Earnings release
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3Q 2026 Earnings Results & Supplemental Information of CNX Resources TABLE OF CONTENTS: Page: Production Volumes and ActivitySummary........................................................................................................................ 2 Hedge Volumes andPricing…........................................................................................................................................... 3 Gas Hedging Gain/Loss Projections and Actuals.............................................................................................................. 4 Consolidated Statements ofIncome.................................................................................................................................. 5 Consolidated BalanceSheets............................................................................................................................................ 6 Consolidated Statements of Cash Flows…....................................................................................................................... 7 Market Mix and Natural Gas Price Reconciliation….......................................................................................................... 8 Price and Cost Data (Per Mcfe)......................................................................................................................................... 9 Guidance…........................................................................................................................................................................ 10 Definitions.......................................................................................................................................................................... 11 Sales of Natural Gas, NGL and Oil, including Cash Settlements and Natural Gas, NGL and Oil Production Costs......... 12 Quarterly Adjusted EBITDAX and Adjusted NetIncome.................................................................................................... 13 Operating Margin............................................................................................................................................................... 14 Cash OperatingMargin...................................................................................................................................................... 15 Net Debt and Adjusted EBITDAX TTM.............................................................................................................................. 16 Free CashFlow.................................................................................................................................................................. 17 Risk Factors....................................................................................................................................................................... 18 NOTE: Please note that CNX is unable to provide a reconciliation of non-GAAP projected financial results contained in thispresentation, including the non-GAAP measures referenced above, to their respective comparable financial measure calculated inaccordance with GAAP. This is due to our inability to calculate the comparable GAAP projected metrics, including operating income,net cash provided by operating activities and total production costs, given the unknown effect, timing, and potential significance ofcertain income statement items.
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PRODUCTION VOLUMES GAS Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Shale Sales Volumes (Bcf) 132.8 126.5 129.8 130.5 139.2 CBM Sales Volumes (Bcf) 9.4 9.7 9.1 9.4 9.7 Other Sales Volumes (Bcf) 0.1 0.1 0.1 0.1 0.1 LIQUIDS* NGLs Sales Volumes (Bcfe) 13.8 14.8 13.1 12.1 12.0 Oil and Condensate Sales Volumes (Bcfe) 0.2 0.4 0.3 0.2 0.3 TOTAL (Bcfe) 156.3 151.5 152.4 152.3 161.3 Average Daily Production (MMcfe) 1,699.2 1,664.8 1,693.0 1,654.8 1,753.3 * NGLs, Oil and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximaterelative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and naturalgas prices. Q3 2026 ACTIVITY SUMMARY TD Frac TIL AverageLateralLength Rigs atPeriodEnd SWPA Marcellus — 12 12 12,600 — Utica — — — — — CPA Marcellus — — — — — Utica 2 — — — 1 Total 2 12 12 1 (1) Measured in lateral feet from perforation to perforation. (1) 2
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NATURAL GAS HEDGE VOLUMES AND PRICING Q4 2026 2026 2027 2028 2029 NYMEX Hedges Volumes (Bcf) 89.2 357.5 265.8 185.6 34.7 Average Prices ($/Mcf) $3.54 $3.53 $4.16 $3.98 $3.85 Physical Fixed Price Sales and Index Hedges Volumes (Bcf) 25.7 103.7 143.6 47.5 3.5 Average Prices ($/Mcf) $2.67 $2.64 $3.30 $3.10 $3.03 Total Volumes Hedged (Bcf) 115.0 461.2 409.4 233.1 38.2 NYMEX + Basis (fully-covered volumes) Volumes (Bcf) 110.1 447.2 409.4 233.1 38.2 Average Prices ($/Mcf) $2.72 $2.73 $3.30 $3.20 $3.32 NYMEX Hedges Exposed to Basis Volumes (Bcf) 4.82 14.0 - - - Average Prices ($/Mcf) $3.54 $3.53 - - - Total Volumes Hedged (Bcf) 115.0 461.2 409.4 233.1 38.2 Estimated Conversion Factor 1.072 1.059 1.068 1.060 1.052 (1) Hedge positions as of 10/14/2026. (2) Excludes basis hedges in excess of NYMEX hedges of 2.0 Bcf, 61.7 Bcf, and 19.3 Bcf for 2027, 2028, and2029, respectively. (3) Includes the impact of NYMEX and basis-only hedges as well as physical sales agreements. (4) To convert Bcf to TBtu, multiply by conversion factor; to convert $/Mcf to $/MMBtu, divide by conversionfactor. (1) (2) (3) (2) (4) 3
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HEDGING GAIN/LOSS PROJECTIONS Q4 2026 CY2026 CY2027 HedgedVolumes Wtd.Avg. Average Forecasted HedgedVolumes Wtd.Avg. Average Forecasted HedgedVolumes Wtd.Avg. Average Forecasted ($/MMBtu) (000MMBtu) HedgedPrice ForwardMarket Gain/(Loss)($ in000s) (000MMBtu) HedgedPrice ForwardMarket Gain/(Loss)($ in000s) (000MMBtu) HedgedPrice ForwardMarket Gain/(Loss)($ in000s) NYMEX 95,680 $3.30 $3.25 $4,829 378,670 $3.34 $3.54 ($64,771) 283,788 $3.90 $3.26 $181,335 Index 27,600 $2.49 $2.26 $6,453 109,500 $2.49 $2.78 ($32,134) 153,300 $3.09 $2.59 $76,732 Basis: Eastern Gas-South(DOM) 27,600 ($0.88) ($1.10) $5,840 110,060 ($0.88) ($0.88) $1,813 96,725 ($0.93) ($0.75) ($17,852) TCO Pool (TCO) 12,190 ($0.74) ($0.94) $2,422 48,643 ($0.74) ($0.70) ($875) 62,050 ($0.75) ($0.55) ($12,763) Michcon (NMC) 8,280 ($0.19) ($0.56) $3,020 32,850 ($0.19) ($0.40) $6,924 7,300 ($0.21) ($0.33) $877 TETCO M3 (TMT) — — ($0.49) — — — $0.25 — — — $0.48 — TETCO M2 (BM2) 26,910 ($1.01) ($1.05) $1,280 106,763 ($1.01) ($0.84) ($17,048) 71,775 ($1.01) ($0.70) ($22,698) STA 165 (TSD) — — ($0.36) — — — $0.03 — 3,650 $0.52 $0.71 ($642) Total Financial BasisHedges 74,980 $12,562 298,315 ($9,186) 241,500 ($53,077) Total ProjectedRealized Gain / (Loss) $23,844 ($106,091) $204,990 Note: Forward market prices, hedged volumes, and hedge prices are as of 10/14/2026. Anticipated hedging activity is notincluded in projections. (1) January 2026 through October 2026 prices are settled. (2) Forecasted Gain/(Loss) amounts are based on sum of current monthly hedge positions vs. strip. Actual Change in Derivatives (Dollars in millions) Q3 2026 Q2 2026 Q1 2026 Q4-2025 Q3-2025 Realized Gain (Loss) $53 $45 ($222) ($58) $22 Unrealized Gain 108 131 226 130 110 Gain on Commodity Derivative Instruments $161 $176 $4 $72 $132 (1) (2) (1) (2) (1) (2) 4
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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Dollars in thousands, except per share data Revenue and Other Operating Income: Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Natural Gas, NGL and Oil Revenue $372,516 $389,435 $722,044 $476,615 $400,990 Gain on Commodity Derivative Instruments 160,563 176,336 3,981 72,065 131,695 Purchased Gas Revenue 4,426 12,456 12,687 14,365 9,026 Other Revenue and Operating Income 42,499 40,257 47,942 47,439 42,129 Total Revenue and Other Operating Income 580,004 618,484 786,654 610,484 583,840 Costs and Expenses: Operating Expense Lease Operating Expense 23,839 21,262 21,770 20,700 27,127 Transportation, Gathering and Compression 94,632 103,223 102,401 93,939 97,053 Production, Ad Valorem, and Other Fees 6,669 6,546 8,789 6,534 7,725 Depreciation, Depletion and Amortization 134,645 136,232 134,613 145,134 149,323 Exploration and Production Related Other Costs 1,698 2,750 4,177 5,008 1,656 Purchased Gas Costs 5,250 12,249 12,253 13,581 8,455 Selling, General, and Administrative Costs 34,768 33,837 32,245 41,846 30,375 Other Operating Expense (Income) 19,262 24,611 (4,622) 14,640 19,178 Total Operating Expense 320,763 340,710 311,626 341,382 340,892 Other Expense (Income) Other Expense 3,981 1,183 509 4,288 1,752 (Gain) Loss on Asset Sales and Abandonments, net (3,515) 626 (6,365) (2,410) (67,460) Loss on Debt Extinguishment — — 12,009 842 — Interest Expense 39,588 39,023 40,470 41,975 42,964 Total Other Expense (Income) 40,054 40,832 46,623 44,695 (22,744) Total Costs and Expenses 360,817 381,542 358,249 386,077 318,148 Income Before Income Tax 219,187 236,942 428,405 224,407 265,692 Income Tax Expense 53,948 33,999 80,258 28,154 63,589 Net Income $165,239 $202,943 $348,147 $196,253 $202,103 Earnings per Share Basic $1.13 $1.37 $2.45 $1.45 $1.45 Diluted $1.12 $1.32 $2.18 $1.28 $1.21 Weighted-Average Shares Outstanding Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Weighted-Average Shares of Common Stock Outstanding 146,044,472 148,155,232 142,202,197 135,514,779 139,251,482 Effect of Diluted Shares 1,578,927 5,806,041 18,086,409 19,021,107 28,333,716 Weighted-Average Diluted Shares of Common Stock Outstanding 147,623,399 153,961,273 160,288,606 154,535,886 167,585,198 5
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CONSOLIDATED BALANCE SHEETS (Unaudited) Dollars in thousands 30-Sep-26 30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25 ASSETS Current Assets: Cash and Cash Equivalents $1,977 $6,162 $3,748 $779 $4,735 Restricted Cash 2,429 2,428 2,428 12,685 10,168 Accounts and Notes Receivable Trade, net 140,931 163,835 209,523 264,658 141,264 Other Receivables, net 28,855 25,771 27,928 61,249 56,596 Supplies Inventories 33,996 32,509 30,108 26,201 30,822 Derivative Instruments 353,295 220,712 164,572 106,068 100,076 Prepaid Expenses 19,936 19,938 20,025 18,697 17,234 Total Current Assets 581,419 471,355 458,332 490,337 360,895 Property, Plant and Equipment: Property, Plant and Equipment 14,488,439 14,380,988 14,222,717 14,057,224 13,839,517 Less—Accumulated Depreciation, Depletion and Amortization 6,566,969 6,442,893 6,310,588 6,193,871 6,054,758 Total Property, Plant and Equipment—Net 7,921,470 7,938,095 7,912,129 7,863,353 7,784,759 Other Non-Current Assets: Operating Lease Right-of-Use Assets 114,556 126,593 137,987 150,310 167,893 Derivative Instruments 105,011 165,543 184,261 134,396 118,387 Goodwill 323,314 323,314 323,314 323,314 323,314 Other Intangible Assets, net 52,419 54,057 55,695 57,333 58,971 Restricted Cash — — — — 2,430 Other Non-Current Assets 61,825 57,942 59,465 75,403 87,469 Total Other Non-Current Assets 657,125 727,449 760,722 740,756 758,464 TOTAL ASSETS $9,160,014 $9,136,899 $9,131,183 $9,094,446 $8,904,118 LIABILITIES AND EQUITY Current Liabilities: Accounts Payable $146,169 $179,800 $162,043 $158,811 $110,649 Derivative Instruments 110,001 174,882 244,321 377,945 316,729 Current Portion of Finance Lease Obligations 5,753 5,110 5,106 5,095 5,080 Current Portion of Long-Term Debt — — 208,437 208,095 329,378 Current Portion of Operating Lease Obligations 45,420 46,792 47,486 48,453 48,140 Other Accrued Liabilities 230,707 251,308 260,356 325,976 255,313 Total Current Liabilities 538,050 657,892 927,749 1,124,375 1,065,289 Non-Current Liabilities: Long-Term Debt 2,278,924 2,223,745 2,158,416 2,213,264 2,247,199 Finance Lease Obligations 27,492 22,437 23,716 24,991 26,209 Operating Lease Obligations 71,321 82,024 93,438 104,955 122,477 Derivative Instruments 94,746 78,928 107,944 158,368 251,206 Deferred Income Taxes 1,054,659 969,080 936,137 857,367 836,354 Asset Retirement Obligations 167,968 165,693 163,692 163,051 124,460 Other Non-Current Liabilities 92,588 93,291 93,511 111,059 115,351 Total Non-Current Liabilities 3,787,698 3,635,198 3,576,854 3,633,055 3,723,256 TOTAL LIABILITIES 4,325,748 4,293,090 4,504,603 4,757,430 4,788,545 Stockholders' Equity: Common Stock 1,440 1,491 1,420 1,427 1,360 Capital in Excess of Par Value 2,491,908 2,526,486 2,356,077 2,357,039 2,254,021 Preferred Stock — — — — — Retained Earnings 2,346,382 2,321,367 2,274,690 1,984,229 1,865,695 Accumulated Other Comprehensive Loss (5,464) (5,535) (5,607) (5,679) (5,503) TOTAL STOCKHOLDERS' EQUITY 4,834,266 4,843,809 4,626,580 4,337,016 4,115,573 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $9,160,014 $9,136,899 $9,131,183 $9,094,446 $8,904,118 6
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Dollars in thousands Cash Flows from Operating Activities: Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Net Income $165,239 $202,943 $348,147 $196,253 $202,103 Depreciation, Depletion and Amortization 134,645 136,232 134,613 145,134 149,323 Amortization of Deferred Financing Costs 2,086 2,202 2,500 2,650 2,713 Stock-Based Compensation 7,286 5,825 5,685 4,614 5,165 (Gain) Loss on Asset Sales and Abandonments, net (3,515) 626 (6,365) (2,410) (67,460) Loss on Debt Extinguishment — — 12,009 842 — Gain on Commodity Derivative Instruments (160,563) (176,336) (3,981) (72,065) (131,695) Net Cash Received (Paid) in Settlement of CommodityDerivative Instruments 39,449 40,459 (288,435) 18,441 10,405 Deferred Income Taxes 48,764 32,916 78,743 21,070 74,838 Other 227 645 463 (4) 1,351 Changes in Operating Assets: Accounts and Notes Receivable 19,848 47,530 62,958 (115,678) 39,266 Supplies Inventories (1,487) (2,401) (3,907) 4,621 8,496 Prepaid Expenses 2 87 (1,329) (1,463) (509) Changes in Other Assets (166) (229) 14,932 (350) (291) Changes in Operating Liabilities: Accounts Payable (13,991) (4,409) (9,444) 39,583 (17,917) Accrued Interest (22,405) 20,802 (25,451) 20,452 (21,309) Other Operating Liabilities 38,308 (27,239) (26,162) 39,258 (20,769) Changes in Other Liabilities (201) (135) (17,463) (3,900) 51 Net Cash Provided by Operating Activities 253,526 279,518 277,513 297,048 233,761 Cash Flows from Investing Activities: Capital Expenditures (139,152) (142,000) (169,906) (174,414) (75,544) Proceeds from Asset Sales 15,928 367 32,428 2,449 67,793 Investments in Equity Affiliates (5,050) — (565) 7,322 — Apex Acquisition (Net of Cash Acquired) — — (10,255) — — Net Cash Used in Investing Activities (128,274) (141,633) (148,298) (164,643) (7,751) Cash Flows from Financing Activities: Payments on Long-Term Notes — — (507,965) — — Proceeds from CNXM Revolving Credit Facility Borrowings 68,950 69,450 134,650 86,300 72,500 Repayments of CNXM Revolving Credit Facility Borrowings (91,950) (84,450) (62,400) (74,050) (74,000) Proceeds from CNX Revolving Credit Facility Borrowings 530,350 522,900 496,450 352,500 436,350 Repayments of CNX Revolving Credit Facility Borrowings (453,150) (443,550) (620,150) (399,750) (475,550) Proceeds from Issuance of CNX Senior Notes — — 500,000 — — Payments on Other Debt (1,497) (1,152) (1,265) (1,375) (1,181) Proceeds from Issuance of Common Stock 134 1,745 1,506 1,108 56 Shares Withheld for Taxes (2,033) — (15,216) (167) (348) Purchases of Common Stock (180,240) (200,399) (54,039) (100,335) (182,374) Debt Issuance and Financing Fees — (15) (8,074) (505) (21) Net Cash Used in Financing Activities (129,436) (135,471) (136,503) (136,274) (224,568) Net (Decrease) Increase in Cash, Cash Equivalents andRestricted Cash (4,184) 2,414 (7,288) (3,869) 1,442 Cash, Cash Equivalents and Restricted Cash at Beginning ofPeriod 8,590 6,176 13,464 17,333 15,891 Cash, Cash Equivalents and Restricted Cash at End of Period $4,406 $8,590 $6,176 $13,464 $17,333 7
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MARKET MIX AND NATURAL GAS PRICE RECONCILIATION 2026E Gas Sold (%) Basis Eastern Gas-South 28% ($0.89) ETNG Mainline 4% $0.65 TCO Pool 23% ($0.78) TETCO ELA & WLA 2% ($0.69) TETCO M3 0% $0.22 TETCO M2 27% ($0.92) Michcon 7% ($0.46) Physical basis sales 9% ($0.30) Weighted Average Basis 100% ($0.71) NYMEX $3.54 Weighted Average Basis (Not considering hedging) ($0.71) Realized Price (per MMBtu) $2.83 Conversion Factor (MMBtu/Mcf) 1.059 Realized Price Before Financial Hedging (per Mcf) $3.00 (1) Individual market percentages exclude physical basis sales, which are shown separately. (2) Reflects actual realized basis for nine months ended September 30; October - December forward market basis prices asof 10/14/2026. (1) (2) 8
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PRICE AND COST DATA (PER MCFE) - NON-GAAP Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Average Sales Price - Natural Gas $2.22 $2.40 $4.74 $3.12 $2.43 Average Gain (Loss) on Natural Gas Commodity DerivativeInstruments - Cash Settlement $0.37 $0.33 ($1.59) ($0.42) $0.15 Average Sales Price - Oil and Condensate* $12.54 $12.29 $9.68 $8.83 $9.49 Average Sales Price - NGLs* $3.95 $3.90 $4.59 $3.15 $3.04 Average Sales Price of Natural Gas, NGL and Oil, includingCash Settlement $2.72 $2.87 $3.28 $2.75 $2.62 Lease Operating Expense (LOE) $0.15 $0.14 $0.14 $0.14 $0.17 Production, Ad Valorem, and Other Fees $0.05 $0.05 $0.06 $0.04 $0.05 Transportation, Gathering and Compression $0.61 $0.68 $0.67 $0.62 $0.60 Depreciation, Depletion and Amortization (DD&A) $0.82 $0.86 $0.85 $0.92 $0.89 Total Natural Gas, NGL and Oil Production Costs $1.63 $1.73 $1.72 $1.72 $1.71 Total Natural Gas, NGL and Oil Production Cash Costs,before DD&A $0.81 $0.87 $0.87 $0.80 $0.82 Natural Gas, NGL and Oil Production Cash Margin, beforeDD&A $1.91 $2.00 $2.41 $1.95 $1.80 Fully Burdened Cash Costs, before DD&A $1.10 $1.19 $0.95 $1.11 $1.09 Fully Burdened Cash Margin, before DD&A $1.62 $1.68 $2.33 $1.64 $1.53 Note: "Total Natural Gas, NGL and Oil Production Costs" excludes Selling, General, and Administration and Other OperatingExpenses. *NGLs, Oil, and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximaterelative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and naturalgas prices. (1) Fully burdened cash costs include production cash costs, selling, general and administrative (SG&A) cash costs, otheroperating cash expense, other cash expense (income), other revenue and operating income, and cash interest expense. Q3 2026, Q2 2026, Q1 2026, Q4 2025 and Q3 2025 total fully burdened cash costs exclude a (gain)/loss on asset sales of($0.02) per Mcfe, $0.00 per Mcfe, ($0.04) per Mcfe, ($0.02) per Mcfe and ($0.42) per Mcfe, respectively. Q3 2026, Q2 2026, Q1 2026, Q4 2025 and Q3 2025 exclude unrealized losses on interest rate swaps and noncashamortization of $0.01 per Mcfe, $0.01 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe and $0.02 per Mcfe, respectively. Q3 2026, Q2 2026, Q1 2026, Q4 2025 and Q3 2025, exclude loss on debt extinguishment and inventory adjustments of$0.00 per Mcfe, $0.00 per Mcfe, $0.08 per Mcfe, $0.01 per Mcfe and $0.00 per Mcfe, respectively. Natural Gas Price Reconciliation Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 NYMEX Natural Gas ($/MMBtu) $2.95 $2.90 $5.04 $3.55 $3.07 Average Differential (0.85) (0.62) (0.55) (0.62) (0.77) BTU Conversion (MMBtu/Mcf)* 0.11 0.12 0.25 0.19 0.12 Average Gain (Loss) on Natural Gas Commodity DerivativeInstruments - Cash Settlement 0.37 0.33 (1.59) (0.42) 0.15 Realized Natural Gas Price per Mcf $2.58 $2.73 $3.15 $2.70 $2.57 *Conversion factor 1.05 1.05 1.06 1.07 1.05 (1) 9
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GUIDANCE PREVIOUS UPDATED ($ in millions) 2026E 2026E Low High Low High Production Volumes (Bcfe) 605.0 - 620.0 612.5 - 617.5 % Liquids ~7% - ~8% ~8% - ~9% % of Natural Gas Hedged 81% 82% Prices on Open Volumes Natural Gas NYMEX ($/MMBtu) 3.55 3.54 Natural Gas Differential ($/MMBtu) ($0.59) ($0.71) NGL Realized Price ($/Bbl) ~$24.60 ~$26.95 ($ in millions) Adjusted EBITDAX $1,265 - $1,315 $1,290 - $1,310 Capital Expenditures Drilling & Completions (D&C) $390 - $410 $405 - $410 Non-D&C $150 - $160 $150 - $160 Base Capital Expenditures $540 - $570 $555 - $570 Utica Shale rights payment $16 - $16 $16 - $16 Total Capital Expenditures 556 - 586 571 - 586 Environmental Attributes Sales Free Cash Flow (FCF) Impact ~$80 ~$80 Free Cash Flow (FCF) ~$525 ~$550 FCF Per Share ~$3.55 ~$3.85 (1) Forward market prices for 2026 guidance as of 10/14/2026. (2) Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions. (3) Guidance for FCF includes approximately $50 million in expected asset sales in 2026 and approximately $30 million fromthe sale of 45Z tax credits for remediation activities in 2025. (4) Previous guidance for 2026 FCF per share based on shares outstanding of 147,943,637, as of 7/15/2026. Updatedguidance for 2026 FCF per share based on shares outstanding of 142,861,133, as of 10/14/2026. 2026E ACTIVITY SUMMARY TIL Average LateralLength SWPA Marcellus 24 13,750 CPA Marcellus 3 7,880 Utica 7 13,400 Total 34 (1) Measured in lateral feet from perforation to perforation. (1) (2) (2) (2)(3) (2)(3)(4) (1) 10
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Non-GAAP Measures (Definitions, Purpose, and Reconciliations) CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the company. Although these are not measures of performance calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating CNX because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company’s operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies. Definitions: EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below. Although EBIT, EBITDAX, and adjusted EBITDAX are not measures of performance calculated in accordance with generally accepted accounting principles, management believes that they are useful to an investor in evaluating CNX Resources because they are widely used to evaluate a company's operating performance. We exclude stock-based compensation from adjusted EBITDAX because we do not believe it accurately reflects the actual operating expense incurred during the relevant period and may vary widely from period to period irrespective of operating results. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with generally accepted accounting principles. In addition, because all companies do not calculate EBIT, EBITDAX or adjusted EBITDAX identically, the presentation here may not be comparable to similarly titled measures of other companies. Sales of natural gas, NGL and oil, including cash settlements excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Natural gas, NGL and oil production costs excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations. Adjusted Net Income (Loss) is defined as net income after adjusting for the discrete items listed below as well as the tax effectiveness. Operating Margins are defined as adjusted EBIT divided by Total Revenue after adjusting for unrealized (gain) loss on commodity derivative instruments. Adjusted Trailing-Twelve-Months (TTM) EBITDAX is defined as EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below. Cash Operating Margins are defined as adjusted EBITDA divided by total Revenue after adjusting for unrealized (gain) loss on commodity derivative instruments. Net Debt is defined as total long-term debt minus cash, cash equivalents, and restricted cash. Adjusted Net Debt is defined as total long-term debt plus the historical impact of recent accounting pronouncement, minus cash, cash equivalents, and restricted cash. Free Cash Flow (FCF) is defined as net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates. Reconciliations of EBIT, EBITDAX, adjusted EBITDAX, adjusted EBIT, adjusted EBITDA, sales of natural gas, NGL and oil, including cash settlements, natural gas, NGL and oil production costs, adjusted net income, operating margins, cash operating margins, net debt, adjusted net debt, adjusted TTM EBITDAX and FCF to the most directly comparable GAAP financial measures are as follows: 11
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Non-GAAP Measures Sales of Natural Gas, NGL and Oil, including cash settlements excludes the impacts of changes in the fair value ofcommodity derivative instruments prior to settlement, which are often volatile, and only includes the impact ofsettled commodity derivative instruments. Sales of Natural Gas, NGL and Oil, including cash settlements is a non-GAAP measure that excludes purchased gas revenue and other revenue and operating income, which are notdirectly related to CNX’s natural gas producing activities. Natural Gas, NGL and Oil Production Costs is a non-GAAPmeasure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities andare managed outside our production operations (See Note 21 - Segment Information of the Notes to the AuditedConsolidated Financial Statements in Item 8 of CNX's 2025 Annual Report on Form 10-K as filed with the SEC onFebruary 10, 2026). These expenses include, but are not limited to, interest expense and other corporate expensessuch as selling, general and administrative costs in the current periods presented. (Dollars in millions) Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Total Revenue and Other Operating Income $580 $618 $787 $611 $584 (Deduct): Purchased Gas Revenue (4) (12) (13) (15) (9) Unrealized Gain on Commodity Derivative Instruments (108) (131) (226) (130) (110) Other Revenue and Operating Income (43) (40) (48) (47) (42) Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure $425 $435 $500 $419 $423 Total Operating Expense $321 $340 $312 $342 $341 (Deduct) Add: Depreciation, Depletion and Amortization (DD&A) -Corporate (6) (5) (6) (5) (5) Exploration and Production Related Other Costs (2) (3) (4) (5) (2) Purchased Gas Costs (5) (12) (12) (14) (9) Selling, General and Administrative Costs (35) (34) (32) (42) (30) Other Operating (Expense) Income (19) (24) 4 (15) (19) Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure $254 $262 $262 $261 $276 Natural Gas, NGL and Oil production costs consists primarily of lease operating expense, production ad valorem and other fees, transportation, gathering and compression and production related depreciation, depletion and amortization. 1 1 12
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Non-GAAP Measures EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) andincome taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interestincome), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined asEBITDAX after adjusting for the discrete items listed below. (Dollars in millions) Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Net Income $165 $203 $348 $196 $202 Interest Expense 40 39 41 42 43 Interest Income (1) — — — — Income Tax Expense 54 34 80 28 64 Earnings Before Interest & Taxes (EBIT) 258 276 469 266 309 Depreciation, Depletion & Amortization 135 136 135 145 149 Exploration Expense 2 3 4 5 2 Earnings Before Interest, Taxes, DD&A and Exploration(EBITDAX) $395 $415 $608 $416 $460 Adjustments: Unrealized Gain on Commodity Derivative Instruments (108) (131) (226) (130) (110) Gain on Non-Core Asset Sale — — — — (57) Stock-Based Compensation 7 6 6 5 5 Loss on Debt Extinguishment — — 12 1 — Total Pre-tax Adjustments (101) (125) (208) (124) (162) Adjusted EBITDAX $294 $290 $400 $292 $298 Adjusted Net Income is defined as net income after adjusting for the discrete items listed below as well as therelated tax effect. (Dollars in millions) Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Net Income from EBITDAX Reconciliation $165 $203 $348 $196 $202 Adjustments: Total Pre-tax Adjustments from EBITDAX Reconciliation (101) (125) (208) (124) (162) Tax Effect of Adjustments 26 32 53 31 42 Adjusted Net Income $90 $110 $193 $103 $82 13
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Non-GAAP Measures Operating Margin: Adjusted EBIT divided by Total Revenue and Other Operating Income after adjusting forunrealized (gain) loss on commodity derivative instruments. (Dollars in millions) Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Total Revenue and Other Operating Income $580 $618 $787 $611 $584 Net Income $165 $203 $348 $196 $202 Interest Expense 40 39 41 42 43 Interest Income (1) — — — — Income Tax Expense 54 34 80 28 64 Earnings Before Interest & Taxes (EBIT) 258 276 469 266 309 Depreciation, Depletion & Amortization 135 136 135 145 149 Earnings Before Interest, Taxes, DD&A (EBITDA) $393 $412 $604 $411 $458 Adjustments: Unrealized Gain on Commodity Derivative Instruments ($108) ($131) ($226) ($130) ($110) Total Adjustments ($108) ($131) ($226) ($130) ($110) Total Revenue and Other Operating Income MinusUnrealized Gain on Commodity Derivative Instruments $472 $487 $561 $481 $474 Adjusted EBIT $150 $145 $243 $136 $199 Operating Margin 32% 30% 43% 28% 42% 14
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Non-GAAP Measures Cash Operating Margin: Adjusted EBITDA divided by Total Revenue and Other Operating Income after adjusting forunrealized (gain) loss on commodity derivative instruments, stock-based compensation and the other discreteitems listed below. (Dollars in millions) Q3-2026 Q2-2026 Q1-2026 Q4-2025 Q3-2025 Total Revenue and Other Operating Income $580 $618 $787 $611 $584 Net Income $165 $203 $348 $196 $202 Interest Expense 40 39 41 42 43 Interest Income (1) — — — — Income Tax Expense 54 34 80 28 64 Earnings Before Interest & Taxes (EBIT) 258 276 469 266 309 Depreciation, Depletion & Amortization 135 136 135 145 149 Earnings Before Interest, Taxes, DD&A (EBITDA) $393 $412 $604 $411 $458 Adjustments: Unrealized Gain on Commodity Derivative Instruments $(108) $(131) $(226) $(130) ($110) Gain on Non-Core Asset Sale — — — — (57) Stock-Based Compensation 7 6 6 5 5 Loss on Debt Extinguishment — — 12 1 — Total Adjustments ($101) ($125) ($208) ($124) ($162) Total Revenue and Other Operating Income MinusUnrealized Gain on Commodity Derivative Instruments $472 $487 $561 $481 $474 Adjusted EBITDA $292 $287 $396 $287 $296 Cash Operating Margin 62% 59% 71% 60% 62% 15
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Non-GAAP Measures Management uses net debt to determine the company's outstanding debt obligations that would not be readilysatisfied by its cash, cash equivalents, and restricted cash on hand. Management believes that using net debt isuseful to investors in determining the company's leverage ratio since the company could choose to use its cash,cash equivalents, and restricted cash to retire debt. Net Debt: Total long-term debt minus cash, cash equivalents, and restricted cash. Adjusted Net Debt: Total long-term debt, plus the historical impact of accounting pronouncement, minus cash, cashequivalents, and restricted cash. (Dollars in millions) Net Debt 30-Sep-26 30-Jun-26 31-Mar-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 30-Sep-20 Total Long-Term Debt(GAAP) $2,279 $2,224 $2,367 $2,421 $2,166 $2,214 $2,206 $2,214 $2,424 $2,600 Less: Cash, CashEquivalents, andRestricted Cash 4 9 6 13 55 — 21 4 22 156 Net Debt $2,275 $2,215 $2,361 $2,408 $2,111 $2,214 $2,185 $2,210 $2,402 $2,444 Includes current portion (Dollars in millions) Adjusted Net Debt 30-Sep-26 30-Jun-26 31-Mar-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 30-Sep-20 Total Long-Term Debt(GAAP) $2,279 $2,224 $2,367 $2,421 $2,166 $2,214 $2,206 $2,214 $2,424 $2,600 Plus: Impact of RecentAccountingPronouncement — — — — — — — 82 98 101 Less: Cash, CashEquivalents, andRestricted Cash 4 9 6 13 55 — 21 4 22 156 Adjusted Net Debt $2,275 $2,215 $2,361 $2,408 $2,111 $2,214 $2,185 $2,292 $2,500 $2,545 Includes current portion On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments andContracts in an Entity's Own Equity and upon adoption long-term debt increased by $82MM (See Note 12 - Long-Term Debt in the Notes tothe Audited Consolidated Financial Statements in Item 8 of CNX’s December 31, 2022 Form 10-K for additional information). As thisadjustment was recorded on a prospective basis, Management believes that presenting investors with the net debt on a historical basiswould be beneficial. Adjusted TTM EBITDAX: EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below. Three Months Ended TwelveMonthsEnded (Dollars in millions) 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 30-Sep-26 Net Income $196 $348 $203 $165 $912 Interest Expense 42 41 39 40 162 Interest Income — — — (1) (1) Income Tax Expense 28 80 34 54 196 Earnings Before Interest & Taxes (EBIT) 266 469 276 258 1,269 Depreciation, Depletion & Amortization 145 135 136 135 551 Exploration Expense 5 4 3 2 14 Earnings Before Interest, Taxes, DD&A, and Exploration(EBITDAX) 416 608 415 395 1,834 Adjustments: Unrealized Gain on Commodity Derivative Instruments (130) (226) (131) (108) (595) Stock Based Compensation 5 6 6 7 24 Loss on Debt Extinguishment 1 12 — — 13 Total Pre-tax Adjustments (124) (208) (125) (101) (558) Adjusted EBITDAX TTM $292 $400 $290 $294 $1,276 (1) (1) (1) (2) (1) (2) 16
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Non-GAAP Measures The Company's management believes that the following measures provide useful information to external users ofthe Company's consolidated financial statements, such as industry analysts, lenders and ratings agencies. Freecash flow should not be considered as alternatives to net cash provided by operating activities or any othermeasure of liquidity presented in accordance with GAAP. Free Cash Flow (FCF): Net cash provided by operating activities minus capital expenditures plus proceeds fromasset sales and minus investments in equity affiliates. 2026 Free Cash Flow (Dollars in millions) Q3-2026 Q2-2026 Q1-2026 Net Cash Provided by Operating Activities $253 $280 $278 Capital Expenditures (139) (142) (170) Proceeds from Asset Sales 16 — 32 Investments in Equity Affiliates (5) — (1) Free Cash Flow $125 $138 $139 2025 Free Cash Flow (Dollars in millions) Q4-2025 Q3-2025 Q2-2025 Q1-2025 YTD-2025 Net Cash Provided by Operating Activities $296 $234 $283 $216 $1,029 Capital Expenditures (174) (76) (114) (131) (495) Proceeds from Asset Sales 3 68 21 16 108 Investments in Equity Affiliates 7 — (2) (1) 4 Free Cash Flow $132 $226 $188 $100 $646 2024 Free Cash Flow (Dollars in millions) Q4-2024 Q3-2024 Q2-2024 Q1-2024 YTD-2024 Net Cash Provided by Operating Activities $269 $170 $192 $185 $816 Capital Expenditures (105) (115) (152) (168) (540) Proceeds from Asset Sales 37 8 7 8 60 Investments in Equity Affiliates (2) (3) — — (5) Free Cash Flow $199 $60 $47 $25 $331 2023 Free Cash Flow (Dollars in millions) Q4-2023 Q3-2023 Q2-2023 Q1-2023 YTD-2023 Net Cash Provided by Operating Activities $161 $206 $199 $248 $814 Capital Expenditures (107) (206) (196) (170) (679) Proceeds from Asset Sales 8 19 132 11 170 Free Cash Flow $62 $19 $135 $89 $305 2022 Free Cash Flow (Dollars in millions) Q4-2022 Q3-2022 Q2-2022 Q1-2022 YTD-2022 Net Cash Provided by Operating Activities $442 $265 $192 $336 $1,235 Capital Expenditures (173) (134) (137) (122) (566) Proceeds from Asset Sales 7 4 7 20 38 Free Cash Flow $276 $135 $62 $234 $707 2021 Free Cash Flow (Dollars in millions) Q4-2021 Q3-2021 Q2-2021 Q1-2021 YTD-2021 Net Cash Provided by Operating Activities $254 $215 $239 $219 $927 Capital Expenditures (117) (97) (129) (123) (466) Proceeds from Asset Sales 21 12 7 5 45 Free Cash Flow $158 $130 $117 $101 $506 2020 Free Cash Flow (Dollars in millions) Q4-2020 Q3-2020 Q2-2020 Q1-2020 YTD-2020 Net Cash Provided by Operating Activities $161 $223 $144 $267 $795 Capital Expenditures (92) (108) (135) (152) (487) Proceeds from Asset Sales 16 6 12 14 48 Free Cash Flow $85 $121 $21 $129 $356 17
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Risk Factors 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 attributecredits and the volatility of environmental attribute markets; and changes in safety, health, environmental and other regulations. 18