CNX Resources Corp is an independent natural gas exploration and production company engaged in the development and production of natural gas, natural gas liquids, and oil. The company primarily operates in the Appalachian Basin, focusing on unconventional resource plays such as the Marcellus and Utica shales. CNX Resources Corp extracts hydrocarbons from underground reservoirs and brings them to market through a combination of owned and third-party infrastructure.

CNX Resources Corp generates revenue primarily from the sale of natural gas, natural gas liquids, and oil produced from its operated wells. The company also earns income from gathering and compression services provided to third parties, as well as from the sale of environmental attributes such as carbon credits and renewable energy certificates. Additionally, CNX Resources Corp engages in purchased gas activities, buying natural gas from third parties and reselling it to fulfill contractual obligations and balance supply.

The company operates through the following segments: Shale, Coalbed Methane (CBM), and Other.

• Shale: This segment focuses on the exploration, development, and production of natural gas, NGLs, and oil from unconventional shale formations, primarily the Marcellus and Utica shales in Pennsylvania, Ohio, and West Virginia. The Shale segment contributed the majority of the company's total sales volumes and revenue in the reported period, driven by increased production from new wells turned in line during 2025 and early 2026, including assets from the APEX Transaction. The Shale segment also generates other revenue and operating income from natural gas gathering services provided to third parties.

• CBM: This segment involves the production of natural gas from coalbed methane reservoirs, predominantly located in Virginia and West Virginia. The CBM segment generates revenue from the sale of natural gas extracted from coal seams, with operations centered on maintaining and optimizing existing production assets. The segment reported improved earnings year-over-year due to higher realized gas prices, partially offset by normal production declines.

• Other: This segment includes nominal shallow oil and gas production that is not significant to the company’s overall operations, as well as purchased gas activities, unrealized gains or losses on commodity derivative instruments, sales of environmental attributes, exploration and production related other costs, and various corporate expenses such as selling, general and administrative costs, interest expense, and income taxes. The Other segment also encompasses excess firm transportation income, water income, and other operating income and expense items managed outside the Shale and CBM segments.

CNX Resources Corp holds a competitive position as one of the largest natural gas producers in the Appalachian Basin, benefiting from its extensive acreage position, integrated operations, and focus on low-cost production. The company competes with other independent exploration and production firms such as EQT Corporation, Chesapeake Energy, and Southwestern Energy, as well as larger integrated energy companies active in the region. Its competitive advantages include operational efficiency, a strong hedging program to manage commodity price volatility, and ongoing investments in infrastructure to reduce transportation and gathering costs.

CNX Resources Corp serves a diverse customer base that includes utilities, industrial users, natural gas marketers, and local distribution companies that purchase its produced natural gas, NGLs, and oil. The company also provides gathering and compression services to third-party producers in the Appalachian Basin. Additionally, CNX Resources Corp sells environmental attributes to entities seeking to meet sustainability goals or regulatory compliance requirements, and engages in purchased gas transactions with third-party suppliers and end-users to balance its supply portfolio.