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CNX Resources Corporation USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Marcellus / Utica dry gas and NGLs producer with midstream-linked operations.

Sector: United States — natural gas & NGL exploration & production

Geography: United States (Appalachia)

US_EP_CNX

Price chart

33.15 USDDay 3.24%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
33.15 USD · 3.24%
Market cap
4.7 bn USD

Growth

Δ revenue y/y
—
Δ EBITDA y/y
276.9%

Multiples

P/E (LTM)
4.0x
3y avg: 4.9x
P/B (FY)
1.1x
P/E (ann.)
3.4x
EV/EBITDA (LTM)
2.3x
3y avg: 3.8x
EV/EBITDA (ann.)
3.2x

Cash return

Dividend yield
—
FCF yield (LTM)
16.8%

Liquidity

Daily turnover (US listing)
33.9 mln USD

Shares: sec_companyfacts/1070412

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 8 / Err: 3 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-09-30 Q3⚠Warn 2
2023-12-31 FY⚠Warn 1
2024-03-31 Q1⚠Warn 3
2024-06-30 Q2⚠Warn 2
2024-09-30 Q3⚠Warn 1
2024-12-31 FY✗Errors 1Warn 1
2025-03-31 Q1✗Errors 2Warn 1
2025-06-30 Q2⚠Warn 1
2025-09-30 Q3⚠Warn 2
2025-12-31 FY⚠Warn 1
2026-03-31 Q1✗Errors 1Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK786.7
y/y 854.8%
428.4
y/y —
134.6
y/y 5.9%
563.0
y/y —
348.1
y/y —
277.5-148.39131.2
y/y 0.9%
4626.6
y/y 22.7%
31.1%2415.7Link
2025-12-31Q4 2025 (3M)OK610.5
y/y 347.0%
802.9
y/y —
145.1
y/y 13.1%
1377.1
y/y 276.9%
196.3
y/y 235.7%
297.0-164.69094.4
y/y 6.8%
4337.0
y/y 5.8%
15.0%2474.1Link
2025-09-30Q3 2025 (3M)OK583.8
y/y 37.6%
265.7
y/y 221.8%
149.3
y/y 23.2%
415.0
y/y 103.7%
202.1
y/y 208.4%
233.8-7.88904.1
y/y 4.3%
4115.6
y/y -3.3%
6.6%2625.1Link
2025-06-30Q2 2025 (3M)OK962.4
y/y 199.4%
585.6
y/y —
152.6
y/y 29.8%
738.2
y/y —
432.5
y/y —
282.5-94.98987.9
y/y 4.5%
4092.7
y/y -3.7%
44.0%2664.5Link
2025-03-31Q1 2025 (3M)OK82.4
y/y -78.6%
—
y/y —
127.1
y/y 7.1%
—
y/y —
-197.7
y/y -2985.9%
215.7-633.69046.7
y/y 4.5%
3770.8
y/y -12.5%
-20.1%2733.5Link
2024-12-31Q4 2024 (3M)OK136.6
y/y —
-120.4
y/y -105.4%
128.3
y/y —
365.4
y/y -86.2%
-144.6
y/y —
268.8-70.28511.9
y/y -1.3%
4098.0
y/y -6.0%
-2.2%2204.5Link
2024-09-30Q3 2024 (3M)OK424.2
y/y 21.0%
82.6
y/y 329.1%
121.2
y/y 8.4%
203.8
y/y 55.4%
65.5
y/y 206.5%
170.2-110.08538.0
y/y 0.5%
4256.7
y/y 7.6%
2.1%2335.2Link
2024-06-30Q2 2024 (3M)OK321.4
y/y —
—
y/y —
117.5
y/y —
—
y/y —
-18.3
y/y —
191.8-144.58603.0
y/y —
4250.6
y/y —
-1.7%2332.1Link
2024-03-31Q1 2024 (3M)OK384.6
y/y —
6.3
y/y —
118.7
y/y —
125.0
y/y —
6.9
y/y —
185.1-159.78656.6
y/y —
4309.3
y/y —
0.6%2320.6Link
2023-12-31FY 2023 (12M)OK3434.9
y/y —
2222.9
y/y —
433.6
y/y —
2656.5
y/y —
1720.7
y/y —
161.1-509.48626.7
y/y —
4361.0
y/y —
41.4%2269.6Link
2023-09-30Q3 2023 (3M)OK350.5
y/y —
19.2
y/y —
111.9
y/y —
131.1
y/y —
21.4
y/y —
206.0-186.58492.6
y/y —
3957.3
y/y —
—2217.5Link
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
9 662 140 mln cfe
2025
Reserve life (R/P)
15.4 yrs
reserves ÷ annual output
Annual production
629 000 mln cfe
2025

Production, mln cfe

1002018114 1002019594 3622020652 9812021580 2002022582 8682023563 2322024629 0002025

Proved reserves

YearReserves, mln cfe
20259 662 140
20248 537 940
20238 740 740
20229 806 890
20219 625 730
20209 550 000
20198 426 000
20187 881 000

Production

YearProduction, mln cfeper day
2025629 000
+11.7%		1 723 287 671
2024563 232
−3.4%		1 543 101 370
2023582 868
+0.5%		1 596 898 630
2022580 200
−11.1%		1 589 589 041
2021652 981
+9.9%		1 788 989 041
2020594 3621 628 389 041
2019114 100 *312 602 740
2018100 *273 973

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008001 0002023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-200%0%200%400%2023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-600-400-20002002023 q32024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

01 0002 0003 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): -33.0%

667.0572.0477.1382.1287.2202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 15.4 yr

16101610161016101610202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31287.21,610——
2024-12-31667———
2023-12-31640———

Spot EBITDA forecast (next 12 months)

Model: apply spot-vs-LTM commodity price moves to LTM revenue mix (oil/gas/NGL). Purchased products scale with revenue; remaining cash expenses inflate (PPI proxy). Fair value: EBITDA at trailing ~3y average commodity prices, conservative used EBITDA (average of spot and 3y-avg when spot is higher), × 3y average EV/EBITDA − net debt.

Notes: Revenue mix derived from FY2025 10-K production volumes × realized sales prices (see Production & realized prices table below).
Spot 12M revenue
2 613 USDm
-5.2% vs LTM
Spot 12M EBITDA
1 730 USDm
-9.9% vs LTM
EV / Spot EBITDA
4.1x
current EV 7 121m ÷ spot EBITDA 1 730m
Upside to fair mcap
-19.6%
fair mcap 3 738 USDm
Show calculation
Line itemValue
1 · Reported baseline
LTM or latest FY revenue/EBITDA and revenue mix.
LTM revenue (last 4 quarters)2 757 USDm
LTM EBITDA (last 4 quarters)1 920 USDm
Baseline cash costs (revenue − EBITDA)837 USDm
Revenue mix: oil / gas / NGL / other0.4% / 90.8% / 8.8% / 0.0%
· Crude oil8 USDm (0.4% of implied)
· Natural gas1 736 USDm (90.8% of implied)
· NGLs168 USDm (8.8% of implied)
2 · Commodity prices
Spot move = last ÷ LTM average. 3y-avg-price EBITDA uses trailing ~3y mean ÷ LTM average.
Oil — spot & 3y avg vs LTMspot 95.00 · LTM avg 72.78 · 3y avg — → spot move +30.5%
Gas — spot & 3y avg vs LTMspot 3.14 · LTM avg 3.41 · 3y avg — → spot move -7.8%
NGL — spot & 3y avg vs LTMspot 5 967.50 · LTM avg 4 983.59 · 3y avg — → spot move +19.7%
3 · Cash cost model
Purchased products scale with revenue; other costs inflate.
Purchased products / revenue0.0%
PPI inflation multiplier (12m)1.055
→ Projected purchased cost (at spot revenue)0 USDm
→ Projected other cash cost (inflated)883 USDm
4 · Spot forward P&L
Headline spot cards use §4.
= Projected spot revenue2 613 USDm
= Spot EBITDA1 730 USDm
= EBITDA at 3y avg commodity prices1 578 USDm
5 · Valuation vs spot
Current EV vs spot EBITDA.
Enterprise value (current)7 121 USDm
EV ÷ Spot EBITDA4.1x
6 · Fair value & upside
Conservative used EBITDA × 3y average EV/EBITDA → fair market cap.
EBITDA at 3y avg commodity prices1 578 USDm
= Conservative used EBITDA1 654 USDm
3y average EV/EBITDA (fair multiple)3.8x
= Fair enterprise value6 212 USDm
Net debt (balance sheet)2 474 USDm
= Fair market cap3 738 USDm
Current market cap (implied)4 647 USDm
= Upside to fair mcap-19.6%

Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.

2025-12-31 · FY

Production & proved reserves

FY2025 sales volumes and reserves from SEC inline XBRL (SRT Mcfe production → Mboe/d at 6:1; proved Mcfe reserves → MMboe). Supplemental gas figures from Form 10-K / earnings summary (~1.72 Bcfe/d).

Line itemAmount
Natural gas (net, MMcf/d)1,723.2
Crude oil equivalent (net, Mboe/d)287.2
Proved reserves (net, MMboe)1,610

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 1 'Sales Volumes Produced' and 'Average Sales Price' (cnx-20251231.htm). Prices exclude derivative cash settlements.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil0.2 MMBbls55.26 USD/bbl8.50.4%
Natural gas580,601 MMcf2.99 USD/Mcf1,73690.8%
NGLs7.9 MMBbls21.30 USD/bbl168.48.8%
Total (implied product revenue)1,912.9100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)2,055.7USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)183.4USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)71.4USD mln
Depreciation, depletion & amortization574.1USD mln
Income tax expense (benefit)169.8USD mln
Total costs and expenses (consolidated)1,436.2USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

Gas-weighted Appalachian producer; Boe/d at 6:1 for rough oil-equivalent comparison. See Form 10-K supplemental gas and reserves disclosures for Bcfe and SEC pricing case.

Line itemAmount
Natural gas (net, MMcf/d)4,000
Crude oil equivalent (net, Mboe/d)667

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)1,073.1USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)193.6USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)70.3USD mln
Depreciation, depletion & amortization485.8USD mln
Income tax expense (benefit)-29.9USD mln
Total costs and expenses (consolidated)1,387.1USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 — gas-heavy; see Form 10-K 2023 reserves tables.

Line itemAmount
Crude oil equivalent (net, Mboe/d)640

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)3,305.1USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)129.9USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)79.9USD mln
Depreciation, depletion & amortization433.6USD mln
Interest expense143.3USD mln
Income tax expense (benefit)502.2USD mln
Total costs and expenses (consolidated)1,212USD mln

Primary SEC filing for this FY (HTML)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Investor reporting (IR): https://ir.cnx.com/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)