CNX Resources Corp
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 10, 2026
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-K
Period ended 2024-12-31; filed 2025-02-11.
0001070412-25-000049
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-10.
0001070412-26-000038
Item 7. 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 176 previous paragraphs and 174 current paragraphs.
88 unchanged; 63 reworded; 20 added; 23 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 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 (20)
Current report
•Total sales volumes of 629.0 Bcfe
Current report
•Shale sales volumes of 590.8 Bcfe
Current report
•CNX’s 2026 capital expenditures includes the first of three annual payments of $16 million associated with an agreement that grants CNX the right to acquire Utica Shale oil and gas rights that sit beneath the legacy Apex Energy footprint.
Current report
Net Income (Loss)
Current report
The 78.2 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 Audited Consolidated Financial Statements in Item 8 of this Form 10-K 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
•Transportation, gathering and compression expense decreased on a per unit basis primarily due to the overall increase in total sales volumes, 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 were offset, in part, by higher repairs and maintenance expense.
Current report
•Depreciation, depletion and amortization expense increased on a per unit basis primarily due to a slightly higher annual depletion rate. The increases were offset, in part, by the overall increase in total sales volumes.
Current report
The increase in total Shale 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 Audited Consolidated Financial Statements in Item 8 of this Form 10-K 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
*Oil/Condensate is 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 and natural gas prices.
Current report
Unrealized Gain (Loss) on Commodity Derivative Instruments
Current report
•Seismic activity expense in the current period primarily relates to the acquisition of three-dimensional seismic data.
Current report
•Salaries, wages and employee benefits decreased in the period-to-period comparison due to a reduction in headcount that occurred at the end of the first quarter of 2025.
Current report
•Long-term equity-based compensation (non-cash) increased in the period-to-period comparison due to an increase in equity awards issued in the current year.
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
Other Expense (Income)
Current report
•Other corporate expense primarily consists of severance expense related to the reduction in headcount that occurred at the end of the first quarter of 2025.
Current report
A loss on debt extinguishment of $1 million was recognized in the year ended December 31, 2025, compared to $7 million in the year ended December 31, 2024. The loss recognized during the year ended December 31, 2025 was in connection with CNX’s issuance of common stock in exchange for $122 million aggregate principal amount of its 2.25% Convertible Notes due May 2026. See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
Current report
•CNX may from time to time seek to repurchase and retire outstanding debt, issue new debt, or repurchase a portion of its outstanding common stock through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, block trades, derivative contracts or otherwise in compliance with Rule 10b-18. The amounts involved in any such transactions may be material. See Note 12: Long Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information for discussion related to CNX’s outstanding debt and Note 5 – Stock Repurchase in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information for discussion related to the repurchase of CNXs outstanding common stock.
Current report
•Net income increased $724 million in the period-to-period comparison.
Current report
During the year ended December 31, 2025, CNX entered into a privately negotiated exchange agreement with a limited number of holders of its 2.25% Convertible Senior Notes due 2026 to exchange approximately $122 million aggregate principal amount of Notes for consideration consisting of an aggregate of approximately $1 million in cash (including accrued interest) and 9,509,188 shares of common stock. See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information.
Removed paragraphs (23)
Previous report
New Technologies Update
Previous report
For the years ended December 31, 2024 and 2023, CNX recognized $95 million and $41 million of sales of environmental attributes which includes items such as (but is not limited to): carbon credits, air quality credits, renewable or alternative energy credits, methane capture credits, methane performance certificates, emission reductions, offsets and/or allowances. These sales are included as part of Other Revenue and Operating Income in the Other Segment. For the year ended December 31, 2024 and 2023, CNX incurred $15 million and $7 million of environmental attribute fees which represent costs related to the sale of environmental attributes and are included in Other Operating Expense in the Other Segment.
Previous report
On January 3, 2025, the Department of the Treasury issued final rules regarding the Inflation Reduction Act’s Section 45V Hydrogen Production Tax Credit. The Department of Treasury's recognition of captured waste coal mine methane (CMM) as a feedstock for hydrogen production is validation of its inherent environmental and economic benefits and an important step in continuing to monetize the value of this unique asset. The Company has now successfully validated the premium pricing that low-carbon intensity waste methane capture (CMM) blends enjoy in the manufacturing, hydrogen production, and power generation sectors. However, CNX believes that the final 45V implementation rules are overly restrictive across a range of feedstocks and do not currently appear to create sufficient economic incentives for the Company to expand its CMM capture operations for hydrogen end use. Notwithstanding the specifics of the 45V rule, the Company intends to utilize this important validation of the product to pursue other incentive pathways across these sectors, as well as establish similar markets in artificial intelligence (AI) data centers, transportation, aviation, voluntary market platforms, and government/regulatory platforms arenas.
Previous report
•Total sales volumes of 550.8 Bcfe
Previous report
•Shale sales volumes of 511.4 Bcfe
Previous report
•Our 2025 sales of environmental attributes, net of corresponding fees, are expected to be approximately $75 million. However, our ability to sell environmental attributes can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in "Item 1A. Risk Factors" of this Form 10-K.
Previous report
Net (Loss) Income
Previous report
The 9.6 Bcfe decrease in total sales volumes in the period-to-period comparison was primarily due to a 17.7 Bcfe decrease in natural gas sales volumes resulting from normal production declines and the timing of when new wells were turned-in-line after the 2023 period. The decrease was offset, in part, by an 8.5 Bcfe increase in NGL sales volumes primarily due to an increase in ethane recoveries.
Previous report
•Depreciation, depletion and amortization expense increased on a per unit basis primarily due to a higher annual depletion rate for 2024. The increase in rate is primarily attributable to downward reserve revisions due to adjustments to the five-year development plan that lowered proved undeveloped reserves, price changes, and the sale of various non-operated producing oil and gas assets.
Previous report
•Depreciation, depletion and amortization costs attributable to the Shale segment were $405 million for the year ended December 31, 2024 compared to $365 million for the year ended December 31, 2023. These amounts included depletion on a unit of production basis of $0.68 per Mcfe and $0.59 per Mcfe, respectively. The increase in the units of production depreciation, depletion and amortization rate in the current period is primarily due to a higher annual depletion rate for 2024. The increase in rate is primarily attributable to downward reserve revisions due to adjustments to the five-year development plan that lowered proved undeveloped reserves, price changes, and the sale of various non-operated producing oil and gas assets The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.
Previous report
(Loss) Gain on Commodity Derivative Instruments - Unrealized
Previous report
•(Loss) 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
•Lease expiration costs relate to leases where the primary term expired or will expire within the next 12 months. The decrease in the year ended December 31, 2024 was primarily due to a decrease in the number of acres that were allowed to expire.
Previous report
•Short-term incentive compensation increased $12 million due to higher projected payouts for the current period.
Previous report
•Other increased in the period-to-period comparison primarily due to higher professional services and consulting fees, as well as increased software costs.
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
•Virginia flood expense includes costs to cleanup and repair areas that were impacted by flooding that occurred in Buchanan County, Virginia in July 2022. The income in the current period relates to an insurance reimbursement for prior expenses incurred.
Previous report
•Inventory adjustments represent required adjustments made to record inventory at the lower of cost or net realizable value.
Previous report
•Other includes several one-time items in the period-to-period comparison, including $2 million of expenses for our previously announced radical transparency program and a $3 million charge related to a prior-year sales and use tax audit settlement that occurred in the current period. Both periods also include various other one-time items, none of which are individually material.
Previous report
Other (Income) Expense
Previous report
•Right of way sales relate to additional revenue generated from the Company's extensive surface rights. The decrease of $4 million in the period-to-period comparison was due to fewer sales in the current period.
Previous report
•Professional services increased in the period-to-period comparison primarily due to higher fees associated with various one-time items such as the Apex Transaction that closed on January 27, 2025 (See Note 22 – Subsequent Event in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information).
Previous report
•Net income decreased $1,811 million in the period-to-period comparison.
Reworded paragraphs (63)
Previous wording
CNX continually monitors factors that could cause actual results of operations to differ from historical results or current expectations. Examples include global events such as the conflict between Russia and Ukraine and announcements by the Organization of the Petroleum Exporting Countries that impact oil production, both of which have had an impact on global commodity prices. These and other factors could affect the Company’s operations, earnings and cash flows for any period and could cause such results to not be comparable to those of the same period in previous years. The results presented in this Form 10-K are not necessarily indicative of future operating results.
Current wording
CNX continually monitors factors that could cause actual results of operations to differ from historical results or current expectations. Examples include global events such as the current uncertainties in global financial markets, geopolitical tensions and announcements by the Organization of the Petroleum Exporting Countries that impact oil production, all of which have had an impact on global commodity prices. These and other factors could affect the Company’s operations, earnings and cash flows for any period and could cause such results to not be comparable to those of the same period in previous years. The results presented in this Form 10-K are not necessarily indicative of future operating results.
Previous wording
•Proved developed reserves of 6.1 Tcfe as of December 31, 2024
Current wording
•Proved developed reserves of 7.0 Tcfe as of December 31, 2025
Previous wording
•Repurchased 7.2 million shares of CNX common stock for $179 million on the open market at an average price of $24.68.
Current wording
•Repurchased 16.9 million shares of CNX common stock for $528 million on the open market at an average price of $31.00 (see Note 5 – Stock Repurchase in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information).
Previous wording
•On January 27, 2025, the Company completed the acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC (“the Apex Transaction") for total cash consideration of approximately $505 million, subject to certain adjustments. See Note 22 – Subsequent Event in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information.
Current wording
•On January 27, 2025, CNX completed the acquisition of Apex Energy II, LLC, (“the Apex Transaction”) for cash consideration of approximately $518 million (see Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information).
Previous wording
•Our 2025 capital expenditures are expected to be approximately $450-$500 million.
Current wording
•Our 2026 capital expenditures are expected to be approximately $556 - $586 million.
Previous wording
The following discussion and analysis of our Results of Operations and Liquidity and Capital Resources includes a comparison of the year ended December 31, 2024 to the year ended December 31, 2023. A similar discussion and analysis that compares year ended December 31, 2023 to the fiscal year ended December 31, 2022 is omitted from this Form 10-K and may be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our Form 10-K for the year ended December 31, 2023, which is incorporated herein by reference.
Current wording
The following discussion and analysis of our Results of Operations and Liquidity and Capital Resources includes a comparison of the year ended December 31, 2025 to the year ended December 31, 2024. A similar discussion and analysis that compares year ended December 31, 2024 to the fiscal year ended December 31, 2023 is omitted from this Annual Report on Form 10-K and may be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our Annual Report on Form 10-K for the year ended December 31, 2024, which is incorporated herein by reference.
Previous wording
CNX reported a net loss of $90 million, or a loss per diluted share of $0.60, for the year ended December 31, 2024, compared to net income of $1,721 million, or earnings per diluted share of $8.99, for the year ended December 31, 2023.
Current wording
CNX reported net income of $633 million, or earnings per diluted share of $3.98, for the year ended December 31, 2025, compared to a net loss of $90 million, or a loss per diluted share of $0.60, for the year ended December 31, 2024.
Previous wording
Included in the net loss for the year ended December 31, 2024 was an unrealized loss on commodity derivative instruments of $453 million and a net gain on asset sales and abandonments of $25 million. Included in earnings for the year ended December 31, 2023 was an unrealized gain on commodity derivative instruments of $1,765 million and a net gain on asset sales and abandonments of $132 million. See Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information related to the gain on asset sales and abandonments.
Current wording
Included in earnings for the year ended December 31, 2025 was an unrealized gain on commodity derivative instruments of $278 million and a net gain on asset sales and abandonments of $97 million. Included in the net loss for the year ended December 31, 2024 was an unrealized loss on commodity derivative instruments of $453 million and a net gain on asset sales and abandonments of $25 million. See Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K 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 well tending expense.
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
The increase in Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure, was primarily due to the impact of the change in the gain on commodity derivative instruments - cash settlement related to the Company's hedging program, the 8.5 Bcfe increase in NGL sales volumes and the $0.36 per barrel increase in NGL prices. These increases were offset, in-part, by the $0.22 per Mcf decrease in natural gas sales price, when excluding the impact of hedging, and the 17.7 Bcf decrease in natural gas sales volume.
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 83.7 Bcf increase in natural gas sales volumes and the $1.01 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, the 5.5 Bcfe decrease in NGL sales volumes and the $0.30 per barrel decrease in NGL prices.
Previous wording
The Shale segment had earnings before income tax of $617 million for the year ended December 31, 2024 compared to earnings before income tax of $642 million for the year ended December 31, 2023.
Current wording
The Shale segment had earnings before income tax of $760 million for the year ended December 31, 2025 compared to earnings before income tax of $617 million for the year ended December 31, 2024.
Previous wording
The Shale segment had natural gas, NGLs and oil/condensate revenue of $1,080 million for the year ended December 31, 2024 compared to $1,170 million for the year ended December 31, 2023. The $90 million decrease was due primarily to a 9.0% decrease in the average sales price for natural gas and a 3.4% decrease in Shale gas sales volumes primarily due to normal production declines and the timing of when new wells were turned-in-line. The decrease was offset, in part, by a 19.1% increase in NGLs sales volumes due to an increase in ethane recoveries and a 1.7% increase in the average sales price for NGLs.
Current wording
The Shale segment had natural gas, NGLs and oil/condensate revenue of $1,764 million for the year ended December 31, 2025 compared to $1,080 million for the year ended December 31, 2024. The $684 million increase was due primarily to a 52.6% increase in the average sales price for natural gas and an 18.6% increase in Shale gas sales volumes. These increases were offset, in part, by a 10.6% decrease in NGLs sales volumes and a 1.4% decrease in the average sales price for NGLs.
Previous wording
The increase in total average Shale sales price was primarily due to a $0.25 per Mcf change in the gain on commodity derivative instruments - cash settlement and a $0.06 per Mcfe increase in the average NGL sales price. These increases were offset in part by a $0.19 per Mcf decrease in average gas sales price. The notional amounts associated with these financial hedges represented approximately 389.7 Bcf of the Company's produced Shale gas sales volumes for the year ended December 31, 2024 at an average gain of $0.67 per Mcf hedged. For the year ended December 31, 2023, these financial hedges represented approximately 399.2 Bcf at an average gain of $0.37 per Mcf hedged.
Current wording
The increase in total average Shale sales price was primarily due to a $1.01 per Mcf increase in average gas sales price. These increases were offset, in part, by a $0.88 per Mcf change in the (loss) gain on commodity derivative instruments - cash settlements and a $0.05 per Mcfe decrease in the average NGL sales price. The notional amounts associated with these financial hedges represented approximately 452.6 Bcf of the Company's produced Shale gas sales volumes for the year ended December 31, 2025 at an average loss of $0.38 per Mcf hedged. For the year ended December 31, 2024, these financial hedges represented approximately 389.7 Bcf at an average gain of $0.67 per Mcf hedged.
Previous wording
Total operating costs and expenses for the Shale segment were $791 million for the year ended December 31, 2024 compared to $746 million for the year ended December 31, 2023. The increases in total dollars and unit costs for the Shale segment were due to the following items:
Current wording
Total operating costs and expenses for the Shale segment were $903 million for the year ended December 31, 2025 compared to $791 million for the year ended December 31, 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 $48 million for the year ended December 31, 2024 compared to $44 million for the year ended December 31, 2023. The increase in total dollars 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 $73 million for the year ended December 31, 2025 compared to $48 million for the year ended December 31, 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, higher well tending expense and higher repairs and maintenance expense. The increase in unit costs was offset, in part, by the increase in total Shale sales volumes.
Previous wording
•CBM production, ad valorem and other fees were $6 million for the year ended December 31, 2024 compared to $7 million for the year ended December 31, 2023. The decreases in total dollars and unit costs were primarily due to decreased realized prices on natural gas.
Current wording
•Shale production, ad valorem and other fees were $25 million for the year ended December 31, 2025 compared to $22 million for the year ended December 31, 2024. The increase in total dollars was primarily due to increased realized prices on natural gas and a change in production mix by state. Unit costs remained flat in the period-to-period comparison due to the overall increase in volumes.
Previous wording
•CBM transportation, gathering and compression costs were $64 million for the year ended December 31, 2024 compared to $66 million for the year ended December 31, 2023. The decrease in total dollars was primarily due to a decrease in repairs and maintenance expense offset, in part, by an increase in electrical compression expense. The increase in per unit costs was due to the decrease in CBM gas sales volumes.
Current wording
•Shale transportation, gathering and compression costs were $317 million for the year ended December 31, 2025 compared to $316 million for the year ended December 31, 2024. The increase in total dollars was primarily due to higher repairs and maintenance and electrical compression expense offset, in part, by lower processing costs due to the production mix of higher dry gas volumes and an increase in lower cost ethane volumes. The decrease in unit costs was due to the increase in total Shale sales volumes.
Previous wording
•Depreciation, depletion and amortization costs attributable to the CBM segment were $60 million for the year ended December 31, 2024 compared to $50 million for the year ended December 31, 2023. These amounts included depletion on a unit of production basis of $0.85 per Mcfe and $0.64 per Mcfe, respectively. The increase in the units of production depreciation, depletion and amortization rate in the current period is primarily the result of a higher 2024 annual depletion rate. The increase in rate is primarily attributable to downward reserve revisions due to higher operating costs and price changes. 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 $488 million for the year ended December 31, 2025 compared to $405 million for the year ended December 31, 2024. These amounts included depletion on a unit of production basis of $0.72 per Mcfe and $0.68 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 $68 million for the year ended December 31, 2024 compared to $67 million for the year ended December 31, 2023. The increase in the period-to-period comparison was primarily due to an increase in third-party gathering volumes.
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 $69 million for the year ended December 31, 2025 compared to $68 million for the year ended December 31, 2024. The increase in the period-to-period comparison was primarily due to an increase in third-party gathering volumes.
Previous wording
The CBM segment had a loss before income tax of $26 million for the year ended December 31, 2024 compared to earnings before income tax of $1 million for the year ended December 31, 2023.
Current wording
The CBM segment had a loss before income tax of $17 million for the year ended December 31, 2025 compared to a loss before income tax of $26 million for the year ended December 31, 2024.
Previous wording
The CBM segment had natural gas revenue of $105 million for the year ended December 31, 2024 compared to $131 million for the year ended December 31, 2023. The $26 million decrease was primarily due to a 16.5% decrease in the average sales price for natural gas in the current period and a 3.7% decrease in CBM gas sales volumes due to normal production declines.
Current wording
The CBM segment had natural gas revenue of $148 million for the year ended December 31, 2025 compared to $105 million for the year ended December 31, 2024. The $43 million increase was primarily due to a 45.4% increase in the average sales price for natural gas in the current period offset, in part, by a 3.3% decrease in CBM sales volumes due to normal production declines.
Previous wording
The total average CBM sales price decreased $0.30 per Mcf due to a $0.53 per Mcf decrease in average gas sales price, offset, in part, by a $0.25 per Mcf change in the gain on commodity derivative instruments - cash settlement resulting from the Company's hedging program. The notional amounts associated with these financial hedges represented approximately 30.6 Bcf of the Company's produced CBM gas sales volumes for the year ended December 31, 2024 at an average gain of $0.67 per Mcf hedged. For the year ended December 31, 2023, these financial hedges represented approximately 31.9 Bcf at an average gain of $0.36 per Mcf hedged.
Current wording
The total average CBM sales price increased $0.40 per Mcf due to a $1.22 per Mcf increase in average gas sales price, offset, in part, by a $0.83 per Mcf change in the (loss) gain on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 29.5 Bcf of the Company's produced CBM gas sales volumes for the year ended December 31, 2025 at an average loss of $0.39 per Mcf hedged. For the year ended December 31, 2024, these financial hedges represented approximately 30.6 Bcf at an average gain of $0.67 per Mcf hedged.
Previous wording
Total operating costs and expenses for the CBM segment were $152 million for the year ended December 31, 2024 compared to $142 million for the year ended December 31, 2023. The increase in total dollars and unit costs for the CBM segment were due to the following items:
Current wording
Total operating costs and expenses for the CBM segment were $154 million for the year ended December 31, 2025 compared to $152 million for the year ended December 31, 2024. The increase in total dollars and unit costs for the CBM segment were due to the following items:
Previous wording
•CBM lease operating expense was $22 million for the year ended December 31, 2024 compared to $19 million for the year ended December 31, 2023. The increase in total dollars and unit costs was primarily due to an increase in well tending expense and water disposal costs. The increase in per unit costs was also due to the decrease in total CBM volumes.
Current wording
•CBM lease operating expense was $24 million for the year ended December 31, 2025 compared to $22 million for the year ended December 31, 2024. The increase in total dollars and unit costs was primarily due to an increase in repair and maintenance and well tending expense. The increase in per unit costs was also due to the decrease in total CBM volumes.
Previous wording
•Shale transportation, gathering and compression costs were $316 million for both the years ended December 31, 2024 and 2023. The increase in unit costs was due to the decrease in total Shale sales volumes.
Current wording
•CBM transportation, gathering and compression costs were $64 million for both the years ended December 31, 2025 and 2024. The increase in per unit costs was also due to the decrease in CBM gas sales volumes.
Previous wording
The Other Segment includes nominal shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, New Technologies, exploration and production related other costs, as well as various other expenses that are managed outside the Shale and CBM segments such as selling, general and administrative (“SG&A”), interest expense and income taxes.
Current wording
The Other Segment includes nominal shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, sales of environmental attributes, exploration and production related other costs, as well as various other expenses that are managed outside the Shale and CBM segments such as selling, general and administrative expense (“SG&A”), interest expense and income taxes.
Previous wording
The Other Segment had a loss before income tax of $711 million for the year ended December 31, 2024 compared to earnings before income tax of $1,580 million for the year ended December 31, 2023. The decrease in total dollars is discussed below.
Current wording
The Other Segment had earnings before income tax of $60 million for the year ended December 31, 2025 compared to a loss before income tax of $711 million for the year ended December 31, 2024. The increase in total dollars is discussed below.
Previous wording
For the year ended December 31, 2024, the Other Segment recognized an unrealized loss on commodity derivative instruments of $453 million. For the year ended December 31, 2023, the Other Segment recognized an unrealized gain on commodity derivative instruments of $1,765 million. The unrealized loss or gain 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 year ended December 31, 2025, the Other Segment recognized an unrealized gain on commodity derivative instruments of $278 million. For the year ended December 31, 2024, the Other Segment recognized an unrealized loss on commodity derivative instruments of $453 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.
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 $59 million for the year ended December 31, 2024 compared to $75 million for the year ended December 31, 2023. Purchased gas costs were $57 million for the year ended December 31, 2024 compared to $70 million for the year ended December 31, 2023. The period-to-period decrease in purchased gas revenue was due to a decrease 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 $45 million for the year ended December 31, 2025 compared to $59 million for the year ended December 31, 2024. Purchased gas costs were $43 million for the year ended December 31, 2025 compared to $57 million for the year ended December 31, 2024. The period-to-period decrease in purchased gas revenue was due to a decrease in purchased gas sales volumes.
Previous wording
•Sales of environmental attributes includes items such as (but are not limited to): carbon credits, air quality credits, renewable or alternative energy credits, methane capture credits, methane performance certificates, emission reductions, offsets and/or allowances. The quantities and types of environmental attributes we sell and the associated revenue can vary depending on a number of factors, including the market for these credits, changes to the various voluntary or compliance programs under which the credits are generated and sold, and our ability to strictly comply with the programs under which the attributes can be sold. The increase in the period-to-period comparison was due to an increase in the amount of environmental attributes sold.
Current wording
•Sales of environmental attributes include items such as (but are not limited to): carbon credits, air quality credits, renewable or alternative energy credits, methane capture credits, methane performance certificates, emission reductions, offsets and/or allowances. The quantities and types of environmental attributes we sell and the associated revenue can vary depending on a number of factors, including the market for these credits, changes to the various voluntary or compliance programs under which the credits are generated and sold, and our ability to strictly comply with the programs under which the attributes can be sold. The decrease in the period-to-period comparison was due to a decrease in the amount of environmental attributes sold and a decrease in the price received.
Previous wording
•Water income increased in the period-to-period comparison due to higher 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. Water income increased in the period-to-period comparison primarily due to an increase in third-party sales in the current period.
Previous wording
•Unutilized firm transportation and processing fees represent pipeline transportation capacity obtained to enable gas production to flow uninterrupted as sales volumes increase, as well as additional processing capacity for NGLs. In some instances, the Company may have the opportunity to realize more favorable net pricing by strategically choosing to sell natural gas into a market or to a customer that does not require the use of the Company’s own firm transportation capacity. Such sales would result in an increase in unutilized firm transportation expense. The Company attempts to minimize this expense by releasing (selling) unutilized firm transportation capacity to other parties when possible and when beneficial. The revenue received when this capacity is released (sold) is included in Excess Firm Transportation Income in Other Operating Income. The decrease in the period-to-period comparison results primarily from lower unused processing costs due to the higher NGL volumes in the 2024 period.
Current wording
•Unutilized firm transportation and processing fees represent pipeline transportation capacity obtained to enable gas production to flow uninterrupted as sales volumes increase, as well as additional processing capacity for NGLs. In some instances, the Company may have the opportunity to realize more favorable net pricing by strategically choosing to sell natural gas into a market or to a customer that does not require the use of the Company’s own firm transportation capacity. Such sales would result in an increase in unutilized firm transportation expense. The Company attempts to minimize this expense by releasing (selling) unutilized firm transportation capacity to other parties when possible and when beneficial. The revenue received when this capacity is released (sold) is included in Excess Firm Transportation Income in Other Operating Income. The decrease in period-to-period comparison was primarily due to lower fees in the current period, resulting from capacity optimization driven by colder weather in the earlier part of the year.
Previous wording
•Environmental attribute fees represent costs related to the sale of environmental attributes that are included in Other Revenue and Operating Income. The increase in fees in the period-to-period comparison relates to the increase in sales above.
Current 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 relates to the decrease in sales above.
Previous wording
•CNX pursues legal recoveries when certain circumstances arise. The increase in litigation recoveries in the period-to-period comparison was the result of various recoveries that occurred in the current period. No such transactions occurred in the prior 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
The net gain during the year ended December 31, 2023 primarily relates to a $100 million gain on the sale of various non-operated producing oil and gas assets primarily located in the Appalachian Basin to a third party (See Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information). The remaining gain relates to the sale of various non-core assets (primarily rights-of-way and surface acreage), none of which were individually material.
Current wording
A net gain on asset sales of $97 million was recognized in the year ended December 31, 2025, compared to a net gain of $25 million in the year ended December 31, 2024. The net gain recognized during the year ended December 31, 2025 primarily related 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 period primarily relates to sale of various other non-core assets (primarily rights-of-way, surface acreage and other non-operated oil and gas interests and assets) none of which were individually material.
Previous wording
A net gain on asset sales of $25 million was recognized in the year ended December 31, 2024, compared to a gain of $132 million in the year ended December 31, 2023. The net gain recognized during the year ended December 31, 2024 primarily relates to a $51 million gain on the sales of various non-core assets (primarily rights-of-way, surface acreage and the interest in various non-operated oil and gas assets), none of which were individually material. These gains were offset, in part, by a $26 million loss on the sale of a non-core pipeline to a third party.
Current wording
The net gain during the year ended December 31, 2024 primarily relates to a $51 million gain on the sale of various non-core assets (primarily rights-of-way, surface acreage and the interest in various non-operated oil and gas assets), none of which were individually material. These gains were offset, in part, by a $26 million loss on the sale of a non-core pipeline to a third party.
Previous wording
A loss on debt extinguishment of $7 million was recognized in the year ended December 31, 2024 in connection with CNX’s repurchase of $350 million of the 7.25% Senior Notes due March 2027 at an average price equal to 101.9% of their principal amount. See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information. No such transactions occurred in the prior period.
Current wording
The loss recognized during the year ended December 31, 2024 was in connection with CNX’s repurchase of $350 million aggregate principal amount of its 7.25% Senior Notes due March 2027 at an average price equal to 101.9% of their principal amount. See Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
Previous wording
The $8 million increase in total interest expense was primarily due to higher borrowings on the CNX Credit Facility at higher interest rates and higher principal balances related to the long-term debt that was issued in February 2024. The increase was offset, in part, by lower borrowings on the CNXM Credit Facility. See Note 10 – Revolving Credit Facilities and Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
Current wording
The $19 million increase in total interest expense was primarily due to higher borrowings on both the CNX and CNXM Credit Facilities and higher principal balances related to the long-term debt that was issued in 2025. The increase was offset, in part, by lower weighted average interest rates on both the CNX and CNXM Credit Facilities. See Note 10 – Revolving Credit Facilities and Note 12 – Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
Previous wording
The effective income tax rate was 24.8% for the year ended December 31, 2024 compared to 22.6% for the year ended December 31, 2023. The effective tax rates for the years ended December 31, 2024 and 2023 differ from the U.S. federal statutory rate of 21% primarily due to federal tax credits, state income taxes including tax rate changes, equity compensation, and the impact of changes in certain state deferred tax asset valuation allowances.
Current wording
The effective income tax rate was 21.1% for the year ended December 31, 2025 compared to 24.8% for the year ended December 31, 2024. The effective tax rates for the years ended December 31, 2025 and 2024 differ from the U.S. federal statutory rate of 21% primarily due to federal tax credits, state income taxes including tax rate changes, equity compensation, and the impact of changes in certain state deferred tax asset valuation allowances. See Note 6 – Income Taxes in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
Previous wording
•The Company’s cash on hand and access to additional liquidity. Cash, cash equivalents and restricted cash were $55 million as of December 31, 2024 and nominal as of December 31, 2023.
Current wording
•The Company’s cash on hand and access to additional liquidity. Cash, cash equivalents and restricted cash were $13 million as of December 31, 2025 and $55 million as of December 31, 2024.
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•CBM production, ad valorem and other fees were $6 million for both the years ended December 31, 2025 and 2024. The increase in unit costs was primarily due to the decrease in total CBM volumes.
Current report — wording carried from elsewhere
•Depreciation, depletion and amortization costs attributable to the CBM segment were $60 million for both the years ended December 31, 2025 and 2024. These amounts also included depletion on a unit of production basis of $0.85 per Mcfe for both periods. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.
Current report — wording carried from elsewhere
See Note 4 – Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
See Note 6 – Income Taxes in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
Previous report — wording carried elsewhere
Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.