Regulation FD Presentation, Business/Financial Results (Form 8-K)

3Q 2025 Earnings Results &
Supplemental Information of CNX Resources
TABLE OF CONTENTS:			Page:
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
Definitions..........................................................................................................................................................................			11
Sales of Natural Gas, NGL and Oil, including Cash Settlements and Natural Gas, NGL and Oil Production Costs.........			12
Quarterly Adjusted EBITDAX and Adjusted Net Income....................................................................................................			13
Operating Margin...............................................................................................................................................................			14
Cash Operating Margin......................................................................................................................................................			15
Net Debt and Adjusted EBITDAX TTM..............................................................................................................................			16
Free Cash Flow..................................................................................................................................................................			17
Risk Factors.......................................................................................................................................................................			18

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									Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Shale Sales Volumes (Bcf)									139.2						146.9						126.0						115.6						110.8
CBM Sales Volumes (Bcf)									9.7						9.4						9.3						9.9						10.0
Other Sales Volumes (Bcf)									0.1						-						0.1						-						0.1
LIQUIDS*
NGLs Sales Volumes (Bcfe)									12.0						11.1						12.2						16.2						13.2
Oil and Condensate Sales Volumes (Bcfe)									0.3						0.2						0.2						0.2						0.4
TOTAL (Bcfe)									161.3						167.6						147.8						141.9						134.5
Average Daily Production (MMcfe)									1,753.3						1,841.8						1,642.3						1,543.1						1,461.8
* 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.
Q3 2025 ACTIVITY SUMMARY									TD						Frac						TIL						Average Lateral Length(1)						Rigs at Period End
SWPA			Marcellus						-						-						-						-						-
			Utica						-						-						-						-						-
CPA			Marcellus						-						-						-						-						-
			Utica						-						-						-						-						1
Total									-						-						-												1
(1) Measured in lateral feet from perforation to perforation.

NATURAL GAS HEDGE VOLUMES AND PRICING(1)
			Q4 2025						2025						2026						2027						2028
NYMEX Hedges
Volumes (Bcf)			87.2						344.4						331.3						208.7						58.7
Average Prices ($/Mcf)			$3.30						$3.31						$3.51						$4.15						$4.04
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)			34.6						139.1						102.8						137.4						28.5
Average Prices ($/Mcf)			$2.30						$2.33						$2.66						$3.30						$3.11
Total Volumes Hedged (Bcf)(2)			121.8						483.5						434.1						346.1						87.2
NYMEX + Basis (fully-covered volumes)(3)
Volumes (Bcf)			121.8						483.5						434.1						346.1						87.2
Average Prices ($/Mcf)			$2.55						$2.58						$2.70						$3.27						$3.24
NYMEX Hedges Exposed to Basis
Volumes (Bcf)			-						-						-						-						-
Average Prices ($/Mcf)			-						-						-						-						-
Total Volumes Hedged (Bcf)(2)			121.8						483.5						434.1						346.1						87.2
Estimated Conversion Factor(4)			1.064						1.063						1.069						1.062						1.060
(1) Hedge positions as of 10/15/2025.
(2) Excludes basis hedges in excess of NYMEX hedges of 0.7 Bcf, 7.2 Bcf, 4.2 Bcf, and 52.1 Bcf for 2025, 2026, 2027 and 2028, respectively.
(3) Includes the impact of NYMEX and basis-only hedges as well as physical sales agreements.
(4) To convert Bcf to TBtu, multiply by conversion factor; to convert $/Mcf to $/MMBtu, divide by conversion factor.

HEDGING GAIN/LOSS PROJECTIONS
			Q4 2025															CY2025															CY2026
			Hedged Volumes			Wtd. Avg.			Average			Forecasted						Hedged Volumes			Wtd. Avg.			Average			Forecasted						Hedged Volumes			Wtd. Avg.			Average			Forecasted
($/MMBtu)			(000 MMBtu)			Hedged Price			Forward Market(1)			Gain/(Loss)(2) ($ in 000s)						(000 MMBtu)			Hedged Price			Forward Market(1)			Gain/(Loss)(2) ($ in 000s)						(000 MMBtu)			Hedged Price			Forward Market(1)			Gain/(Loss)(2) ($ in 000s)
NYMEX			92,690			$3.10			$3.17			($6,574)						365,938			$3.12			$3.33			($79,286)						354,150			$3.28			$3.85			($202,828)
Index			36,570			$2.16			$2.35			($6,789)						146,927			$2.19			$2.60			($59,949)						109,500			$2.49			$3.09			($66,305)
Basis:
Eastern Gas-South (DOM)			38,180			($0.72)			($0.93)			$7,993						149,970			($0.72)			($0.83)			$16,821						109,500			($0.88)			($0.88)			($676)
TCO Pool (TCO)			1,840			($0.87)			($0.76)			($187)						7,300			($0.87)			($0.65)			($1,555)						48,363			($0.74)			($0.65)			($4,413)
Michcon (NMC)			7,360			($0.24)			($0.33)			$622						29,200			($0.24)			($0.38)			$4,006						32,850			($0.19)			($0.39)			$6,492
TETCO M3 (TMT)			-			-			($0.28)			-						900			$0.64			($0.24)			$402						-			-			$0.04			-
TETCO M2 (BM2)			28,980			($0.91)			($0.86)			($1,454)						114,975			($0.91)			($0.81)			($10,751)						106,763			($1.01)			($0.79)			($22,425)
Transco Zone 5 South (T5B)			1,690			$1.03			$0.71			$650						7,615			$0.98			$0.76			$2,333						-			-			$1.36			-
Total Financial Basis Hedges			78,050									$7,624						309,960									$11,257						297,475									($21,021)
Total Projected Realized Loss												($5,738)															($127,977)															($290,154)
Note: Forward market prices, hedged volumes, and hedge prices are as of 10/15/2025. Anticipated hedging activity is not included in projections.
(1) January 2025 through October 2025 prices are settled.
(2) Forecasted Gain/(Loss) amounts are based on sum of current monthly hedge positions vs. strip.

Actual Change in Derivatives
(Dollars in millions)			Q3 2025						Q2 2025						Q1 2025						Q4 2024						Q3 2024
Realized Gain (Loss)			$22						($35)						($110)						$21						$95
Unrealized Gain (Loss)			110						456						(418)						(304)						(6)
Gain (Loss) on Commodity Derivative Instruments			$132						$421						($528)						$(283)						$89

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Natural Gas, NGL and Oil Revenue			$400,990						$485,029						$551,094						$364,413						$259,459
Gain (Loss) on Commodity Derivative Instruments			131,695						421,121						(528,220)						(282,992)						88,964
Purchased Gas Revenue			9,026						10,408						11,550						6,855						27,306
Other Revenue and Operating Income			42,129						45,864						47,964						48,301						48,484
Total Revenue and Other Operating Income			583,840						962,422						82,388						136,577						424,213
Costs and Expenses:
Operating Expense
Lease Operating Expense			27,127						26,256						23,333						17,848						17,253
Transportation, Gathering and Compression			97,053						96,953						95,159						97,586						96,274
Production, Ad Valorem, and Other Fees			7,725						9,668						7,273						6,646						6,646
Depreciation, Depletion and Amortization			149,323						152,595						127,062						128,336						121,227
Exploration and Production Related Other Costs			1,656						1,770						2,082						1,835						1,935
Purchased Gas Costs			8,455						9,402						11,209						6,699						26,594
Selling, General, and Administrative Costs			30,375						29,068						39,013						43,542						32,498
Other Operating Expense			19,178						21,014						14,080						20,576						16,462
Total Operating Expense			340,892						346,726						319,211						323,068						318,889
Other (Income) Expense
Other Expense (Income)			1,752						3,729						3,947						4,539						(4,590)
Gain on Asset Sales and Abandonments, net			(67,460)						(17,715)						(9,583)						(33,627)						(10,570)
Interest Expense			42,964						44,041						41,612						36,596						37,923
Total Other (Income) Expense			(22,744)						30,055						35,976						7,508						22,763
Total Costs and Expenses			318,148						376,781						355,187						330,576						341,652
Earnings (Loss) Before Income Tax			265,692						585,641						(272,799)						(193,999)						82,561
Income Tax Expense (Benefit)			63,589						153,120						(75,084)						(49,375)						17,021
Net Income (Loss)			$202,103						$432,521						$(197,715)						$(144,624)						$65,540
Earnings (Loss) per Share
Basic			$1.45						$3.02						$(1.34)						$(0.97)						$0.44
Diluted			$1.21						$2.53						$(1.34)						$(0.97)						$0.37
Weighted-Average Shares Outstanding			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Weighted-Average Shares of Common Stock Outstanding			139,251,482						143,429,950						147,778,141						148,946,949						150,342,177
Effect of Diluted Shares*			28,333,716						28,316,646						-						-						28,771,284
Weighted-Average Diluted Shares of Common Stock Outstanding			167,585,198						171,746,596						147,778,141						148,946,949						179,113,461
*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.

CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands			30-Sep-25						30-Jun-25						31-Mar-25						31-Dec-24						30-Sep-24
ASSETS
Current Assets:
Cash and Cash Equivalents			$4,735						$3,391						$2,615						$17,198						$1,310
Restricted Cash			10,168						10,072						10,272						37,875						-
Accounts and Notes Receivable
Trade, net			141,264						180,152						246,765						179,547						101,788
Other Receivables, net			56,596						37,166						51,560						17,859						50,597
Supplies Inventories			30,822						39,318						27,591						14,572						12,965
Derivative Instruments			100,076						107,401						68,860						87,925						147,020
Prepaid Expenses			17,234						16,725						17,767						15,659						19,259
Total Current Assets			360,895						394,225						425,430						370,635						332,939
Property, Plant and Equipment:
Property, Plant and Equipment			13,839,517						13,771,249						13,667,826						13,037,948						12,907,324
Less-Accumulated Depreciation, Depletion and Amortization			6,054,758						5,912,645						5,771,499						5,653,837						5,533,957
Total Property, Plant and Equipment-Net			7,784,759						7,858,604						7,896,327						7,384,111						7,373,367
Other Non-Current Assets:
Operating Lease Right-of-Use Assets			167,893						91,546						85,666						98,713						103,692
Derivative Instruments			118,387						167,561						165,908						160,183						228,883
Goodwill			323,314						323,314						323,314						323,314						323,314
Other Intangible Assets			58,971						60,609						62,247						63,885						65,524
Restricted Cash			2,430						2,428						-						-						-
Other Non-Current Assets			87,469						89,580						87,817						111,062						110,330
Total Other Non-Current Assets			758,464						735,038						724,952						757,157						831,743
TOTAL ASSETS			$8,904,118						$8,987,867						$9,046,709						$8,511,903						$8,538,049
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable			$110,649						$120,019						$144,376						$123,249						$120,125
Derivative Instruments			316,729						403,112						770,980						354,621						185,795
Current Portion of Finance Lease Obligations			5,080						4,338						4,335						4,236						2,576
Current Portion of Long-Term Debt			329,378						328,837						328,300						327,766						327,236
Current Portion of Operating Lease Obligations			48,140						47,819						50,082						51,474						49,033
Other Accrued Liabilities			255,313						293,558						284,820						261,232						207,972
Total Current Liabilities			1,065,289						1,197,683						1,582,893						1,122,578						892,737
Non-Current Liabilities:
Long-Term Debt			2,247,199						2,286,855						2,353,350						1,838,234						1,957,655
Finance Lease Obligations			26,209						19,229						20,304						21,040						10,270
Operating Lease Obligations			122,477						46,424						37,834						49,519						57,493
Derivative Instruments			251,206						342,613						439,769						429,533						369,569
Deferred Income Taxes			836,354						761,490						604,526						696,136						745,735
Asset Retirement Obligations			124,460						125,504						124,253						119,189						104,921
Other Non-Current Liabilities			115,351						115,356						113,006						137,644						142,954
Total Non-Current Liabilities			3,723,256						3,697,471						3,693,042						3,291,295						3,388,597
TOTAL LIABILITIES			4,788,545						4,895,154						5,275,935						4,413,873						4,281,334
Stockholders' Equity:
Common Stock			1,360						1,420						1,456						1,490						1,494
Capital in Excess of Par Value			2,254,021						2,298,970						2,324,116						2,348,959						2,348,061
Preferred Stock			-						-						-						-						-
Retained Earnings			1,865,695						1,797,896						1,450,844						1,753,293						1,914,218
Accumulated Other Comprehensive Loss			(5,503)						(5,573)						(5,642)						(5,712)						(7,058)
TOTAL STOCKHOLDERS' EQUITY			4,115,573						4,092,713						3,770,774						4,098,030						4,256,715
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$8,904,118						$8,987,867						$9,046,709						$8,511,903						$8,538,049

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Net Income (Loss)			$202,103						$432,521						($197,715)						($144,624)						$65,540
Depreciation, Depletion and Amortization			149,323						152,595						127,062						128,336						121,227
Amortization of Deferred Financing Costs			2,713						2,701						2,668						2,623						2,612
Stock-Based Compensation			5,165						5,084						8,816						4,346						4,192
Gain on Asset Sales and Abandonments, net			(67,460)						(17,715)						(9,583)						(33,627)						(10,570)
(Gain) Loss on Commodity Derivative Instruments			(131,695)						(421,121)						528,220						282,992						(88,964)
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments			10,405						(84,097)						(88,285)						73,592						87,955
Deferred Income Taxes			74,838						156,938						(91,636)						(50,060)						17,408
Other			1,351						(605)						1,097						344						494
Changes in Operating Assets:
Accounts and Notes Receivable			39,266						81,874						(72,103)						(43,986)						(1,963)
Supplies Inventories			8,496						(11,727)						(13,019)						(1,606)						1,539
Prepaid Expenses			(509)						1,042						(2,108)						3,600						(2,064)
Changes in Other Assets			(291)						(103)						23,277						(748)						(789)
Changes in Operating Liabilities:
Accounts Payable			(17,917)						(13,453)						13,396						454						(2,864)
Accrued Interest			(21,309)						20,335						(14,419)						16,710						(18,010)
Other Operating Liabilities			(20,769)						(24,184)						24,565						34,075						(5,934)
Changes in Other Liabilities			51						2,407						(24,577)						(3,624)						342
Net Cash Provided by Operating Activities			233,761						282,492						215,656						268,797						170,151
Cash Flows from Investing Activities:
Capital Expenditures			(75,544)						(113,565)						(131,465)						(105,495)						(114,737)
Proceeds from Asset Sales			67,793						20,783						16,630						36,582						8,141
Investments in Equity Affiliates			-						(2,140)						(1,163)						(1,309)						(3,452)
Apex Acquisition (Net of Cash Acquired)			-						-						(517,599)						-						-
Net Cash Used in Investing Activities			(7,751)						(94,922)						(633,597)						(70,222)						(110,048)
Cash Flows from Financing Activities:
Proceeds from CNXM Revolving Credit Facility Borrowings			72,500						88,175						92,250						71,700						70,750
Repayments of CNXM Revolving Credit Facility Borrowings			(74,000)						(88,875)						(85,600)						(82,300)						(90,750)
Proceeds from CNX Revolving Credit Facility Borrowings			436,350						365,300						772,950						194,800						306,000
Repayments of CNX Revolving Credit Facility Borrowings			(475,550)						(431,900)						(463,350)						(304,600)						(284,750)
Proceeds from Issuance of CNX Senior Notes			-						-						198,500						-						-
Payments on Other Debt			(1,181)						(948)						(960)						(686)						(639)
Proceeds from Issuance of Common Stock			56						110						820						1,481						170
Shares Withheld for Taxes			(348)						(406)						(13,086)						(98)						(303)
Purchases of Common Stock			(182,374)						(115,714)						(125,138)						(25,005)						(62,996)
Debt Issuance and Financing Fees			(21)						(308)						(631)						(104)						(198)
Net Cash (Used in) Provided by Financing Activities			(224,568)						(184,566)						375,755						(144,812)						(62,716)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			1,442						3,004						(42,186)						53,763						(2,613)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period			15,891						12,887						55,073						1,310						3,923
Cash, Cash Equivalents and Restricted Cash at End of Period			$17,333						$15,891						$12,887						$55,073						$1,310

MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
												2025E
												Gas Sold (%)(1)			Basis(2)
Eastern Gas-South												25%			($0.91)
ETNG Mainline												3%			$0.22
TCO Pool												27%			($0.64)
TETCO ELA & WLA												2%			($0.23)
TETCO M3												2%			($0.01)
TETCO M2												25%			($0.82)
Michcon												8%			($0.38)
Physical basis sales												8%			($0.03)
Weighted Average Basis												100%			($0.62)
NYMEX															$3.33
Weighted Average Basis (Not considering hedging)															($0.62)
Realized Price (per MMBtu)															$2.71
Conversion Factor (MMBtu/Mcf)															1.063
Realized Price Before Financial Hedging (per Mcf)															$2.88
(1) Individual market percentages exclude physical basis sales, which are shown separately.
(2) Reflects actual realized basis for nine months ended September 30; October - December forward market basis prices as of 10/15/2025.

PRICE AND COST DATA (PER MCFE) - NON-GAAP
			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Average Sales Price - Natural Gas			$2.43						$2.84						$3.66						$2.41						$1.73
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement			$0.15						($0.23)						($0.81)						$0.17						$0.78
Average Sales Price - Oil and Condensate*			$9.49						$8.74						$9.61						$9.59						$10.31
Average Sales Price - NGLs*			$3.04						$3.58						$4.42						$3.64						$3.50
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement			$2.62						$2.68						$2.99						$2.72						$2.63
Lease Operating Expense (LOE)			$0.17						$0.16						$0.16						$0.13						$0.13
Production, Ad Valorem, and Other Fees			$0.05						$0.05						$0.05						$0.05						$0.05
Transportation, Gathering and Compression			$0.60						$0.58						$0.64						$0.69						$0.72
Depreciation, Depletion and Amortization (DD&A)			$0.89						$0.88						$0.83						$0.86						$0.86
Total Natural Gas, NGL and Oil Production Costs			$1.71						$1.67						$1.68						$1.73						$1.76
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A			$0.82						$0.79						$0.85						$0.87						$0.90
Natural Gas, NGL and Oil Production Cash Margin, before DD&A			$1.80						$1.89						$2.14						$1.85						$1.73
Fully Burdened Cash Costs, before DD&A(1)			$1.09						$1.05						$1.11						$1.22						$1.11
Fully Burdened Cash Margin, before DD&A			$1.53						$1.63						$1.88						$1.50						$1.52
Note: "Total Natural Gas, NGL and Oil Production Costs" excludes Selling, General, and Administration and Other Operating Expenses.
*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.
(1) Fully burdened cash costs include production cash costs, selling, general and administrative (SG&A) cash costs, other operating cash expense, other cash expense (income), other revenue and operating income, and cash interest expense. Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024 total fully burdened cash costs exclude a (gain)/loss on asset sales of ($0.42) per Mcfe, ($0.11) per Mcfe,$0.06 per Mcfe, ($0.24) per Mcfe and ($0.08) per Mcfe, respectively. Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024 exclude unrealized losses on interest rate swaps and noncash amortization of $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe and $0.02 per Mcfe, respectively. Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024, exclude loss on debt extinguishment and inventory adjustments of $0.00 per Mcfe, $0.00 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe and $0.01 per Mcfe, respectively.
Natural Gas Price Reconciliation			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
NYMEX Natural Gas ($/MMBtu)			$3.07						$3.44						$3.65						$2.79						$2.16
Average Differential			(0.77)						(0.76)						(0.26)						(0.54)						(0.56)
BTU Conversion (MMBtu/Mcf)*			0.12						0.15						0.27						0.17						0.13
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement			0.15						(0.23)						(0.81)						0.17						0.78
Realized Natural Gas Price per Mcf			$2.57						$2.61						$2.85						$2.59						$2.51
*Conversion factor			1.05						1.06						1.08						1.07						1.09

GUIDANCE
						PREVIOUS												UPDATED
($ in millions)						2025E												2025E
						Low						High						Low						High
Production Volumes (Bcfe)						615			-			620						620			-			625
% Liquids						~7%			'-			~8%						~7%			'-			~8%
% of Natural Gas Hedged						85%												84%
Prices on Open Volumes(1)
Natural Gas NYMEX ($/MMBtu)						$3.59												$3.33
Natural Gas Differential ($/MMBtu)						($0.67)												($0.62)
NGL Realized Price ($/Bbl)						~$21.00												~$21.00
($ in millions)
Adjusted EBITDAX(2)						$1,225			-			$1,275						$1,200			-			$1,225
Capital Expenditures
Drilling & Completions (D&C)						$300			-			$325						$310			-			$330
Non-D&C						$145			-			$165						$160			-			$165
Discretionary Capital						$5			-			$10						$5			-			$5
Total Capital Expenditures						$450			-			$500						$475			-			$500
Environmental Attributes Sales Free Cash Flow (FCF) Impact(2)						~$65												~$65
Asset Sales(3)						~$50												~$115
Free Cash Flow (FCF)(2)(3)(5)						~$575												~$640
FCF Per Share(2)(3)(4)						~$4.07												~$4.75
(1) Forward market prices for 2025 guidance as of 10/15/2025.
(2) Non-GAAP measures. See "Non-GAAP Financial Measures" for definitions.
(3) Previous guidance for total FCF includes approximately $50 million in expected asset sales in 2025. Updated guidance for total FCF includes approximately $115 million in expected asset sales in 2025.
(4) Previous guidance for 2025 FCF per share based on shares outstanding of 141,418,560, as of 7/15/2025. Updated guidance for 2025 FCF per share based on shares outstanding of 134,832,658, as of 10/20/2025.
(5) Excludes $518 million Apex Energy acquisition.

2025E ACTIVITY SUMMARY												TIL						Average Lateral Length(1)
SWPA Central						Marcellus						13						12,850
						Utica						-						-
CPA						Marcellus						13						15,600
						Utica						8						12,100
Total												34
(1) Measured in lateral feet from perforation to perforation.

Non-GAAP Measures (Definitions, Purpose, and Reconciliations)

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 generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating CNX because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company's operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics 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.

Definitions: EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below. Although EBIT, EBITDAX, and adjusted EBITDAX are not measures of performance calculated in accordance with generally accepted accounting principles, management believes that they are useful to an investor in evaluating CNX Resources because they are widely used to evaluate a company's operating performance. We exclude stock-based compensation from adjusted EBITDAX because we do not believe it accurately reflects the actual operating expense incurred during the relevant period and may vary widely from period to period irrespective of operating results. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with generally accepted accounting principles. In addition, because all companies do not calculate EBIT, EBITDAX or adjusted EBITDAX identically, the presentation here may not be comparable to similarly titled measures of other companies. Sales of natural gas, NGL and oil, including cash settlements 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. Natural gas, NGL and oil production costs excludes certain expenses that are not directly related to CNX's natural gas producing activities and are managed outside our production operations. Adjusted Net Income (Loss) is defined as net income after adjusting for the discrete items listed below as well as the tax effectiveness. Operating Margins are defined as adjusted EBIT divided by Total Revenue after adjusting for unrealized (gain) loss on commodity derivative instruments. Adjusted Trailing-Twelve-Months (TTM) EBITDAX is defined as EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below. Cash Operating Margins are defined as adjusted EBITDA divided by total Revenue after adjusting for unrealized (gain) loss on commodity derivative instruments. Net Debt is defined as total long-term debt minus cash, cash equivalents, and restricted cash. Adjusted Net Debt is defined as total long-term debt plus the historical impact of recent accounting pronouncement, minus cash, cash equivalents, and restricted cash. Free Cash Flow (FCF) is defined as net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates.

Reconciliations of EBIT, EBITDAX, adjusted EBITDAX, adjusted EBIT, adjusted EBITDA, sales of natural gas, NGL and oil, including cash settlements, natural gas, NGL and oil production costs, adjusted net income, operating margins, cash operating margins, net debt, adjusted net debt, adjusted TTM EBITDAX and FCF to the most directly comparable GAAP financial measures are as follows:

Non-GAAP Measures
Sales of Natural Gas, NGL and Oil, including cash settlements 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 is a non-GAAP measure that 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 (See Note 21 - Segment Information of the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX's 2024 Annual Report on Form 10-K as filed with the SEC on February 11, 2025). These expenses include, but are not limited to, interest expense and other corporate expenses such as selling, general and administrative costs in the current periods presented.
(Dollars in millions)			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Total Revenue and Other Operating Income			$584						$962						$82						$138						$424
(Deduct) Add:
Purchased Gas Revenue			(9)						(10)						(11)						(7)						(27)
Unrealized (Gain) Loss on Commodity Derivative Instruments			(110)						(456)						418						304						6
Other Revenue and Operating Income			(42)						(46)						(48)						(49)						(49)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure			$423						$450						$441						$386						$354
Total Operating Expense			$341						$346						$319						$323						$319
(Deduct):
Depreciation, Depletion and Amortization (DD&A) - Corporate			(5)						(4)						(6)						(3)						(4)
Exploration and Production Related Other Costs			(2)						(2)						(2)						(2)						(2)
Purchased Gas Costs			(9)						(9)						(11)						(7)						(27)
Selling, General and Administrative Costs			(30)						(29)						(39)						(43)						(33)
Other Operating Expense			(19)						(21)						(14)						(22)						(16)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1			$276						$281						$247						$246						$237

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.

Non-GAAP Measures
EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below.
(Dollars in millions)			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Net Income (Loss)			$202						$432						($198)						($145)						$66
Interest Expense			43						44						42						37						37
Interest Income			-						(1)						-						(2)						-
Income Tax Expense (Benefit)			64						153						(75)						(50)						17
Earnings (Loss) Before Interest & Taxes (EBIT)			309						628						(231)						(160)						120
Depreciation, Depletion & Amortization			149						153						127						129						121
Exploration Expense			2						2						2						2						2
Earnings (Loss) Before Interest, Taxes, DD&A and Exploration (EBITDAX)			$460						$783						($102)						($29)						$243
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments			(110)						(456)						418						304						6
Gain on Non-Core Asset Sale			(57)						-						-						-						-
Stock-Based Compensation			5						5						9						5						4
Total Pre-tax Adjustments			(162)						(451)						427						309						10
Adjusted EBITDAX			$298						$332						$325						$280						$253
Adjusted Net Income is defined as net income after adjusting for the discrete items listed below as well as the related tax effect.
(Dollars in millions)			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Net Income (Loss) from EBITDAX Reconciliation			$202						$432						($198)						($145)						$66
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation			(162)						(451)						427						309						10
Tax Effect of Adjustments			42						119						(113)						(79)						(3)
Adjusted Net Income			$82						$100						$116						$85						$73

Non-GAAP Measures
Operating Margin: Adjusted EBIT divided by Total Revenue and Other Operating Income after adjusting for unrealized (gain) loss on commodity derivative instruments.
(Dollars in millions)			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Total Revenue and Other Operating Income			$584						$962						$82						$138						$424
Net Income (Loss)			$202						$432						($198)						($145)						$66
Interest Expense			43						44						42						37						37
Interest Income			-						(1)						-						(2)						-
Income Tax Expense (Benefit)			64						153						(75)						(50)						17
Earnings (Loss) Before Interest & Taxes (EBIT)			309						628						(231)						(160)						120
Depreciation, Depletion & Amortization			149						153						127						129						121
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)			$458						$781						($104)						($31)						$241
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments			($110)						($456)						$418						$304						$6
Total Adjustments			($110)						($456)						$418						$304						$6
Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments			$474						$506						$500						$442						$430
Adjusted EBIT			$199						$172						$187						$144						$126
Operating Margin			42		%				34		%				37		%				33		%				29		%

Non-GAAP Measures
Cash Operating Margin: Adjusted EBITDA divided by Total Revenue and Other Operating Income after adjusting for unrealized loss (gain) on commodity derivative instruments, stock based compensation and the other discrete items listed below.
(Dollars in millions)			Q3-2025						Q2-2025						Q1-2025						Q4-2024						Q3-2024
Total Revenue and Other Operating Income			$584						$962						$82						$138						$424
Net Income (Loss)			$202						$432						($198)						($145)						$66
Interest Expense			43						44						42						37						37
Interest Income			-						(1)						-						(2)						-
Income Tax Expense (Benefit)			64						153						(75)						(50)						17
Earnings (Loss) Before Interest & Taxes (EBIT)			309						628						(231)						(160)						120
Depreciation, Depletion & Amortization			149						153						127						129						121
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)			$458						$781						($104)						($31)						$241
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments			$(110)						$(456)						$418						$304						$6
Gain on Non-Core Asset Sale			(57)						-						-						-						-
Stock-Based Compensation			5						5						9						5						4
Total Adjustments			($162)						($451)						$427						$309						$10
Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments			$474						$506						$500						$442						$430
Adjusted EBITDA			$296						$330						$323						$278						$251
Cash Operating Margin			62		%				65		%				65		%				63		%				58		%

Non-GAAP Measures
Management uses net debt to determine the company's outstanding debt obligations that would not be readily satisfied by its cash, cash equivalents, and restricted cash on hand. Management believes that using net debt is useful to investors in determining the company's leverage ratio since the company could choose to use its cash and cash equivalents to retire debt.
Net Debt: Total long-term debt minus cash, cash equivalents, and restricted cash.
Adjusted Net Debt: Total long-term debt, plus the historical impact of accounting pronouncement, minus cash, cash equivalents, and restricted cash.
(Dollars in millions)
Net Debt						30-Sep-25						30-Jun-25						31-Mar-25						31-Dec-24						31-Dec-23						31-Dec-22						31-Dec-21						31-Dec-20						30-Sep-20
Total Long-Term Debt (GAAP)(1)						$2,577						$2,616						$2,682						$2,166						$2,214						$2,206						$2,214						$2,424						$2,600
Less: Cash, Cash Equivalents, and Restricted Cash						17						16						13						55						-						21						4						22						156
Net Debt						$2,560						$2,600						$2,669						$2,111						$2,214						$2,185						$2,210						$2,402						$2,444
(1) Includes current portion
(Dollars in millions)
Adjusted Net Debt						30-Sep-25						30-Jun-25						31-Mar-25						31-Dec-24						31-Dec-23						31-Dec-22						31-Dec-21						31-Dec-20						30-Sep-20
Total Long-Term Debt (GAAP)(1)						$2,577						$2,616						$2,682						$2,166						$2,214						$2,206						$2,214						$2,424						$2,600
Plus: Impact of Recent Accounting Pronouncement(2)						-						-						-						-						-						-						82						98						101
Less: Cash, Cash Equivalents, and Restricted Cash						17						16						13						55						-						21						4						22						156
Adjusted Net Debt						$2,560						$2,600						$2,669						$2,111						$2,214						$2,185						$2,292						$2,500						$2,545
(1) Includes current portion
(2) On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity and upon adoption long-term debt increased by $82MM (See Note 12 - Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX's December 31, 2022 Form 10-K for additional information). As this adjustment was recorded on a prospective basis, Management believes that presenting investors with the net debt on a historical basis would be beneficial.

Adjusted TTM EBITDAX: EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below.
			Three Months Ended																								Twelve Months Ended
(Dollars in millions)			31-Dec-24						31-Mar-25						30-Jun-25						30-Sep-25						30-Sep-25
Net (Loss) Income			($145)						($198)						$432						$202						$291
Interest Expense			37						42						44						43						166
Interest Income			(2)						-						(1)						-						(3)
Income Tax (Benefit) Expense			(50)						(75)						153						64						92
(Loss) Earnings Before Interest & Taxes (EBIT)			(160)						(231)						628						309						546
Depreciation, Depletion & Amortization			129						127						153						149						558
Exploration Expense			2						2						2						2						8
(Loss) Earnings Before Interest, Taxes, DD&A, and Exploration (EBITDAX)			(29)						(102)						783						460						1,112
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments			304						418						(456)						(110)						156
Gain on Non-Core Asset Sale			-						-						-						(57)						(57)
Stock Based Compensation			5						9						5						5						24
Total Pre-tax Adjustments			309						427						(451)						(162)						123
Adjusted EBITDAX TTM			$280						$325						$332						$298						$1,235

Non-GAAP Measures
The Company's management believes that the following measures provide useful information to external users of the Company's consolidated financial statements, such as industry analysts, lenders and ratings agencies. Free cash flow should not be considered as alternatives to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.
Free Cash Flow (FCF): Net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates.
2025 Free Cash Flow
(Dollars in millions)			Q3-2025						Q2-2025						Q1-2025
Net Cash Provided by Operating Activities			$234						$283						$216
Capital Expenditures			(76)						(114)						(131)
Proceeds from Asset Sales			68						21						16
Investments in Equity Affiliates			-						(2)						(1)
Free Cash Flow			$226						$188						$100
2024 Free Cash Flow
(Dollars in millions)			Q4-2024						Q3-2024						Q2-2024						Q1-2024						YTD-2024
Net Cash Provided by Operating Activities			$269						$170						$192						$185						$816
Capital Expenditures			(105)						(115)						(152)						(168)						(540)
Proceeds from Asset Sales			37						8						7						8						60
Investments in Equity Affiliates			(2)						(3)						-						-						(5)
Free Cash Flow			$199						$60						$47						$25						$331
2023 Free Cash Flow
(Dollars in millions)			Q4-2023						Q3-2023						Q2-2023						Q1-2023						YTD-2023
Net Cash Provided by Operating Activities			$161						$206						$199						$248						$814
Capital Expenditures			(107)						(206)						(196)						(170)						(679)
Proceeds from Asset Sales			8						19						132						11						170
Free Cash Flow			$62						$19						$135						$89						$305
2022 Free Cash Flow
(Dollars in millions)			Q4-2022						Q3-2022						Q2-2022						Q1-2022						YTD-2022
Net Cash Provided by Operating Activities			$442						$265						$192						$336						$1,235
Capital Expenditures			(173)						(134)						(137)						(122)						(566)
Proceeds from Asset Sales			7						4						7						20						38
Free Cash Flow			$276						$135						$62						$234						$707
2021 Free Cash Flow
(Dollars in millions)			Q4-2021						Q3-2021						Q2-2021						Q1-2021						YTD-2021
Net Cash Provided by Operating Activities			$254						$215						$239						$219						$927
Capital Expenditures			(117)						(97)						(129)						(123)						(466)
Proceeds from Asset Sales			21						12						7						5						45
Free Cash Flow			$158						$130						$117						$101						$506
2020 Free Cash Flow
(Dollars in millions)			Q4-2020						Q3-2020						Q2-2020						Q1-2020						YTD-2020
Net Cash Provided by Operating Activities			$161						$223						$144						$267						$795
Capital Expenditures			(92)						(108)						(135)						(152)						(487)
Proceeds from Asset Sales			16						6						12						14						48
Free Cash Flow			$85						$121						$21						$129						$356

Risk Factors

This presentation, including the oral statements made in connection herewith, contains forward-looking statements estimates and projections within the meaning of the federal securities laws. Statements that are not historical are forward-looking and may include our operational and strategic plans; estimates of gas reserves and resources; projected timing and rates of return of future investments; and projections and estimates of future production revenues, income and capital spending. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements estimates and projections. Investors should not place undue reliance on forward-looking statements as a prediction of future actual results. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly.

Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions "Cautionary Statement Regarding Forward-looking Statements" and "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (SEC) on February 11, 2025, as supplemented by our quarterly reports on Form 10-Q, and any other reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; events beyond our control, including a global or domestic health crisis or global instability; our operations and national and global economic conditions, generally; conditions in the oil and gas industry; the financial condition of our customers; any nonperformance by customers of their contractual obligations; changes in customer, employee or supplier relationships; ability to quality for environmental attribute credits and the volatility of environmental attribute markets; and changes in safety, health, environmental and other regulations.