hedge position is shown in the table below:
Previous wording
1 Includes actual settlements of 199 Bcf.
Current wording
1 Includes actual settlements of 286.7 Bcf.
Previous wording
During the six months ended June 30, 2025, CNX completed the acquisition of Apex Energy II, LLC, (“the Apex Transaction") (see Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). The Apex Transaction expands CNX's existing Shale undeveloped leasehold in the central Pennsylvania region and provides an existing infrastructure footprint that can be leveraged for future development.
Current wording
During the nine months ended September 30, 2025, CNX completed the acquisition of Apex Energy II, LLC, ("the Apex Transaction") (see Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). The Apex Transaction expands CNX's existing Shale undeveloped leasehold in the central Pennsylvania region and provides an existing infrastructure footprint that can be leveraged for future development.
Previous wording
On July 4, 2025, the United States enacted into law the One, Big, Beautiful Bill Act ("OBBBA"). The OBBBA, which, among other things, allows for 100% bonus depreciation on a permanent basis for property acquired and placed in service on or after January 19, 2025, permanently reinstates the EBITDA limitation for the calculation of the deduction for interest expense after December 31, 2024, and allows permanent expensing rather than a five-year amortization period for domestic research and development amounts paid or incurred in tax years beginning after December 31, 2024. The Company is currently evaluating the impact of the OBBBA on its consolidated financial statements.
Current wording
On July 4, 2025, the United States enacted into law the One, Big, Beautiful Bill Act ("OBBBA"). The OBBBA, which, among other things, allows for 100% bonus depreciation on a permanent basis for property acquired and placed in service on or after January 19, 2025, permanently reinstates the EBITDA limitation for the calculation of the deduction for interest expense after December 31, 2024, and allows permanent expensing rather than a 5-year amortization period for domestic research and development amounts paid or incurred in tax years beginning after December 31, 2024. The OBBBA primarily impacts CNX's taxable temporary differences and certain deferred tax assets and liabilities with no material impact to the estimated annual effective tax rate.
Previous wording
CNX reported net income of $433 million, or earnings per diluted share of $2.53, for the three months ended June 30, 2025, compared to a net loss of $18 million, or loss per diluted share of $0.12, for the three months ended June 30, 2024.
Current wording
CNX reported net income of $202 million, or earnings per diluted share of $1.21, for the three months ended September 30, 2025, compared to net income of $66 million, or earnings per diluted share of $0.37, for the three months ended September 30, 2024.
Previous wording
Included in earnings for the three months ended June 30, 2025 was an unrealized gain on commodity derivative instruments of $456 million and a net gain on asset sales and abandonments of $18 million. Included in the loss for the three months ended June 30, 2024 was an unrealized loss on commodity derivative instruments of $96 million and a net gain on asset sales and abandonments of $1 million. See Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information related to the gain on asset sales and abandonments.
Current wording
Included in earnings for the three months ended September 30, 2025 was an unrealized gain on commodity derivative instruments of $110 million and a net gain on asset sales and abandonments of $68 million. Included in the earnings for the three months ended September 30, 2024 was an unrealized loss on commodity derivative instruments of $6 million and a net gain on asset sales and abandonments of $11 million. See Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information related to the gain on asset sales and abandonments.
Previous wording
•Lease operating expense increased on a per unit basis primarily due to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in repairs and maintenance expense. The increases were offset, in part, by the overall increase in total sales volumes.
Current wording
•Lease operating expense increased on a per unit basis primarily due to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in well tending expense. The increases were offset, in part, by the overall increase in total sales volumes.
Previous wording
•Transportation, gathering and compression expense decreased on a per unit basis primarily due to the overall increase in total sales volumes and a decrease in processing costs due to production mix. The per unit decrease was offset, in part, by higher repairs and maintenance expense and higher electrical compression expense.
Current wording
•Transportation, gathering and compression expense decreased on a per unit basis primarily due to the overall increase in total sales volumes and a decrease in processing costs due to production mix. The per unit decrease was offset, in part, by higher repairs and maintenance expense.
Previous wording
The increase in Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure was primarily due to the 33.6 Bcfe increase in total sales volumes, the $1.24 per Mcf increase in natural gas sales price, when excluding the impact of hedging and the $1.80 per Bbl increase in NGL prices. The increases were offset, in-part, by the impact of the change in the (loss) gain on commodity derivative instruments - cash settlement related to the Company's hedging program.
Current wording
The increase in Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure was primarily due to the 26.8 Bcfe increase in total sales volumes and the $0.70 per Mcf increase in natural gas sales price, when excluding the impact of hedging. The increases were offset, in part, by the impact of the change in the gain on commodity derivative instruments - cash settlement related to the Company's hedging program and the $2.76 per Bbl decrease in NGL prices.
Previous wording
The Shale segment had earnings before income tax of $196 million for the three months ended June 30, 2025 compared to earnings before income tax of $143 million for the three months ended June 30, 2024.
Current wording
The Shale segment had earnings before income tax of $171 million for the three months ended September 30, 2025 compared to earnings before income tax of $145 million for the three months ended September 30, 2024.
Previous wording
The increase in total average Shale sales price was primarily due to a $1.24 per Mcf increase in average natural gas sales price and a $0.30 per Mcfe increase in the average NGL sales price. These increases were offset, in part, by a $1.14 per Mcf change in the (loss) gain on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 113.6 Bcf of the Company's produced Shale gas sales volumes for the three months ended June 30, 2025 at an average loss of $0.29 per Mcf hedged. For the three months ended June 30, 2024, these financial hedges represented approximately 97.4 Bcf at an average gain of $1.04 per Mcf hedged.
Current wording
The decrease in total average Shale sales price was primarily due to a $0.46 per Mcfe decrease in the average NGL sales price and a $0.64 per Mcf change in the gain on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 115.7 Bcf of the Company's produced Shale gas sales volumes for the three months ended September 30, 2025 at an average gain of $0.18 per Mcf hedged. For the three months ended September 30, 2024, these financial hedges represented approximately 96.0 Bcf at an average gain of $0.91 per Mcf hedged. These decreases were offset, in part, by a $0.67 per Mcf increase in average natural gas sales price.
Previous wording
Total operating costs and expenses for the Shale segment were $240 million for the three months ended June 30, 2025 compared to $191 million for the three months ended June 30, 2024. The increase in total dollars and decrease in unit costs for the Shale segment were due to the following items:
Current wording
Total operating costs and expenses for the Shale segment were $235 million for the three months ended September 30, 2025 compared to $198 million for the three months ended September 30, 2024. The increase in total dollars and decrease in unit costs for the Shale segment were due to the following items:
Previous wording
•Shale lease operating expenses were $20 million for the three months ended June 30, 2025 compared to $12 million for the three months ended June 30, 2024. The increase in total dollars and unit costs was primarily related to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in well tending expense. The increase in unit costs was offset, in part, by the overall increase in volumes.
Current wording
•Shale lease operating expenses were $21 million for the three months ended September 30, 2025 compared to $12 million for the three months ended September 30, 2024. The increase in total dollars and unit costs was primarily related to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in well tending expense. The increase in unit costs was offset, in part, by the overall increase in volumes.
Previous wording
•Shale production, ad valorem and other fees were $9 million for the three months ended June 30, 2025 compared to $5 million for the three months ended June 30, 2024. The increase in total dollars was primarily due to increased realized prices on natural gas. Unit costs remained flat in the period-to-period comparison due to the overall increase in volumes.
Current wording
•Shale production, ad valorem and other fees were $6 million for the three months ended September 30, 2025 compared to $5 million for the three months ended September 30, 2024. The increase in total dollars was primarily due to increased realized prices on natural gas. Unit costs remained flat in the period-to-period comparison due to the overall increase in volumes.
Previous wording
•Shale transportation, gathering and compression costs were $80 million for the three months ended June 30, 2025 compared to $76 million for the three months ended June 30, 2024. The increase in total dollars was primarily due to higher repairs and maintenance expense and electrical compression expense offset, in part, by lower processing costs due to production mix. The decrease in unit costs was primarily due to the overall increase in volumes.
Current wording
•Shale transportation, gathering and compression costs were $81 million for the three months ended September 30, 2025 compared to $80 million for the three months ended September 30, 2024. The increase in total dollars was primarily due to higher repairs and maintenance expense and electrical compression expense offset, in part, by lower processing costs due to production mix. The decrease in unit costs was primarily due to the overall increase in volumes.
Previous wording
•Depreciation, depletion and amortization costs attributable to the Shale segment were $131 million for the three months ended June 30, 2025 compared to $98 million for the three months ended June 30, 2024. These amounts included depletion on a units of production basis of $0.68 per Mcfe and $0.67 per Mcfe, respectively. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.
Current wording
•Depreciation, depletion and amortization costs attributable to the Shale segment were $127 million for the three months ended September 30, 2025 compared to $101 million for the three months ended September 30, 2024. These amounts included depletion on a units of production basis of $0.74 per Mcfe and $0.70 per Mcfe, respectively. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.
Previous wording
Total Shale other revenue and operating income relates to natural gas gathering services provided to third parties. The Shale segment had other revenue and operating income of $17 million for the three months ended June 30, 2025 compared to $16 million for the three months June 30, 2024.
Current wording
Total Shale other revenue and operating income relates to natural gas gathering services provided to third parties. The Shale segment had other revenue and operating income of $18 million for both the three months ended September 30, 2025 and 2024.
Previous wording
The CBM segment had natural gas revenue of $33 million for the three months ended June 30, 2025 compared to $20 million for the three months ended June 30, 2024. The $13 million increase was primarily due to a 67.5% increase in the average sales price for natural gas in the current period offset, in part, by a 3.1% decrease in CBM sales volumes due to normal production declines.
Current wording
The CBM segment had natural gas revenue of $33 million for the three months ended September 30, 2025 compared to $22 million for the three months ended September 30, 2024. The $11 million increase was primarily due to a 54.8% increase in the average sales price for natural gas in the current period offset, in part, by a 3.0% decrease in CBM sales volumes due to normal production declines.
Previous wording
The total average CBM sales price increased $0.37 per Mcf primarily due to a $1.43 per Mcf increase in average gas sales price offset, in part, by a $1.07 per Mcf change in the (loss) gain on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 6.8 Bcf of the Company's produced CBM sales volumes for the three months ended June 30, 2025 at an average loss of $0.32 per Mcf hedged. For the three months ended June 30, 2024, these financial hedges represented approximately 7.8 Bcf at an average gain of $1.05 per Mcf hedged.
Current wording
The total average CBM sales price increased $0.63 per Mcf primarily due to a $1.20 per Mcf increase in average gas sales price offset, in part, by a $0.57 per Mcf change in the gain on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 7.4 Bcf of the Company's produced CBM sales volumes for the three months ended September 30, 2025 at an average gain of $0.18 per Mcf hedged. For the three months ended September 30, 2024, these financial hedges represented approximately 7.9 Bcf at an average gain of $0.90 per Mcf hedged.
Previous wording
Total operating costs and expenses for the CBM segment were $39 million for the three months ended June 30, 2025 compared to $37 million for the three months ended June 30, 2024. The increases in total dollars unit costs for the CBM segment were due to the following items:
Current wording
Total operating costs and expenses for the CBM segment were $39 million for the three months ended September 30, 2025 compared to $38 million for the three months ended September 30, 2024. The increases in total dollars and unit costs for the CBM segment were due to the following items:
Previous wording
•CBM lease operating expenses were $6 million for both the three months ended June 30, 2025 and 2024. The increase in per unit costs was due to the decrease in total CBM volumes.
Current wording
•CBM transportation, gathering and compression costs were $16 million for both the three months ended September 30, 2025 and 2024. The increase in unit costs was due to the decrease in total CBM volumes.
Previous wording
•Depreciation, depletion and amortization costs attributable to the CBM segment were $29 million for the six months ended June 30, 2025 and $29 million or the six months ended June 30, 2024. These amounts included depletion on a unit of production basis of $0.86 per Mcfe and $0.85 per Mcfe, respectively. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.
Current wording
•Depreciation, depletion and amortization costs attributable to the CBM segment were $15 million for both the three months ended September 30, 2025 and 2024. These amounts included depletion on a units of production basis of $0.87 per Mcfe and $0.85 per Mcfe, respectively. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.
Previous wording
The Other Segment had earnings before income tax of $398 million for the three months ended June 30, 2025 compared to a loss before income tax of $149 million for the three months ended June 30, 2024. The increase in total dollars is discussed below.
Current wording
The Other Segment had earnings before income tax of $100 million for the three months ended September 30, 2025 compared to a loss before income tax of $53 million for the three months ended September 30, 2024. The increase in total dollars is discussed below.
Previous wording
For the three months ended June 30, 2025, the Other Segment recognized an unrealized gain on commodity derivative instruments of $456 million. For the three months ended June 30, 2024, the Other Segment recognized an unrealized loss on commodity derivative instruments of $96 million. The unrealized gain (loss) on commodity derivative instruments represents changes in the fair value of all the Company's existing commodity hedges on a mark-to-market basis.
Current wording
For the three months ended September 30, 2025, the Other Segment recognized an unrealized gain on commodity derivative instruments of $110 million. For the three months ended September 30, 2024, the Other Segment recognized an unrealized loss on commodity derivative instruments of $6 million. The unrealized gain or loss on commodity derivative instruments represents changes in the fair value of all the Company's existing commodity hedges on a mark-to-market basis.
Previous wording
Purchased gas volumes represent volumes of natural gas purchased at market prices from third parties and then resold in order to fulfill contracts with certain customers and to balance supply. Purchased gas revenue was $10 million for the three months ended June 30, 2025 compared to $11 million for the three months ended June 30, 2024. Purchased gas costs were $9 million for the three months ended June 30, 2025 compared to $10 million for the three months ended June 30, 2024. The period-to-period decrease in purchased gas revenue was due to a decrease in purchased gas sales volumes offset, in part, by an increase in average sales price.
Current wording
Purchased gas volumes represent volumes of natural gas purchased at market prices from third parties and then resold in order to fulfill contracts with certain customers and to balance supply. Purchased gas revenue was $9 million for the three months ended September 30, 2025 compared to $27 million for the three months ended September 30, 2024. Purchased gas costs were $9 million for the three months ended September 30, 2025 compared to $27 million for the three months ended September 30, 2024. The period-to-period decrease in purchased gas revenue was due to a decrease in purchased gas sales volumes offset, in part, by an increase in average sales price.
Previous wording
•Water income represents revenue generated when CNX accepts deliveries of produced water from third parties for reuse in the Company’s hydraulic fracturing operations, as well as from sales of freshwater to third parties. Water income decreased in the period-to-period comparison due to lower third-party sales in the current period.
Current wording
•Water income represents revenue generated when CNX accepts deliveries of produced water from third parties for reuse in the Company’s hydraulic fracturing operations, as well as from sales of freshwater to third parties.
Previous wording
•Environmental attribute fees represent costs related to the sale of environmental attributes that are included in Other Revenue and Operating Income. The decrease in fees in the period-to-period comparison primarily relates to a reimbursement received from one of our counterparties in the current period for certain expenses.
Current wording
•Environmental attribute fees represent costs related to the sale of environmental attributes that are included in Other Revenue and Operating Income.
Previous wording
•CNX pursues legal recoveries when certain circumstances arise. The decrease in litigation recoveries in the period-to-period comparison was the result of various recoveries that occurred in each period.
Current wording
•CNX pursues legal recoveries when certain circumstances arise. The decrease in litigation recoveries in the period-to-period comparison was the result of various recoveries that occurred in the prior period.
Previous wording
A net gain on asset sales and abandonments of $18 million was recognized in the three months ended June 30, 2025 compared to a net gain of $1 million in the three months ended June 30, 2024. The net gain recognized during both the three months ended June 30, 2025 and 2024 primarily relates to the sale of various non-core assets (rights-of-way, surface acreage and other non-operated oil and gas interests and assets). See Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
Current wording
A net gain on asset sales and abandonments of $68 million was recognized in the three months ended September 30, 2025 compared to a net gain of $11 million in the three months ended September 30, 2024. The net gain recognized during the three months ended September 30, 2025 primarily relates to the sale of approximately 7,500 acres of Marcellus Shale rights primarily located in Monroe County, Ohio, for net proceeds of $57 million. The remaining net gain during the three months ended September 30, 2025, as well as, the net gain during the three months ended September 30, 2024 related to the sale of various non-core assets (rights-of-way, surface acreage and other non-operated oil and gas interests and assets) none of which were individually material. See Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
Previous wording
The effective income tax rates for the three months ended June 30, 2025 and 2024 were 26.1% and (19.8)%, respectively. The effective rate for the three months ended June 30, 2025 and 2024 differs from the U.S. federal statutory rate of 21% primarily due to the impact equity compensation, federal tax credits and state taxes. See Note 5 – Income Taxes in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
Current wording
The effective income tax rates for the three months ended September 30, 2025 and 2024 were 23.9% and 20.6%, respectively. The effective rate for the three months ended September 30, 2025 and 2024 differs from the U.S. federal statutory rate of 21% primarily due to the impact equity compensation, federal tax credits and state taxes. See Note 5 – Income Taxes in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
Previous wording
CNX reported net income of $235 million, or earnings per diluted share of $1.37, for the six months ended June 30, 2025, compared to a net loss of $11 million, or loss per diluted share of $0.07, for the six months ended June 30, 2024.
Current wording
CNX reported net income of $437 million, or earnings per diluted share of $2.57, for the nine months ended September 30, 2025, compared to net income of $54 million, or earnings per diluted share of $0.32, for the nine months ended September 30, 2024.
Previous wording
Included in the earnings for the six months ended June 30, 2025 was an unrealized gain on commodity derivative instruments of $38 million and a net gain on asset sales and abandonments of $27 million. Included in the loss for the six months ended June 30, 2024 was an unrealized loss on commodity derivative instruments of $143 million and a net loss on asset sales and abandonments of $20 million. See Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information related to the (gain) loss on asset sales and abandonments.
Current wording
Included in the earnings for the nine months ended September 30, 2025 was an unrealized gain on commodity derivative instruments of $148 million and a net gain on asset sales and abandonments of $95 million. Included in the earnings for the nine months ended September 30, 2024 was an unrealized loss on commodity derivative instruments of $149 million and a net loss on asset sales and abandonments of $9 million. See Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information related to the (gain) loss on asset sales and abandonments.
Previous wording
•Lease operating expense increased on a per unit basis primarily due to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in repairs and maintenance expense. The increases were offset, in part, by the overall increase in total sales volumes.
Current wording
•Lease operating expense increased on a per unit basis primarily due to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in well tending expense. The increases were offset, in part, by the overall increase in total sales volumes.
Previous wording
•Transportation, gathering and compression expense decreased on a per unit basis primarily due to the overall increase in total sales volumes and a decrease in processing costs due to the production mix of higher dry gas volumes and an increase in lower cost ethane volumes. The per unit decreases was offset, in part, by higher repairs and maintenance expense and higher electrical compression expense.
Current wording
•Transportation, gathering and compression expense decreased on a per unit basis primarily due to the overall increase in total sales volumes and a decrease in processing costs due to the production mix of higher dry gas volumes and an increase in lower cost ethane volumes. The per unit decreases was offset, in part, by higher repairs and maintenance expense.
Previous wording
The increase in Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure was primarily due to the 41.0 Bcfe increase in total sales volumes, the $1.33 per Mcf increase in natural gas sales price, when excluding the impact of hedging and the $2.40 per barrel increase in NGL prices. These increases were offset, in-part, by the impact of the change in the (loss) gain on commodity derivative instruments - cash settlement related to the Company's hedging program.
Current wording
The increase in Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure was primarily due to the 67.9 Bcfe increase in total sales volumes and the $1.11 per Mcf increase in natural gas sales price, when excluding the impact of hedging. These increases were offset, in part, by the impact of the change in the (loss) gain on commodity derivative instruments - cash settlement related to the Company's hedging program.
Previous wording
SEGMENT ANALYSIS for the six months ended June 30, 2025 compared to the six months ended June 30, 2024:
Current wording
SEGMENT ANALYSIS for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024:
Previous wording
The Shale segment had earnings before income tax of $410 million for the six months ended June 30, 2025 compared to earnings before income tax of $304 million for the six months ended June 30, 2024.
Current wording
The Shale segment had earnings before income tax of $581 million for the nine months ended September 30, 2025 compared to earnings before income tax of $449 million for the nine months ended September 30, 2024.
Previous wording
The increase in total average Shale sales price was primarily due to a $1.34 per Mcf increase in average gas sales price and a $0.40 per Mcfe increase in the average NGL sales price. These increases were offset, in part, by a $1.16 per Mcf change in the (loss) gain on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 223.3 Bcf of the Company's produced Shale gas sales volumes for the six months ended June 30, 2025 at an average loss of $0.60 per Mcf hedged. For the six months ended June 30, 2024, these financial hedges represented approximately 189.6 Bcf at an average gain of $0.80 per Mcf hedged.
Current wording
The increase in total average Shale sales price was primarily due to a $1.11 per Mcf increase in average gas sales price and a $0.12 per Mcfe increase in the average NGL sales price. These increases were offset, in part, by a $0.98 per Mcf change in the (loss) gain on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 339.0 Bcf of the Company's produced Shale gas sales volumes for the nine months ended September 30, 2025 at an average loss of $0.34 per Mcf hedged. For the nine months ended September 30, 2024, these financial hedges represented approximately 285.6 Bcf at an average gain of $0.84 per Mcf hedged.
Previous wording
Total operating costs and expenses for the Shale segment were $447 million for the six months ended June 30, 2025 compared to $389 million for the six months ended June 30, 2024. The increase in total dollars and decrease in unit costs for the Shale segment were due to the following items:
Current wording
Total operating costs and expenses for the Shale segment were $682 million for the nine months ended September 30, 2025 compared to $587 million for the nine months ended September 30, 2024. The increase in total dollars and decrease in unit costs for the Shale segment were due to the following items:
Previous wording
•Shale lease operating expenses were $37 million for the six months ended June 30, 2025 compared to $24 million for the six months ended June 30, 2024. The increase in total dollars and unit costs was primarily related to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions and an increase in well tending expense.
Current wording
•Shale lease operating expenses were $59 million for the nine months ended September 30, 2025 compared to $36 million for the nine months ended September 30, 2024. The increase in total dollars and unit costs was primarily related to an increase in water disposal costs as more water was taken to disposal instead of being reused in well completions.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•CBM lease operating expenses were $6 million for the three months ended September 30, 2025 compared to $5 million for the three months ended September 30, 2024. The increase in total dollars and unit costs was primarily due to an increase in repairs and maintenance expense. The increase in per unit costs was also due to the decrease in total CBM volumes.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Salaries, wages and employee benefits decreased in the period-to-period comparison due to a reduction in headcount that occurred during the first quarter of 2025.