CNX Resources Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 29 January 2026: press release. Guidance figures: 18 new. The quarter’s numbers.

Key takeaways

Net income and diluted EPS by quarter: Net income was $196.3 million in 4Q 2025, against $202.1 million in 3Q 2025. Diluted EPS was $1.28, against $1.21; full-year diluted EPS was $3.98. Source
Total volumes lower than 3Q 2025: Total sales volumes were 152.3 Bcfe in 4Q 2025, against 161.3 Bcfe in 3Q 2025. Average daily production was 1,654.8 MMcfe, against 1,753.3 MMcfe. Source
Realized gas price rose to $2.70: Realized natural gas price was $2.70 per Mcf, against $2.57 in 3Q 2025. Source
Operating margin lower than 3Q 2025: Operating margin was 28% in 4Q 2025, against 42% in 3Q 2025. Full-year operating margin was 35%. Source
Free cash flow lower than 3Q 2025: Free cash flow was $132 million in 4Q 2025, against $226 million in 3Q 2025. Full-year free cash flow was $646 million. Source
Share repurchases of $100 million: Purchases of common stock were $100.3 million in 4Q 2025, against $182.4 million in 3Q 2025. Full-year purchases were $523.6 million. Source

“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.”
CNX Resources Corp., press release

Guidance

Area	Period	Figure	Against last quarter
Production volumes Source	2026E	605 - 620 Bcfe	New
Liquids share of production Source	2026E	~7% ‘- ~8%	New
Natural gas hedged Source	2026E	81%	New
Natural gas NYMEX price on open volumes Source	2026E	$4.07 per MMBtu	New
Natural gas differential on open volumes Source	2026E	($0.56) per MMBtu	New
NGL realized price Source	2026E	~$20.75 per Bbl	New
Adjusted EBITDAX Source	2026E	$1,310 - $1,360 million	New
Drilling and completions capital expenditures Source	2026E	$390 - $410 million	New
Non-D&C capital expenditures Source	2026E	$150 - $160 million	New
Base capital expenditures Source	2026E	$540 - $570 million	New
Utica Shale rights payment Source	2026E	$16 million	New
Total capital expenditures Source	2026E	$556 - $586 million	New
Environmental attributes sales, free cash flow impact Source	2026E	~$70 million	New
Free cash flow Source	2026E	~$550 million	New
Free cash flow per share Source	2026E	~$3.55	New
Expected asset sales in free cash flow Source	2026	approximately $30 million	New
Share count for per-share guidance Source	2026E	142,402,658 shares outstanding plus 12.4 million net shares	New
Wells turned in line Source	2026E	30 TIL	New

What changed from last quarter

New guidance: 2026E guidance first appears in this release; the 3Q 2025 release carried 2025E guidance only. Source
Ended: The 2025E guidance table included a Discretionary Capital line of $5 to $10 million; the 2026E guidance table has no discretionary capital line.

Quarterly results and earnings

Net income and diluted EPS by quarter: Net income was $196.3 million in 4Q 2025, against $202.1 million in 3Q 2025. Diluted EPS was $1.28, against $1.21; full-year diluted EPS was $3.98. Source
Adjusted EBITDAX and adjusted net income: Adjusted EBITDAX was $292 million, against $298 million in 3Q 2025. Adjusted net income was $103 million, up from $82 million in 3Q 2025. Source
Total revenue and other operating income: Total revenue and other operating income was $610.5 million, against $583.8 million in 3Q 2025. Source

Production volumes and activity

Total volumes lower than 3Q 2025: Total sales volumes were 152.3 Bcfe in 4Q 2025, against 161.3 Bcfe in 3Q 2025. Average daily production was 1,654.8 MMcfe, against 1,753.3 MMcfe. Source
Shale gas volumes lower quarter on quarter: Shale gas sales were 130.5 Bcf, against 139.2 Bcf in 3Q 2025. CBM sales were 9.4 Bcf, against 9.7 Bcf in 3Q 2025. Source
NGL volumes held near prior level: NGL sales volumes were 12.1 Bcfe, against 12.0 Bcfe in 3Q 2025. Oil and condensate volumes were 0.2 Bcfe. Source
Quarter's drilling and turn-in-line activity: The 4Q 2025 activity summary lists 12 TD, 10 frac, 6 TIL and 2 rigs at period end. SWPA Marcellus lateral length averaged 14,250 feet. Source

“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, cash equivalents, and restricted cash to retire debt.”
CNX Resources Corp., press release

Pricing and realizations

Realized gas price rose to $2.70: Realized natural gas price was $2.70 per Mcf, against $2.57 in 3Q 2025. Source
NYMEX and differential in quarter: NYMEX averaged $3.55 per MMBtu in 4Q 2025, against $3.07 in 3Q 2025. The average differential was (0.62), against (0.77). Source
Average gas sales price rose: Average natural gas sales price was $3.12 per Mcfe, against $2.43 in 3Q 2025. Source
Cash settlement loss on gas hedges: The average cash settlement on commodity derivatives was a loss of ($0.42) per Mcfe in 4Q 2025, against a gain of $0.15 in 3Q 2025. Source
NGL price slightly higher: Average NGL sales price was $3.15 per Mcfe, against $3.04 in 3Q 2025. Source
2026 gas sales spread across pipelines: Of 2026E gas sold, Eastern Gas-South is 28% at ($0.77) basis, TCO Pool 21% at ($0.57), and TETCO M2 24% at ($0.76). Source

Costs and margins

Operating margin lower than 3Q 2025: Operating margin was 28% in 4Q 2025, against 42% in 3Q 2025. Full-year operating margin was 35%. Source
Cash operating margin at 60%: Cash operating margin was 60% in 4Q 2025, against 62% in 3Q 2025. Full-year cash operating margin was 63%. Source
Production cost per Mcfe steady: Total production costs were $1.72 per Mcfe, against $1.71 in 3Q 2025. DD&A was $0.92 per Mcfe, against $0.89. Source
Lease operating expense lower: Lease operating expense was $0.14 per Mcfe, against $0.17 in 3Q 2025. Source
Transportation cost per Mcfe higher: Transportation, gathering and compression was $0.62 per Mcfe, against $0.60 in 3Q 2025. Source
Fully burdened cash margin higher: Fully burdened cash margin, before DD&A, was $1.64 per Mcfe, against $1.53 in 3Q 2025. Source

Hedging and derivative results

Derivative gain in quarter: Gain on commodity derivative instruments was $72.1 million in 4Q 2025. The realized loss was $58 million and the unrealized gain was $130 million. Source
2026 NYMEX hedge volumes and prices: 2026 NYMEX hedges cover 355.1 Bcf at an average $3.56 per Mcf. Q1 2026 NYMEX hedges cover 86.5 Bcf at $3.68 per Mcf. Source
Fully covered 2026 volumes priced: 2026 volumes fully covered at NYMEX plus basis total 443.2 Bcf, at an average $2.75 per Mcf. Source

Cash flow, capital and debt

Free cash flow lower than 3Q 2025: Free cash flow was $132 million in 4Q 2025, against $226 million in 3Q 2025. Full-year free cash flow was $646 million. Source
Operating cash flow higher: Net cash provided by operating activities was $297.0 million, against $233.8 million in 3Q 2025. Full-year figure was $1,029.0 million. Source
Capital spending higher in Q4: Capital expenditures were $174.4 million in 4Q 2025, against $75.5 million in 3Q 2025. Full-year capital expenditures were $495.0 million. Source
Net debt lower at year end: Net debt was $2,408 million at 31-Dec-25, against $2,560 million at 30-Sep-25. Total long-term debt including current portion was $2,421 million. Source
Asset sale proceeds lower in Q4: Proceeds from asset sales were $2.4 million in 4Q 2025, against $67.8 million in 3Q 2025. Source

Shareholder returns and share count

Share repurchases of $100 million: Purchases of common stock were $100.3 million in 4Q 2025, against $182.4 million in 3Q 2025. Full-year purchases were $523.6 million. Source
Diluted share count lower: Weighted-average diluted shares were 154.5 million in 4Q 2025, against 167.6 million in 3Q 2025. Source
Basic EPS unchanged quarter on quarter: Basic EPS was $1.45 in 4Q 2025, the same as in 3Q 2025. Full-year basic EPS was $4.48. Source

Figures management reported

Figure	Reported
Production volumes (Bcfe) Source	152.3 in 4Q 2025; 629.0 year to date
Average daily production (MMcfe) Source	1,654.8 in 4Q 2025
Realized natural gas price (per Mcf) Source	$2.70
Capital expenditures Source	$174.4 million in 4Q 2025; $495.0 million year to date
Total production costs (per Mcfe) Source	$1.72 in 4Q 2025
Shareholder returns (purchases of common stock) Source	$100.3 million in 4Q 2025; $523.6 million year to date

Risks management discussed

Financial: Projected realized hedging losses at 1/23/2026 forward prices, excluding anticipated hedging activity, for Q1 2026 and calendar 2026. Source
Financial: Some NYMEX hedges carry basis exposure: 15.0 Bcf for 2026 and 1.11 Bcf for Q1 2026. Source
Financial: The total free cash flow guidance depends in part on expected 2026 asset sales, not only on operating cash flow. Source
Financial: Per-share results will reflect net shares issued to settle the remaining convertible notes. 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

4Q 2025 Earnings Results &
Supplemental Information of CNX Resources
TABLE OF CONTENTS:	Page:
Production Volumes and Activity Summary........................................................................................................................	2
Hedge Volumes and Pricing…...........................................................................................................................................	3
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	Q4-2025			Q3-2025			Q2-2025			Q1-2025			YTD-2025		Q4-2024
Shale Sales Volumes (Bcf)		130.5		139.2			146.9			126.0			542.6			115.6
CBM Sales Volumes (Bcf)		9.4		9.7			9.4			9.3			37.8			9.9
Other Sales Volumes (Bcf)	0.1			0.1			-			0.1			0.3		-
LIQUIDS*
NGLs Sales Volumes (Bcfe)		12.1		12.0			11.1			12.2			47.4			16.2
Oil and Condensate Sales Volumes (Bcfe)		0.2		0.3			0.2			0.2			0.9			0.2
TOTAL (Bcfe)		152.3			161.3			167.6			147.8		629.0			141.9
Average Daily Production (MMcfe)		1,654.8		1,753.3			1,841.8			1,642.3			1,723.2			1,543.1
* 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.
Q4 2025 ACTIVITY SUMMARY				TD			Frac			TIL			Average Lateral Length		Rigs at Period End
SWPA	Marcellus				9			4			3		14,250			2
Utica			-			-			-			-		-
CPA	Marcellus				-			3			-		-			-
Utica			3			3			3			10,860		-
Total					12			10			6					2
(1) Measured in lateral feet from perforation to perforation.

	Q1 2026	2026	2027	2028
HEDGE VOLUMES AND PRICING
NYMEX Hedges
Volumes (Bcf)	86.5	355.1	233.0	92.6
Average Prices ($/Mcf)	$3.68	$3.56	$4.16	$4.03
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)	25.4	103.0	141.0	35.5
Average Prices ($/Mcf)	$2.67	$2.65	$3.30	$3.10
Total Volumes Hedged (Bcf)	111.9	458.2	374.0	128.1
NYMEX + Basis (fully-covered volumes)
Volumes (Bcf)	110.8	443.2	374.0	128.1
Average Prices ($/Mcf)	$2.86	$2.75	$3.28	$3.25
NYMEX Hedges Exposed to Basis
Volumes (Bcf)	1.11	15.0	-	-
Average Prices ($/Mcf)	$3.68	$3.55	-	-
Total Volumes Hedged (Bcf)	111.9	458.2	374.0	128.1
Estimated Conversion Factor	1.072	1.066	1.061	1.057
(1) Hedge positions as of 1/23/2026.
(2) Excludes basis hedges in excess of NYMEX hedges of 5.3 Bcf and 58.7 Bcf for 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.

	Q1 2026						CY2026
	Hedged		Wtd. Avg.	Avg.	Forecasted		Hedged		Wtd. Avg.	Avg.	Forecasted
	Volumes		Hedged	Forward	Gain/(Loss)		Volumes		Hedged	Forward	Gain/(Loss)
HEDGING GAIN/LOSS PROJECTIONS
($/MMBtu)	(000 MMBtu)		Price	Market	($ in 000s)		(000 MMBtu)		Price	Market	($ in 000s)
NYMEX		92,670	$3.43	$4.52		($98,675)		378,670	$3.34	$4.07		($274,866)
Index		27,000	$2.49	$4.05		($42,264)		109,500	$2.49	$3.37		($96,103)
Basis:
Eastern Gas-South (DOM)		27,000	($0.88)	($0.54)		($9,290)		109,500	($0.88)	($0.79)		($10,173)
TCO Pool (TCO)		11,925	($0.74)	($0.35)		($4,656)		48,363	($0.74)	($0.57)		($8,015)
Michcon (NMC)		8,100	($0.19)	($0.37)		$1,398		32,850	($0.19)	($0.36)		$5,541
TETCO M2 (BM2)		26,325	($1.01)	($0.42)		($15,388)		106,763	($1.01)	($0.75)		($26,699)
Transco Zone 5 South (DKR)	-		$0.00	$2.42	-		-		$0.00	$1.14	-
Total Financial Basis Hedges		73,350				($27,935)		297,475				($39,345)
Total Projected Realized Loss						($168,874)						($410,314)
Note: Forward market prices, hedged volumes, and hedge prices are as of 1/23/2026. Anticipated hedging activity is not included in projections.
(1) January 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)	Q4-2025	Q3-2025		Q2-2025		Q1-2025		YTD-2025	Q4-2024
Realized (Loss) Gain	($58)		$22		($35)		($110)	($181)	$21
Unrealized Gain (Loss)	$130	110		456		(418)		$278	($304)
Gain (Loss) on Commodity Derivative Instruments	$72		$132		$421		($528)	$97	($283)

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:	Q4-2025		Q3-2025		Q2-2025		Q1-2025		YTD-2025		Q4-2024
Natural Gas, NGL and Oil Revenue		$476,615		$400,990		$485,029		$551,094		$1,913,728		$364,413
Gain (Loss) on Commodity Derivative Instruments		72,065		131,695		421,121		(528,220)		96,661		(282,992)
Purchased Gas Revenue		14,365		9,026		10,408		11,550		45,349		6,855
Other Revenue and Operating Income		47,439		42,129		45,864		47,964		183,396		48,301
Total Revenue and Other Operating Income	610,484		583,840		962,422		82,388		2,239,134		136,577
Costs and Expenses:
Operating Expense
Lease Operating Expense		20,700		27,127		26,256		23,333		97,416		17,848
Transportation, Gathering and Compression		93,939		97,053		96,953		95,159		383,104		97,586
Production, Ad Valorem, and Other Fees		6,534		7,725		9,668		7,273		31,200		6,646
Depreciation, Depletion and Amortization		145,134		149,323		152,595		127,062		574,114		128,336
Exploration and Production Related Other Costs		5,008		1,656		1,770		2,082		10,516		1,835
Purchased Gas Costs		13,581		8,455		9,402		11,209		42,647		6,699
Selling, General, and Administrative Costs		41,846		30,375		29,068		39,013		140,302		43,542
Other Operating Expense	14,640		19,178		21,014		14,080		68,912		20,576
Total Operating Expense		341,382		340,892		346,726		319,211		1,348,211		323,068
Other Expense (Income)
Other Expense		4,288		1,752		3,729		3,947		13,716		4,539
Gain on Assets Sales and Abandonments, net		(2,410)		(67,460)		(17,715)		(9,583)		(97,168)		(33,627)
Loss on Debt Extinguishment		842		-		-		-		842		-
Interest Expense	41,975		42,964		44,041		41,612		170,592		36,596
Total Other Expense (Income)		44,695		(22,744)		30,055		35,976		87,982		7,508
Total Costs and Expenses	386,077		318,148		376,781		355,187		1,436,193		330,576
Income (Loss) Before Income Tax		224,407		265,692		585,641		(272,799)		802,941		(193,999)
Income Tax Expense (Benefit)	28,154		63,589		153,120		(75,084)		169,779		(49,375)
Net Income (Loss)		$196,253		$202,103		$432,521		($197,715)		$633,162		($144,624)
Earnings (Loss) per Share
Basic		$1.45		$1.45		$3.02		($1.34)		$4.48		($0.97)
Diluted		$1.28		$1.21		$2.53		($1.34)		$3.98		($0.97)
Weighted-Average Shares Outstanding	Q4-2025		Q3-2025		Q2-2025		Q1-2025		YTD-2025		Q4-2024
Weighted-Average Shares of Common Stock Outstanding	135,514,779		139,251,482		143,429,950		147,778,141		141,453,847		148,946,949
Effect of Diluted Shares*	19,021,107		28,333,716		28,316,646		-		18,898,674		-
Weighted-Average Diluted Shares of Common Stock Outstanding	154,535,886		167,585,198		171,746,596		147,778,141		160,352,521		148,946,949
*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	31-Dec-25		30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24
ASSETS
Current Assets:
Cash and Cash Equivalents		$779		$4,735		$3,391		$2,615		$17,198
Restricted Cash	12,685		10,168		10,072		10,272		37,875
Accounts and Notes Receivable:
Trade, net	264,658		141,264		180,152		246,765		179,547
Other Receivables, net	61,249		56,596		37,166		51,560		17,859
Supplies Inventories	26,201		30,822		39,318		27,591		14,572
Derivative Instruments	106,068		100,076		107,401		68,860		87,925
Prepaid Expenses	18,697		17,234		16,725		17,767		15,659
Total Current Assets	490,337		360,895		394,225		425,430		370,635
Property, Plant and Equipment:
Property, Plant and Equipment	14,057,224		13,839,517		13,771,249		13,667,826		13,037,948
Less - Accumulated Depreciation, Depletion and Amortization	6,193,871		6,054,758		5,912,645		5,771,499		5,653,837
Total Property, Plant and Equipment - Net	7,863,353		7,784,759		7,858,604		7,896,327		7,384,111
Other Non-Current Assets:
Operating Lease Right-of-Use Assets	150,310		167,893		91,546		85,666		98,713
Derivative Instruments	134,396		118,387		167,561		165,908		160,183
Goodwill	323,314		323,314		323,314		323,314		323,314
Other Intangible Assets	57,333		58,971		60,609		62,247		63,885
Restricted Cash	-		2,430		2,428		-		-
Other	75,403		87,469		89,580		87,817		111,062
Total Other Non-Current Assets	740,756		758,464		735,038		724,952		757,157
TOTAL ASSETS		$9,094,446		$8,904,118		$8,987,867		$9,046,709		$8,511,903
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable		$158,811		$110,649		$120,019		$144,376		$123,249
Derivative Instruments	377,945		316,729		403,112		770,980		354,621
Current Portion of Finance Lease Obligations	5,095		5,080		4,338		4,335		4,236
Current Portion of Long-Term Debt	208,095		329,378		328,837		328,300		327,766
Current Portion of Operating Lease Obligations	48,453		48,140		47,819		50,082		51,474
Other Accrued Liabilities	325,976		255,313		293,558		284,820		261,232
Total Current Liabilities	1,124,375		1,065,289		1,197,683		1,582,893		1,122,578
Non-Current Liabilities:
Long-Term Debt	2,213,264		2,247,199		2,286,855		2,353,350		1,838,234
Finance Lease Obligations	24,991		26,209		19,229		20,304		21,040
Operating Lease Obligations	104,955		122,477		46,424		37,834		49,519
Derivative Instruments	158,368		251,206		342,613		439,769		429,533
Deferred Income Taxes	857,367		836,354		761,490		604,526		696,136
Asset Retirement Obligations	163,051		124,460		125,504		124,253		119,189
Other	111,059		115,351		115,356		113,006		137,644
Total Non-Current Liabilities	3,633,055		3,723,256		3,697,471		3,693,042		3,291,295
TOTAL LIABILITIES	4,757,430		4,788,545		4,895,154		5,275,935		4,413,873
Stockholders' Equity:
Common Stock	1,427		1,360		1,420		1,456		1,490
Capital in Excess of Par Value	2,357,039		2,254,021		2,298,970		2,324,116		2,348,959
Preferred Stock	-		-		-		-		-
Retained Earnings	1,984,229		1,865,695		1,797,896		1,450,844		1,753,293
Accumulated Other Comprehensive Loss	(5,679)		(5,503)		(5,573)		(5,642)		(5,712)
TOTAL STOCKHOLDERS' EQUITY	4,337,016		4,115,573		4,092,713		3,770,774		4,098,030
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$9,094,446		$8,904,118		$8,987,867		$9,046,709		$8,511,903

	Q4-2025	Q3-2025	Q2-2025	Q1-2025	YTD-2025	Q4-2024
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:
Net Income (Loss)	$196,253	$202,103	$432,521	($197,715)	$633,162	($144,624)
Depreciation, Depletion and Amortization	145,134	149,323	152,595	127,062	574,114	128,336
Amortization of Deferred Financing Costs	2,650	2,713	2,701	2,668	10,732	2,623
Stock-Based Compensation	4,614	5,165	5,084	8,816	23,679	4,346
Gain on Asset Sales and Abandonments, net	(2,410)	(67,460)	(17,715)	(9,583)	(97,168)	(33,627)
Loss on Debt Extinguishment	842	-	-	-	842	-
(Gain) Loss on Commodity Derivative Instruments	(72,065)	(131,695)	(421,121)	528,220	(96,661)	282,992
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments	18,441	10,405	(84,097)	(88,285)	(143,536)	73,592
Deferred Income Taxes	21,070	74,838	156,938	(91,636)	161,210	(50,060)
Other	(4)	1,351	(605)	1,097	1,839	344
Changes in Operating Assets:
Accounts and Notes Receivable	(115,678)	39,266	81,874	(72,103)	(66,641)	(43,986)
Supplies Inventories	4,621	8,496	(11,727)	(13,019)	(11,629)	(1,606)
Prepaid Expenses	(1,463)	(509)	1,042	(2,108)	(3,038)	3,600
Changes in Other Assets	(350)	(291)	(103)	23,277	22,533	(748)
Changes in Operating Liabilities:
Accounts Payable	39,583	(17,917)	(13,453)	13,396	21,609	454
Accrued Interest	20,452	(21,309)	20,335	(14,419)	5,059	16,710
Other Operating Liabilities	39,258	(20,769)	(24,184)	24,565	18,870	34,075
Changes in Other Liabilities	(3,900)	51	2,407	(24,577)	(26,019)	(3,624)
Net Cash Provided by Operating Activities	297,048	233,761	282,492	215,656	1,028,957	268,797
Cash Flows from Investing Activities:
Capital Expenditures	(174,414)	(75,544)	(113,565)	(131,465)	(494,988)	(105,495)
Proceeds from Asset Sales	2,449	67,793	20,783	16,630	107,655	36,582
Investments in Equity Affiliates	7,322	-	(2,140)	(1,163)	4,019	(1,309)
Apex Acquisition (Net of Cash Acquired)	-	-	-	(517,599)	(517,599)	-
Net Cash Used in Investing Activities	(164,643)	(7,751)	(94,922)	(633,597)	(900,913)	(70,222)
Cash Flows from Financing Activities:
Proceeds from CNXM Revolving Credit Facility Borrowings	86,300	72,500	88,175	92,250	339,225	71,700
Repayments of CNXM Revolving Credit Facility Borrowings	(74,050)	(74,000)	(88,875)	(85,600)	(322,525)	(82,300)
Proceeds from CNX Revolving Credit Facility Borrowings	352,500	436,350	365,300	772,950	1,927,100	194,800
Repayments of CNX Revolving Credit Facility Borrowings	(399,750)	(475,550)	(431,900)	(463,350)	(1,770,550)	(304,600)
Proceeds from Issuance of CNX Senior Notes	-	-	-	198,500	198,500	-
Payments on Other Debt	(1,375)	(1,181)	(948)	(960)	(4,464)	(686)
Proceeds from Issuance of Common Stock	1,108	56	110	820	2,094	1,481
Shares Withheld for Taxes	(167)	(348)	(406)	(13,086)	(14,007)	(98)
Purchases of Common Stock	(100,335)	(182,374)	(115,714)	(125,138)	(523,561)	(25,005)
Debt Issuance and Financing Fees	(505)	(21)	(308)	(631)	(1,465)	(104)
Net Cash (Used in) Provided by Financing Activities	(136,274)	(224,568)	(184,566)	375,755	(169,653)	(144,812)
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash	(3,869)	1,442	3,004	(42,186)	(41,609)	53,763
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	17,333	15,891	12,887	55,073	55,073	1,310
Cash, Cash Equivalents, and Restricted Cash at End of Period	$13,464	$17,333	$15,891	$12,887	$13,464	$55,073

	2026E
	Gas Sold (%)	Basis
MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
Eastern Gas-South	28%	($0.77)
ETNG Mainline	4%	$0.52
TCO Pool	21%	($0.57)
TETCO ELA & WLA	2%	($0.20)
TETCO M3	5%	($0.12)
TETCO M2	24%	($0.76)
Michcon	8%	($0.36)
Physical basis sales	9%	($0.31)
Weighted Average Basis	100%	($0.56)
NYMEX		$4.07
Weighted Average Basis (Not considering hedging)		($0.56)
Realized Price (per MMBtu)		$3.51
Conversion Factor (MMBtu/Mcf)		1.07
Realized Price Before Financial Hedging (per Mcf)		$3.76
(1) Individual market percentages exclude physical basis sales, which are shown separately.
(2) Forward market basis prices as of 1/23/2026.

	Q4-2025		Q3-2025		Q2-2025		Q1-2025		YTD-2025		Q4-2024
PRICE AND COST DATA (PER MCFE) - NON-GAAP
Average Sales Price - Natural Gas		$3.12		$2.43		$2.84		$3.66		$2.99		$2.41
Average (Loss) Gain on Commodity Derivative Instruments - Cash Settlement	($0.42)		$0.15		($0.23)		($0.81)		($0.31)		$0.17
Average Sales Price - Oil and Condensate*		$8.83		$9.49		$8.74		$9.61		$9.21		$9.59
Average Sales Price - NGLs*		$3.15		$3.04		$3.58		$4.42		$3.55		$3.64
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement		$2.75		$2.62		$2.68		$2.99		$2.75		$2.72
Lease Operating Expense (LOE)		$0.14		$0.17		$0.16		$0.16		$0.15		$0.13
Production, Ad Valorem, and Other Fees		$0.04		$0.05		$0.05		$0.05		$0.05		$0.05
Transportation, Gathering and Compression		$0.62		$0.60		$0.58		$0.64		$0.61		$0.69
Depreciation, Depletion and Amortization (DD&A)		$0.92		$0.89		$0.88		$0.83		$0.88		$0.86
Total Natural Gas, NGL and Oil Production Costs		$1.72		$1.71		$1.67		$1.68		$1.69		$1.73
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A		$0.80		$0.82		$0.79		$0.85		$0.81		$0.87
Natural Gas, NGL and Oil Production Cash Margin, before DD&A		$1.95		$1.80		$1.89		$2.14		$1.94		$1.85
Fully Burdened Cash Costs, before DD&A		$1.11		$1.09		$1.05		$1.11		$1.09		$1.22
Fully Burdened Cash Margin, before DD&A		$1.64		$1.53		$1.63		$1.88		$1.66		$1.50
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. Q4 2025, Q3 2025, Q2, 2025, Q1 2025, YTD 2025 and Q4 2024 total fully burdened cash costs exclude a (gain)/loss on asset sales of $(0.02) per Mcfe, ($0.42) per Mcfe, ($0.11) per Mcfe, $0.06 per Mcfe, ($0.15) per Mcfe and ($0.24) per Mcfe, respectively. Q4 2025, Q3 2025, Q2, 2025, Q1 2025, YTD 2025 and Q4 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, $0.02 per Mcfe and $0.02 per Mcfe, respectively. Q4 2025, Q3 2025, Q2, 2025, Q1 2025, YTD 2025 and Q4 2024 exclude loss on debt extinguishment and inventory adjustments of $0.01 per Mcfe, $0.00 per Mcfe, $0.00 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe, and $0.00 per Mcfe, respectively.
Natural Gas Price Reconciliation	Q4-2025		Q3-2025		Q2-2025		Q1-2025		YTD-2025		Q4-2024
NYMEX Natural Gas ($/MMBtu)		$3.55		$3.07		$3.44		$3.65		$3.43		$2.79
Average Differential		(0.62)	(0.77)		(0.76)		(0.26)			(0.61)	(0.54)
BTU Conversion (MMBtu/Mcf)*		0.19	0.12		0.15		0.27			0.18	0.17
(Loss) Gain on Natural Gas Commodity Derivative Instruments-Cash Settlement		(0.42)	0.15		(0.23)		(0.81)			(0.31)	0.17
Realized Natural Gas Price per Mcf		$2.70		$2.57		$2.61		$2.85		$2.68		$2.59
*Conversion factor		1.07		1.05		1.06		1.08		1.06		1.07

GUIDANCE
($ in millions)	2026E
	Low		High
Production Volumes (Bcfe)	605	-	620
% Liquids	~7%	‘-	~8%
% of Natural Gas Hedged			81%
Prices on Open Volumes
Natural Gas NYMEX ($/MMBtu)			$4.07
Natural Gas Differential ($/MMBtu)			($0.56)
NGL Realized Price ($/Bbl)	~$20.75
($ in millions)
Adjusted EBITDAX	$1,310	-	$1,360
Capital Expenditures
Drilling & Completions (D&C)	$390	-	$410
Non-D&C	$150	-	$160
Base Capital Expenditures	$540	-	$570
Utica Shale rights payment	$16	-	$16
Total Capital Expenditures	$556	-	$586
Environmental Attributes Sales Free Cash Flow (FCF) Impact	~$70
Free Cash Flow (FCF)(2)(3)	~$550
FCF Per Share(2)(3)(4)	~$3.55
(1) Forward market prices for 2026 guidance as of 1/23/2026.
(2) Includes approximately $20 million from the sale of 45Z tax credits for 8 months of remediation activities in 2025. Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions.
(3) Guidance for total FCF includes approximately $30 million in expected asset sales in 2026.
(4) Guidance for 2026 FCF per share based on shares outstanding of 142,402,658, as of 1/23/2026, plus 12.4 million net shares issued to settle the remaining convertible notes.

2026E ACTIVITY SUMMARY				TIL		Average Lateral Length
SWPA		Marcellus		24		13,750
CPA		Marcellus		3		7,880
	Utica		3		13,500
Total				30
(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)	Q4-2025		Q3-2025		Q2-2025		Q1-2025		YTD-2025		Q4-2024
Total Revenue and Other Operating Income		$611		$584		$962		$82		$2,239		$138
(Deduct) Add:
Purchased Gas Revenue	(15)		(9)		(10)		(11)		(45)		(7)
Unrealized (Gain) Loss on Commodity Derivative Instruments	(130)			(110)		(456)		418	(278)		304
Other Revenue and Operating Income	(47)		(42)		(46)		(48)		(183)		(49)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure		$419		$423		$450		$441		$1,733		$386
Total Operating Expense		$342		$341		$346		$319		$1,348		$323
(Deduct):
Depreciation, Depletion and Amortization (DD&A) - Corporate	(5)		(5)		(4)		(6)		(20)		(3)
Exploration and Production Related Other Costs	(5)		(2)		(2)		(2)		(11)		(2)
Purchased Gas Costs	(14)		(9)		(9)		(11)		(43)		(7)
Selling, General and Administrative Costs	(42)		(30)		(29)		(39)		(140)		(43)
Other Operating Expense	(15)		(19)		(21)		(14)		(69)		(22)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure		$261		$276		$281		$247		$1,065		$246

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)	Q4-2025		Q3-2025		Q2-2025		Q1-2025		YTD-2025		Q4-2024
Net Income (Loss)		$196		$202		$433		($198)		$633		($145)
Interest Expense	42		43		43		42		170		37
Interest Income	-		-		(1)		-		(1)		(2)
Income Tax Expense (Benefit)	28		64		153		(75)		170		(50)
Earnings (Loss) Before Interest & Taxes (EBIT)	266		309		628		(231)		972		(160)
Depreciation, Depletion & Amortization		145		149		153	127		574			129
Exploration Expense		5		2		2	2		11			2
Earnings (Loss) Before Interest, Taxes, DD&A and Exploration (EBITDAX)		$416		$460		$783		($102)		$1,557		($29)
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments		(130)		(110)		(456)	418		(278)			304
Gain on Non-Core Asset Sale	-			(57)		-	-		(57)		-
Stock-Based Compensation	5		5		5		9		24		5
Loss on Debt Extinguishment	1		-		-		-		1		-
Total Pre-tax Adjustments	(124)		(162)		(451)		427		(310)		309
Adjusted EBITDAX		$292		$298		$332		$325		$1,247		$280
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)	Q4-2025		Q3-2025		Q2-2025		Q1-2025		YTD-2025		Q4-2024
Net Income (Loss) from EBITDAX Reconciliation		$196		$202		$433		($198)		$633		($145)
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation	(124)		(162)		(451)		427		(310)		309
Tax Effect of Adjustments	31		42		119		(113)		79		(79)
Adjusted Net Income		$103		$82		$101		$116		$402		$85

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)	Q4-2025		Q3-2025		Q2-2025		Q1-2025		YTD-2025		Q4-2024
Total Revenue and Other Operating Income		$611		$584		$962		$82		$2,239		$138
Net Income (Loss)		$196		$202		$433		($198)		$633		($145)
Interest Expense		42		43		43		42		170		37
Interest Income		-		-		(1)		-		(1)		(2)
Income Tax Expense (Benefit)		28		64		153		(75)		170		(50)
Earnings (Loss) Before Interest & Taxes (EBIT)		266		309		628		(231)		972		(160)
Depreciation, Depletion & Amortization		145		149		153		127		574		129
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)		$411		$458		$781		($104)		$1,546		($31)
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments		($130)		($110)		($456)		$418		($278)		$304
Total Adjustments		($130)		($110)		($456)		$418		($278)		$304
Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments		$481		$474		$506		$500		$1,961		$442
Adjusted EBIT		$136		$199		$172		$187		$694		$144
Operating Margin	28%		42%		34%		37%		35%		33%

Non-GAAP Measures
Cash Operating Margin: Adjusted EBITDA divided by Total Revenue and Other Operating Income after adjusting for unrealized (gain) loss on commodity derivative instruments, stock based compensation and the other discrete items listed below.
(Dollars in millions)	Q4-2025		Q3-2025		Q2-2025		Q1-2025		YTD-2025		Q4-2024
Total Revenue and Other Operating Income		$611		$584		$962		$82		$2,239		$138
Net Income (Loss)		$196		$202		$433		($198)		$633		($145)
Interest Expense		42		43		43		42		170		37
Interest Income		-		-		(1)		-		(1)		(2)
Income Tax Expense (Benefit)		28		64		153		(75)		170		(50)
Earnings (Loss) Before Interest & Taxes (EBIT)		266		309		628		(231)		972		(160)
Depreciation, Depletion & Amortization		145		149		153		127		574		129
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)		$411		$458		$781		($104)		$1,546		($31)
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments		$(130)		$(110)		$(456)		$418		($278)		304
Gain on Non-Core Asset Sale		-		(57)		-		-		(57)		-
Stock-Based Compensation		5		5		5		9		24		5
Loss on Debt Extinguishment		1		-		-		-		1		-
Total Adjustments		($124)		($162)		($451)		$427		($310)		$309
Total Revenue and Other Operating Income Minus Unrealized (Gain) Loss on Commodity Derivative Instruments		$481		$474		$506		$500		$1,961		$442
Adjusted EBITDA		$287		$296		$330		$323		$1,236		$278
Cash Operating Margin	60%		62%		65%		65%		63%		63%

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, 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 recent accounting pronouncement, minus cash, cash equivalents, and restricted cash.
(Dollars in millions)
Net Debt	31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20
Total Long-Term Debt (GAAP)	$2,421	$2,577	$2,616	$2,682	$2,166	$2,214	$2,206	$2,214	$2,424
Less: Cash, Cash Equivalents, and Restricted Cash	13	17	16	13	55	-	21	4	22
Net Debt	$2,408	$2,560	$2,600	$2,669	$2,111	$2,214	$2,185	$2,210	$2,402
Includes current portion
(Dollars in millions)
Adjusted Net Debt	31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20
Total Long-Term Debt (GAAP)	$2,421	$2,577	$2,616	$2,682	$2,166	$2,214	$2,206	$2,214	$2,424
Plus: Impact of Recent Accounting Pronouncement	-	-	-	-	-	-	-	82	98
Less: Cash, Cash Equivalents, and Restricted Cash	13	17	16	13	55	-	21	4	22
Adjusted Net Debt	$2,408	$2,560	$2,600	$2,669	$2,111	$2,214	$2,185	$2,292	$2,500
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-Mar-25	30-Jun-25	30-Sep-25	31-Dec-25	31-Dec-25
Net (Loss) Income	($198)	$433	$202	$196	$633
Interest Expense	42	43	43	42	170
Interest Income	-	(1)	-	-	(1)
Income Tax (Benefit) Expense	(75)	153	64	28	170
(Loss) Earnings Before Interest & Taxes (EBIT)	(231)	628	309	266	972
Depreciation, Depletion & Amortization	127	153	149	145	574
Exploration Expense	2	2	2	5	11
(Loss) Earnings Before Interest, Taxes, DD&A, and Exploration (EBITDAX)	(102)	783	460	416	1,557
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments	418	(456)	(110)	(130)	(278)
Gain on Non-Core Asset Sale	-	-	(57)	-	(57)
Stock Based Compensation	9	5	5	5	24
Loss on Debt Extinguishment	-	-	-	1	1
Total Pre-tax Adjustments	427	(451)	(162)	(124)	(310)
Adjusted EBITDAX TTM	$325	$332	$298	$292	$1,247

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)	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

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 filed in 2025, and any subsequent 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.