CNX Resources (CNX) stock price is $36.55, up 0.38% on the day, as of Nov 13, 2026. It has a market cap of $5.26Bn and a P/E ratio of 5.85, and is classified in the Oil and Gas Exploration and Production industry (Energy sector).
Enterprise Value
Margins
P/FCF
Key Stats
Market Cap5.26 Bn
P/E5.85
FCF (Yr)533.97 Mn
ROA (Yr)7.19
EV to EBIT4.13
Net Income (Yr)633.16 Mn
Enterprise Value5.25 Bn
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About
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…
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.
Sector:EnergySector rationaleThe company is an independent exploration and production company that generates the vast majority of its revenue from the sale of natural gas, natural gas liquids, and oil. Its core operations involve extracting hydrocarbons from the Marcellus and Utica shales and coalbed methane reservoirs, which fits squarely within the Oil and Gas Exploration and Production industry of the Energy sector.Industries:Oil and Gas Exploration and ProductionOil and Gas Exploration and ProductionPrimaryCNX Resources is an independent exploration and production company that generates the majority of its revenue from the sale of natural gas, natural gas liquids, and oil extracted from the Marcellus and Utica shales. Its core business is the development and production of hydrocarbons from underground reservoirs.Oil and Gas PipelinesOil and Gas PipelinesSecondaryThe company earns revenue from providing natural gas gathering and compression services to third-party producers in the Appalachian Basin, which constitutes a midstream infrastructure activity.Classified using BQ-MICSCIK: 0001070412
Bull & bear
Investment Thesis
▲ Bull case
CNX Resources is positioned to capture significant upside from the accelerating in-basin demand growth in Appalachia, which management acknowledges is materializing faster than anticipated due to large-scale power generation and data center projects. The company highlighted multiple 9-gigawatt power center proposals and active participation in RFPs for gas supply, indicating a structural shift in regional demand that could outpace historical trends. With 9.7 trillion cubic feet of proved reserves as of December 31, 2025, CNX possesses the resource depth and creditworthiness necessary to secure long-term contracts with these new demand centers, particularly in Ohio where permitting is faster and infrastructure interconnectivity allows seamless gas wheeling across state lines. This positions CNX to benefit from tightening basis differentials in the 2028+ timeframe, which management noted are already improving due to opportunistic hedging strategies. The company’s ability to lock in favorable long-term prices while avoiding near-term maturity walls—evidenced by the recent refinancing of 2029 notes into 2030 maturities at 5 and 7/8%—provides a durable financial foundation to capitalize on this demand surge without being forced into distressed asset sales or costly spot market exposure. The market may be underestimating the speed at which these Appalachian demand catalysts will translate into sustained premium pricing for CNX’s production, especially as competitors lack similar reserve scale and balance sheet flexibility to lock in multi-year offtake agreements.
CNX Resources is positioned to capture significant upside from the accelerating in-basin demand growth in Appalachia, which management acknowledges is materializing faster than anticipated due to large-scale power generation and data center projects. The company highlighted multiple 9-gigawatt power center proposals and active participation in RFPs for gas supply, indicating a structural shift in regional demand that could outpace historical trends. With 9.7 trillion cubic feet of proved reserves as of December 31, 2025, CNX possesses the resource depth and creditworthiness necessary to secure long-term contracts with these new demand centers, particularly in Ohio where permitting is faster and infrastructure interconnectivity allows seamless gas wheeling across state lines. This positions CNX to benefit from tightening basis differentials in the 2028+ timeframe, which management noted are already improving due to opportunistic hedging strategies. The company’s ability to lock in favorable long-term prices while avoiding near-term maturity walls—evidenced by the recent refinancing of 2029 notes into 2030 maturities at 5 and 7/8%—provides a durable financial foundation to capitalize on this demand surge without being forced into distressed asset sales or costly spot market exposure. The market may be underestimating the speed at which these Appalachian demand catalysts will translate into sustained premium pricing for CNX’s production, especially as competitors lack similar reserve scale and balance sheet flexibility to lock in multi-year offtake agreements.
CNX Resources faces material and underappreciated risks in its Utica Shale development program, where management conceded that recent well performance remains consistent with expectations but offered no material improvements in production or cost metrics despite ongoing efforts to optimize the play. The CEO explicitly stated that meaningful Utica data will not be available until late 2026 or early 2027, creating a multi-quarter visibility gap during which capital continues to be allocated to a formation that has yet to demonstrate superior economics relative to the Marcellus. This is particularly concerning given the company’s admission that the Marcellus remains economically superior due to existing infrastructure, implying that Utica development may represent a prolonged capital drag rather than a near-term growth driver. Furthermore, the company’s technology initiatives—including AutoSep, CNG, and LNG—were dismissed as having “nothing new to update,” with no progress disclosed on monetization pathways despite prior emphasis on these ventures as potential earnings diversifiers. The lack of updates on 45Z tax credit guidance, which management acknowledged they are still waiting for, adds uncertainty to the viability of these tech-dependent projects. Combined with the upcoming conversion of $209 million in convertible notes triggering approximately 12 million net new shares later this week, CNX risks diluting shareholder value while investing in long-shot Utica prospects and unproven technology bets that may never generate meaningful cash flow, all while the core Marcellus business operates in harvest mode with limited upside potential in the near term. The market may be ignoring the opportunity cost of capital tied up in these speculative ventures when free cash flow could be better deployed toward debt reduction or share buybacks to support the stock price.
CNX Resources faces material and underappreciated risks in its Utica Shale development program, where management conceded that recent well performance remains consistent with expectations but offered no material improvements in production or cost metrics despite ongoing efforts to optimize the play. The CEO explicitly stated that meaningful Utica data will not be available until late 2026 or early 2027, creating a multi-quarter visibility gap during which capital continues to be allocated to a formation that has yet to demonstrate superior economics relative to the Marcellus. This is particularly concerning given the company’s admission that the Marcellus remains economically superior due to existing infrastructure, implying that Utica development may represent a prolonged capital drag rather than a near-term growth driver. Furthermore, the company’s technology initiatives—including AutoSep, CNG, and LNG—were dismissed as having “nothing new to update,” with no progress disclosed on monetization pathways despite prior emphasis on these ventures as potential earnings diversifiers. The lack of updates on 45Z tax credit guidance, which management acknowledged they are still waiting for, adds uncertainty to the viability of these tech-dependent projects. Combined with the upcoming conversion of $209 million in convertible notes triggering approximately 12 million net new shares later this week, CNX risks diluting shareholder value while investing in long-shot Utica prospects and unproven technology bets that may never generate meaningful cash flow, all while the core Marcellus business operates in harvest mode with limited upside potential in the near term. The market may be ignoring the opportunity cost of capital tied up in these speculative ventures when free cash flow could be better deployed toward debt reduction or share buybacks to support the stock price.