CNX Resources Corp
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Jul 30, 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-Q
Period ended 2026-03-31; filed 2026-04-30.
0001070412-26-000047
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001070412-26-000058
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 180 previous paragraphs and 250 current paragraphs.
100 unchanged; 63 reworded; 59 added; 17 removed; 0 previous and 28 current paragraphs rearranged.
Tables are not compared: 18 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 (59)
Current report
Net Income
Current report
*NGLs and Oil/Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of NGLs, condensate, and natural gas prices.
Current report
The 16.1 Bcfe decrease in sales volumes was primarily due to normal production declines and the timing of when new wells were turned-in-line.
Current report
•Lease operating expense decreased on a per unit basis primarily due to lower water disposal costs as more water was reused in well completion activities rather than taken to disposal. The decrease was offset, in part, by lower total sales volumes during the period.
Current report
•Transportation, gathering and compression expense increased on a per unit basis primarily due to the overall decrease in total sales volumes as well as higher repairs and maintenance and processing costs due to production mix.
Current report
•Depreciation, depletion and amortization expense decreased on a per unit basis primarily due to a slightly lower annual depletion rate. The decrease was offset, in part, by lower total sales volumes during the period.
Current report
The Shale segment had earnings before income tax of $197 million for the three months ended June 30, 2026 compared to earnings before income tax of $196 million for the three months ended June 30, 2025.
Current report
NGLs and Oil/Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
Current report
The decrease in total Shale sales volumes was primarily due to normal production declines and the timing of when new wells were turned-in-line.
Current report
The Shale segment had natural gas, NGLs and oil/condensate revenue of $361 million for the three months ended June 30, 2026 compared to $452 million for the three months ended June 30, 2025. The $91 million decrease was primarily due to a 15.4% decrease in the average sales price for natural gas and a 10.4% decrease in total Shale sales volumes. The decrease was offset, in part, by a 247.8% change in the gain (loss) on commodity derivative instruments and an 8.9% increase in the average sales price of NGLs.
Current report
•Shale lease operating expenses were $15 million for the three months ended June 30, 2026 compared to $20 million for the three months ended June 30, 2025. The decrease in total dollars and unit costs were primarily due to lower water disposal costs as more water was reused in well completion activities rather than taken to disposal. The decrease was offset, in part, by lower total sales volumes during the period.
Current report
•Shale production, ad valorem and other fees were $5 million for the three months ended June 30, 2026 compared to $9 million for the three months ended June 30, 2025. The decrease in total dollars and unit costs were primarily due to decreased realized prices on natural gas. The decrease in unit costs was offset, in part, by lower total sales volumes during the period.
Current report
•Shale transportation, gathering and compression costs were $87 million for the three months ended June 30, 2026 compared to $80 million for the three months ended June 30, 2025. The increase in total dollars and unit costs were primarily due to higher repairs and maintenance expense and processing costs due to production mix. The increase in unit costs was also due to the lower total sales volumes during the period.
Current report
•Depreciation, depletion and amortization costs attributable to the Shale segment were $114 million for the three months ended June 30, 2026 compared to $131 million for the three months ended June 30, 2025. These amounts included depletion on a units of production basis of $0.70 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.
Current report
The CBM segment had a loss before income tax of $6 million for the three months ended June 30, 2026 compared to a loss before income tax of $8 million for the three months ended June 30, 2025.
Current report
The total average CBM sales price decreased $0.07 per Mcf primarily due to a $0.61 per Mcf decrease in average gas sales price offset, in part, by a $0.54 per Mcf change in the gain (loss) on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 7.5 Bcf of the Company's produced CBM sales volumes for the three months ended June 30, 2026 at an average gain of $0.41 per Mcf hedged. For the three months ended June 30, 2025, these financial hedges represented approximately 6.8 Bcf at an average loss of $0.32 per Mcf hedged.
Current report
•CBM transportation, gathering and compression costs were $15 million for the three months ended June 30, 2026 compared to $17 million for the three months ended June 30, 2025. The decrease in total dollars was primarily due to a decrease in repairs and maintenance expense. The decrease in unit costs was due to the increase in total CBM volumes.
Current report
•Equity (loss) income from affiliates represents CNX's proportionate share of the net earnings or losses of our unconsolidated investments accounted for under the equity method. Equity income increases earnings, while equity losses reduce earnings.
Current report
•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.
Current report
•Salaries, wages and employee benefits increased in the period-to-period comparison primarily due to higher compensation costs during the current period.
Current report
Other Operating Expense
Current report
•During the three months ended June 30, 2026, the Company recorded a $7 million adjustment related to the resolution of ownership-related matter involving certain oil and gas rights. As a result of the resolution, the Company's unleased mineral interest and net revenue interest in the affected wells were recalculated, resulting in a reduction to its net revenue interest.
Current report
•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.
Current report
Loss (Gain) on Asset Sales and Abandonments, net
Current report
A net loss on asset sales and abandonments of $1 million was recognized in the three months ended June 30, 2026 compared to a net gain of $18 million in the three months ended June 30, 2025. The net loss (gain) recognized during both the three months ended June 30, 2026 and 2025 relates 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.
Current report
Results of Operations -Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Current report
Net Income
Current report
Non-GAAP Financial Measures
Current report
Non-GAAP Financial Measures Reconciliation
Current report
*NGLs and Oil/Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of NGLs, condensate, and natural gas prices.
Current report
The 11.6 Bcfe decrease in sales volumes was primarily due to normal production declines and the timing of when new wells were turned-in-line.
Current report
•Production, ad valorem, and other fees decreased on a per unit basis primarily due to lower property taxes in the period to period comparison. The per unit decrease was offset, in part, by the overall decrease in total sales volumes.
Current report
Average Realized Price Reconciliation
Current report
SEGMENT ANALYSIS for the six months ended June 30, 2026 compared to the six months ended June 30, 2025:
Current report
SHALE SEGMENT
Current report
The Shale segment had earnings before income tax of $446 million for the six months ended June 30, 2026 compared to earnings before income tax of $410 million for the six months ended June 30, 2025.
Current report
NGLs and Oil/Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
Current report
The decrease in total Shale sales volumes was primarily due to normal production declines offset, in part, by new wells turned-in-line throughout the second half of 2025 and the first half of 2026.
Current report
The Shale segment had a loss on commodity derivative instruments - cash settlements of $166 million for the six months ended June 30, 2026 compared to a loss of $136 million for the six months ended June 30, 2025. The notional amounts associated with these financial hedges represented approximately 214.3 Bcf of the Company's produced Shale gas sales volumes for the six months ended June 30, 2026 at an average loss of $0.77 per Mcf hedged. For the six months ended June 30, 2025, these financial hedges represented approximately 223.3 Bcf at an average loss of $0.60 per Mcf hedged.
Current report
Total operating costs and expenses for the Shale segment were $443 million for the six months ended June 30, 2026 compared to $447 million for the six months ended June 30, 2025. The decrease in total dollars and increase in unit costs for the Shale segment were due to the following items:
Showing the first 40 of 59 passages. Open the source sections for the rest.
Removed paragraphs (17)
Previous report
Net Income (Loss)
Previous report
*NGLs and Oil/Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of NGL, condensate, and natural gas prices.
Previous report
The 4.6 Bcfe increase in sales volumes was primarily due to new wells turned-in-line throughout 2025 and the first quarter of 2026, including wells related to 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 increase in sales volumes was offset, in part, by normal production declines.
Previous report
•Production, ad valorem, and other fees increased on a per unit basis primarily due to the higher sales price in the period to period comparison.
Previous report
The Shale segment had earnings before income tax of $249 million for the three months ended March 31, 2026 compared to earnings before income tax of $215 million for the three months ended March 31, 2025.
Previous report
NGLs and Oil/Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGL, condensate, and natural gas prices.
Previous report
The increase in total Shale sales volumes was primarily due to new wells turned-in-line throughout 2025 and the first quarter of 2026, including wells related to 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 increase in total Shale sales volumes was offset, in part, by normal production declines.
Previous report
The CBM segment had earnings before income tax of $7 million for the three months ended March 31, 2026 compared to a loss before income tax of $2 million for the three months ended March 31, 2025.
Previous report
Unrealized Gain (Loss) on Commodity Derivative Instruments
Previous report
Other Operating (Income) Expense
Previous report
•As of March 31, 2026, CNX had approximately $208 million classified as current portion of long-term debt, primarily related to the Convertible Notes due in May 2026. CNX actively manages its debt, including maturities and interest rates, in order to maintain financial flexibility and support long-term strategic objectives. Management may, from time to time, refinance existing indebtedness, adjust the mix of variable- and fixed-rate debt, or pursue alternative financing sources to meet the Company’s cash and operational needs. See Note 10 – Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
Previous report
•Net income increased $546 million in the period-to-period comparison.
Previous report
•An aggregate principal amount of $208 million of 2.25% Convertible Notes due May 2026, unless earlier redeemed, repurchased, or converted. Interest on the notes is payable May 1. Payment of the principal and interest on the Convertible Notes is guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner). The Convertible Notes are classified as short-term debt at March 31, 2026.
Previous report
•the Capped Call Transactions may affect the value of the Convertible Notes and our common stock, and subject CNX to counterparty performance risk;
Previous report
•conversion of the Convertible Notes may dilute the ownership interest of existing stockholders or may otherwise depress the price of our common stock;
Previous report
•CNX may be unable to raise the funds necessary to repurchase the Convertible Notes for cash following a fundamental change, or to pay any cash amounts due upon conversion, and our other indebtedness may impact our ability to repurchase the Convertible Notes or pay cash upon their conversion;
Previous report
•the conditional conversion feature of the Convertible Notes, if triggered, may adversely affect our financial condition and operating results;
Reworded paragraphs (63)
Previous wording
Natural Gas, NGL, and Oil Pricing
Current wording
Natural Gas, NGLs and Oil Pricing
Previous wording
Total hedged natural gas production for the second quarter of 2026 is 115.1 Bcf. CNX's annual gas hedge position is shown in the table below:
Current wording
Total hedged natural gas production for the third quarter of 2026 is 116.0 Bcf. CNX's annual gas hedge position is shown in the table below:
Previous wording
1 Includes actual settlements of 117.2 Bcf.
Current wording
1 Includes actual settlements of 207.9 Bcf.
Previous wording
CNX had net income of $348 million, or earnings per diluted share of $2.18, for the three months ended March 31, 2026, compared to a net loss of $198 million, or loss per diluted share of $1.34, for the three months ended March 31, 2025.
Current wording
CNX reported net income of $203 million, or earnings per diluted share of $1.32, for the three months ended June 30, 2026, compared to net income of $433 million, or earnings per diluted share of $2.53, for the three months ended June 30, 2025.
Previous wording
Included in the earnings for the three months ended March 31, 2026 was an unrealized gain on commodity derivative instruments of $226 million and a net gain on asset sales and abandonments of $6 million. Included in the loss for the three months ended March 31, 2025 was an unrealized loss on commodity derivative instruments of $418 million and a net gain on asset sales and abandonments of $10 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, net.
Current wording
Included in the earnings for the three months ended June 30, 2026 was an unrealized gain on commodity derivative instruments of $131 million and a net loss on asset sales and abandonments of $1 million. Included in the 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. 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 loss (gain) on asset sales and abandonments.
Previous wording
CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the Company. Although these are not measures of performance calculated in accordance with GAAP, management believes that these financial measures are useful to an investor in evaluating CNX because these metrics are widely used to evaluate a natural gas company’s operating performance. Sales of Natural Gas, NGL and Oil, including cash settlements is a non-GAAP measure that excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Sales of Natural Gas, NGL and Oil, including cash settlements also excludes purchased gas revenue and other revenue and operating income, which are not directly related to CNX’s natural gas producing activities. Natural Gas, NGL and Oil Production Costs is a non-GAAP measure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations. These expenses include, but are not limited to, interest expense, other operating expense and other corporate expenses such as selling, general and administrative costs. We believe that Sales of Natural Gas, NGL and Oil, including cash settlements, Natural Gas, NGL and Oil Production Costs and Natural Gas, NGL and Oil Production Margin (which is derived by subtracting Natural Gas, NGL and Oil Production Costs from Sales of Natural Gas, NGL and Oil, including cash settlements) provide useful information to investors for evaluating period-to-period comparisons of earnings trends. These metrics should not be viewed as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.
Current wording
CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the Company. Although these are not measures of performance calculated in accordance with GAAP, management believes that these financial measures are useful to an investor in evaluating CNX because these metrics are widely used to evaluate a natural gas company’s operating performance. Sales of Natural Gas, NGLs and Oil, including cash settlements is a non-GAAP measure that excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Sales of Natural Gas, NGLs and Oil, including cash settlements also excludes purchased gas revenue and other revenue and operating income, which are not directly related to CNX’s natural gas producing activities. Natural Gas, NGLs and Oil Production Costs is a non-GAAP measure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations. These expenses include, but are not limited to, interest expense, other operating expense and other corporate expenses such as selling, general and administrative costs. We believe that Sales of Natural Gas, NGLs and Oil, including cash settlements, Natural Gas, NGLs and Oil Production Costs and Natural Gas, NGLs and Oil Production Margin (which is derived by subtracting Natural Gas, NGLs and Oil Production Costs from Sales of Natural Gas, NGLs and Oil, including cash settlements) provide useful information to investors for evaluating period-to-period comparisons of earnings trends. These metrics should not be viewed as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.
Previous wording
Selected Natural Gas, NGL and Oil Production Financial Data
Current wording
Selected Natural Gas, NGLs and Oil Production Financial Data
Previous wording
The following table presents a summary of our total sales volumes, sales of natural gas, NGL and oil including cash settlements, natural gas, NGL and oil production costs and natural gas, NGL and oil production margin related to our production operations on a total company basis (See Non-GAAP Financial Measures Reconciliation above for the reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP):
Current wording
The following table presents a summary of our total sales volumes, sales of natural gas, NGLs and oil including cash settlements, natural gas, NGLs and oil production costs and natural gas, NGLs and oil production margin related to our production operations on a total company basis (See Non-GAAP Financial Measures Reconciliation above for the reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP):
Previous wording
The Shale segment had a loss on commodity derivative instruments - cash settlements of $209 million for the three months ended March 31, 2026 compared to a loss of $103 million for the three months ended March 31, 2025. The notional amounts associated with these financial hedges represented approximately 106.1 Bcf of the Company's produced Shale gas sales volumes for the three months ended March 31, 2026 at an average loss of $1.97 per Mcf hedged. For the three months ended March 31, 2025, these financial hedges represented approximately 109.7 Bcf at an average loss of $0.92 per Mcf hedged.
Current wording
The Shale segment had a gain on commodity derivative instruments - cash settlements of $42 million for the three months ended June 30, 2026 compared to a loss of $33 million for the three months ended June 30, 2025. The notional amounts associated with these financial hedges represented approximately 108.3 Bcf of the Company's produced Shale gas sales volumes for the three months ended June 30, 2026 at an average gain of $0.40 per Mcf hedged. For the three months ended June 30, 2025, these financial hedges represented approximately 113.6 Bcf at an average loss of $0.29 per Mcf hedged.
Previous wording
Total operating costs and expenses for the Shale segment were $221 million for the three months ended March 31, 2026 compared to $207 million for the three months ended March 31, 2025. The increase in total dollars and increase 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 $221 million for the three months ended June 30, 2026 compared to $240 million for the three months ended June 30, 2025. The decrease in total dollars and increase in unit costs for the Shale segment were due to the following items:
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 $16 million for the three months ended March 31, 2026 compared to $17 million for the three months ended March 31, 2025. The decrease in the period-to-period comparison was primarily due to a decrease 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 $15 million for the three months ended June 30, 2026 compared to $17 million for the three months ended June 30, 2025. The decrease in the period-to-period comparison was primarily due to a decrease in third-party gathering volumes.
Previous wording
The CBM segment had natural gas revenue of $59 million for the three months ended March 31, 2026 compared to $43 million for the three months ended March 31, 2025. The $16 million increase was due to a 39.5% increase in the average sales price for natural gas in the current period offset, in part, by a 2.2% decrease in CBM sales volumes due to normal production declines.
Current wording
The CBM segment had natural gas revenue of $29 million for the three months ended June 30, 2026 compared to $33 million for the three months ended June 30, 2025. The $4 million decrease was primarily due to a 17.2% decrease in the average sales price for natural gas in the current period offset, in part, by a 3.2% increase in CBM sales volumes due to the timing of when new wells were turned-in-line.
Previous wording
Total operating costs and expenses for the CBM segment were $39 million for the three months ended March 31, 2026 compared to $38 million for the three months ended March 31, 2025. 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 $38 million for the three months ended June 30, 2026 compared to $39 million for the three months ended June 30, 2025. The decrease 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 March 31, 2026 and 2025. The increase in per unit costs was due to the decrease in total CBM volumes.
Current wording
•CBM lease operating expenses were $6 million for both the three months ended June 30, 2026 and 2025. The increase in per unit costs was due to an increase in repairs and maintenance expense, offset, in part, by the increase in total CBM volumes.
Previous wording
•Depreciation, depletion and amortization costs attributable to the CBM segment was $14 million for both the three months ended March 31, 2026 and 2025. These amounts included depletion on a unit of production basis of $0.80 per Mcfe and $0.87 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 June 30, 2026 and 2025. These amounts included depletion on a units of production basis of $0.80 per Mcfe and $0.86 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
For the three months ended March 31, 2026, the Other Segment recognized an unrealized gain on commodity derivative instruments of $226 million. For the three months ended March 31, 2025, the Other Segment recognized an unrealized loss on commodity derivative instruments of $418 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 June 30, 2026, the Other Segment recognized an unrealized gain on commodity derivative instruments of $131 million. For the three months ended June 30, 2025, the Other Segment recognized an unrealized gain on commodity derivative instruments of $456 million. The unrealized 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.
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 $13 million for the three months ended March 31, 2026 compared to $11 million for the three months ended March 31, 2025. Purchased gas costs were $12 million for the three months ended March 31, 2026 compared to $11 million for the three months ended March 31, 2025. The period-to-period increase in purchased gas revenue was primarily due to an increase in the average sales price offset, in part, by the decrease in purchased gas volumes.
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 $12 million for the three months ended June 30, 2026 compared to $10 million for the three months ended June 30, 2025. Purchased gas costs were $12 million for the three months ended June 30, 2026 compared to $9 million for the three months ended June 30, 2025. The period-to-period increase in purchased gas revenue was due to an increase in purchased gas sales volumes offset, in part, by a decrease in average sales price.
Previous wording
SG&A includes costs such as overhead, including employee labor and benefit costs, short-term incentive compensation, costs of maintaining our headquarters, audit and other professional fees, charitable contributions and legal compliance expenses. SG&A costs also include non-cash long-term equity-based compensation expense.
Current wording
SG&A includes costs such as overhead, including employee labor and benefit costs, short-term incentive compensation, costs of maintaining our headquarters, audit and other professional fees, charitable contributions and legal compliance expenses. SG&A also includes non-cash long-term equity-based compensation expense.
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 relates to the decrease 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.
Previous wording
The effective income tax rates for the three months ended March 31, 2026 and 2025 were 18.7% and 27.5%, respectively. The effective tax rate for the three months ended March 31, 2026 and 2025 differs from the U.S. federal statutory rate of 21% primarily due to the impact of 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 June 30, 2026 and 2025 were 14.3% and 26.1%, respectively. The effective rate for the three months ended June 30, 2026 and 2025 differs from the U.S. federal statutory rate of 21% primarily due to the impact of 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
•Lease operating expense decreased on a per unit basis primarily due to a decrease in water disposal costs as more water was reused in well completions, a decrease in well tending expense and the overall increase in total sales volumes.
Current wording
•Lease operating expense decreased on a per unit basis primarily due to a decrease in water disposal costs as more water was reused in well completions. The per unit decrease was offset, in part, by the overall decrease in total sales volumes.
Previous wording
•Transportation, gathering and compression expense increased on a per unit basis primarily due to higher repairs and maintenance expense and increased utilization of firm transportation capacity as volumes in our central Pennsylvania operating area have increased. The per unit increases were offset, in part, by the overall increase in total sales volumes.
Current wording
•Transportation, gathering and compression expense increased on a per unit basis primarily due to the overall decrease in total sales volumes, higher repairs and maintenance expense, higher processing costs due to production mix and increased utilization of firm transportation capacity as volumes in our central Pennsylvania operating area have increased.
Previous wording
•Depreciation, depletion and amortization expense increased on a per unit basis primarily due to a slightly higher annual depletion rate offset, in part, by the overall increase in total sales volumes.
Current wording
•Depreciation, depletion and amortization expense increased on a per unit basis primarily due to the overall decrease in total sales volumes. The increase was offset, in part, by a slightly lower annual depletion rate.
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 4.6 Bcfe increase in total sales volumes and the $1.08 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 on commodity derivative instruments - cash settlement related to the Company's hedging program.
Current wording
The increase in Sales of Natural Gas, NGLs and Oil, including Cash Settlements, a Non-GAAP Financial Measure was primarily due to the $0.36 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 on commodity derivative instruments - cash settlement related to the Company's hedging program and the 11.6 Bcfe decrease in total sales volumes.
Previous wording
The Shale segment had natural gas, NGLs and oil/condensate revenue of $663 million for the three months ended March 31, 2026 compared to $508 million for the three months ended March 31, 2025. The $155 million increase was primarily due to a 29.1% increase in the average sales price for natural gas and a 3.5% increase in total Shale sales volumes.
Current wording
The Shale segment had natural gas, NGLs and oil/condensate revenue of $1,023 million for the six months ended June 30, 2026 compared to $959 million for the six months ended June 30, 2025. The $64 million increase was primarily due to a 10.8% increase in the average sales price for natural gas and a 5.2% increase in the average sales price of NGLs. The increase was offset, in part, by the 30.0% change in the loss on commodity derivative instruments and a 3.9% decrease in total Shale sales volumes.
Previous wording
The increase in total average Shale sales price was primarily due to a $1.04 per Mcf increase in average gas sales price and a $0.17 per Mcfe increase in the average NGL sales price. These increases were offset, in part, by a $0.80 per Mcf change in the loss on commodity derivative instruments - cash settlements.
Current wording
The increase in total average Shale sales price was primarily due to a $0.34 per Mcf increase in average gas sales price and a $0.21 per Mcfe increase in the average NGL sales price. These increases were offset, in part, by a $0.15 per Mcf change in the loss on commodity derivative instruments - cash settlements.
Previous wording
•Shale lease operating expenses were $16 million for the three months ended March 31, 2026 compared to $17 million for the three months ended March 31, 2025. The decrease in total dollars and unit costs was primarily related to a decrease in water disposal costs as more water was reused in well completions.
Current wording
•Shale lease operating expenses were $30 million for the six months ended June 30, 2026 compared to $37 million for the six months ended June 30, 2025. The decrease in total dollars and unit costs was primarily related to a decrease in water disposal costs as more water was reused in well completions. The per unit decrease was offset, in part, by the overall decrease in total sales volumes.
Previous wording
•Shale transportation, gathering and compression costs were $86 million for the three months ended March 31, 2026 compared to $78 million for the three months ended March 31, 2025. The increase in total dollars and unit costs was primarily due to higher repairs and maintenance expense and increased utilization of firm transportation capacity as volumes in our central Pennsylvania operating area have increased. The increase was offset, in part, on a per-unit basis by the overall increase in total Shale sales volumes.
Current wording
•Shale transportation, gathering and compression costs were $174 million for the six months ended June 30, 2026 compared to $158 million for the six months ended June 30, 2025. The increase in total dollars and unit costs was primarily due to higher repairs and maintenance expense, increased processing costs due to production mix and more utilization of firm transportation capacity as volumes in our central Pennsylvania operating area have increased. The per unit increase was also due to the overall decrease in total Shale sales volumes.
Previous wording
•Depreciation, depletion and amortization costs attributable to the Shale segment were $113 million for the three months ended March 31, 2026 compared to $106 million for the three months ended March 31, 2025. These amounts included depletion on a unit of production basis of $0.68 per Mcfe and $0.66 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 $228 million for the six months ended June 30, 2026 compared to $238 million for the six months ended June 30, 2025. These amounts included depletion on a unit of production basis of $0.69 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.
Previous wording
The total average CBM sales price increased $1.12 per Mcf due to a $1.83 per Mcf increase in average natural gas sales price offset, in part, by a $0.71 per Mcf change in the loss on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 6.9 Bcf of the Company's produced CBM sales volumes for the three months ended March 31, 2026 at an average loss of $1.92 per Mcf hedged. For the three months ended March 31, 2025, these financial hedges represented approximately 7.6 Bcf at an average loss of $0.92 per Mcf hedged.
Current wording
The total average CBM sales price increased $0.50 per Mcf due to a $0.55 per Mcf increase in average natural gas sales price offset, in part, by a $0.05 per Mcf change in the loss on commodity derivative instruments - cash settlements. The notional amounts associated with these financial hedges represented approximately 14.3 Bcf of the Company's produced CBM sales volumes for the six months ended June 30, 2026 at an average loss of $0.71 per Mcf hedged. For the six months ended June 30, 2025, these financial hedges represented approximately 14.3 Bcf at an average loss of $0.63 per Mcf hedged.
Previous wording
•CBM production, ad valorem and other fees were $3 million for the three months ended March 31, 2026 compared to $2 million for the three months ended March 31, 2025. The increase in total dollars and unit costs was primarily due to the increase in the average CBM gas sales price.
Current wording
•CBM production, ad valorem and other fees were $4 million for the six months ended June 30, 2026 compared to $3 million for the six months ended June 30, 2025. The increase in total dollars and unit costs was primarily due to the increase in the average CBM gas sales price.
Previous wording
•CBM transportation, gathering and compression costs were $16 million for both the three months ended March 31, 2026 and 2025. The decrease in per unit costs was due to a decrease in electrical compression rates in the current period.
Current wording
•CBM transportation, gathering and compression costs were $31 million for the six months ended June 30, 2026 compared to $33 million for the six months ended June 30, 2025. The decrease in total dollars and unit costs was due to a decrease in electrical compression rates in the current period.
Previous wording
The Other Segment had earnings before income tax of $172 million for the three months ended March 31, 2026 compared to a loss before income tax of $486 million for the three months ended March 31, 2025. The increase in total dollars is discussed below.
Current wording
The Other Segment had earnings before income tax of $218 million for the six months ended June 30, 2026 compared to a loss before income tax of $87 million for the six months ended June 30, 2025. The increase in total dollars is discussed below.
Previous 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.
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 the price received.
Previous wording
A net gain on asset sales and abandonments of $6 million was recognized in the three months ended March 31, 2026 compared to a net gain of $10 million in the three months ended March 31, 2025. The net gain recognized in the three months ended March 31, 2026 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.
Current wording
A net gain on asset sales and abandonments of $6 million was recognized in the six months ended June 30, 2026 compared to a net gain of $27 million in the six months ended June 30, 2025. The net gain recognized in the six months ended June 30, 2026 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
The net gain recognized in the three months ended March 31, 2025 primarily relates to sale of various non-core assets (primarily rights-of-way, surface acreage and other non-core oil and gas interests), offset in part by a $6 million loss on the sale of a non-core midstream facility to a third party. 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
The net gain recognized in the six months ended June 30, 2025 primarily relates to sale of various non-core assets (primarily rights-of-way, surface acreage and other non-core oil and gas interests), offset, in part, by a $6 million loss on the sale of a non-core midstream facility to a third party. 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
A loss on debt extinguishment of $12 million was recognized in the three months ended March 31, 2026 in connection with CNX's repurchase of $500 million aggregate principal amount of 6.00% Senior Notes due January 2029 at an average price equal to 101.6% of the principal amount. See Note 10 – Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information. No such transactions occurred in the current period.
Current wording
A loss on debt extinguishment of $12 million was recognized in the six months ended June 30, 2026 in connection with CNX's repurchase of $500 million aggregate principal amount of 6.00% Senior Notes due January 2029 at an average price equal to 101.6% of the principal amount. See Note 10 – Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information. No such transactions occurred in the prior period.
Previous wording
The $2 million decrease in total interest expense was primarily due to lower borrowings on the CNX Credit Facility and a reduction in the amount of Convertible Notes outstanding pursuant to the exchange agreement that was entered into in December 2025. See Note 8 – Revolving Credit Facilities and Note 10 – Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
Current wording
The $7 million decrease in total interest expense was primarily due to lower borrowings on the CNX Credit Facility and a reduction in the amount of Convertible Notes outstanding pursuant to the exchange agreement that was entered into in December 2025, offset, in part, by higher borrowings on the CNXM Credit Facility. See Note 8 – Revolving Credit Facilities and Note 10 – Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
Previous wording
•The Company’s cash on hand and access to additional liquidity. Cash, cash equivalents and restricted cash were $6 million as of March 31, 2026 and $13 million as of December 31, 2025.
Current wording
•The Company’s cash on hand and access to additional liquidity. Cash, cash equivalents and restricted cash were $9 million as of June 30, 2026 and $13 million as of December 31, 2025.
Previous wording
•Accounts and notes receivable - trade were $210 million as of March 31, 2026 and $265 million as of December 31, 2025. Our accounts and notes receivable balance may fluctuate as of any balance sheet date depending on the prices we receive for our natural gas and NGLs and the volumes sold.
Current wording
•Accounts and notes receivable - trade were $164 million as of June 30, 2026 and $265 million as of December 31, 2025. Our accounts and notes receivable balance may fluctuate as of any balance sheet date depending on the prices we receive for our natural gas and NGLs and the volumes sold.
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged current paragraphs (28)
Current report — wording carried from elsewhere
The decrease in Sales of Natural Gas, NGLs and Oil, including Cash Settlements, a Non-GAAP Financial Measure was primarily due to the 16.1 Bcfe decrease in total sales volumes and the $0.44 per Mcf decrease in natural gas sales price, when excluding the impact of hedging. The decreases were offset, in part, by the impact of the change in the gain (loss) on commodity derivative instruments - cash settlement related to the Company's hedging program, the 3.7 Bcfe increase in NGL sales volumes and the $1.92 per Bbl increase in NGL prices.
Current report — wording carried from elsewhere
The increase in total average Shale sales price was primarily due to a $0.32 per Mcfe increase in the average NGL sales price and a $0.57 per Mcf change in the gain (loss) on commodity derivative instruments - cash settlements. These increases were offset, in part, by a $0.43 per Mcf decrease in average natural gas sales price.
Current report — wording carried from elsewhere
The Other Segment had earnings before income tax of $46 million for the three months ended June 30, 2026 compared to earnings before income tax of $398 million for the three months ended June 30, 2025. The decrease in total dollars is discussed below.
Current report — wording carried from elsewhere
Unrealized Gain on Commodity Derivative Instruments
Current report — wording carried from elsewhere
•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 primarily due to a decrease in the amount of environmental attributes sold and the price received.
Current report — wording carried from elsewhere
•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.
Current report — wording carried from elsewhere
•Other decreased in the period-to-period comparison due to multiple one-time items, none of which were individually material.
Current report — wording carried from elsewhere
The $5 million decrease in total interest expense was primarily due to lower borrowings on the CNX Credit Facility offset, in part, by higher borrowings on the CNXM Credit Facility. See Note 8 – Revolving Credit Facilities and Note 10 – Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
Current report — wording carried from elsewhere
CNX had net income of $551 million, or earnings per diluted share of $3.56, for the six months ended June 30, 2026, compared to net income of $235 million, or earnings per diluted share of $1.37, for the six months ended June 30, 2025.
Current report — wording carried from elsewhere
Included in the earnings for the six months ended June 30, 2026 was an unrealized gain on commodity derivative instruments of $356 million and a net gain on asset sales and abandonments of $6 million. 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. 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, net.
Current report — wording carried from elsewhere
CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the Company. Although these are not measures of performance calculated in accordance with GAAP, management believes that these financial measures are useful to an investor in evaluating CNX because these metrics are widely used to evaluate a natural gas company’s operating performance. Sales of Natural Gas, NGLs and Oil, including cash settlements is a non-GAAP measure that excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Sales of Natural Gas, NGLs and Oil, including cash settlements also excludes purchased gas revenue and other revenue and operating income, which are not directly related to CNX’s natural gas producing activities. Natural Gas, NGLs and Oil Production Costs is a non-GAAP measure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations. These expenses include, but are not limited to, interest expense, other operating expense and other corporate expenses such as selling, general and administrative costs. We believe that Sales of Natural Gas, NGLs and Oil, including cash settlements, Natural Gas, NGLs and Oil Production Costs and Natural Gas, NGLs and Oil Production Margin (which is derived by subtracting Natural Gas, NGLs and Oil Production Costs from Sales of Natural Gas, NGLs and Oil, including cash settlements) provide useful information to investors for evaluating period-to-period comparisons of earnings trends. These metrics should not be viewed as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.
Current report — wording carried from elsewhere
1 Natural Gas, NGL and Oil production costs consists primarily of lease operating expense, production ad valorem and other fees, transportation, gathering and compression and production related depreciation, depletion and amortization.
Current report — wording carried from elsewhere
Selected Natural Gas, NGLs and Oil Production Financial Data
Current report — wording carried from elsewhere
The following table presents a summary of our total sales volumes, sales of natural gas, NGLs and oil including cash settlements, natural gas, NGLs and oil production costs and natural gas, NGLs and oil production margin related to our production operations on a total company basis (See Non-GAAP Financial Measures Reconciliation above for the reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP):
Current report — wording carried from elsewhere
Changes in the average costs per Mcfe were primarily related to the following items:
Current report — wording carried from elsewhere
The following table presents a breakout of liquids and natural gas sales information and settled derivative information to assist in the understanding of the Company’s natural gas production and sales portfolio and information regarding settled commodity derivatives:
Current report — wording carried from elsewhere
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 $32 million for the six months ended June 30, 2026 compared to $34 million for the six months ended June 30, 2025. The decrease in the period-to-period comparison was primarily due to a decrease in third-party gathering volumes.
Current report — wording carried from elsewhere
•Depreciation, depletion and amortization costs attributable to the CBM segment were $29 million for both the six months ended June 30, 2026 and 2025. These amounts included depletion on a unit of production basis of $0.80 per Mcfe and $0.86 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 report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
Unrealized Gain on Commodity Derivative Instruments
Current report — wording carried from elsewhere
For the six months ended June 30, 2026, the Other Segment recognized an unrealized gain on commodity derivative instruments of $356 million. For the six months ended June 30, 2025, the Other Segment recognized an unrealized gain on commodity derivative instruments of $38 million. The unrealized 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 report — wording carried from elsewhere
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 $25 million for the six months ended June 30, 2026 compared to $22 million for the six months ended June 30, 2025. Purchased gas costs were $25 million for the six months ended June 30, 2026 compared to $21 million for the six months ended June 30, 2025. The period-to-period increase in purchased gas revenue was primarily due to an increase in purchased gas sales volumes offset, in part, by a decrease in average sales price.
Current report — wording carried from elsewhere
•Excess firm transportation income represents revenue from the sale of excess firm transportation capacity to third parties. The Company obtains firm pipeline transportation capacity to enable gas production to flow uninterrupted as sales volumes increase. In order to minimize this unutilized firm transportation expense, CNX is able to release (sell) unutilized firm transportation capacity to other parties when possible and when beneficial. The revenue from released capacity helps offset the Unutilized Firm Transportation and Processing Fees in Total Other Operating Expense.
Current report — wording carried from elsewhere
Exploration and Production Related Other Costs
Current report — wording carried from elsewhere
SG&A includes costs such as overhead, including employee labor and benefit costs, short-term incentive compensation, costs of maintaining our headquarters, audit and other professional fees, charitable contributions and legal compliance expenses. SG&A also includes non-cash long-term equity-based compensation expense.
Current report — wording carried from elsewhere
•Environmental attribute fees represent costs related to the sale of environmental attributes that are included in Other Revenue and Operating Income.
Current report — wording carried from elsewhere
The effective income tax rates for the six months ended June 30, 2026 and 2025 were 17.2% and 24.9%, respectively. The effective tax rate for the six months ended June 30, 2026 and 2025 differs from the U.S. federal statutory rate of 21% primarily due to the impact of 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 report — wording carried from elsewhere
The declaration and payment of dividends by CNX is subject to the discretion of CNX's Board of Directors, and no assurance can be given that CNX will pay dividends in the future. CNX has not paid dividends on its common stock since 2016.