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

Published: 2026-04-30 06:51:25 ET CNX

Published on 04/30/2026 at 06:51 am EDT

1Q 2026 Earnings Results & Supplemental Information of CNX Resources

Production Volumes and Activity Summary........................................................................................................................ 2

Hedge Volumes and Pricing…........................................................................................................................................... 3

Gas Hedging Gain/Loss Projections and Actuals.............................................................................................................. 4

Consolidated Statements of Income.................................................................................................................................. 5

Consolidated Balance Sheets............................................................................................................................................ 6

Consolidated Statements of Cash Flows…....................................................................................................................... 7

Market Mix and Natural Gas Price Reconciliation….......................................................................................................... 8

Price and Cost Data (Per Mcfe)......................................................................................................................................... 9

Guidance…........................................................................................................................................................................ 10

Year End 2025 Acreage and Undeveloped Location Update…......................................................................................… 11

Definitions.......................................................................................................................................................................... 12

Sales of Natural Gas, NGL and Oil, including Cash Settlements and Natural Gas, NGL and Oil Production Costs......... 13

Quarterly Adjusted EBITDAX and Adjusted Net Income.................................................................................................... 14

Operating Margin............................................................................................................................................................... 15

Cash Operating Margin...................................................................................................................................................... 16

Net Debt and Adjusted EBITDAX TTM.............................................................................................................................. 17

Free Cash Flow.................................................................................................................................................................. 18

Risk Factors....................................................................................................................................................................... 19

NOTE: Please note that CNX is unable to provide a reconciliation of non-GAAP projected financial results contained in this presentation, including the non-GAAP measures referenced above, to their respective comparable financial measure calculated in accordance with GAAP. This is due to our inability to calculate the comparable GAAP projected metrics, including operating income, net cash provided by operating activities and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

PRODUCTION VOLUMES

GAS

Q1-2026

Q4-2025

Q3-2025

Q2-2025

Q1-2025

Shale Sales Volumes (Bcf)

129.8

130.5

139.2

146.9

126.0

CBM Sales Volumes (Bcf)

9.1

9.4

9.7

9.4

9.3

Other Sales Volumes (Bcf)

0.1

LIQUIDS*

NGLs Sales Volumes (Bcfe)

13.1

12.1

12.0

11.1

12.2

Oil and Condensate Sales Volumes (Bcfe)

0.3

0.2

0.3

0.2

TOTAL (Bcfe)

152.4

152.3

161.3

167.6

147.8

Average Daily Production (MMcfe)

1,693.0

1,654.8

1,753.3

1,841.8

1,642.3

* NGLs, Oil and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.

SWPA Marcellus

Utica

10,070

CPA Marcellus

8,010

Utica

13,590

Total

Measured in lateral feet from perforation to perforation.

NATURAL GAS HEDGE VOLUMES AND PRICING(1)

Q2 2026

2026

2027

2028

NYMEX Hedges

Volumes (Bcf)

Average Prices ($/Mcf)

89.3

$3.50

356.2

$3.55

259.7

$4.17

102.8

$4.03

Physical Fixed Price Sales and Index Hedges

Volumes (Bcf)

Average Prices ($/Mcf)

25.9

$2.64

103.4

$2.64

140.6

$3.31

38.9

$3.11

Total Volumes Hedged (Bcf)(2)

NYMEX + Basis (fully-covered volumes)(3)

115.1

459.6

400.3

141.6

Volumes (Bcf)

Average Prices ($/Mcf)

110.8

$2.71

445.6

$2.74

400.3

$3.31

141.6

$3.25

NYMEX Hedges Exposed to Basis

Volumes (Bcf)

4.36

14.0

Average Prices ($/Mcf)

$3.50

$3.54

Total Volumes Hedged (Bcf)(2)

115.1

459.6

400.3

141.6

Estimated Conversion Factor(4)

1.060

1.063

1.064

1.060

Hedge positions as of 4/15/2026.

Excludes basis hedges in excess of NYMEX hedges of 1.9 Bcf and 58.6 Bcf for 2027 and 2028, respectively.

Includes the impact of NYMEX and basis-only hedges as well as physical sales agreements.

To convert Bcf to TBtu, multiply by conversion factor; to convert $/Mcf to $/MMBtu, divide by conversion factor.

Q2 2026

CY2026

Hedged

Wtd.

Hedged

Wtd.

Volumes

Avg.

Average

Forecasted

Volumes

Avg.

Average

Forecasted

Gain/

(000

Hedged

Forward

Gain/(Loss)(2)

(000

Hedged

Forward

(Loss)(2)

MMBtu)

Price

Market(1)

($ in 000s)

MMBtu)

Price

Market(1)

($ in 000s)

($/MMBtu)

NYMEX

94,640

$3.30

$2.82

$45,593

378,670

$3.34

$3.64

($105,482)

Index

27,300

$2.49

$2.10

$10,699

109,500

$2.49

$2.93

($48,446)

Basis:

Eastern Gas-South (DOM)

27,300

($0.88)

($0.83)

($1,599)

110,060

($0.88)

($0.78)

($9,225)

TCO Pool (TCO)

12,058

($0.74)

($0.58)

($1,968)

48,643

($0.74)

($0.57)

($7,079)

Michcon (NMC)

8,190

($0.19)

($0.29)

$771

32,850

($0.19)

($0.37)

$5,761

TETCO M3 (TMT)

($0.73)

$0.43

TETCO M2 (BM2)

26,618

($1.01)

($0.82)

($4,920)

106,763

($1.01)

($0.73)

($28,707)

STA 165 (TSD)

($0.67)

$0.22

Total Financial Basis Hedges

74,165

($7,716)

298,315

($39,249)

Total Projected Realized Gain / (Loss)

$48,576

($193,177)

Note: Forward market prices, hedged volumes, and hedge prices are as of 4/15/2026. Anticipated hedging activity is not included in projections.

April 2026 prices are settled.

Forecasted Gain/(Loss) amounts are based on sum of current monthly hedge positions vs. strip.

Actual Change in Derivatives

(Dollars in millions)

Q1 2026

Q4-2025

Q3-2025

Q2-2025

Q1-2025

Realized (Loss) Gain

($222)

($58)

$22

($35)

($110)

Unrealized Gain (Loss)

226

130

110

456

(418)

Gain (Loss) on Commodity Derivative Instruments

$72

$132

$421

$(528)

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Dollars in thousands, except per share data Revenue and Other Operating Income:

Q1-2026

Q4-2025

Q3-2025

Q2-2025

Q1-2025

Natural Gas, NGL and Oil Revenue

$722,044

$476,615

$400,990

$485,029

$551,094

Gain (Loss) on Commodity Derivative Instruments

3,981

72,065

131,695

421,121

(528,220)

Purchased Gas Revenue

12,687

14,365

9,026

10,408

11,550

Other Revenue and Operating Income

47,942

47,439

42,129

45,864

47,964

Total Revenue and Other Operating Income

786,654

610,484

583,840

962,422

82,388

Costs and Expenses:

Operating Expense

Lease Operating Expense

21,770

20,700

27,127

26,256

23,333

Transportation, Gathering and Compression

102,401

93,939

97,053

96,953

95,159

Production, Ad Valorem, and Other Fees

8,789

6,534

7,725

9,668

7,273

Depreciation, Depletion and Amortization

134,613

145,134

149,323

152,595

127,062

Exploration and Production Related Other Costs

4,177

5,008

1,656

1,770

2,082

Purchased Gas Costs

12,253

13,581

8,455

9,402

11,209

Selling, General, and Administrative Costs

32,245

41,846

30,375

29,068

39,013

Other Operating (Income) Expense

(4,622)

14,640

19,178

21,014

14,080

Total Operating Expense

311,626

341,382

340,892

346,726

319,211

Other Expense (Income)

Other Expense

509

4,288

1,752

3,729

3,947

Gain on Asset Sales and Abandonments, net

(6,365)

(2,410)

(67,460)

(17,715)

(9,583)

Loss on Debt Extinguishment

12,009

842

Interest Expense

40,470

41,975

42,964

44,041

41,612

Total Other Expense (Income)

46,623

44,695

(22,744)

30,055

35,976

Total Costs and Expenses

358,249

386,077

318,148

376,781

355,187

Earnings (Loss) Before Income Tax

428,405

224,407

265,692

585,641

(272,799)

Income Tax Expense (Benefit)

80,258

28,154

63,589

153,120

(75,084)

Net Income (Loss)

$348,147

$196,253

$202,103

$432,521

$(197,715)

Earnings (Loss) per Share

Basic

$2.45

$1.45

$3.02

$(1.34)

Diluted

$2.18

$1.28

$1.21

$2.53

$(1.34)

Weighted-Average Shares Outstanding

Q1-2026

Q4-2025

Q3-2025

Q2-2025

Q1-2025

Weighted-Average Shares of Common Stock Outstanding

142,202,197

135,514,779

139,251,482

143,429,950

147,778,141

Effect of Diluted Shares*

18,086,409

19,021,107

28,333,716

28,316,646

Weighted-Average Diluted Shares of Common Stock Outstanding

160,288,606

154,535,886

167,585,198

171,746,596

147,778,141

*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards and the potential share settlement impact related to CNX's Convertible Notes are antidilutive.

Disclaimer

CNX Resources Corporation published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 10:50 UTC.