CNX Resources Corp
For the period ended Sep 30, 2026. Filed Oct 29, 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.
Sep 30, 2026 · Filed Oct 29, 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 2026-06-30; filed 2026-07-30.
0001070412-26-000058
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0001070412-26-000066
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 250 previous paragraphs and 252 current paragraphs.
148 unchanged; 81 reworded; 20 added; 21 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 33 previous and 33 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
The 5.0 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
The Shale segment had earnings before income tax of $189 million for the three months ended September 30, 2026 compared to earnings before income tax of $171 million for the three months ended September 30, 2025.
Current report
The Shale segment had natural gas, NGLs and oil/condensate revenue of $341 million for the three months ended September 30, 2026 compared to $367 million for the three months ended September 30, 2025. The $26 million decrease was primarily due to a 9.3% decrease in the average sales price of natural gas and a 4.6% decrease in Shale gas sales volumes. These decreases were offset, in part, by a 29.9% increase in the average sales price of NGLs and a 15.0% increase in NGLs sales volumes.
Current report
Total operating costs and expenses for the Shale segment were $216 million for the three months ended September 30, 2026 compared to $235 million for the three months ended September 30, 2025. The decrease in total dollars and unit costs for the Shale segment were due to the following items:
Current report
•Shale transportation, gathering and compression costs were $81 million for both the three months ended September 30, 2026 and 2025. The increase in unit costs was primarily due to lower total sales volumes during the period.
Current report
The CBM segment had a loss before income tax of $2 million for the three months ended September 30, 2026 compared to a loss before income tax of $5 million for the three months ended September 30, 2025.
Current report
•CBM lease operating expenses were $7 million for the three months ended September 30, 2026 compared to $6 million for the three months ended September 30, 2025. The increase in total dollars and unit costs was primarily due to higher water disposal expenses and lower CBM gas sales volumes during the period.
Current report
•CBM production, ad valorem and other fees were $1 million for the three months ended September 30, 2026 compared to $2 million for the three months ended September 30, 2025. The decrease in total dollars and unit costs was primarily due to lower realized natural gas prices.
Current report
•The increase in other income was primarily due to proceeds received in connection with the settlement of a contractual matter.
Current report
•The increase in professional services expense was primarily attributable to transaction costs related to the monetization of federal tax credits.
Current report
The net gain recognized during the three months ended September 30, 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 and 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 -Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
Current report
The 16.5 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
The Shale segment had earnings before income tax of $636 million for the nine months ended September 30, 2026 compared to earnings before income tax of $581 million for the nine months ended September 30, 2025.
Current report
•Shale lease operating expenses were $47 million for the nine months ended September 30, 2026 compared to $59 million for the nine months ended September 30, 2025. The decrease in total dollars and unit costs was primarily due to lower water disposal costs as more water was reused in well completion activities rather than taken to disposal. The per unit decrease was offset, in part, by the overall decrease in total sales volumes.
Current report
Total operating costs and expenses for the CBM segment were $112 million for the nine months ended September 30, 2026 compared to $115 million for the nine months ended September 30, 2025. The decrease in total dollars and unit costs for the CBM segment were due to the following items:
Current report
•CBM production, ad valorem and other fees were $5 million for both the nine months ended September 30, 2026 and 2025. The increase in unit costs was primarily due to higher realized natural gas prices.
Current report
•The increase in other income was primarily due to proceeds received in connection with the settlement of a contractual matter.
Current report
•The increase in professional services expense was primarily attributable to transaction costs related to the monetization of federal tax credits.
Current report
•Net income increased $279 million in the period-to-period comparison.
Removed paragraphs (21)
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
•Salaries, wages and employee benefits increased in the period-to-period comparison primarily due to higher compensation costs during the current period.
Previous report
•Other decreased in the period-to-period comparison due to multiple one-time items, none of which were individually material.
Previous 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.
Previous report
Loss (Gain) on Asset Sales and Abandonments, net
Previous report
Results of Operations -Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Previous 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.
Previous report
•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 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.
Previous 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:
Previous report
•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 report
Total operating costs and expenses for the CBM segment were $76 million for the six months ended June 30, 2026 compared to $77 million for the six months ended June 30, 2025. The decrease in total dollars and unit costs for the CBM segment were due to the following items:
Previous report
•CBM lease operating expenses were $12 million for both the six 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 report
•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 report
•Salaries, wages and employee benefits increased in the period-to-period comparison primarily due to higher compensation costs during the current period.
Previous report
•During the six 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.
Previous report
•Net income increased $316 million in the period-to-period comparison.
Reworded paragraphs (81)
Previous 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:
Current wording
Total hedged natural gas production for the fourth quarter of 2026 is 115.0 Bcf. CNX's annual gas hedge position is shown in the table below:
Previous wording
1 Includes actual settlements of 207.9 Bcf.
Current wording
1 Includes actual settlements of 298.3 Bcf.
Previous 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.
Current wording
CNX reported net income of $165 million, or earnings per diluted share of $1.12, for the three months ended September 30, 2026, compared to net income of $202 million, or earnings per diluted share of $1.21, for the three months ended September 30, 2025.
Previous 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.
Current wording
Included in the earnings for the three months ended September 30, 2026 was an unrealized gain on commodity derivative instruments of $108 million and a net gain on asset sales and abandonments of $4 million. Included in the earnings for the three months ended September 30, 2025 was an unrealized gain on commodity derivative instruments of $110 million and a net gain on asset sales and abandonments of $68 million. See Note 4 – Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information related to the gain on asset sales and abandonments.
Previous wording
•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 wording
•Transportation, gathering and compression expense increased on a per unit basis primarily due to the overall decrease in total sales volumes. The increase was offset, in part, by lower repairs and maintenance and electrical compression.
Previous wording
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 wording
The increase in Sales of Natural Gas, NGLs and Oil, including Cash Settlements, a Non-GAAP Financial Measure was primarily due to a $30.1 million increase in gain on commodity derivative instruments - cash settlement related to the Company's hedging program, a 1.8 Bcfe increase in NGL sales volumes and a $5.46 per Bbl increase in NGL prices. The increases were offset, in part, by a 6.6 Bcfe decrease in natural gas sales volume and a $0.21 per Mcf decrease in natural gas sales price.
Previous 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.
Current wording
The Shale segment had a gain on commodity derivative instruments - cash settlements of $49 million for the three months ended September 30, 2026 compared to a gain of $21 million for the three months ended September 30, 2025. The notional amounts associated with these financial hedges represented approximately 109.4 Bcf of the Company's produced Shale gas sales volumes for the three months ended September 30, 2026 at an average gain of $0.45 per Mcf hedged. For the three months ended September 30, 2025, these financial hedges represented approximately 115.7 Bcf at an average gain of $0.18 per Mcf hedged.
Previous wording
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 wording
The $0.10 per Mcfe increase in total average Shale sales price was primarily due to a $0.91 per Mcfe increase in the average sales price of NGLs and a $0.22 per Mcf increase in the gain on commodity derivative instruments - cash settlements. These increases were offset, in part, by a $0.22 per Mcf decrease in the average sales price of natural gas.
Previous wording
•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 wording
•Shale production, ad valorem and other fees were $5 million for the three months ended September 30, 2026 compared to $6 million for the three months ended September 30, 2025. The decrease in total dollars and unit costs was primarily due to lower realized natural gas prices. The decrease in unit costs was offset, in part, by lower total sales volumes during the period.
Previous wording
•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 wording
•Depreciation, depletion and amortization costs attributable to the Shale segment were $113 million for the three months ended September 30, 2026 compared to $127 million for the three months ended September 30, 2025. These amounts included depletion on a units of production basis of $0.66 per Mcfe and $0.74 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 $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.
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 September 30, 2026 compared to $18 million for the three months ended September 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 $87 million for the six months ended June 30, 2026 compared to $76 million for the six months ended June 30, 2025. The $11 million increase was due to a 13.4% increase in the average sales price for natural gas in the current period and a 0.5% increase in CBM sales volumes due to the timing of when new wells were turned-in-line. The increase in CBM sales volumes was offset, in part, by normal production declines.
Current wording
The CBM segment had natural gas revenue of $31 million for the three months ended September 30, 2026 compared to $33 million for the three months ended September 30, 2025. The $2 million decrease was primarily due to a 3.8% decrease in the average sales price of natural gas and a 3.1% decrease in CBM gas sales volumes due to normal production declines.
Previous wording
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 wording
The total average CBM sales price increased $0.08 per Mcf primarily due to a $0.21 per Mcf increase in the gain on commodity derivative instruments - cash settlements offset, in part, by a $0.13 per Mcf decrease in average gas sales price. The notional amounts associated with these financial hedges represented approximately 7.1 Bcf of the Company's produced CBM sales volumes for the three months ended September 30, 2026 at an average gain of $0.46 per Mcf hedged. For the three months ended September 30, 2025, these financial hedges represented approximately 7.4 Bcf at an average gain of $0.18 per Mcf hedged.
Previous 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:
Current wording
Total operating costs and expenses for the CBM segment were $37 million for the three months ended September 30, 2026 compared to $39 million for the three months ended September 30, 2025. The decrease in total dollars and unit costs for the CBM segment were due to the following items:
Previous wording
•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 wording
•CBM transportation, gathering and compression costs were $13 million for the three months ended September 30, 2026 compared to $16 million for the three months ended September 30, 2025. The decrease in total dollars and unit costs was primarily due to lower electrical compression expense. The decrease in unit costs was offset, in part, by the decrease in total CBM volumes.
Previous 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.
Current wording
•Depreciation, depletion and amortization costs attributable to the CBM segment were $16 million for the three months ended September 30, 2026 compared to $15 million for the three months ended September 30, 2025. These amounts included depletion on a units 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.
Previous wording
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 wording
The Other Segment had earnings before income tax of $32 million for the three months ended September 30, 2026 compared to earnings before income tax of $100 million for the three months ended September 30, 2025. The decrease in total dollars is discussed below.
Previous 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.
Current wording
For the three months ended September 30, 2026, the Other Segment recognized an unrealized gain on commodity derivative instruments of $108 million. For the three months ended September 30, 2025, the Other Segment recognized an unrealized gain on commodity derivative instruments of $110 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 $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.
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 $4 million for the three months ended September 30, 2026 compared to $9 million for the three months ended September 30, 2025. Purchased gas costs were $5 million for the three months ended September 30, 2026 compared to $9 million for the three months ended September 30, 2025. The period-to-period decrease in purchased gas revenue was primarily due to a decrease in the average sales price and a decrease in purchased gas sales volumes.
Previous wording
•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 wording
•Equity loss 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.
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 primarily due to a decrease in the amount of environmental attributes sold and 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 primarily due to lower prices received for environmental attributes sold.
Previous wording
•Long-term equity-based compensation (non-cash) decreased in the period-to-period comparison due to a decrease in the amount of equity awards.
Current wording
•Long-term equity-based compensation (non-cash) increased in the period-to-period comparison due to an increase in the amount of equity awards.
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 period-to-period comparison was primarily due to lower fees in the current 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 the period-to-period comparison was primarily due to improved utilization of minimum processing commitments, which reduced unutilized processing fees.
Previous wording
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 wording
A net gain on asset sales and abandonments of $4 million was recognized in the three months ended September 30, 2026 compared to a net gain of $68 million in the three months ended September 30, 2025. The net gain recognized during the three months ended September 30, 2026 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.
Previous wording
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 wording
The $3 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.
Previous 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.
Current wording
The effective income tax rates for the three months ended September 30, 2026 and 2025 were 24.6% and 23.9%, respectively. The effective rate for the three months ended September 30, 2026 and 2025 differs from the U.S. federal statutory rate of 21% primarily due to the impact of federal tax credits, equity compensation and state taxes. See Note 5 – Income Taxes in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
Previous wording
CNX 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 wording
CNX had net income of $716 million, or earnings per diluted share of $4.70, for the nine months ended September 30, 2026, compared to net income of $437 million, or earnings per diluted share of $2.57, for the nine months ended September 30, 2025.
Previous wording
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 wording
Included in the earnings for the nine months ended September 30, 2026 was an unrealized gain on commodity derivative instruments of $465 million and a net gain on asset sales and abandonments of $9 million. Included in the earnings for the nine months ended September 30, 2025 was an unrealized gain on commodity derivative instruments of $148 million and a net gain on asset sales and abandonments of $95 million. 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.
Previous wording
•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 wording
•Production, ad valorem, and other fees decreased on a per unit basis primarily due to lower property taxes. The decrease was offset, in part, by lower total sales volumes during the period.
Previous 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.
Current wording
•Transportation, gathering and compression expense increased on a per unit basis primarily due to lower total sales volumes, higher repairs and maintenance expense, higher processing costs resulting from production mix and increased utilization of firm transportation capacity in our central Pennsylvania operating area.
Previous 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.
Current wording
•Depreciation, depletion and amortization expense decreased on a per unit basis primarily due to the slightly lower annual depletion rate. The decrease was offset, in part, by lower total sales volumes during the period.
Previous 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.
Current wording
The increase in Sales of Natural Gas, NGLs and Oil, including Cash Settlements, a Non-GAAP Financial Measure was primarily due to a $2.70 per Bbl increase in NGL prices and a $0.17 per Mcf increase in natural gas sales prices. These increases were offset, in part, by the 16.5 Bcfe decrease in total sales volumes and the impact of the change in the loss on commodity derivative instruments - cash settlement related to the Company's hedging program.
Previous wording
SEGMENT ANALYSIS for the six months ended June 30, 2026 compared to the six months ended June 30, 2025:
Current wording
SEGMENT ANALYSIS for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025:
Previous wording
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 wording
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 last quarter of 2025 and throughout 2026.
Previous 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.
Current wording
The Shale segment had natural gas, NGLs and oil/condensate revenue of $1,365 million for the nine months ended September 30, 2026 compared to $1,326 million for the nine months ended September 30, 2025. The $39 million increase was primarily due to a 5.2% increase in the average sales price for natural gas and a 12.2% increase in the average sales price of NGLs. These increases were offset, in part, by a 7.1% increase in the loss on commodity derivative instruments and a 3.7% decrease in total Shale sales volumes.
Previous wording
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 wording
The Shale segment had a loss on commodity derivative instruments - cash settlements of $117 million for the nine months ended September 30, 2026 compared to a loss of $115 million for the nine months ended September 30, 2025. The notional amounts associated with these financial hedges represented approximately 323.7 Bcf of the Company's produced Shale gas sales volumes for the nine months ended September 30, 2026 at an average loss of $0.36 per Mcf hedged. For the nine months ended September 30, 2025, these financial hedges represented approximately 339.0 Bcf at an average loss of $0.34 per Mcf hedged.
Previous 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.
Current wording
The $0.19 per Mcfe increase in total average Shale sales price was primarily due to a $0.15 per Mcf increase in average gas sales price and a $0.45 per Mcfe increase in the average NGL sales price. These increases were offset, in part, by a $0.02 per Mcf change in the loss on commodity derivative instruments - cash settlements.
Previous 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:
Current wording
Total operating costs and expenses for the Shale segment were $658 million for the nine months ended September 30, 2026 compared to $682 million for the nine months ended September 30, 2025. The decrease in total dollars and increase in unit costs for the Shale segment were due to the following items:
Previous wording
•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 wording
•Shale production, ad valorem and other fees were $17 million for the nine months ended September 30, 2026 compared to $20 million for the nine months ended September 30, 2025. The decrease in total dollars was primarily due to lower Shale gas sales volumes, while unit costs remained flat in the period-to-period comparison.
Previous 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.
Current wording
•Shale transportation, gathering and compression costs were $255 million for the nine months ended September 30, 2026 compared to $238 million for the nine months ended September 30, 2025. The increase in total dollars and unit costs was primarily due to higher repairs and maintenance expense, increased processing costs resulting from production mix and increased utilization of firm transportation capacity in our central Pennsylvania operating area. The per unit increase was also due to the overall decrease in total Shale sales volumes.
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Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•Shale lease operating expenses were $17 million for the three months ended September 30, 2026 compared to $21 million for the three months ended September 30, 2025. The decrease in total dollars and unit costs was 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 — wording carried from elsewhere
•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 — wording carried from elsewhere
Gain on Asset Sales and Abandonments, net