CNX Resources — Q3 2026 Earnings Summary

Financial Performance:

• Total Revenue and Other Operating Income for Q3 2026 was $580.0 million, compared to $618.5 million in Q2 2026 and $583.8 million in Q3 2025.
• Net Income for Q3 2026 was $165.2 million, down from $202.9 million in Q2 2026 and $202.1 million in Q3 2025.
• Earnings per share (Diluted) for Q3 2026 were $1.12, compared to $1.32 in Q2 2026 and $1.21 in Q3 2025.
• Gain on Commodity Derivative Instruments for Q3 2026 was $160.6 million, compared to $176.3 million in Q2 2026 and $131.7 million in Q3 2025.
• Operating Expense for Q3 2026 was $320.8 million, compared to $340.7 million in Q2 2026 and $340.9 million in Q3 2025.
• Net Cash Provided by Operating Activities for Q3 2026 was $253.5 million, compared to $279.5 million in Q2 2026 and $233.8 million in Q3 2025.
• Capital Expenditures for Q3 2026 were $139.2 million, compared to $142.0 million in Q2 2026 and $75.5 million in Q3 2025.
• Net Debt as of September 30, 2026, was $2.279 billion (Long-Term Debt of $2.279 billion less Cash and Restricted Cash of $4.4 million).
• Total Assets as of September 30, 2026, were $9.16 billion, compared to $9.14 billion as of June 30, 2026, and $8.90 billion as of September 30, 2025.
• Total Stockholders' Equity as of September 30, 2026, was $4.83 billion, compared to $4.84 billion as of June 30, 2026, and $4.12 billion as of September 30, 2025.

Guidance and Future Outlook:

• Updated 2026 Production Volume Guidance is 612.5 to 617.5 Bcfe, increased from the previous range of 605.0 to 620.0 Bcfe.
• Updated 2026 % Liquids Guidance is ~8% to ~9%, increased from the previous range of ~7% to ~8%.
• Updated 2026 Adjusted EBITDAX Guidance is $1,290 to $1,310 million, increased from the previous range of $1,265 to $1,315 million.
• Updated 2026 Capital Expenditures Guidance is $571 to $586 million, increased from the previous range of $556 to $586 million.
• Updated 2026 Free Cash Flow (FCF) Guidance is ~$550 million, increased from the previous ~$525 million.
• Updated 2026 FCF Per Share Guidance is ~$3.85, increased from the previous ~$3.55.
• 2026 Natural Gas NYMEX price assumption for guidance is $3.54/MMBtu.
• 2026 Natural Gas Differential assumption for guidance is ($0.71)/MMBtu.
• 2026 NGL Realized Price assumption for guidance is ~$26.95/Bbl.
• Guidance includes approximately $50 million in expected asset sales in 2026 and approximately $30 million from the sale of 45Z tax credits for remediation activities in 2025.

Business Segments and Product Lines:

• Total Production Volumes for Q3 2026 were 156.3 Bcfe, compared to 151.5 Bcfe in Q2 2026 and 161.3 Bcfe in Q3 2025.
• Natural Gas Sales Volumes for Q3 2026 were 132.8 Bcf, compared to 126.5 Bcf in Q2 2026 and 139.2 Bcf in Q3 2025.
• NGL Sales Volumes for Q3 2026 were 13.8 Bcfe, compared to 14.8 Bcfe in Q2 2026 and 12.0 Bcfe in Q3 2025.
• Oil and Condensate Sales Volumes for Q3 2026 were 0.2 Bcfe, compared to 0.4 Bcfe in Q2 2026 and 0.3 Bcfe in Q3 2025.
• Average Daily Production for Q3 2026 was 1,699.2 MMcfe, compared to 1,664.8 MMcfe in Q2 2026 and 1,753.3 MMcfe in Q3 2025.
• Q3 2026 Activity Summary: 2 TIL (Total In-Location) rigs in the Utica (CPA) and 12 TIL rigs in the Marcellus (SWPA).
• 2026E Activity Summary: 34 Total TIL rigs planned (24 in Marcellus/SWPA, 3 in Marcellus/CPA, 7 in Utica/CPA).

Market and Competitive Landscape:

• Weighted Average Basis for 2026E is ($0.71)/MMBtu.
• Market Mix for 2026E: Eastern Gas-South (28%), TCO Pool (23%), TETCO M2 (27%), Michcon (7%), ETNG Mainline (4%), Physical basis sales (9%), TETCO ELA & WLA (2%), TETCO M3 (0%).
• NYMEX Hedges for Q4 2026 cover 89.2 Bcf at an average price of $3.54/Mcf.
• Total Volumes Hedged for 2026 are 461.2 Bcf at a weighted average price of $2.73/Mcf (including basis).
• Estimated Conversion Factor for 2026 is 1.059.

Risks and Challenges:

• The document notes an inability to provide a reconciliation of non-GAAP projected financial results to GAAP measures due to the unknown effect, timing, and potential significance of certain income statement items.
• Commodity derivative instruments are subject to volatility, with realized gains/losses fluctuating significantly quarter-over-quarter.
• The company faces basis risk, with realized prices varying based on specific market differentials (e.g., Eastern Gas-South at ($0.89)/MMBtu vs. TETCO M2 at ($0.92)/MMBtu).
• Capital expenditures and production volumes are subject to operational execution and market conditions.

Management Commentary and Tone:

• The document does not contain direct management quotes or commentary; it presents data tables and guidance updates.
• The tone is factual, focusing on the revision of 2026 guidance upwards for production, Adjusted EBITDAX, and Free Cash Flow.

Other Key Points:

• The company issued $500 million in CNX Senior Notes during Q1 2026.
• The company repurchased $180.2 million of Common Stock in Q3 2026, compared to $200.4 million in Q2 2026 and $182.4 million in Q3 2025.
• Proceeds from Asset Sales in Q3 2026 were $15.9 million.
• The Apex Acquisition (Net of Cash Acquired) resulted in a cash outflow of $10.3 million in Q1 2026.
• Loss on Debt Extinguishment of $12.0 million was recorded in Q1 2026.
• Shares outstanding decreased from 148.2 million in Q2 2026 to 146.0 million in Q3 2026.
• The company updated its FCF per share guidance based on shares outstanding of 142.9 million as of October 14, 2026.