CNX Resources Corporation is an independent natural gas development, production, midstream, and technology company operating primarily in the Appalachian Basin. The company focuses on producing pipeline-quality natural gas for sale to wholesalers, leveraging its substantial acreage in unconventional shale formations and Coalbed Methane properties. CNX also provides midstream gas services and emphasizes innovation and environmental responsibility in its operations.
- Shale - Develops and produces natural gas, natural gas liquids (NGLs), and oil from unconventional shale formations, including the Marcellus and Utica Shale.
- Coalbed Methane - Extracts natural gas from coal seams, primarily in Virginia, and captures Coal Mine Methane from active and abandoned mines.
- Other - Includes activities such as purchased gas operations, commodity derivative instruments, and exploration-related costs.
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Nicholas J. DeIuliis ExecutiveBoard | President and Chief Executive Officer | Registered chemical engineer in the Commonwealth of Pennsylvania; Member of the Pennsylvania bar; Board member of the University of Pittsburgh Cancer Institute | Nicholas J. DeIuliis has been the President and Chief Executive Officer of CNX Resources Corporation since May 2014. He also serves as a Director on the Board of CNX and brings over 30 years of industry experience to the role. | View Report → |
Alan K. Shepard Executive | President | Alan K. Shepard has been serving as President of CNX Resources Corporation since June 11, 2025 while also holding the CFO role since June 1, 2022, demonstrating his strong leadership in the company. Previously, he served as Vice President – Accounting and Chief Accounting Officer at CNX and as CFO at EdgeMarc Energy. | ||
Navneet Behl Executive | Chief Operating Officer (COO) | Navneet Behl is the Chief Operating Officer of CNX Resources Corporation since November 2022. He previously served as Vice President of Engineering at CNX and held roles at OilRox Resources and Apache Corp. | ||
Timothy S. Bedard Executive | Executive Vice President, General Counsel, and Corporate Secretary | Executive Vice President, General Counsel, and Corporate Secretary at CNX Resources Corporation since December 22, 2023. Previously held leadership legal roles at Visa Inc. and Johnson & Johnson. | ||
Bernard Lanigan Board | Director (Chairman of the Audit Committee) | CEO of Southeast Asset Advisors, Inc.; Chair of Lanigan & Associates, P.C. | Bernard Lanigan, Jr. joined the CNX board in May 2016 and serves as Chairman of the Audit Committee at CNX. He is also CEO of Southeast Asset Advisors, Inc. since 1991 and Chair of Lanigan & Associates, P.C. since 1974. | |
Ian McGuire Board | Chairman of the Board | Investment Partner at Tempus Partners | Chairman of the Board at CNX since February 2025 , previously served as a Director since July 2019. With over 20 years of investment banking experience and a strong background in the energy sector, he founded Tempus Partners in 2018. | |
J. Palmer Clarkson Board | Director | Chairman of The Lake Doctors, Inc.; Board member of Enerpac Tool Group Corp; Board member of Jacksonville Port Authority | J. Palmer Clarkson has served as a director at CNX since May 2017. He brings over 33 years of industry and leadership experience from previous roles, including serving as President and CEO at Bridgestone HosePower, LLC and Anchor Coupling Company. | |
Maureen E. Lally-Green Board | Director | Adjunct Professor of Law Emerita at Duquesne University; Board Member of Federated Mutual Fund Complex | Maureen E. Lally-Green has served as a Director at CNX Resources Corporation since June 2013 and currently chairs the Nominating and Corporate Governance Committee; she also serves on the Compensation and Environmental, Safety and Corporate Responsibility Committees, bringing extensive expertise in law, education, and corporate governance. | |
Robert O. Agbede Board | Director at CNX Resources Corporation | Chairman and CEO of Chester Group Inc.; Chairman and CEO of Chester LNG, LLC; Chairman of Sigma Paint Nigeria | Robert O. Agbede has served as a CNX board director since January 2022, contributing to several key committees. He also holds external leadership roles as Chairman and CEO of Chester Group Inc. since 2003, Chairman and CEO of Chester LNG, LLC since 2013, and Chairman of Sigma Paint Nigeria since 2015. | |
William N. Thorndike Board | Director | Managing Partner of The Cromwell Harbor Partnership (since 2023); Co-Chairman of Perimeter Solutions; Director of Private Companies (QMC Telecom, Banyan Software, Carillon Assisted Living); Founding Principal at TTCER; Co-Founder at Compounding Labs | William N. Thorndike, Jr. has served as a Director at CNX since October 2014 and was the Chairman of the Board from May 2016 until February 2025. He is recognized for his extensive experience in board governance and disciplined capital allocation at CNX. |
- Based on the observed clustering of turn-in-lines in Q1 with expectations of lulls in Q3, how do you plan to ensure that scheduled TILs later in the year align with your overall production trajectory, and what contingency plans do you have if seasonal trends shift unexpectedly?
- With 85% of your volumes hedged and only 15% exposed, can you explain how you plan to manage remaining price volatility amid declining strip prices, and what specific triggers might prompt a strategic adjustment to your hedging or production approach?
- The Q1 cash tax payment appears higher than previously indicated expectations—was this an isolated incident due to state tax impacts, or should investors anticipate similar cash tax pressures in future quarters?
- Given the robust $125 million share buyback in Q1, how is this capital allocation decision balanced against the need for further CapEx to maintain flat production levels into 2026, and what metrics inform this trade-off?
- With increasing announcements in the in-basin area from power generation and data center developments, what specific metrics are you monitoring to differentiate between mere announcements and actual construction, and how might these affect your EA sales and overall demand outlook?
Research analysts who have asked questions during CNX Resources earnings calls.
Leo Mariani
ROTH MKM
4 questions for CNX
Jacob Roberts
TPH & Co.
3 questions for CNX
Michael Scialla
Stephens Inc.
3 questions for CNX
Noah Hungness
Firm Not Mentioned in Transcript
3 questions for CNX
Zachary Parham
JPMorgan Chase & Co.
3 questions for CNX
Bertrand Donnes
Truist Securities
2 questions for CNX
Gabriel Daoud
Cowen
2 questions for CNX
Betty Jiang
Barclays
1 question for CNX
David Deckelbaum
TD Cowen
1 question for CNX
Jake Roberts
TPH&Co.
1 question for CNX
Kevin MacCurdy
Pickering Energy Partners
1 question for CNX
Nitin Kumar
Mizuho Securities USA
1 question for CNX
Zach Parham
JPMorgan Chase & Co.
1 question for CNX
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Citadel Energy Marketing LLC | Major natural gas purchaser | All | Sales of $134.909 million in 2024 (>10% of external revenue) ; $180.039 million in 2023 (>10%). |
NRG Business Marketing LLC (formerly Direct Energy Business Marketing LLC) | Major natural gas purchaser | All | Sales of $132.935 million in 2024 (>10% of external revenue) ; $165.465 million in 2023 (>10%) ; $453.501 million in 2022 (>10%). |
DTE Energy | Natural gas purchaser | All | Accounts receivable of $11.611 million in 2023 (<10% of total). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Apex Energy II, LLC | 2025 | The acquisition, completed on January 27, 2025, involved a cash consideration of approximately $505 million for CNX’s natural gas upstream and midstream business—including assets in the Marcellus and Utica regions—with an effective date of October 1, 2024, and is expected to drive operational synergies, classified as an asset acquisition under GAAP. |
CNX Midstream Partners, LP | 2020 | The merger, completed on September 28, 2020, converted each outstanding unit to 0.88 shares (a 15% premium) with a total consideration of about $357 million, involving the issuance of roughly 37 million shares to enhance CNX’s financial stability and operational flexibility, subject to customary approvals and conditions. |
Recent press releases and 8-K filings for CNX.
- CNX Resources expects to be eligible to claim 45Z tax credits starting in 2025, with the first potential opportunity to realize a $30 million a year run rate in 2026, and the program extended through 2029.
- The company plans to maintain initial activity levels for the year, with no changes expected at the current time, leading to a sequential production decline in Q3 and Q4 2025, and CapEx being lighter in Q3 before picking up in Q4.
- CNX's Utica wells are performing within or slightly above expectations, with costs competitive with best-in-basin opportunities, and these wells will be included in future programs due to their competitive IRR.
- CNX is actively engaging in discussions regarding the AI opportunity and offering its RMG product as a sustainable energy solution for data centers, though they are in a "wait and see" mode before committing to long-term agreements.