olivLaw · US equity research
CNX Resources Corporation CNX
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
CNX Resources is an independent natural gas producer with operations concentrated in the Appalachian Basin, producing 629 billion cubic feet equivalent in 2025. The company completed the Apex Energy II acquisition in January 2025 and guides to sales volumes of 605 - 620 Bcfe for 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CNX Resources Corporation (CNX) stock was 35.93 USD (−1.78% on the day), with market capitalisation 5.1 bn USD, P/E 5.8 on diluted EPS of 6.17 USD over the last 12 months, dividend yield 0.00%, beta 0.29, 52-week range 31.17–42.61 USD. Latest reported quarter (Q3 2026): revenue of 580.0 m USD (−0.7% YoY), net income of 165.2 m USD (−18.2% YoY), diluted EPS 1.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.1
- neutral
- Bollinger (20, 2)
- 33.38 – 38.62
- in the lower half of the band · %B 0.49 · band width 14.6%
- SMA 50 / 200
- 35.07 / 36.42
- mixed trend
- MACD (12, 26, 9)
- 0.74 / 0.75
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.4% | −1.1% | +12.5 pp | — |
| 3 months | +4.0% | −0.5% | +4.5 pp | — |
| 6 months | −1.7% | +4.4% | −6.1 pp | — |
| Year to date | −2.3% | +12.3% | −14.6 pp | — |
| 1 year | +4.8% | +13.5% | −8.7 pp | +19.1% |
| 3 years | +60.8% | +76.4% | −15.7 pp | +4.3% |
| 5 years | +140.8% | +63.7% | +77.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 136.6 m | 82.4 m | 962.4 m | 583.8 m | 610.5 m | 786.7 m | 618.5 m | 580.0 m |
| Depreciation & amortisation | 128.3 m | 127.1 m | 152.6 m | 149.3 m | 145.1 m | 134.6 m | 136.2 m | 134.6 m |
| Interest expense | 36.6 m | 41.6 m | 44.0 m | 43.0 m | 42.0 m | 40.5 m | 39.0 m | 39.6 m |
| Income tax | -49.4 m | -75.1 m | 153.1 m | 63.6 m | 28.2 m | 80.3 m | 34.0 m | 53.9 m |
| Net income | -144.6 m | -197.7 m | 432.5 m | 202.1 m | 196.3 m | 348.1 m | 202.9 m | 165.2 m |
| Diluted EPS | -2.28 ≈ | -1.34 | 2.53 | 1.21 | 1.55 ≈ | 2.18 | 1.32 | 1.12 |
| Operating cash flow | 268.8 m | 215.7 m | 282.5 m ≈ | 233.8 m ≈ | 297.0 m | 277.5 m | 279.5 m ≈ | 253.5 m ≈ |
| Capex | 105.5 m | 131.5 m | 113.6 m ≈ | 75.5 m ≈ | 174.4 m | 169.9 m | 142.0 m ≈ | 139.2 m ≈ |
| Share repurchases | 25.0 m | 125.1 m | 115.7 m ≈ | 182.4 m ≈ | 100.3 m | 54.0 m | 200.4 m ≈ | 180.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 70 percentile of its own 20-quarter history (min 1.7, median 4.9, max 258.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.9 bn | 1.3 bn | 756.8 m | 1.3 bn | 3.4 bn | 1.3 bn | 2.2 bn |
| Revenue YoY | +18.9% | +11.1% | −34.6% | −39.8% | +66.7% | +172.4% | −63.1% | +76.8% |
| Net income | 796.5 m | -80.7 m | -483.8 m | -498.6 m | -142.1 m | 1.7 bn | -90.5 m | 633.2 m |
| Net income YoY | +109.2% | −110.1% | unavailable | unavailable | unavailable | unavailable | −105.3% | unavailable |
| Diluted EPS | 3.71 | -0.42 | -2.43 | -2.31 | -0.75 | 8.99 | -0.60 | 3.98 |
| Diluted EPS YoY | +124.8% | −111.3% | unavailable | unavailable | unavailable | unavailable | −106.7% | unavailable |
| net % | 46.0% | -4.2% | -38.5% | -65.9% | -11.3% | 50.1% | -7.1% | 28.3% |
| Free cash flow | -230.6 m | -212.0 m | 307.8 m | 460.5 m | 669.3 m | 135.2 m | 275.4 m | 534.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 779.0 k USD
- Financial debt
- 2.4 bn USD
- Net debt
- 2.4 bn USD
- Equity
- 4.3 bn USD
- Total assets
- 9.1 bn USD
- Debt / equity
- 0.56x
- Current ratio
- 0.44x
- ROE
- 15.0%
- ROA
- 7.2%
- FCF margin
- 23.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 756.8 m | 1.3 bn | 3.4 bn | 1.3 bn | 2.2 bn | SEC (XBRL)· 10 Feb 2026verified |
| Depreciation & amortisation | 501.8 m | 515.1 m | 461.2 m | 433.6 m | 485.8 m | 574.1 m | SEC (XBRL)· 10 Feb 2026verified |
| Interest expense | 170.8 m | 151.2 m | 127.7 m | 143.3 m | 150.6 m | 170.6 m | SEC (XBRL)· 10 Feb 2026verified |
| Income tax | -174.1 m | -137.9 m | -69.9 m | 502.2 m | -29.9 m | 169.8 m | SEC (XBRL)· 10 Feb 2026verified |
| Net income | -483.8 m | -498.6 m | -142.1 m | 1.7 bn | -90.5 m | 633.2 m | SEC (XBRL)· 10 Feb 2026verified |
| Diluted EPS | -2.43 | -2.31 | -0.75 | 8.99 | -0.60 | 3.98 | SEC (XBRL)· 10 Feb 2026verified |
| Weighted average diluted shares | 199.2 m | 216.0 m | 189.5 m | 192.0 m | 151.3 m | 160.4 m | SEC (XBRL)· 10 Feb 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 10 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 15.6 m | 3.6 m | 21.3 m | 443.0 k | 17.2 m | 779.0 k | SEC (XBRL)· 10 Feb 2026verified |
| Receivables | 145.9 m | 330.1 m | 348.5 m | 116.1 m | 179.5 m | 264.7 m | SEC (XBRL)· 10 Feb 2026verified |
| Inventories | 9.7 m | 6.1 m | 27.2 m | 19.8 m | 14.6 m | 26.2 m | SEC (XBRL)· 10 Feb 2026verified |
| Current assets | 273.3 m | 459.8 m | 573.8 m | 421.8 m | 370.6 m | 490.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Property, plant & equipment, net | 7.0 bn | 7.0 bn | 7.1 bn | 7.3 bn | 7.4 bn | 7.9 bn | SEC (XBRL)· 10 Feb 2026verified |
| Goodwill | 323.3 m | 323.3 m | 323.3 m | 323.3 m | 323.3 m | 323.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Intangibles (excl. goodwill) | 90.1 m | 83.5 m | 77.0 m | 70.4 m | 63.9 m | 57.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Total assets | 8.0 bn | 8.1 bn | 8.5 bn | 8.6 bn | 8.5 bn | 9.1 bn | SEC (XBRL)· 10 Feb 2026verified |
| Accounts payable | 118.2 m | 121.8 m | 191.3 m | 147.4 m | 123.2 m | 158.8 m | SEC (XBRL)· 10 Feb 2026verified |
| Short-term debt | 22.6 m | 0 | 0 | 325.7 m | 327.8 m | 208.1 m | SEC (XBRL)· 10 Feb 2026verified |
| Long-term debt | 2.4 bn | 2.2 bn | 2.2 bn | 1.9 bn | 1.8 bn | 2.2 bn | SEC (XBRL)· 10 Feb 2026verified |
| Current liabilities | 441.3 m | 954.6 m | 1.3 bn | 823.0 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 10 Feb 2026verified |
| Total liabilities | 3.6 bn | 4.4 bn | 5.6 bn | 4.3 bn | 4.4 bn | 4.8 bn | SEC (XBRL)· 10 Feb 2026verified |
| Equity | 4.4 bn | 3.7 bn | 3.0 bn | 4.4 bn | 4.1 bn † | 4.3 bn † | SEC (XBRL)· 10 Feb 2026verified |
| Shares outstanding at year end | 219.7 m | 202.5 m | 170.1 m | — | — | — | SEC (XBRL)· 27 Oct 2022verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 795.1 m | 926.4 m | 1.2 bn | 814.6 m | 815.8 m | 1.0 bn | SEC (XBRL)· 10 Feb 2026verified |
| Capex | 487.3 m | 465.9 m | 565.8 m | 679.4 m | 540.3 m | 495.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Free cash flow | 307.8 m ≈ | 460.5 m ≈ | 669.3 m ≈ | 135.2 m ≈ | 275.4 m ≈ | 534.0 m ≈ | SEC (XBRL)· 10 Feb 2026derived |
| Investing cash flow | -439.0 m | -420.6 m | -528.3 m | -509.4 m | -484.5 m | -900.9 m | SEC (XBRL)· 10 Feb 2026verified |
| Financing cash flow | -350.8 m | -523.8 m | -689.0 m | -326.1 m | -276.7 m | -169.7 m | SEC (XBRL)· 10 Feb 2026verified |
| Share repurchases | 37.2 m | 245.2 m | 565.1 m | 319.9 m | 184.2 m | 523.6 m | SEC (XBRL)· 10 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.1 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 52.51 – 128.59 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)68.87 – 128.59 (Mid 90.61)WACC 8.0% · starting FCFF 617.4 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -15.3%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E52.51 – 77.52 (Mid 61.26)23 companies used · median multiple 9.9x · quartiles 8.5x – 12.6xAMPY, APA, AR, BKV, CHRD, CRK, DMLP, DVN, EOG, EQT, EXE, GPRK, HESM, INR, KGEI, MXC, OVV, OXY, PR, REPX, SM, TTE, WDS
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 35.2% | 97 (vs peers) | 13% |
| FCF conversion · Quality | 52.8% | 33 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 21.1% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 5.8x | 100 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.4% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 10.4% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial23/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CNX Resources Corporation (CNX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.2 bn USD in 2025; YoY growth 76.8%; net margin 35.2%; ROE 20.4%.
The estimated value range is 60.69–103.06 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 75.93 USD, the price of 35.93 USD leaves a potential of 111.3% (value / price − 1) and a margin of safety of 52.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 35.2%
- Revenue CAGR 3Y: 21.1%
- P/E (TTM): 5.8x
- FCF yield: 9.4%
- Shareholder yield (distributions): 10.4%
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| WDSWoodside Energy Group Ltd | 40.9 bn | 15.1 | 7.6% | 20.9% | −1.5% | +31% / +6% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +78% / +24% |
| ARAntero Resources Corporation | 11.5 bn | 8.4 | 17.6% | 21.7% | +22.0% | +3% / +58% |
| SMSm Energy Co | 7.3 bn | 7.5 | 15.0% | 13.7% | +17.2% | +63% / −17% |
| CHRDChord Energy Corporation | 7.2 bn | 8.9 | 10.3% | 13.4% | −7.1% | +41% / −18% |
| CNXCNX Resources Corporation | 5.1 bn | 5.8 | 20.4% | 35.2% | +76.8% | +5% / +61% |
| CRGYCrescent Energy Company | 5.0 bn | 79.8 | 1.3% | 1.3% | +22.1% | +24% / +3% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| HESMHess Midstream LP | 4.1 bn | 10.9 | — | 23.2% | +8.4% | −6% / −2% |
| CRKComstock Resources, Inc. | 3.9 bn | 7.6 | 21.1% | 23.3% | +77.0% | −50% / +36% |
| PHXE-PPhoenix Energy One, LLC | 2.6 bn | 332.2 | 49.7% | 0.7% | +144.4% | +26% / unavailable |
| NOGNorthern Oil And Gas, Inc. | 2.4 bn | — | -22.1% | -25.4% | +11.2% | −1% / −40% |
| BKVBKV Corp | 2.1 bn | 6.8 | 14.1% | 19.5% | +9.9% | −31% / unavailable |
| DMLPDorchester Minerals, L.P. | 1.4 bn | 15.6 | — | 45.5% | −5.4% | +27% / −5% |
| TBNTamboran Resources Corporation | 982.4 m | — | -4.8% | — | unavailable | +18% / unavailable |
| REPXRiley Exploration Permian, Inc. | 948.6 m | 9.2 | 16.8% | 17.3% | −4.4% | +57% / +74% |
1- and 3-year price returns: for CNX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.30 Total return -32% · Per year -32% | 42.77 Total return 19% · Per year 19% | 64.15 Total return 79% · Per year 79% |
| 3 years | 28.83 Total return -20% · Per year -7% | 56.56 Total return 57% · Per year 16% | 92.38 Total return 157% · Per year 37% |
| 5 years | 34.19 Total return -5% · Per year -1% | 74.80 Total return 108% · Per year 16% | 133.03 Total return 270% · Per year 30% |
- Exit P/E± 14.14
- Net margin± 9.90
- Annual revenue growth± 7.38
- Annual dilution± 0.83
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
CNX Resources is an independent natural gas producer with operations concentrated in the Appalachian Basin, producing 629 billion cubic feet equivalent in 2025 1. The company completed the Apex Energy II acquisition in January 2025 and guides to sales volumes of 605 - 620 Bcfe for 2026 1.
SWOT
Strengths
- Extensive acreage position and a significant proved reserve base, nearly all operated by the company 1.
- Broadly owned midstream infrastructure that reduces reliance on third parties for gathering gas in Pennsylvania and West Virginia 1.
- Hedging coverage for a significant share of future production, which stabilizes cash flows 1.
Weaknesses
Opportunities
- Stronger gas demand from electricity generators could support long-term volumes and prices 1.
- Development of the mineral rights obtained with the Apex acquisition could expand the drilling inventory 1.
- Pipeline projects that free up takeaway capacity from Appalachia could narrow the discount to benchmark prices 1.
Risks
- Natural gas price volatilityhigh
Natural gas and NGL prices fluctuate widely and could hurt results if they stay low for an extended period 1.
- Regional price discounthigh
Gas produced in Appalachia sells at a discount to Henry Hub, and this discount could widen if regional output keeps growing 1.
- Impairment and write-downsmedium
Lower prices or weaker results could lead to write-downs of gas properties and goodwill impairment 1.
- Hedging effectsmedium
Hedges can cap the benefit of price increases and can create cash losses if prices rise sharply 1.
- Economic and credit conditionsmedium
A downturn in customer industries or tighter credit could affect liquidity and access to capital 1.
Investment thesis
What would need to be true (bull case)
- If U.S. natural gas demand rises and prices stabilize, large volumes and the operating position could generate significant cash flow.
- Owned midstream infrastructure and extensive proved reserves offer a cost and control advantage over producers that rely on third parties.
- The Apex acquisition and rights to Utica assets could expand the drilling inventory over the long term.
What would break the thesis
- If regional oversupply persists and the discount to Henry Hub widens, revenues could decline significantly.
- Price volatility and existing hedges could limit gains from price increases or create losses.
- Rising operating costs and competition from larger companies could compress margins over time.
What to watch
- Delivery against 2026 sales volume and capex guidance2026
- Trend in the regional price discount to Henry HubQ3 2026
- Progress of Appalachian pipeline projects2027
- Updates to hedge positions and exposure for 2027next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
CNX Resources Corporation presents itself as an independent ultra-low carbon intensity natural gas company active in development, production, midstream and technology, with operations centered in the Appalachian Basin, especially the Marcellus and Utica shales in Pennsylvania, Ohio and West Virginia 1. It also operates coalbed methane properties in Virginia and describes its strategy as responsibly developing resources to create long-term per share value 1. In 2025, natural gas made up 92% of production and 94% of volumes came from shale 1.
The company holds rights to approximately 557,000 net Marcellus Shale acres and 612,000 net Utica Shale acres at December 31, 2025 1. It owns or operates approximately 2,600 miles of natural gas gathering pipelines as well as several processing facilities 1. Because local gas is priced at a discount to benchmark Henry Hub, the company notes regional basis exposure 1.
At December 31, 2025, proved reserves were 9.7 Tcfe, of which 72.2% were proved developed and 99.1% were operated by the company 1. For 2026, the company expects capital expenditures between 556 and 586 million USD 1. The second quarter of 2026 produced net income of 203 million USD 2.
Segments
Market context
Appalachian natural gas prices are volatile and depend on regional supply and takeaway capacity, which can widen the discount to Henry Hub 1. The company notes that domestic oversupply has depressed domestic prices for much of the period since 2012 1. In the second quarter of 2026, prices and volatility were influenced by geopolitical developments in the Middle East 2.
Demand depends on weather, industrial consumption, electricity generators and the availability of alternative fuels, and international exports can influence prices 1. The company hedges part of its production with financial instruments, which limits both gains and losses from price moves 1.
Trends
- Rising power-sector gas demandtailwind
U.S. natural gas demand is linked to electricity generators, and stronger demand from this sector could support prices and volumes for the company 1.
- Appalachian gas oversupplyheadwind
Higher regional output and limited takeaway capacity could widen the discount to benchmark prices if pipeline projects are delayed 1.
- Geopolitical volatilitymixed
Middle East developments and OPEC decisions contribute to energy price volatility, which could affect cash flows if it persists 2.
- Inflationary pressuresheadwind
Steel, fuel and labor costs could raise operating costs if inflation accelerates over an extended period 1.
Competitive position
The company competes with other U.S. natural gas producers, many of them larger and with more resources to acquire new properties 1. Competition also comes from stand-alone midstream companies and oil producers whose associated gas reaches the market 1.
Sector consolidation could reduce the number of partners available for development projects and could raise costs 1. Large customers building their own midstream systems are an additional threat 1.
- Larger U.S. natural gas producers
Larger rivals have more resources to acquire new properties, which can limit the company's ability to replace its production 1.
- Oil producers with associated gas
Oil-focused drilling produces gas as a byproduct, and this inelastic supply can depress regional prices 1.
- Stand-alone midstream companies
These competitors can reduce partnership opportunities for gathering and transmission infrastructure 1.
- Customers building their own midstream systems
Large customers can develop processing infrastructure independently, reducing reliance on the company's systems 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Sept 2026Departure or appointment of officers
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report11 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement26 Mar 2026
- Current report26 Feb 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CNX Resources Corporation · 10 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CNX Resources Corporation · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CNX Resources Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.