CNX Resources Corp.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 30 July 2026: press release. Guidance figures: 3 raised, 2 lowered, 10 kept. The quarter’s numbers.

Key takeaways

Net income and EPS fell: Net income was $202.9 million, with diluted EPS of $1.32, against $348.1 million and $2.18 in the first quarter. Total revenue and other operating income was $618.5 million, against $786.7 million. Source
Gas price assumption cut to $3.55: Management lowered its 2026 NYMEX assumption for open volumes to $3.55 per MMBtu from $3.64, and moved the differential to ($0.59) from ($0.64). Prices are as of 7/15/2026. Source
FCF per share guidance raised: FCF per share guidance rises to about $3.55 from about $3.41, while FCF of about $525 million is unchanged. The per-share figure uses 147,943,637 shares as of 7/15/2026. Source
Total production 151.5 Bcfe: Total production was 151.5 Bcfe, against 152.4 Bcfe in the first quarter. Average daily production was 1,664.8 MMcfe, against 1,693.0 MMcfe. Source
Realized gas price fell: Realized natural gas price, including cash settlements, was $2.73 per Mcf, against $3.15 in the first quarter. Cash settlements added $0.33 per Mcf, against a $1.59 loss. Source
Share repurchases rose to $200 million: Purchases of common stock were $200.4 million in the second quarter, against $54.0 million in the first quarter and $100.3 million in the fourth quarter of 2025. Source
Net debt fell to $2,215 million: Net debt was $2,215 million at June 30, 2026, against $2,361 million at March 31, 2026, as cash and restricted cash rose. 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	Kept
Liquids share of production Source	2026E	~7% - ~8%	Kept
Natural gas hedged Source	2026E	81%	Kept
Natural gas NYMEX price on open volumes Source	2026E	$3.55 per MMBtu	Lowered from $3.64 per MMBtu
Natural gas differential on open volumes Source	2026E	($0.59) per MMBtu	Raised from ($0.64) per MMBtu
NGL realized price Source	2026E	~$24.60 per Bbl	Lowered from ~$24.75 per Bbl
Adjusted EBITDAX (non-GAAP) Source	2026E	$1,265 - $1,315 million	Kept
Drilling and completions capital expenditures Source	2026E	$390 - $410 million	Kept
Non-D&C capital expenditures Source	2026E	$150 - $160 million	Kept
Utica Shale rights payment Source	2026E	$16 million	Kept
Total capital expenditures Source	2026E	$556 - $586 million	Kept
Environmental attributes sales, FCF impact Source	2026E	~$80 million	Raised from ~$70 million
Free cash flow (non-GAAP) Source	2026E	~$525 million	Kept
Free cash flow per share (non-GAAP) Source	2026E	~$3.55	Raised from ~$3.41
Wells turned in line Source	2026E	34	Kept

What changed from last quarter

Guidance lowered: NYMEX natural gas assumption for 2026 open volumes is lowered to $3.55 per MMBtu from $3.64. Source
Guidance lowered: NGL realized price assumption for open volumes is lowered to about $24.60 per barrel from about $24.75. Source
Guidance raised: Natural gas differential assumption moves to ($0.59) per MMBtu from ($0.64). Source
Guidance raised: Free cash flow impact from environmental attribute sales is raised to about $80 million from about $70 million. Source
Guidance raised: FCF per share guidance is raised to about $3.55 from about $3.41. Source

Results and earnings

Net income and EPS fell: Net income was $202.9 million, with diluted EPS of $1.32, against $348.1 million and $2.18 in the first quarter. Total revenue and other operating income was $618.5 million, against $786.7 million. Source
Adjusted EBITDAX and adjusted net income lower: Adjusted EBITDAX was $290 million, against $400 million in the first quarter. Adjusted net income was $110 million, against $193 million. Both are non-GAAP measures. Source
Gas, NGL and oil revenue fell: Natural gas, NGL and oil revenue was $389.4 million, against $722.0 million in the first quarter. Purchased gas revenue was $12.5 million and other revenue and operating income was $40.3 million. Source

2026 guidance update

Gas price assumption cut to $3.55: Management lowered its 2026 NYMEX assumption for open volumes to $3.55 per MMBtu from $3.64, and moved the differential to ($0.59) from ($0.64). Prices are as of 7/15/2026. Source
NGL price assumption eased: NGL realized price for open volumes is cut to about $24.60 per barrel from about $24.75. Source
FCF per share guidance raised: FCF per share guidance rises to about $3.55 from about $3.41, while FCF of about $525 million is unchanged. The per-share figure uses 147,943,637 shares as of 7/15/2026. Source
Environmental attribute sales raised: Expected free cash flow from environmental attribute sales is raised to about $80 million from about $70 million. Source
Volume, EBITDAX and capex guidance kept: Production guidance of 605 to 620 Bcfe, Adjusted EBITDAX of $1,265 million to $1,315 million and total capital expenditures of $556 million to $586 million are kept. 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

Production and drilling activity

Total production 151.5 Bcfe: Total production was 151.5 Bcfe, against 152.4 Bcfe in the first quarter. Average daily production was 1,664.8 MMcfe, against 1,693.0 MMcfe. Source
Shale gas volumes declined: Shale sales volumes were 126.5 Bcf, against 129.8 Bcf in the first quarter. CBM sales volumes rose to 9.7 Bcf from 9.1 Bcf. Source
NGL volumes rose: NGL sales volumes were 14.8 Bcfe, against 13.1 Bcfe in the first quarter. Oil and condensate sales were 0.4 Bcfe, against 0.3 Bcfe. Source
Second-quarter drilling activity: In the second quarter, 2 wells reached total depth, 6 were fractured and 5 turned in line. One rig was running at period end, in Utica. Source

Prices and realizations

NYMEX gas averaged $2.90: NYMEX natural gas averaged $2.90 per MMBtu in the second quarter, against $5.04 in the first quarter. The average differential was ($0.62), against ($0.55). Source
Realized gas price fell: Realized natural gas price, including cash settlements, was $2.73 per Mcf, against $3.15 in the first quarter. Cash settlements added $0.33 per Mcf, against a $1.59 loss. Source
Oil price rose, NGL price fell: Oil and condensate averaged $12.29 per Mcfe, against $9.68 in the first quarter. NGLs averaged $3.90 per Mcfe, against $4.59. Source
Gas price before hedging for 2026: For 2026, realized price before financial hedging is $3.14 per Mcf, against a NYMEX assumption of $3.55 and a weighted average basis of ($0.59) per MMBtu. Source

Costs and margins

Production costs steady: Total natural gas, NGL and oil production costs were $1.73 per Mcfe, against $1.72 in the first quarter. Cash costs before DD&A were $0.87 per Mcfe. Source
Transport cost edged up: Transportation, gathering and compression was $0.68 per Mcfe, against $0.67 in the first quarter. Lease operating expense held at $0.14 per Mcfe. Source
Cash margins per Mcfe fell: Production cash margin before DD&A was $2.00 per Mcfe, against $2.41. Fully burdened cash margin was $1.68 per Mcfe, against $2.33. Source
Operating margin 30%: Operating margin was 30%, against 43% in the first quarter. Cash operating margin was 59%, against 71%. Both are non-GAAP measures. Source
Other operating expense rose: Other operating expense was $24.6 million, against $4.6 million of income in the first quarter. Selling, general and administrative costs were $33.8 million, against $32.2 million. Source

Hedging and derivative results

Derivative gain of $176 million: Gain on commodity derivative instruments was $176.3 million, made up of a $131 million unrealized gain and a $45 million realized gain. Source
Hedge settlements received $40.5 million: Net cash received in settlement of commodity derivative instruments was $40.5 million, against $288.4 million paid in the first quarter. Source
Hedged volumes by year: Total volumes hedged were 460.5 Bcf for 2026, 400.4 Bcf for 2027 and 167.6 Bcf for 2028, with 116.0 Bcf for the third quarter of 2026. Source

Capital spending and free cash flow

Capital spending fell to $142 million: Capital expenditures were $142.0 million, against $169.9 million in the first quarter. Proceeds from asset sales were $0.4 million, against $32.4 million. Source
Free cash flow held near $138 million: Free cash flow was $138 million, against $139 million in the first quarter. Net cash provided by operating activities was $280 million, against $278 million. Source

Balance sheet and shareholder returns

Share repurchases rose to $200 million: Purchases of common stock were $200.4 million in the second quarter, against $54.0 million in the first quarter and $100.3 million in the fourth quarter of 2025. Source
Net debt fell to $2,215 million: Net debt was $2,215 million at June 30, 2026, against $2,361 million at March 31, 2026, as cash and restricted cash rose. Source
Cash on hand rose: Cash and cash equivalents were $6.2 million at June 30, 2026, against $3.7 million at March 31, 2026. Source
Basic weighted shares rose: Weighted-average basic shares of common stock were 148.2 million in the second quarter, against 142.2 million in the first quarter. Source
Stockholders' equity rose: Total stockholders' equity was $4,843.8 million at June 30, 2026, against $4,626.6 million at March 31, 2026. Source
Trailing twelve-month Adjusted EBITDAX: Adjusted TTM EBITDAX was $1,280 million for the twelve months to June 30, 2026. This is a non-GAAP measure. Source

Coming up, as management said on 30 July 2026

Expected 2026 asset sales: Free cash flow guidance includes about $45 million of asset sales expected in 2026, and about $30 million from sale of 45Z tax credits for 2025 remediation. Source
Utica Shale rights payment in 2026: Total 2026 capital expenditures include a $16 million Utica Shale rights payment. Source

Figures management reported

Figure	Reported
Production volumes Source	151.5 Bcfe; 1,664.8 MMcfe per day
Realized prices Source	$2.87 per Mcfe, including cash settlement
Capital expenditure Source	$142.0 million in second quarter; $556-$586 million guided for 2026
Unit costs Source	$1.73 per Mcfe production costs; $0.14 per Mcfe LOE
Shareholder returns Source	$200.4 million of share purchases

Risks management discussed

External: Basis exposure: the weighted average basis for 2026 sales is ($0.59) per MMBtu, with TETCO M2 at 27% of gas sold at ($0.75). Source
Financial: At forward prices as of 7/15/2026, the hedge book is projected to show a realized loss of $155.5 million for CY2026 and a gain of $173.5 million for CY2027. Source

Earlier plans management reported on

Not stated: Adjusted EBITDAX guidance is shown under previous and updated columns and is unchanged at $1,265 million to $1,315 million. Source
Not stated: Management identifies the share basis of the previous FCF per share guidance and the updated basis. 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

2Q 2026 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				Q2-2026		Q1-2026		Q4-2025		Q3-2025			Q2-2025
Shale Sales Volumes (Bcf)				126.5		129.8		130.5		139.2			146.9
CBM Sales Volumes (Bcf)				9.7		9.1		9.4		9.7			9.4
Other Sales Volumes (Bcf)				0.1		0.1		0.1		0.1			-
LIQUIDS*
NGLs Sales Volumes (Bcfe)				14.8		13.1		12.1		12.0			11.1
Oil and Condensate Sales Volumes (Bcfe)				0.4		0.3		0.2		0.3			0.2
TOTAL (Bcfe)				151.5		152.4		152.3		161.3			167.6
Average Daily Production (MMcfe)				1,664.8		1,693.0		1,654.8		1,753.3			1,841.8
* 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.
Q2 2026 ACTIVITY SUMMARY				TD		Frac		TIL		Average Lateral Length			Rigs at Period End
SWPA	Marcellus			-		6		5		20,880			-
Utica		-			-		-		-		-
CPA	Marcellus			-		-		-		-			-
Utica			2		-		-		-			1
Total				2		6		5						1
(1) Measured in lateral feet from perforation to perforation.

	Q3 2026	2026	2027	2028
NATURAL GAS HEDGE VOLUMES AND PRICING
NYMEX Hedges
Volumes (Bcf)	90.0	357.0	259.8	128.8
Average Prices ($/Mcf)	$3.51	$3.54	$4.16	$4.01
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)	26.0	103.6	140.6	38.9
Average Prices ($/Mcf)	$2.65	$2.64	$3.31	$3.11
Total Volumes Hedged (Bcf)	116.0	460.5	400.4	167.6
NYMEX + Basis (fully-covered volumes)
Volumes (Bcf)	111.6	446.5	400.4	167.6
Average Prices ($/Mcf)	$2.71	$2.73	$3.31	$3.23
NYMEX Hedges Exposed to Basis
Volumes (Bcf)	4.39	14.0	-	-
Average Prices ($/Mcf)	$3.51	$3.54	-	-
Total Volumes Hedged (Bcf)	116.0	460.5	400.4	167.6
Estimated Conversion Factor	1.063	1.061	1.064	1.059
(1) Hedge positions as of 7/15/2026.
(2) Excludes basis hedges in excess of NYMEX hedges of 1.9 Bcf and 56.9 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.

	Q3 2026							CY2026							CY2027
	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)(2) ($ in 000s)		(000 MMBtu)		Hedged Price		Forward Market	Gain/(Loss)($ in 000s)
NYMEX		95,680		$3.30	$3.01		$27,495		378,670		$3.34	$3.55		($71,779)		276,488		$3.91	$3.33		$160,661
Index		27,600		$2.49	$2.22	$7,323			109,500		$2.49	$2.86	($40,194)			149,650		$3.11	$2.67	$65,582
Basis:
Eastern Gas-South (DOM)		27,600		($0.88)	($0.87)		($416)		110,060		($0.88)	($0.76)		($11,563)		89,425		($0.95)	($0.74)		($18,192)
TCO Pool (TCO)		12,190		($0.74)	($0.74)		($47)		48,643		($0.74)	($0.59)		($6,141)		62,050		($0.75)	($0.58)		($10,812)
Michcon (NMC)		8,280		($0.19)	($0.40)		$1,749		32,850		($0.19)	($0.34)		$4,849		7,300		($0.21)	($0.33)		$849
TETCO M3 (TMT)	-		-		($0.73)	-		-		-		$0.45	-		-		-		$0.50	-
TETCO M2 (BM2)		26,910		($1.01)	($0.85)		($4,119)		106,763		($1.01)	($0.72)		($30,666)		71,775		($1.01)	($0.68)		($24,096)
STA 165 (TSD)	-		-		($0.75)	-		-		-		$0.18	-		3,650			$0.52	$0.67		($492)
Total Financial Basis Hedges		74,980					($2,833)		298,315					($43,520)		234,200					($52,743)
Total Projected Realized Gain / (Loss)							$31,985							($155,493)							$173,500
Note: Forward market prices, hedged volumes, and hedge prices are as of 7/15/2026. Anticipated hedging activity is not included in projections.
(1) July 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)	Q2 2026		Q1 2026		Q4-2025		Q3-2025		Q2-2025
Realized Gain (Loss)		$45		($222)		($58)		$22		($35)
Unrealized Gain	131		226		130		110		456
Gain on Commodity Derivative Instruments		$176		$4		$72		$132		$421

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income:	Q2-2026		Q1-2026		Q4-2025		Q3-2025		Q2-2025
Natural Gas, NGL and Oil Revenue		$389,435		$722,044		$476,615		$400,990		$485,029
Gain on Commodity Derivative Instruments		176,336		3,981		72,065		131,695		421,121
Purchased Gas Revenue		12,456		12,687		14,365		9,026		10,408
Other Revenue and Operating Income		40,257		47,942		47,439		42,129		45,864
Total Revenue and Other Operating Income	618,484		786,654		610,484		583,840		962,422
Costs and Expenses:
Operating Expense
Lease Operating Expense		21,262		21,770		20,700		27,127		26,256
Transportation, Gathering and Compression		103,223		102,401		93,939		97,053		96,953
Production, Ad Valorem, and Other Fees		6,546		8,789		6,534		7,725		9,668
Depreciation, Depletion and Amortization		136,232		134,613		145,134		149,323		152,595
Exploration and Production Related Other Costs		2,750		4,177		5,008		1,656		1,770
Purchased Gas Costs		12,249		12,253		13,581		8,455		9,402
Selling, General, and Administrative Costs		33,837		32,245		41,846		30,375		29,068
Other Operating Expense (Income)	24,611		(4,622)		14,640		19,178		21,014
Total Operating Expense		340,710		311,626		341,382		340,892		346,726
Other Expense (Income)
Other Expense		1,183		509		4,288		1,752		3,729
Loss (Gain) on Asset Sales and Abandonments, net		626		(6,365)		(2,410)		(67,460)		(17,715)
Loss on Debt Extinguishment		-		12,009		842		-		-
Interest Expense	39,023		40,470		41,975		42,964		44,041
Total Other Expense (Income)		40,832		46,623		44,695		(22,744)		30,055
Total Costs and Expenses	381,542		358,249		386,077		318,148		376,781
Earnings Before Income Tax		236,942		428,405		224,407		265,692		585,641
Income Tax Expense	33,999		80,258		28,154		63,589		153,120
Net Income		$202,943		$348,147		$196,253		$202,103		$432,521
Earnings per Share
Basic		$1.37		$2.45		$1.45		$1.45		$3.02
Diluted		$1.32		$2.18		$1.28		$1.21		$2.53
Weighted-Average Shares Outstanding	Q2-2026		Q1-2026		Q4-2025		Q3-2025		Q2-2025
Weighted-Average Shares of Common Stock Outstanding	148,155,232		142,202,197		135,514,779		139,251,482		143,429,950
Effect of Diluted Shares	5,806,041		18,086,409		19,021,107		28,333,716		28,316,646
Weighted-Average Diluted Shares of Common Stock Outstanding	153,961,273		160,288,606		154,535,886		167,585,198		171,746,596

CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands	30-Jun-26		31-Mar-26		31-Dec-25		30-Sep-25		30-Jun-25
ASSETS
Current Assets:
Cash and Cash Equivalents		$6,162		$3,748		$779		$4,735		$3,391
Restricted Cash	2,428		2,428		12,685		10,168		10,072
Accounts and Notes Receivable
Trade, net	163,835		209,523		264,658		141,264		180,152
Other Receivables, net	25,771		27,928		61,249		56,596		37,166
Supplies Inventories	32,509		30,108		26,201		30,822		39,318
Derivative Instruments	220,712		164,572		106,068		100,076		107,401
Prepaid Expenses	19,938		20,025		18,697		17,234		16,725
Total Current Assets	471,355		458,332		490,337		360,895		394,225
Property, Plant and Equipment:
Property, Plant and Equipment	14,380,988		14,222,717		14,057,224		13,839,517		13,771,249
Less - Accumulated Depreciation, Depletion and Amortization	6,442,893		6,310,588		6,193,871		6,054,758		5,912,645
Total Property, Plant and Equipment - Net	7,938,095		7,912,129		7,863,353		7,784,759		7,858,604
Other Non-Current Assets:
Operating Lease Right-of-Use Assets	126,593		137,987		150,310		167,893		91,546
Derivative Instruments	165,543		184,261		134,396		118,387		167,561
Goodwill	323,314		323,314		323,314		323,314		323,314
Other Intangible Assets	54,057		55,695		57,333		58,971		60,609
Restricted Cash	-		-		-		2,430		2,428
Other Non-Current Assets	57,942		59,465		75,403		87,469		89,580
Total Other Non-Current Assets	727,449		760,722		740,756		758,464		735,038
TOTAL ASSETS		$9,136,899		$9,131,183		$9,094,446		$8,904,118		$8,987,867
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable		$179,800		$162,043		$158,811		$110,649		$120,019
Derivative Instruments	174,882		244,321		377,945		316,729		403,112
Current Portion of Finance Lease Obligations	5,110		5,106		5,095		5,080		4,338
Current Portion of Long-Term Debt	-		208,437		208,095		329,378		328,837
Current Portion of Operating Lease Obligations	46,792		47,486		48,453		48,140		47,819
Other Accrued Liabilities	251,308		260,356		325,976		255,313		293,558
Total Current Liabilities	657,892		927,749		1,124,375		1,065,289		1,197,683
Non-Current Liabilities:
Long-Term Debt	2,223,745		2,158,416		2,213,264		2,247,199		2,286,855
Finance Lease Obligations	22,437		23,716		24,991		26,209		19,229
Operating Lease Obligations	82,024		93,438		104,955		122,477		46,424
Derivative Instruments	78,928		107,944		158,368		251,206		342,613
Deferred Income Taxes	969,080		936,137		857,367		836,354		761,490
Asset Retirement Obligations	165,693		163,692		163,051		124,460		125,504
Other Non-Current Liabilities	93,291		93,511		111,059		115,351		115,356
Total Non-Current Liabilities	3,635,198		3,576,854		3,633,055		3,723,256		3,697,471
TOTAL LIABILITIES	4,293,090		4,504,603		4,757,430		4,788,545		4,895,154
Stockholders' Equity:
Common Stock	1,491		1,420		1,427		1,360		1,420
Capital in Excess of Par Value	2,526,486		2,356,077		2,357,039		2,254,021		2,298,970
Preferred Stock	-		-		-		-		-
Retained Earnings	2,321,367		2,274,690		1,984,229		1,865,695		1,797,896
Accumulated Other Comprehensive Loss	(5,535)		(5,607)		(5,679)		(5,503)		(5,573)
TOTAL STOCKHOLDERS' EQUITY	4,843,809		4,626,580		4,337,016		4,115,573		4,092,713
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$9,136,899		$9,131,183		$9,094,446		$8,904,118		$8,987,867

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:	Q2-2026	Q1-2026	Q4-2025	Q3-2025	Q2-2025
Net Income	$202,943	$348,147	$196,253	$202,103	$432,521
Depreciation, Depletion and Amortization	136,232	134,613	145,134	149,323	152,595
Amortization of Deferred Financing Costs	2,202	2,500	2,650	2,713	2,701
Stock-Based Compensation	5,825	5,685	4,614	5,165	5,084
Loss (Gain) on Asset Sales and Abandonments, net	626	(6,365)	(2,410)	(67,460)	(17,715)
Loss on Debt Extinguishment	-	12,009	842	-	-
Gain on Commodity Derivative Instruments	(176,336)	(3,981)	(72,065)	(131,695)	(421,121)
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments	40,459	(288,435)	18,441	10,405	(84,097)
Deferred Income Taxes	32,916	78,743	21,070	74,838	156,938
Other	645	463	(4)	1,351	(605)
Changes in Operating Assets:
Accounts and Notes Receivable	47,530	62,958	(115,678)	39,266	81,874
Supplies Inventories	(2,401)	(3,907)	4,621	8,496	(11,727)
Prepaid Expenses	87	(1,329)	(1,463)	(509)	1,042
Changes in Other Assets	(229)	14,932	(350)	(291)	(103)
Changes in Operating Liabilities:
Accounts Payable	(4,409)	(9,444)	39,583	(17,917)	(13,453)
Accrued Interest	20,802	(25,451)	20,452	(21,309)	20,335
Other Operating Liabilities	(27,239)	(26,162)	39,258	(20,769)	(24,184)
Changes in Other Liabilities	(135)	(17,463)	(3,900)	51	2,407
Net Cash Provided by Operating Activities	279,518	277,513	297,048	233,761	282,492
Cash Flows from Investing Activities:
Capital Expenditures	(142,000)	(169,906)	(174,414)	(75,544)	(113,565)
Proceeds from Asset Sales	367	32,428	2,449	67,793	20,783
Investments in Equity Affiliates	-	(565)	7,322	-	(2,140)
Apex Acquisition (Net of Cash Acquired)	-	(10,255)	-	-	-
Net Cash Used in Investing Activities	(141,633)	(148,298)	(164,643)	(7,751)	(94,922)
Cash Flows from Financing Activities:
Payments on Long-Term Notes	-	(507,965)	-	-	-
Proceeds from CNXM Revolving Credit Facility Borrowings	69,450	134,650	86,300	72,500	88,175
Repayments of CNXM Revolving Credit Facility Borrowings	(84,450)	(62,400)	(74,050)	(74,000)	(88,875)
Proceeds from CNX Revolving Credit Facility Borrowings	522,900	496,450	352,500	436,350	365,300
Repayments of CNX Revolving Credit Facility Borrowings	(443,550)	(620,150)	(399,750)	(475,550)	(431,900)
Proceeds from Issuance of CNX Senior Notes	-	500,000	-	-	-
Payments on Other Debt	(1,152)	(1,265)	(1,375)	(1,181)	(948)
Proceeds from Issuance of Common Stock	1,745	1,506	1,108	56	110
Shares Withheld for Taxes	-	(15,216)	(167)	(348)	(406)
Purchases of Common Stock	(200,399)	(54,039)	(100,335)	(182,374)	(115,714)
Debt Issuance and Financing Fees	(15)	(8,074)	(505)	(21)	(308)
Net Cash Used in Financing Activities	(135,471)	(136,503)	(136,274)	(224,568)	(184,566)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	2,414	(7,288)	(3,869)	1,442	3,004
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	6,176	13,464	17,333	15,891	12,887
Cash, Cash Equivalents and Restricted Cash at End of Period	$8,590	$6,176	$13,464	$17,333	$15,891

	2026E
	Gas Sold (%)	Basis
MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
Eastern Gas-South	27%	($0.76)
ETNG Mainline	4%	$0.58
TCO Pool	23%	($0.65)
TETCO ELA & WLA	2%	($0.55)
TETCO M3	1%	$0.73
TETCO M2	27%	($0.75)
Michcon	7%	($0.36)
Physical basis sales	9%	($0.31)
Weighted Average Basis	100%	($0.59)
NYMEX		$3.55
Weighted Average Basis (Not considering hedging)		($0.59)
Realized Price (per MMBtu)		$2.96
Conversion Factor (MMBtu/Mcf)		1.061
Realized Price Before Financial Hedging (per Mcf)		$3.14
(1) Individual market percentages exclude physical basis sales, which are shown separately.
(2) Reflects actual realized basis for six months ended June 30; July - December forward market basis prices as of 7/15/2026.

	Q2-2026		Q1-2026		Q4-2025		Q3-2025		Q2-2025
PRICE AND COST DATA (PER MCFE) - NON-GAAP
Average Sales Price - Natural Gas		$2.40		$4.74		$3.12		$2.43		$2.84
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement	$0.33		($1.59)		($0.42)		$0.15		($0.23)
Average Sales Price - Oil and Condensate*		$12.29		$9.68		$8.83		$9.49		$8.74
Average Sales Price - NGLs*		$3.90		$4.59		$3.15		$3.04		$3.58
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement		$2.87		$3.28		$2.75		$2.62		$2.68
Lease Operating Expense (LOE)		$0.14		$0.14		$0.14		$0.17		$0.16
Production, Ad Valorem, and Other Fees		$0.05		$0.06		$0.04		$0.05		$0.05
Transportation, Gathering and Compression		$0.68		$0.67		$0.62		$0.60		$0.58
Depreciation, Depletion and Amortization (DD&A)		$0.86		$0.85		$0.92		$0.89		$0.88
Total Natural Gas, NGL and Oil Production Costs		$1.73		$1.72		$1.72		$1.71		$1.67
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A		$0.87		$0.87		$0.80		$0.82		$0.79
Natural Gas, NGL and Oil Production Cash Margin, before DD&A		$2.00		$2.41		$1.95		$1.80		$1.89
Fully Burdened Cash Costs, before DD&A		$1.19		$0.95		$1.11		$1.09		$1.05
Fully Burdened Cash Margin, before DD&A		$1.68		$2.33		$1.64		$1.53		$1.63
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. Q2 2026, Q1 2026, Q4 2025, Q3 2025 and Q2 2025 total fully burdened cash costs exclude a (gain)/loss on asset sales of $0.00 per Mcfe, ($0.04) per Mcfe, ($0.02) per Mcfe,($0.42) per Mcfe and ($0.11) per Mcfe, respectively. Q2 2026, Q1 2026, Q4 2025, Q3 2025 and Q2 2025 exclude unrealized losses on interest rate swaps and noncash amortization of $0.01 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe, $0.02 per Mcfe and $0.02 per Mcfe, respectively. Q2 2026, Q1 2026, Q4 2025, Q3 2025 and Q2 2025, exclude loss on debt extinguishment and inventory adjustments of $0.00 per Mcfe, $0.08 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe and $0.00 per Mcfe, respectively.
Natural Gas Price Reconciliation	Q2-2026		Q1-2026		Q4-2025		Q3-2025		Q2-2025
NYMEX Natural Gas ($/MMBtu)		$2.90		$5.04		$3.55		$3.07		$3.44
Average Differential	(0.62)		(0.55)		(0.62)		(0.77)		(0.76)
BTU Conversion (MMBtu/Mcf)*	0.12		0.25		0.19		0.12		0.15
Average Gain (Loss) on Natural Gas Commodity Derivative Instruments - Cash Settlement	0.33		(1.59)		(0.42)		0.15		(0.23)
Realized Natural Gas Price per Mcf		$2.73		$3.15		$2.70		$2.57		$2.61
*Conversion factor		1.05		1.06		1.07		1.05		1.06

	PREVIOUS			UPDATED
GUIDANCE
($ in millions)	2026E			2026E
	Low		High	Low		High
Production Volumes (Bcfe)	605	-	620	605	-	620
% Liquids	~7%	-	~8%	~7%	-	~8%
% of Natural Gas Hedged			81%			81%
Prices on Open Volumes
Natural Gas NYMEX ($/MMBtu)			$3.64			3.55
Natural Gas Differential ($/MMBtu)			($0.64)			($0.59)
NGL Realized Price ($/Bbl)	~$24.75			~$24.60
($ in millions)
Adjusted EBITDAX	$1,265	-	$1,315	$1,265	-	$1,315
Capital Expenditures
Drilling & Completions (D&C)	$390	-	$410	$390	-	$410
Non-D&C	$150	-	$160	$150	-	$160
Base Capital Expenditures	$540	-	$570	$540	-	$570
Utica Shale rights payment	$16	-	$16	$16	-	$16
Total Capital Expenditures	556	-	586	556	-	586
Environmental Attributes Sales Free Cash Flow (FCF) Impact	~$70			~$80
Free Cash Flow (FCF)(2)(3)	~$525			~$525
FCF Per Share(2)(3)(4)	~$3.41			~$3.55
(1) Forward market prices for 2026 guidance as of 7/15/2026.
(2) Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions.
(3) Guidance for FCF includes approximately $45 million in expected asset sales in 2026 and approximately $30 million from the sale of 45Z tax credits for remediation activities in 2025.
(4) Previous guidance for 2026 FCF per share based on shares outstanding of 141,477,594, as of 4/15/2026, plus 12.4 million net shares expected to be issued to settle the remaining CNX Convertible Notes. Updated guidance for 2026 FCF per share based on shares outstanding of 147,943,637, as of 7/15/2026.

2026E ACTIVITY SUMMARY				TIL		Average Lateral Length
SWPA		Marcellus		24		13,750
CPA		Marcellus		3		7,880
	Utica		7		13,400
Total				34
(1) Measured in lateral feet from perforation to perforation.

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 2025 Annual Report on Form 10-K as filed with the SEC on February 10, 2026). 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)	Q2-2026		Q1-2026		Q4-2025		Q3-2025		Q2-2025
Total Revenue and Other Operating Income		$618		$787		$611		$584		$962
(Deduct):
Purchased Gas Revenue	(12)		(13)		(15)		(9)		(10)
Unrealized Gain on Commodity Derivative Instruments		(131)		(226)		(130)		(110)	(456)
Other Revenue and Operating Income	(40)		(48)		(47)		(42)		(46)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure		$435		$500		$419		$423		$450
Total Operating Expense		$340		$312		$342		$341		$346
(Deduct) Add:
Depreciation, Depletion and Amortization (DD&A) - Corporate	(5)		(6)		(5)		(5)		(4)
Exploration and Production Related Other Costs	(3)		(4)		(5)		(2)		(2)
Purchased Gas Costs	(12)		(12)		(14)		(9)		(9)
Selling, General and Administrative Costs	(34)		(32)		(42)		(30)		(29)
Other Operating (Expense) Income	(24)		4		(15)		(19)		(21)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure		$262		$262		$261		$276		$281

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)	Q2-2026		Q1-2026		Q4-2025		Q3-2025		Q2-2025
Net Income		$203		$348		$196		$202		$433
Interest Expense	39		41		42		43		43
Interest Income	-		-		-		-		(1)
Income Tax Expense	34		80		28		64		153
Earnings Before Interest & Taxes (EBIT)	276		469		266		309		628
Depreciation, Depletion & Amortization		136		135		145	149		153
Exploration Expense		3		4	5		2			2
Earnings Before Interest, Taxes, DD&A and Exploration (EBITDAX)		$415		$608		$416		$460		$783
Adjustments:
Unrealized Gain on Commodity Derivative Instruments		(131)		(226)		(130)	(110)		(456)
Gain on Non-Core Asset Sale		-		-		-	(57)		-
Stock-Based Compensation	6		6		5		5		5
Loss on Debt Extinguishment	-		12		1		-		-
Total Pre-tax Adjustments	(125)		(208)		(124)		(162)		(451)
Adjusted EBITDAX		$290		$400		$292		$298		$332
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)	Q2-2026		Q1-2026		Q4-2025		Q3-2025		Q2-2025
Net Income from EBITDAX Reconciliation		$203		$348		$196		$202		$433
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation	(125)		(208)		(124)		(162)		(451)
Tax Effect of Adjustments	32		53		31		42		119
Adjusted Net Income		$110		$193		$103		$82		$101

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)	Q2-2026		Q1-2026		Q4-2025		Q3-2025		Q2-2025
Total Revenue and Other Operating Income		$618		$787		$611		$584		$962
Net Income		$203		$348		$196		$202		$433
Interest Expense		39		41		42		43		43
Interest Income		-		-		-		-		(1)
Income Tax Expense		34		80		28		64		153
Earnings Before Interest & Taxes (EBIT)		276		469		266		309		628
Depreciation, Depletion & Amortization		136		135		145		149		153
Earnings Before Interest, Taxes, DD&A (EBITDA)		$412		$604		$411		$458		$781
Adjustments:
Unrealized Gain on Commodity Derivative Instruments		($131)		($226)		($130)		($110)		($456)
Total Adjustments		($131)		($226)		($130)		($110)		($456)
Total Revenue and Other Operating Income Minus Unrealized Gain on Commodity Derivative Instruments		$487		$561		$481		$474		$506
Adjusted EBIT		$145		$243		$136		$199		$172
Operating Margin	30%		43%		28%		42%		34%

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)	Q2-2026		Q1-2026		Q4-2025		Q3-2025		Q2-2025
Total Revenue and Other Operating Income		$618		$787		$611		$584		$962
Net Income		$203		$348		$196		$202		$433
Interest Expense		39		41		42		43		43
Interest Income		-		-		-		-		(1)
Income Tax Expense		34		80		28		64		153
Earnings Before Interest & Taxes (EBIT)		276		469		266		309		628
Depreciation, Depletion & Amortization		136		135		145		149		153
Earnings Before Interest, Taxes, DD&A (EBITDA)		$412		$604		$411		$458		$781
Adjustments:
Unrealized Gain on Commodity Derivative Instruments		$(131)		$(226)		$(130)		($110)		($456)
Gain on Non-Core Asset Sale		-		-		-		(57)		-
Stock-Based Compensation		6		6		5		5		5
Loss on Debt Extinguishment		-		12		1		-		-
Total Adjustments		($125)		($208)		($124)		($162)		($451)
Total Revenue and Other Operating Income Minus Unrealized Gain on Commodity Derivative Instruments		$487		$561		$481		$474		$506
Adjusted EBITDA		$287		$396		$287		$296		$330
Cash Operating Margin	59%		71%		60%		62%		65%

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 accounting pronouncement, minus cash, cash equivalents, and restricted cash.
(Dollars in millions)
Net Debt	30-Jun-26	31-Mar-26	31-Dec-25	31-Dec-24	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	30-Sep-20
Total Long-Term Debt (GAAP)	$2,224	$2,367	$2,421	$2,166	$2,214	$2,206	$2,214	$2,424	$2,600
Less: Cash, Cash Equivalents, and Restricted Cash	9	6	13	55	-	21	4	22	156
Net Debt	$2,215	$2,361	$2,408	$2,111	$2,214	$2,185	$2,210	$2,402	$2,444
Includes current portion
(Dollars in millions)
Adjusted Net Debt	30-Jun-26	31-Mar-26	31-Dec-25	31-Dec-24	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	30-Sep-20
Total Long-Term Debt (GAAP)	$2,224	$2,367	$2,421	$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	9	6	13	55	-	21	4	22	156
Adjusted Net Debt	$2,215	$2,361	$2,408	$2,111	$2,214	$2,185	$2,292	$2,500	$2,545
Includes current portion
On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments 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)	30-Sep-25	31-Dec-25	31-Mar-26	30-Jun-26	30-Jun-26
Net Income	$202	$196	$348	$203	$949
Interest Expense	43	42	41	39	165
Income Tax Expense	64	28	80	34	206
Earnings Before Interest & Taxes (EBIT)	309	266	469	276	1,320
Depreciation, Depletion & Amortization	149	145	135	136	565
Exploration Expense	2	5	4	3	14
Earnings Before Interest, Taxes, DD&A, and Exploration (EBITDAX)	460	416	608	415	1,899
Adjustments:
Unrealized Gain on Commodity Derivative Instruments	(110)	(130)	(226)	(131)	(597)
Gain on Non-Core Asset Sale	(57)	-	-	-	(57)
Stock Based Compensation	5	5	6	6	22
Loss on Debt Extinguishment	-	1	12	-	13
Total Pre-tax Adjustments	(162)	(124)	(208)	(125)	(619)
Adjusted EBITDAX TTM	$298	$292	$400	$290	$1,280

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.
2026 Free Cash Flow
(Dollars in millions)	Q2-2026	Q1-2026
Net Cash Provided by Operating Activities	$280	$278
Capital Expenditures	(142)	(170)
Proceeds from Asset Sales	-	32
Investments in Equity Affiliates	-	(1)
Free Cash Flow	$138	$139
2025 Free Cash Flow
(Dollars in millions)	Q4-2025	Q3-2025	Q2-2025	Q1-2025	YTD-2025
Net Cash Provided by Operating Activities	$296	$234	$283	$216	$1,029
Capital Expenditures	(174)	(76)	(114)	(131)	(495)
Proceeds from Asset Sales	3	68	21	16	108
Investments in Equity Affiliates	7	-	(2)	(1)	4
Free Cash Flow	$132	$226	$188	$100	$646
2024 Free Cash Flow
(Dollars in millions)	Q4-2024	Q3-2024	Q2-2024	Q1-2024	YTD-2024
Net Cash Provided by Operating Activities	$269	$170	$192	$185	$816
Capital Expenditures	(105)	(115)	(152)	(168)	(540)
Proceeds from Asset Sales	37	8	7	8	60
Investments in Equity Affiliates	(2)	(3)	-	-	(5)
Free Cash Flow	$199	$60	$47	$25	$331
2023 Free Cash Flow
(Dollars in millions)	Q4-2023	Q3-2023	Q2-2023	Q1-2023	YTD-2023
Net Cash Provided by Operating Activities	$161	$206	$199	$248	$814
Capital Expenditures	(107)	(206)	(196)	(170)	(679)
Proceeds from Asset Sales	8	19	132	11	170
Free Cash Flow	$62	$19	$135	$89	$305
2022 Free Cash Flow
(Dollars in millions)	Q4-2022	Q3-2022	Q2-2022	Q1-2022	YTD-2022
Net Cash Provided by Operating Activities	$442	$265	$192	$336	$1,235
Capital Expenditures	(173)	(134)	(137)	(122)	(566)
Proceeds from Asset Sales	7	4	7	20	38
Free Cash Flow	$276	$135	$62	$234	$707
2021 Free Cash Flow
(Dollars in millions)	Q4-2021	Q3-2021	Q2-2021	Q1-2021	YTD-2021
Net Cash Provided by Operating Activities	$254	$215	$239	$219	$927
Capital Expenditures	(117)	(97)	(129)	(123)	(466)
Proceeds from Asset Sales	21	12	7	5	45
Free Cash Flow	$158	$130	$117	$101	$506
2020 Free Cash Flow
(Dollars in millions)	Q4-2020	Q3-2020	Q2-2020	Q1-2020	YTD-2020
Net Cash Provided by Operating Activities	$161	$223	$144	$267	$795
Capital Expenditures	(92)	(108)	(135)	(152)	(487)
Proceeds from Asset Sales	16	6	12	14	48
Free Cash Flow	$85	$121	$21	$129	$356

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, 2025 filed with the Securities and Exchange Commission (SEC) on February 10, 2026, as supplemented by our quarterly reports on Form 10-Q, and any other reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; events beyond our control, including a global or domestic health crisis or global instability; our operations and national and global economic conditions, generally; conditions in the oil and gas industry; the financial condition of our customers; any nonperformance by customers of their contractual obligations; changes in customer, employee or supplier relationships; ability to quality for environmental attribute credits and the volatility of environmental attribute markets; and changes in safety, health, environmental and other regulations.