Prepared remarks
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Q3 2026 EarningsPrepared Remarks October 29, 2026
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2Q3 2026 Earnings | Prepared Remarks © 2026 CNX Resources, Inc. This presentation, including the oral statements made in connection herewith, contains forward-looking statements, estimates, and projections within the meaning of the federal securities laws. Statements that are not historical are forward-looking and may include our operational and strategic plans; estimates of gas reserves and resources; projected timing and rates of return of future investments; and projections and estimates of future production revenues, income, and capital spending. These forward- looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements estimates and projections. Investors should not place undue reliance on forward-looking statements as a prediction of future actual results. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly. Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions “Cautionary Statement Regarding Forward-looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (SEC) on February 10, 2026, as supplemented by our quarterly reports on Form 10-Q and any other reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; events beyond our control, including a global or domestic health crisis or global instability; our operations and national and global economic conditions, generally; conditions in the oil and gas industry; the financial condition of our customers; any nonperformance by customers of their contractual obligations; changes in customer, employee or supplier relationships; ability to qualify for environmental attribute credits and the volatility of environmental attribute markets; and changes in safety, health, environmental and other regulations. Investor Notices
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3 In the third quarter of 2026, CNX generated free cash flow (FCF) of $125 million, marking our 27 consecutive quarter of FCF generation. Our unmatched track record of FCF generation highlights our high-quality asset base and industry-leading low-cost business structure. Since the inception of our 7-year plan in 2020, our differentiated business model has resulted in cumulative FCF of approximately $3.3 billion. As we enter the last quarter of our 7-year plan we remain focused on successfully executing our Sustainable Business Model that we expect will continue to create significant long- term per share value throughout the commodity cycle. (1) th Overview Q3 2026 Earnings Prepared Remarks Q3 2026 Earnings | Prepared Remarks
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4 In the third quarter, we repurchased approximately 5.2 million shares for $180 million at an average price of $34.35 per share, a price we believe reflects a discount to our intrinsic value per share. Following the end of the quarter, we repurchased an additional 1.1 million shares for $37 million at an average price of $32.85 per share. Since our peak share count in the third quarter of 2020, we have repurchased approximately 111 million shares for $2.3 billion at an average price of $21.08 per share. This represents a market-leading 36% cumulative reduction in our total shares outstanding inclusive of the effect of share issuances associated with our convertible notes settlement and equity compensation. On the balance sheet, net debt during the quarter increased by $60 million as we utilized our capital allocation flexibility to repurchase shares. Including the quarterly increase, we have reduced overall net debt since the beginning of the year by approximately $133 million. Our extended maturity runway, significant available liquidity, and consistent free cash flow generation outlook continue to provide significant capital allocation flexibility as we move ahead. Capital Allocation Free Cash Flow (FCF): Net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates. (1) Q3 2026 Earnings | Prepared Remarks
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5 Our short-term capital allocation decisions will continue to be a fluid evaluation process that enables us to be opportunistic and nimble to respond to changing capital market conditions. Most importantly, our long-term capital allocation strategy remains focused on actions that will increase our long-term per share value. Q3 2026 Earnings | Prepared Remarks
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6 We recognized net sales of environmental attributes of approximately $15 million during the third quarter associated with approximately 4.5 Bcf of Remediated Mine Gas (RMG), consistent with our full year expectation to capture approximately 17 Bcf of RMG that should result in approximately $50 million of Pennsylvania Tier 1 AEC net sales at current market prices. Additionally, during the quarter, CNX monetized 45Z tax credits through a sale to a third party, generating approximately $30 million of net cash proceeds. Lastly, we continue to anticipate total annual 45Z tax credit sales to increase to approximately $40 million beginning in 2027, and we anticipate the final rule regarding implementation of the Section 45Z Clean Fuel Production Credit to be promulgated by the US Treasury Department by year end or shortly thereafter. Low Carbon Intensity Premium Products The team continued to safely and efficiently execute our initially planned maintenance- of-production program consisting of approximately 1.5 rigs and a partial year frac crew. During the quarter we drilled 2 CPA Utica wells, frac’d 12 SWPA Marcellus wells, and turned-in-line (TIL’ed) 12 SWPA Marcellus wells. Given current commodity market conditions we don’t expect any material changes to the current year capital program; however, we will continue to be responsive to any material changes in gas prices that may indicate an adjustment is needed to our planned activity set as we seek to optimize long-term value per share. Operational Update Q3 2026 Earnings | Prepared Remarks We are increasing the midpoint of total 2026 annual production volumes to be between 612.5 and 617.5 Bcfe, compared to the previous guidance of 605.0 to 620.0 Bcfe and expect to turn-in-line 34 wells consisting of 27 Marcellus wells and 7 deep Utica wells. The midpoint of guidance for the 2026 base capital program is increasing to $563 million, compared to the previous guidance of $555 million. Additionally for 2026, total capital expenditures include the first of three annual payments of $16 million associated with the acquisition of the Utica rights beneath the legacy Apex Energy footprint that was entered into in Q3 2025, which was paid in the first quarter. Guidance
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7Q3 2026 Earnings | Prepared Remarks Assuming October 14 NYMEX pricing of $3.54 per MMBtu, we now expect to generate full year FCF of approximately $550 million, or an increase from the previous guidance of $525 million. As a result of this increased FCF guidance and third quarter repurchase activity, our FCF per share outlook for 2026 has increased from $3.55 per share to $3.85 per share. th During the quarter, CNX announced the next evolution of Radical Transparency, its first-in-the-nation public-private environmental monitoring and disclosure collaboration with Governor Josh Shapiro and the Pennsylvania Department of Environmental Protection (DEP). Building on the 24/7 air, water, and drilling chemical disclosure in place since 2023, CNX is extending the same site-level, third-party-verified data to radiation, shared with the DEP and public in real time. Under the expanded program, CNX has voluntarily committed to install continuous ambient gamma radiation monitoring at or near its unconventional well pads and certain produced water facilities, covering all phases of development from drilling through production. An independent third party will collect the raw data and provide it to CNX and DEP simultaneously. CNX will also publicly disclose waste transportation radiation survey data, updated monthly, consistent with its Comprehensive Radiation Protection Plan (CRPP). These enhanced disclosures go well beyond any existing regulations and are an expansion of our commitment to provide transparency to the communities in which we operate. Tangible, Impactful, Local ESG
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Throughout this program, we have continued to find no evidence of impacts from our gas development operations that would be harmful to human health. We continue to call on others in our industry to join our efforts, for the scientific community to engage with the data, and for policy makers to base future regulations on actual measured data. 8Q3 2026 Earnings | Prepared Remarks To conclude, the third quarter once again highlighted the strength of our Sustainable Business Model that continues to deliver value to our shareholders throughout the commodity cycle. Our focus remains on safe and compliant execution to develop our extensive natural gas asset base, clinical capital allocation to grow our long-term FCF per share, and most importantly, as always, on ensuring all our decisions continue to reflect a long-term owner mindset. Summary