CNX Resources Corp.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 30 October 2025: press release. Guidance figures: 8 raised, 4 lowered, 4 kept. The quarter’s numbers.

Key takeaways

Net income fell to $202 million: Net income was $202.1 million against $432.5 million in Q2. Diluted EPS was $1.21 against $2.53. Source
Total production volumes declined: Total production was 161.3 Bcfe against 167.6 Bcfe in Q2. Average daily production was 1,753.3 MMcfe against 1,841.8 MMcfe. Source
Realized gas price was $2.57 per Mcf: Realized natural gas price was $2.57 per Mcf against $2.61 in Q2. NYMEX averaged $3.07 per MMBtu against $3.44. Source
Cash operating margin declined: Cash operating margin was 62% against 65% in Q2. Adjusted EBITDA was $296 million against $330 million. Source
Free cash flow was $226 million: Free cash flow was $226 million in Q3, against $188 million in Q2 and $100 million in Q1. Source
Share repurchases rose to $182 million: Purchases of common stock were $182.4 million in Q3, against $115.7 million in Q2. Source
Adjusted EBITDAX guidance lowered: 2025 Adjusted EBITDAX guidance lowered to $1,200-1,225 million from $1,225-1,275 million. Source
Free cash flow guidance raised: Free cash flow guidance raised to about $640 million from about $575 million. The asset sales assumption rose to about $115 million from about $50 million. Source

Guidance

Area	Period	Figure	Against last quarter
Production volumes Source	2025E	620 - 625 Bcfe	Raised from 615 - 620 Bcfe
Liquids share of production Source	2025E	~7% - ~8%	Kept
Natural gas hedged Source	2025E	84%	Lowered from 85%
NYMEX natural gas price, open volumes Source	2025E	$3.33 per MMBtu	Lowered from $3.59 per MMBtu
Natural gas differential, open volumes Source	2025E	($0.62) per MMBtu	Raised from ($0.67) per MMBtu
NGL realized price Source	2025E	~$21.00 per Bbl	Kept
Adjusted EBITDAX Source	2025E	$1,200 - $1,225 million	Lowered from $1,225 - $1,275 million
Drilling and completions capital Source	2025E	$310 - $330 million	Raised from $300 - $325 million
Non-D&C capital Source	2025E	$160 - $165 million	Raised from $145 - $165 million
Discretionary capital Source	2025E	$5 million	Lowered from $5 - $10 million
Total capital expenditures Source	2025E	$475 - $500 million	Raised from $450 - $500 million
Environmental attributes sales FCF impact Source	2025E	~$65 million	Kept
Asset sales Source	2025E	~$115 million	Raised from ~$50 million
Free cash flow Source	2025E	~$640 million	Raised from ~$575 million
Free cash flow per share Source	2025E	~$4.75	Raised from ~$4.07
Wells turned in line Source	2025E	34	Kept

What changed from last quarter

Guidance raised: Free cash flow guidance raised to about $640 million from about $575 million, with expected asset sales raised to about $115 million from about $50 million. Source
Guidance lowered: Adjusted EBITDAX guidance lowered to $1,200-1,225 million from $1,225-1,275 million. Source
Guidance raised: Production volume guidance raised to 620-625 Bcfe from 615-620 Bcfe. Source
Guidance raised: Total capital expenditure range raised to $475-500 million from $450-500 million. Source
Guidance lowered: NYMEX assumption for open volumes lowered to $3.33 per MMBtu from $3.59. Source
New: Q3 adjusted EBITDAX excludes a $57 million gain on a non-core asset sale. Source

Results and earnings

Net income fell to $202 million: Net income was $202.1 million against $432.5 million in Q2. Diluted EPS was $1.21 against $2.53. Source
Adjusted EBITDAX declined from Q2: Adjusted EBITDAX was $298 million against $332 million in Q2. The Q3 figure removes unrealized derivative gains and a non-core asset sale gain. Source
Adjusted net income lower than Q2: Adjusted net income was $82 million against $100 million in Q2. Source
Total revenue fell on smaller derivative gain: Total revenue and other operating income was $583.8 million against $962.4 million in Q2, both quarters including derivative gains. Source

Production and activity

Total production volumes declined: Total production was 161.3 Bcfe against 167.6 Bcfe in Q2. Average daily production was 1,753.3 MMcfe against 1,841.8 MMcfe. Source
Shale gas volumes fell: Shale sales volumes were 139.2 Bcf against 146.9 Bcf in Q2. CBM sales volumes were 9.7 Bcf against 9.4 Bcf. Source
NGL volumes rose, oil flat: NGL sales were 12.0 Bcfe against 11.1 Bcfe in Q2. Oil and condensate sales were 0.3 Bcfe against 0.2 Bcfe. Source
Quarter's activity summary shows no wells: The Q3 activity summary lists no TD, frac or TIL figures. One rig at period end sits in the CPA Utica row. Source

Realized prices and differentials

Realized gas price was $2.57 per Mcf: Realized natural gas price was $2.57 per Mcf against $2.61 in Q2. NYMEX averaged $3.07 per MMBtu against $3.44. Source
Average gas sales price fell: Average natural gas sales price was $2.43 per Mcfe against $2.84 in Q2. Including cash settlements, the combined average was $2.62 against $2.68. Source
Oil and NGL prices moved apart: Oil and condensate averaged $9.49 per Mcfe against $8.74 in Q2. NGLs averaged $3.04 per Mcfe against $3.58. Source
Gas differential little changed: Average gas differential to NYMEX was ($0.77) per MMBtu against ($0.76) in Q2, with the BTU conversion factor at 0.12. Source

Production unit costs

Total production cost per Mcfe rose: Total production costs were $1.71 per Mcfe against $1.67 in Q2. DD&A was $0.89 against $0.88, and transportation was $0.60 against $0.58. Source
Cash production costs rose slightly: Cash production costs before DD&A were $0.82 per Mcfe against $0.79 in Q2. Source
Lease operating expense per Mcfe rose: LOE was $0.17 per Mcfe against $0.16 in Q2. LOE in dollars was $27.1 million. Source

Margins and cash margins

Operating margin rose to 42%: Operating margin was 42% against 34% in Q2. Adjusted EBIT was $199 million against $172 million. Source
Cash operating margin declined: Cash operating margin was 62% against 65% in Q2. Adjusted EBITDA was $296 million against $330 million. Source
Fully burdened cash margin narrowed: Fully burdened cash margin before DD&A was $1.53 per Mcfe against $1.63 in Q2, with fully burdened cash costs of $1.09 against $1.05. Source

Derivatives and hedge book

Derivative gain was $132 million: Gain on commodity derivative instruments was $132 million in Q3, of which $22 million was realized and $110 million unrealized. Q2 was $421 million. Source
Fully covered 2026 hedge volume: As of 10/15/2025, NYMEX-plus-basis volumes were 434.1 Bcf for 2026 at $2.70 per Mcf, and 346.1 Bcf for 2027 at $3.27 per Mcf. Source

Capital spending and investing

Capital expenditures fell from Q2: Q3 capital expenditures were $75.5 million against $113.6 million in Q2. Source
Asset sale proceeds rose: Proceeds from asset sales were $67.8 million in Q3, against $20.8 million in Q2. Source
Net investing outflow was small: Net cash used in investing activities was $7.8 million in Q3, against $94.9 million in Q2. Source

Cash flow and shareholder returns

Free cash flow was $226 million: Free cash flow was $226 million in Q3, against $188 million in Q2 and $100 million in Q1. Source
Operating cash flow eased: Net cash provided by operating activities was $233.8 million against $282.5 million in Q2. Source
Share repurchases rose to $182 million: Purchases of common stock were $182.4 million in Q3, against $115.7 million in Q2. Source
Net debt declined: Net debt was $2,560 million at 30-Sep-25, against $2,600 million at 30-Jun-25. Total long-term debt was $2,577 million. Source

Full-year guidance update

Production guidance raised: 2025 production guidance raised to 620-625 Bcfe from 615-620 Bcfe. Liquids share kept at about 7% to 8%. Source
Adjusted EBITDAX guidance lowered: 2025 Adjusted EBITDAX guidance lowered to $1,200-1,225 million from $1,225-1,275 million. Source
Free cash flow guidance raised: Free cash flow guidance raised to about $640 million from about $575 million. The asset sales assumption rose to about $115 million from about $50 million. Source
Hedged share and gas price lowered: Hedged share of natural gas lowered to 84% from 85%. NYMEX for open volumes lowered to $3.33 from $3.59. Source

Figures management reported

Figure	Reported
Production volumes Source	161.3 Bcfe; 1,753.3 MMcfe per day
Realized prices Source	$2.57 per Mcf natural gas
Capital expenditure Source	$75.5 million
Unit costs Source	$1.71 per Mcfe total production costs
Shareholder returns Source	$182.4 million share purchases

Risks management discussed

Financial: Projected realized hedging losses, excluding anticipated hedging activity, are $128.0 million for CY2025 and $290.2 million for CY2026. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

3Q 2025 Earnings Results &
Supplemental Information of CNX Resources
TABLE OF CONTENTS:	Page:
Production Volumes and Activity Summary........................................................................................................................	2
Hedge Volumes and Pricing…...........................................................................................................................................	3
Gas Hedging Gain/Loss Projections and Actuals..............................................................................................................	4
Consolidated Statements of Income..................................................................................................................................	5
Consolidated Balance Sheets............................................................................................................................................	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 Net Income....................................................................................................	13
Operating Margin...............................................................................................................................................................	14
Cash Operating Margin......................................................................................................................................................	15
Net Debt and Adjusted EBITDAX TTM..............................................................................................................................	16
Free Cash Flow..................................................................................................................................................................	17
Risk Factors.......................................................................................................................................................................	18

NOTE: Please note that CNX is unable to provide a reconciliation of non-GAAP projected financial results contained in this presentation, including the non-GAAP measures referenced above, to their respective comparable financial measure calculated in accordance 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 of certain income statement items.

PRODUCTION VOLUMES
GAS			Q3-2025		Q2-2025		Q1-2025		Q4-2024			Q3-2024
Shale Sales Volumes (Bcf)			139.2		146.9		126.0		115.6			110.8
CBM Sales Volumes (Bcf)			9.7		9.4		9.3		9.9			10.0
Other Sales Volumes (Bcf)			0.1		-		0.1		-			0.1
LIQUIDS*
NGLs Sales Volumes (Bcfe)			12.0		11.1		12.2		16.2			13.2
Oil and Condensate Sales Volumes (Bcfe)			0.3		0.2		0.2		0.2			0.4
TOTAL (Bcfe)			161.3		167.6		147.8		141.9			134.5
Average Daily Production (MMcfe)			1,753.3		1,841.8		1,642.3		1,543.1			1,461.8
* NGLs, Oil and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
Q3 2025 ACTIVITY SUMMARY			TD		Frac		TIL		Average Lateral Length			Rigs at Period End
SWPA	Marcellus		-		-		-		-			-
Utica		-		-		-		-		-
CPA	Marcellus		-		-		-		-			-
Utica		-		-		-		-			1
Total			-		-		-						1
(1) Measured in lateral feet from perforation to perforation.

	Q4 2025	2025	2026	2027	2028
NATURAL GAS HEDGE VOLUMES AND PRICING
NYMEX Hedges
Volumes (Bcf)	87.2	344.4	331.3	208.7	58.7
Average Prices ($/Mcf)	$3.30	$3.31	$3.51	$4.15	$4.04
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)	34.6	139.1	102.8	137.4	28.5
Average Prices ($/Mcf)	$2.30	$2.33	$2.66	$3.30	$3.11
Total Volumes Hedged (Bcf)	121.8	483.5	434.1	346.1	87.2
NYMEX + Basis (fully-covered volumes)
Volumes (Bcf)	121.8	483.5	434.1	346.1	87.2
Average Prices ($/Mcf)	$2.55	$2.58	$2.70	$3.27	$3.24
NYMEX Hedges Exposed to Basis
Volumes (Bcf)	-	-	-	-	-
Average Prices ($/Mcf)	-	-	-	-	-
Total Volumes Hedged (Bcf)	121.8	483.5	434.1	346.1	87.2
Estimated Conversion Factor	1.064	1.063	1.069	1.062	1.060
(1) Hedge positions as of 10/15/2025.
(2) Excludes basis hedges in excess of NYMEX hedges of 0.7 Bcf, 7.2 Bcf, 4.2 Bcf, and 52.1 Bcf for 2025, 2026, 2027 and 2028, 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 conversion factor.

	Q4 2025							CY2025					CY2026
	Hedged Volumes		Wtd. Avg.		Average	Forecasted		Hedged Volumes	Wtd. Avg.	Average	Forecasted		Hedged Volumes		Wtd. Avg.		Average	Forecasted
HEDGING GAIN/LOSS PROJECTIONS
($/MMBtu)	(000 MMBtu)		Hedged Price		Forward Market	Gain/(Loss)($ in 000s)		(000 MMBtu)	Hedged Price	Forward Market	Gain/(Loss)($ in 000s)		(000 MMBtu)		Hedged Price		Forward Market	Gain/(Loss)($ in 000s)
NYMEX		92,690		$3.10	$3.17		($6,574)	365,938	$3.12	$3.33		($79,286)		354,150		$3.28	$3.85		($202,828)
Index		36,570		$2.16	$2.35	($6,789)		146,927	$2.19	$2.60	($59,949)			109,500		$2.49	$3.09	($66,305)
Basis:
Eastern Gas-South (DOM)		38,180		($0.72)	($0.93)		$7,993	149,970	($0.72)	($0.83)		$16,821		109,500		($0.88)	($0.88)		($676)
TCO Pool (TCO)		1,840		($0.87)	($0.76)		($187)	7,300	($0.87)	($0.65)		($1,555)		48,363		($0.74)	($0.65)		($4,413)
Michcon (NMC)		7,360		($0.24)	($0.33)		$622	29,200	($0.24)	($0.38)		$4,006		32,850		($0.19)	($0.39)		$6,492
TETCO M3 (TMT)	-		-		($0.28)	-		900	$0.64	($0.24)		$402	-		-		$0.04	-
TETCO M2 (BM2)		28,980		($0.91)	($0.86)		($1,454)	114,975	($0.91)	($0.81)		($10,751)		106,763		($1.01)	($0.79)		($22,425)
Transco Zone 5 South (T5B)		1,690		$1.03	$0.71		$650	7,615	$0.98	$0.76		$2,333	-		-		$1.36	-
Total Financial Basis Hedges		78,050					$7,624	309,960				$11,257		297,475					($21,021)
Total Projected Realized Loss							($5,738)					($127,977)							($290,154)
Note: Forward market prices, hedged volumes, and hedge prices are as of 10/15/2025. Anticipated hedging activity is not included in projections.
(1) January 2025 through October 2025 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 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024
Realized Gain (Loss)		$22		($35)		($110)		$21		$95
Unrealized Gain (Loss)	110		456		(418)		(304)		(6)
Gain (Loss) on Commodity Derivative Instruments		$132		$421		($528)		$(283)		$89

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:	Q3-2025		Q2-2025		Q1-2025		Q4-2024		Q3-2024
Natural Gas, NGL and Oil Revenue		$400,990		$485,029		$551,094		$364,413		$259,459
Gain (Loss) on Commodity Derivative Instruments		131,695		421,121		(528,220)		(282,992)		88,964
Purchased Gas Revenue		9,026		10,408		11,550		6,855		27,306
Other Revenue and Operating Income		42,129		45,864		47,964		48,301		48,484
Total Revenue and Other Operating Income	583,840		962,422		82,388		136,577		424,213
Costs and Expenses:
Operating Expense
Lease Operating Expense		27,127		26,256		23,333		17,848		17,253
Transportation, Gathering and Compression		97,053		96,953		95,159		97,586		96,274
Production, Ad Valorem, and Other Fees		7,725		9,668		7,273		6,646		6,646
Depreciation, Depletion and Amortization		149,323		152,595		127,062		128,336		121,227
Exploration and Production Related Other Costs		1,656		1,770		2,082		1,835		1,935
Purchased Gas Costs		8,455		9,402		11,209		6,699		26,594
Selling, General, and Administrative Costs		30,375		29,068		39,013		43,542		32,498
Other Operating Expense	19,178		21,014		14,080		20,576		16,462
Total Operating Expense		340,892		346,726		319,211		323,068		318,889
Other (Income) Expense
Other Expense (Income)		1,752		3,729		3,947		4,539		(4,590)
Gain on Asset Sales and Abandonments, net		(67,460)		(17,715)		(9,583)		(33,627)		(10,570)
Interest Expense	42,964		44,041		41,612		36,596		37,923
Total Other (Income) Expense		(22,744)		30,055		35,976		7,508		22,763
Total Costs and Expenses	318,148		376,781		355,187		330,576		341,652
Earnings (Loss) Before Income Tax		265,692		585,641		(272,799)		(193,999)		82,561
Income Tax Expense (Benefit)	63,589		153,120		(75,084)		(49,375)		17,021
Net Income (Loss)		$202,103		$432,521		$(197,715)		$(144,624)		$65,540
Earnings (Loss) per Share
Basic		$1.45		$3.02		$(1.34)		$(0.97)		$0.44
Diluted		$1.21		$2.53		$(1.34)		$(0.97)		$0.37
Weighted-Average Shares Outstanding	Q3-2025		Q2-2025		Q1-2025		Q4-2024		Q3-2024
Weighted-Average Shares of Common Stock Outstanding	139,251,482		143,429,950		147,778,141		148,946,949		150,342,177
Effect of Diluted Shares*	28,333,716		28,316,646		-		-		28,771,284
Weighted-Average Diluted Shares of Common Stock Outstanding	167,585,198		171,746,596		147,778,141		148,946,949		179,113,461
*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards and the potential share settlement impact related to CNX's Convertible Notes are antidilutive.

CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands	30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24		30-Sep-24
ASSETS
Current Assets:
Cash and Cash Equivalents		$4,735		$3,391		$2,615		$17,198		$1,310
Restricted Cash	10,168		10,072		10,272		37,875		-
Accounts and Notes Receivable
Trade, net	141,264		180,152		246,765		179,547		101,788
Other Receivables, net	56,596		37,166		51,560		17,859		50,597
Supplies Inventories	30,822		39,318		27,591		14,572		12,965
Derivative Instruments	100,076		107,401		68,860		87,925		147,020
Prepaid Expenses	17,234		16,725		17,767		15,659		19,259
Total Current Assets	360,895		394,225		425,430		370,635		332,939
Property, Plant and Equipment:
Property, Plant and Equipment	13,839,517		13,771,249		13,667,826		13,037,948		12,907,324
Less - Accumulated Depreciation, Depletion and Amortization	6,054,758		5,912,645		5,771,499		5,653,837		5,533,957
Total Property, Plant and Equipment - Net	7,784,759		7,858,604		7,896,327		7,384,111		7,373,367
Other Non-Current Assets:
Operating Lease Right-of-Use Assets	167,893		91,546		85,666		98,713		103,692
Derivative Instruments	118,387		167,561		165,908		160,183		228,883
Goodwill	323,314		323,314		323,314		323,314		323,314
Other Intangible Assets	58,971		60,609		62,247		63,885		65,524
Restricted Cash	2,430		2,428		-		-		-
Other Non-Current Assets	87,469		89,580		87,817		111,062		110,330
Total Other Non-Current Assets	758,464		735,038		724,952		757,157		831,743
TOTAL ASSETS		$8,904,118		$8,987,867		$9,046,709		$8,511,903		$8,538,049
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable		$110,649		$120,019		$144,376		$123,249		$120,125
Derivative Instruments	316,729		403,112		770,980		354,621		185,795
Current Portion of Finance Lease Obligations	5,080		4,338		4,335		4,236		2,576
Current Portion of Long-Term Debt	329,378		328,837		328,300		327,766		327,236
Current Portion of Operating Lease Obligations	48,140		47,819		50,082		51,474		49,033
Other Accrued Liabilities	255,313		293,558		284,820		261,232		207,972
Total Current Liabilities	1,065,289		1,197,683		1,582,893		1,122,578		892,737
Non-Current Liabilities:
Long-Term Debt	2,247,199		2,286,855		2,353,350		1,838,234		1,957,655
Finance Lease Obligations	26,209		19,229		20,304		21,040		10,270
Operating Lease Obligations	122,477		46,424		37,834		49,519		57,493
Derivative Instruments	251,206		342,613		439,769		429,533		369,569
Deferred Income Taxes	836,354		761,490		604,526		696,136		745,735
Asset Retirement Obligations	124,460		125,504		124,253		119,189		104,921
Other Non-Current Liabilities	115,351		115,356		113,006		137,644		142,954
Total Non-Current Liabilities	3,723,256		3,697,471		3,693,042		3,291,295		3,388,597
TOTAL LIABILITIES	4,788,545		4,895,154		5,275,935		4,413,873		4,281,334
Stockholders' Equity:
Common Stock	1,360		1,420		1,456		1,490		1,494
Capital in Excess of Par Value	2,254,021		2,298,970		2,324,116		2,348,959		2,348,061
Preferred Stock	-		-		-		-		-
Retained Earnings	1,865,695		1,797,896		1,450,844		1,753,293		1,914,218
Accumulated Other Comprehensive Loss	(5,503)		(5,573)		(5,642)		(5,712)		(7,058)
TOTAL STOCKHOLDERS' EQUITY	4,115,573		4,092,713		3,770,774		4,098,030		4,256,715
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$8,904,118		$8,987,867		$9,046,709		$8,511,903		$8,538,049

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:	Q3-2025	Q2-2025	Q1-2025	Q4-2024	Q3-2024
Net Income (Loss)	$202,103	$432,521	($197,715)	($144,624)	$65,540
Depreciation, Depletion and Amortization	149,323	152,595	127,062	128,336	121,227
Amortization of Deferred Financing Costs	2,713	2,701	2,668	2,623	2,612
Stock-Based Compensation	5,165	5,084	8,816	4,346	4,192
Gain on Asset Sales and Abandonments, net	(67,460)	(17,715)	(9,583)	(33,627)	(10,570)
(Gain) Loss on Commodity Derivative Instruments	(131,695)	(421,121)	528,220	282,992	(88,964)
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments	10,405	(84,097)	(88,285)	73,592	87,955
Deferred Income Taxes	74,838	156,938	(91,636)	(50,060)	17,408
Other	1,351	(605)	1,097	344	494
Changes in Operating Assets:
Accounts and Notes Receivable	39,266	81,874	(72,103)	(43,986)	(1,963)
Supplies Inventories	8,496	(11,727)	(13,019)	(1,606)	1,539
Prepaid Expenses	(509)	1,042	(2,108)	3,600	(2,064)
Changes in Other Assets	(291)	(103)	23,277	(748)	(789)
Changes in Operating Liabilities:
Accounts Payable	(17,917)	(13,453)	13,396	454	(2,864)
Accrued Interest	(21,309)	20,335	(14,419)	16,710	(18,010)
Other Operating Liabilities	(20,769)	(24,184)	24,565	34,075	(5,934)
Changes in Other Liabilities	51	2,407	(24,577)	(3,624)	342
Net Cash Provided by Operating Activities	233,761	282,492	215,656	268,797	170,151
Cash Flows from Investing Activities:
Capital Expenditures	(75,544)	(113,565)	(131,465)	(105,495)	(114,737)
Proceeds from Asset Sales	67,793	20,783	16,630	36,582	8,141
Investments in Equity Affiliates	-	(2,140)	(1,163)	(1,309)	(3,452)
Apex Acquisition (Net of Cash Acquired)	-	-	(517,599)	-	-
Net Cash Used in Investing Activities	(7,751)	(94,922)	(633,597)	(70,222)	(110,048)
Cash Flows from Financing Activities:
Proceeds from CNXM Revolving Credit Facility Borrowings	72,500	88,175	92,250	71,700	70,750
Repayments of CNXM Revolving Credit Facility Borrowings	(74,000)	(88,875)	(85,600)	(82,300)	(90,750)
Proceeds from CNX Revolving Credit Facility Borrowings	436,350	365,300	772,950	194,800	306,000
Repayments of CNX Revolving Credit Facility Borrowings	(475,550)	(431,900)	(463,350)	(304,600)	(284,750)
Proceeds from Issuance of CNX Senior Notes	-	-	198,500	-	-
Payments on Other Debt	(1,181)	(948)	(960)	(686)	(639)
Proceeds from Issuance of Common Stock	56	110	820	1,481	170
Shares Withheld for Taxes	(348)	(406)	(13,086)	(98)	(303)
Purchases of Common Stock	(182,374)	(115,714)	(125,138)	(25,005)	(62,996)
Debt Issuance and Financing Fees	(21)	(308)	(631)	(104)	(198)
Net Cash (Used in) Provided by Financing Activities	(224,568)	(184,566)	375,755	(144,812)	(62,716)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	1,442	3,004	(42,186)	53,763	(2,613)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	15,891	12,887	55,073	1,310	3,923
Cash, Cash Equivalents and Restricted Cash at End of Period	$17,333	$15,891	$12,887	$55,073	$1,310

	2025E
	Gas Sold (%)	Basis
MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
Eastern Gas-South	25%	($0.91)
ETNG Mainline	3%	$0.22
TCO Pool	27%	($0.64)
TETCO ELA & WLA	2%	($0.23)
TETCO M3	2%	($0.01)
TETCO M2	25%	($0.82)
Michcon	8%	($0.38)
Physical basis sales	8%	($0.03)
Weighted Average Basis	100%	($0.62)
NYMEX		$3.33
Weighted Average Basis (Not considering hedging)		($0.62)
Realized Price (per MMBtu)		$2.71
Conversion Factor (MMBtu/Mcf)		1.063
Realized Price Before Financial Hedging (per Mcf)		$2.88
(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 as of 10/15/2025.

	Q3-2025		Q2-2025		Q1-2025		Q4-2024		Q3-2024
PRICE AND COST DATA (PER MCFE) - NON-GAAP
Average Sales Price - Natural Gas		$2.43		$2.84		$3.66		$2.41		$1.73
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement	$0.15		($0.23)		($0.81)		$0.17		$0.78
Average Sales Price - Oil and Condensate*		$9.49		$8.74		$9.61		$9.59		$10.31
Average Sales Price - NGLs*		$3.04		$3.58		$4.42		$3.64		$3.50
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement		$2.62		$2.68		$2.99		$2.72		$2.63
Lease Operating Expense (LOE)		$0.17		$0.16		$0.16		$0.13		$0.13
Production, Ad Valorem, and Other Fees		$0.05		$0.05		$0.05		$0.05		$0.05
Transportation, Gathering and Compression		$0.60		$0.58		$0.64		$0.69		$0.72
Depreciation, Depletion and Amortization (DD&A)		$0.89		$0.88		$0.83		$0.86		$0.86
Total Natural Gas, NGL and Oil Production Costs		$1.71		$1.67		$1.68		$1.73		$1.76
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A		$0.82		$0.79		$0.85		$0.87		$0.90
Natural Gas, NGL and Oil Production Cash Margin, before DD&A		$1.80		$1.89		$2.14		$1.85		$1.73
Fully Burdened Cash Costs, before DD&A		$1.09		$1.05		$1.11		$1.22		$1.11
Fully Burdened Cash Margin, before DD&A		$1.53		$1.63		$1.88		$1.50		$1.52
Note: "Total Natural Gas, NGL and Oil Production Costs" excludes Selling, General, and Administration and Other Operating Expenses.
*NGLs, Oil, and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
(1) Fully burdened cash costs include production cash costs, selling, general and administrative (SG&A) cash costs, other operating cash expense, other cash expense (income), other revenue and operating income, and cash interest expense. Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024 total fully burdened cash costs exclude a (gain)/loss on asset sales of ($0.42) per Mcfe, ($0.11) per Mcfe,$0.06 per Mcfe, ($0.24) per Mcfe and ($0.08) per Mcfe, respectively. Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024 exclude unrealized losses on interest rate swaps and noncash amortization of $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe and $0.02 per Mcfe, respectively. Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024, exclude loss on debt extinguishment and inventory adjustments of $0.00 per Mcfe, $0.00 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe and $0.01 per Mcfe, respectively.
Natural Gas Price Reconciliation	Q3-2025		Q2-2025		Q1-2025		Q4-2024		Q3-2024
NYMEX Natural Gas ($/MMBtu)		$3.07		$3.44		$3.65		$2.79		$2.16
Average Differential	(0.77)		(0.76)		(0.26)		(0.54)		(0.56)
BTU Conversion (MMBtu/Mcf)*	0.12		0.15		0.27		0.17		0.13
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement	0.15		(0.23)		(0.81)		0.17		0.78
Realized Natural Gas Price per Mcf		$2.57		$2.61		$2.85		$2.59		$2.51
*Conversion factor		1.05		1.06		1.08		1.07		1.09

	PREVIOUS			UPDATED
GUIDANCE
($ in millions)	2025E			2025E
	Low		High	Low		High
Production Volumes (Bcfe)	615	-	620	620	-	625
% Liquids	~7%	‘-	~8%	~7%	‘-	~8%
% of Natural Gas Hedged			85%			84%
Prices on Open Volumes
Natural Gas NYMEX ($/MMBtu)			$3.59			$3.33
Natural Gas Differential ($/MMBtu)			($0.67)			($0.62)
NGL Realized Price ($/Bbl)	~$21.00			~$21.00
($ in millions)
Adjusted EBITDAX	$1,225	-	$1,275	$1,200	-	$1,225
Capital Expenditures
Drilling & Completions (D&C)	$300	-	$325	$310	-	$330
Non-D&C	$145	-	$165	$160	-	$165
Discretionary Capital	$5	-	$10	$5	-	$5
Total Capital Expenditures	$450	-	$500	$475	-	$500
Environmental Attributes Sales Free Cash Flow (FCF) Impact	~$65			~$65
Asset Sales	~$50			~$115
Free Cash Flow (FCF)(2)(3)(5)	~$575			~$640
FCF Per Share(2)(3)(4)	~$4.07			~$4.75
(1) Forward market prices for 2025 guidance as of 10/15/2025.
(2) Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions.
(3) Previous guidance for total FCF includes approximately $50 million in expected asset sales in 2025. Updated guidance for total FCF includes approximately $115 million in expected asset sales in 2025.
(4) Previous guidance for 2025 FCF per share based on shares outstanding of 141,418,560, as of 7/15/2025. Updated guidance for 2025 FCF per share based on shares outstanding of 134,832,658, as of 10/20/2025.
(5) Excludes $518 million Apex Energy acquisition.

2025E ACTIVITY SUMMARY				TIL		Average Lateral Length
SWPA Central		Marcellus		13		12,850
	Utica		-		-
CPA		Marcellus		13		15,600
	Utica		8		12,100
Total				34
(1) Measured in lateral feet from perforation to perforation.

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:

Non-GAAP Measures
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. 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 not directly related to CNX’s natural gas producing activities. Natural Gas, NGL and Oil Production Costs is a non-GAAP measure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations (See Note 21 - Segment Information of the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX's 2024 Annual Report on Form 10-K as filed with the SEC on February 11, 2025). These expenses include, but are not limited to, interest expense and other corporate expenses such as selling, general and administrative costs in the current periods presented.
(Dollars in millions)	Q3-2025		Q2-2025		Q1-2025		Q4-2024		Q3-2024
Total Revenue and Other Operating Income		$584		$962		$82		$138		$424
(Deduct) Add:
Purchased Gas Revenue	(9)		(10)		(11)		(7)		(27)
Unrealized (Gain) Loss on Commodity Derivative Instruments		(110)		(456)		418	304			6
Other Revenue and Operating Income	(42)		(46)		(48)		(49)		(49)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure		$423		$450		$441		$386		$354
Total Operating Expense		$341		$346		$319		$323		$319
(Deduct):
Depreciation, Depletion and Amortization (DD&A) - Corporate	(5)		(4)		(6)		(3)		(4)
Exploration and Production Related Other Costs	(2)		(2)		(2)		(2)		(2)
Purchased Gas Costs	(9)		(9)		(11)		(7)		(27)
Selling, General and Administrative Costs	(30)		(29)		(39)		(43)		(33)
Other Operating Expense	(19)		(21)		(14)		(22)		(16)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure		$276		$281		$247		$246		$237

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.

Non-GAAP Measures
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.
(Dollars in millions)	Q3-2025		Q2-2025		Q1-2025		Q4-2024		Q3-2024
Net Income (Loss)		$202		$432		($198)		($145)		$66
Interest Expense	43		44		42		37		37
Interest Income	-		(1)		-		(2)		-
Income Tax Expense (Benefit)	64		153		(75)		(50)		17
Earnings (Loss) Before Interest & Taxes (EBIT)	309		628		(231)		(160)		120
Depreciation, Depletion & Amortization		149		153	127		129			121
Exploration Expense		2		2	2		2			2
Earnings (Loss) Before Interest, Taxes, DD&A and Exploration (EBITDAX)		$460		$783		($102)		($29)		$243
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments		(110)		(456)	418		304			6
Gain on Non-Core Asset Sale		(57)		-	-		-			-
Stock-Based Compensation	5		5		9		5		4
Total Pre-tax Adjustments	(162)		(451)		427		309		10
Adjusted EBITDAX		$298		$332		$325		$280		$253
Adjusted Net Income is defined as net income after adjusting for the discrete items listed below as well as the related tax effect.
(Dollars in millions)	Q3-2025		Q2-2025		Q1-2025		Q4-2024		Q3-2024
Net Income (Loss) from EBITDAX Reconciliation		$202		$432		($198)		($145)		$66
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation	(162)		(451)		427		309		10
Tax Effect of Adjustments	42		119		(113)		(79)		(3)
Adjusted Net Income		$82		$100		$116		$85		$73

Non-GAAP Measures
Operating Margin: Adjusted EBIT divided by Total Revenue and Other Operating Income after adjusting for unrealized (gain) loss on commodity derivative instruments.
(Dollars in millions)	Q3-2025		Q2-2025		Q1-2025		Q4-2024		Q3-2024
Total Revenue and Other Operating Income		$584		$962		$82		$138		$424
Net Income (Loss)		$202		$432		($198)		($145)		$66
Interest Expense		43		44		42		37		37
Interest Income		-		(1)		-		(2)		-
Income Tax Expense (Benefit)		64		153		(75)		(50)		17
Earnings (Loss) Before Interest & Taxes (EBIT)		309		628		(231)		(160)		120
Depreciation, Depletion & Amortization		149		153		127		129		121
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)		$458		$781		($104)		($31)		$241
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments		($110)		($456)		$418		$304		$6
Total Adjustments		($110)		($456)		$418		$304		$6
Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments		$474		$506		$500		$442		$430
Adjusted EBIT		$199		$172		$187		$144		$126
Operating Margin	42%		34%		37%		33%		29%

Non-GAAP Measures
Cash Operating Margin: Adjusted EBITDA divided by Total Revenue and Other Operating Income after adjusting for unrealized loss (gain) on commodity derivative instruments, stock based compensation and the other discrete items listed below.
(Dollars in millions)	Q3-2025		Q2-2025		Q1-2025		Q4-2024		Q3-2024
Total Revenue and Other Operating Income		$584		$962		$82		$138		$424
Net Income (Loss)		$202		$432		($198)		($145)		$66
Interest Expense		43		44		42		37		37
Interest Income		-		(1)		-		(2)		-
Income Tax Expense (Benefit)		64		153		(75)		(50)		17
Earnings (Loss) Before Interest & Taxes (EBIT)		309		628		(231)		(160)		120
Depreciation, Depletion & Amortization		149		153		127		129		121
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)		$458		$781		($104)		($31)		$241
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments		$(110)		$(456)		$418		$304		$6
Gain on Non-Core Asset Sale		(57)		-		-		-		-
Stock-Based Compensation		5		5		9		5		4
Total Adjustments		($162)		($451)		$427		$309		$10
Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments		$474		$506		$500		$442		$430
Adjusted EBITDA		$296		$330		$323		$278		$251
Cash Operating Margin	62%		65%		65%		63%		58%

Non-GAAP Measures
Management uses net debt to determine the company's outstanding debt obligations that would not be readily satisfied by its cash, cash equivalents, and restricted cash on hand. Management believes that using net debt is useful to investors in determining the company's leverage ratio since the company could choose to use its cash and cash equivalents 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, cash equivalents, and restricted cash.
(Dollars in millions)
Net Debt	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	30-Sep-20
Total Long-Term Debt (GAAP)	$2,577	$2,616	$2,682	$2,166	$2,214	$2,206	$2,214	$2,424	$2,600
Less: Cash, Cash Equivalents, and Restricted Cash	17	16	13	55	-	21	4	22	156
Net Debt	$2,560	$2,600	$2,669	$2,111	$2,214	$2,185	$2,210	$2,402	$2,444
Includes current portion
(Dollars in millions)
Adjusted Net Debt	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	30-Sep-20
Total Long-Term Debt (GAAP)	$2,577	$2,616	$2,682	$2,166	$2,214	$2,206	$2,214	$2,424	$2,600
Plus: Impact of Recent Accounting Pronouncement	-	-	-	-	-	-	82	98	101
Less: Cash, Cash Equivalents, and Restricted Cash	17	16	13	55	-	21	4	22	156
Adjusted Net Debt	$2,560	$2,600	$2,669	$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 and Contracts in an Entity's Own Equity and upon adoption long-term debt increased by $82MM (See Note 12 - Long-Term Debt in the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX’s December 31, 2022 Form 10-K for additional information). As this adjustment was recorded on a prospective basis, Management believes that presenting investors with the net debt on a historical basis would be beneficial.

	Three Months Ended				Twelve Months Ended
Adjusted TTM EBITDAX: EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below.
(Dollars in millions)	31-Dec-24	31-Mar-25	30-Jun-25	30-Sep-25	30-Sep-25
Net (Loss) Income	($145)	($198)	$432	$202	$291
Interest Expense	37	42	44	43	166
Interest Income	(2)	-	(1)	-	(3)
Income Tax (Benefit) Expense	(50)	(75)	153	64	92
(Loss) Earnings Before Interest & Taxes (EBIT)	(160)	(231)	628	309	546
Depreciation, Depletion & Amortization	129	127	153	149	558
Exploration Expense	2	2	2	2	8
(Loss) Earnings Before Interest, Taxes, DD&A, and Exploration (EBITDAX)	(29)	(102)	783	460	1,112
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments	304	418	(456)	(110)	156
Gain on Non-Core Asset Sale	-	-	-	(57)	(57)
Stock Based Compensation	5	9	5	5	24
Total Pre-tax Adjustments	309	427	(451)	(162)	123
Adjusted EBITDAX TTM	$280	$325	$332	$298	$1,235

Non-GAAP Measures
The Company's management believes that the following measures provide useful information to external users of the Company's consolidated financial statements, such as industry analysts, lenders and ratings agencies. Free cash flow should not be considered as alternatives to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.
Free Cash Flow (FCF): Net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates.
2025 Free Cash Flow
(Dollars in millions)	Q3-2025	Q2-2025	Q1-2025
Net Cash Provided by Operating Activities	$234	$283	$216
Capital Expenditures	(76)	(114)	(131)
Proceeds from Asset Sales	68	21	16
Investments in Equity Affiliates	-	(2)	(1)
Free Cash Flow	$226	$188	$100
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

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.

Forward-looking statements notice

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, 2024 filed with the Securities and Exchange Commission (SEC) on February 11, 2025, 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 quality for environmental attribute credits and the volatility of environmental attribute markets; and changes in safety, health, environmental and other regulations.