CNX Resources Corporation (CNX): Business Model Canvas

In der dynamischen Landschaft der Erdgasexploration entwickelt sich die CNX Resources Corporation zu einem strategischen Kraftpaket, das innovative Technologien und nachhaltige Praktiken nutzt, um die Energieproduktion neu zu definieren. Durch die sorgfältige Erstellung eines umfassenden Business Model Canvas zeigt CNX, wie moderne Energieunternehmen technologische Leistungsfähigkeit, Umweltverantwortung und wirtschaftliche Effizienz im komplexen Ökosystem des Appalachenbeckens in Einklang bringen können. Ihr Ansatz geht über das traditionelle Bohren hinaus und integriert modernste Fördermethoden, strategische Partnerschaften und das Engagement für die Reduzierung von Kohlenstoffemissionen, wodurch sie sich als zukunftsorientierter Marktführer auf dem sich entwickelnden Energiemarkt positionieren.

CNX Resources Corporation (CNX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Midstream-Infrastrukturunternehmen

CNX Resources Corporation unterhält strategische Partnerschaften mit wichtigen Midstream-Infrastrukturunternehmen, um den Transport und die Verarbeitung von Erdgas zu optimieren.

Partner	Einzelheiten zur Partnerschaft	Jährliche Kapazität
EQT Midstream-Partner	Versammlungs- und Transportinfrastruktur	500 Millionen Kubikfuß pro Tag
NextTier Midstream	Midstream-Dienste und Pipeline-Konnektivität	350 Millionen Kubikfuß pro Tag

Joint Ventures bei der Erdgasentwicklung im Appalachenbecken

CNX beteiligt sich an kollaborativen Joint Ventures im Appalachenbecken, um die Effizienz der Ressourcengewinnung zu maximieren.

• Marcellus Shale Joint Venture mit Consol Energy
• Entwicklungspartnerschaft mit Utica Shale
• Gesamtinvestition in Joint Ventures: 275 Millionen US-Dollar

Technologiepartnerschaften für fortschrittliche Bohr- und Gewinnungsmethoden

CNX arbeitet mit Technologieanbietern zusammen, um die Bohr- und Gewinnungskapazitäten zu verbessern.

Technologiepartner	Fokusbereich	Investition
Baker Hughes	Fortschrittliche Bohrtechnologien	42 Millionen US-Dollar pro Jahr
Schlumberger	Innovationen im Bereich Hydraulic Fracturing	38 Millionen US-Dollar pro Jahr

Vertragliche Vereinbarungen mit Pipelinebetreibern

CNX unterhält wichtige Pipeline-Transportvereinbarungen, um eine effiziente Gasverteilung sicherzustellen.

• Pipeline-Vertrag mit Columbia Gas Transmission LLC
• Dominion Energy-Übertragungsabkommen
• Jährliches Pipeline-Transportvolumen: 1,2 Milliarden Kubikfuß

Anbieter von Umwelt- und Nachhaltigkeitstechnologien

CNX arbeitet mit Umwelttechnologieunternehmen zusammen, um Nachhaltigkeitspraktiken zu verbessern.

Nachhaltigkeitspartner	Fokus auf Zusammenarbeit	Jährliche Umweltinvestition
Envirogen-Technologien	Reduzierung der Methanemissionen	22 Millionen Dollar
Lösungen zur Kohlenstoffabscheidung	Technologien zur Kohlenstoffbindung	18 Millionen Dollar

CNX Resources Corporation (CNX) – Geschäftsmodell: Hauptaktivitäten

Erdgasexploration und -produktion

Die CNX Resources Corporation ist hauptsächlich in der Marcellus Shale-Region tätig und verfügt im Jahr 2023 über nachgewiesene Reserven von 5,9 Billionen Kubikfuß Erdgas. Das jährliche Produktionsvolumen erreichte im Jahr 2023 733,2 Milliarden Kubikfuß.

Produktionsmetrik	Wert 2023
Insgesamt nachgewiesene Reserven	5,9 Billionen Kubikfuß
Jährliches Produktionsvolumen	733,2 Milliarden Kubikfuß
Nettoproduktionsbrunnen	2.800 aktive Brunnen

Hydraulic Fracturing und Horizontalbohren

CNX nutzt in seinen Betrieben im Appalachenbecken fortschrittliche hydraulische Fracking-Techniken.

• Durchschnittliche horizontale Bohrlochlänge: 10.500 Fuß
• Bohrleistung: 14–16 Tage pro Bohrloch
• Hydraulic-Fracturing-Stufen pro Bohrloch: 20–30 Stufen

Vermögensoptimierung und Portfoliomanagement

Investition in strategisches Asset Management mit Investitionsausgaben in Höhe von 637 Millionen US-Dollar im Jahr 2023.

Asset-Management-Metrik	Wert 2023
Kapitalausgaben	637 Millionen US-Dollar
Betriebsfläche	142.000 Netto-Morgen

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

CNX verpflichtet sich, die Methanemissionen zu reduzieren und nachhaltige Praktiken umzusetzen.

• Ziel zur Reduzierung der Methanemissionen: 35 % bis 2025
• Investition in Emissionsüberwachungstechnologie: 42 Millionen US-Dollar
• Wasserrecyclingrate: 85 % des Rückflusswassers

Technologiegetriebene Verbesserungen der betrieblichen Effizienz

Die technologischen Investitionen konzentrierten sich auf betriebliche Optimierung und Kostensenkung.

Technologie-Investitionsbereich	Ausgaben 2023
Digitale Transformation	28 Millionen Dollar
Betriebsanalytik	15 Millionen Dollar
Automatisierungstechnologien	22 Millionen Dollar

CNX Resources Corporation (CNX) – Geschäftsmodell: Schlüsselressourcen

Bedeutende Marcellus- und Utica-Schieferflächenbestände

CNX Resources Corporation besitzt ab 2024 etwa 200.000 Netto-Morgen in der Marcellus-Schiefer-Region. Die Utica-Schiefer-Bestände des Unternehmens umfassen etwa 50.000 Netto-Morgen, die sich hauptsächlich in Pennsylvania und West Virginia befinden.

Schieferregion	Netto-Morgen	Geografischer Standort
Marcellus-Schiefer	200,000	Pennsylvania, West Virginia
Utica-Schiefer	50,000	Pennsylvania, West Virginia

Fortschrittliche Bohr- und Gewinnungsausrüstung

CNX betreibt eine Flotte moderner Bohr- und Fördergeräte mit einer geschätzten Kapitalinvestition von 750 Millionen US-Dollar in die technologische Infrastruktur.

• 12 fortschrittliche Horizontalbohrgeräte
• Hochentwickelte hydraulische Fracking-Ausrüstung
• Echtzeit-Datenüberwachungssysteme

Technische Expertise in der unkonventionellen Gasentwicklung

CNX beschäftigt 237 technische Fachkräfte Spezialisiert auf unkonventionelle Gasförderung mit einer durchschnittlichen Branchenerfahrung von 15 Jahren.

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahl	Wert 2024
Gesamtvermögen	4,2 Milliarden US-Dollar
Jährliche Kapitalausgaben	600 Millionen Dollar
Bargeld und Äquivalente	350 Millionen Dollar

Erfahrenes Management und technische Arbeitskräfte

CNX beschäftigt eine Belegschaft von 1.100 Mitarbeiter, wobei die wichtigsten Führungskräfte eine durchschnittliche Betriebszugehörigkeit von 12 Jahren in der Erdgasbranche haben.

• Führungspersönlichkeit mit umfassender Erfahrung im Energiesektor
• Kontinuierliche Programme zur beruflichen Weiterentwicklung
• Strenge Sicherheits- und Betriebsschulungsprotokolle

CNX Resources Corporation (CNX) – Geschäftsmodell: Wertversprechen

Kostengünstige und effiziente Erdgasproduktion

Im vierten Quartal 2023 erreichte die CNX Resources Corporation ein Produktionsvolumen von 521 Millionen Kubikfuß pro Tag (MMcf/d). Die durchschnittlichen Produktionskosten betrugen 1,38 US-Dollar pro tausend Kubikfuß (Mcf), was das Unternehmen als kostengünstigen Erdgasproduzenten im Appalachenbecken positioniert.

Produktionsmetrik	Wert 2023
Tägliche Produktion	521 MMcf/Tag
Produktionskosten	1,38 $/Mcf
Insgesamt nachgewiesene Reserven	5,4 Billionen Kubikfuß Äquivalent

Umweltverträgliche Energieentwicklung

CNX hat sich verpflichtet, die Intensität der Methanemissionen bis 2025 um 50 % zu reduzieren, wobei die aktuelle Emissionsintensität bei 0,20 Tonnen CO2-Äquivalent pro Million Kubikfuß Produktion liegt.

• Ziel zur Reduzierung der Methanemissionen: 50 % bis 2025
• Aktuelle Emissionsintensität: 0,20 Tonnen CO2e/MMcf
• Investitionen in Technologien zur Emissionsreduzierung: 45 Millionen US-Dollar im Jahr 2023

Zuverlässige heimische Energieversorgung

CNX beliefert Industrie- und Privatmärkte im gesamten Nordosten der USA mit Erdgas, mit vertraglichen Verpflichtungen von insgesamt 300 Millionen Kubikfuß pro Tag.

Technologische Innovation bei Extraktionsmethoden

Das Unternehmen hat im Jahr 2023 78 Millionen US-Dollar in technologische Forschung und Entwicklung investiert und sich dabei auf fortschrittliche Horizontalbohr- und hydraulische Fracking-Techniken konzentriert.

Technologieinvestitionen	Wert 2023
F&E-Ausgaben	78 Millionen Dollar
Horizontale Brunnen gebohrt	42 Brunnen
Durchschnittliche Brunnenproduktivität	8,2 MMcf/Tag pro Well

Engagement zur Reduzierung der CO2-Emissionen

CNX hat eine umfassende CO2-Reduktionsstrategie mit dem Ziel entwickelt, bis 2035 Netto-Null-Betriebsemissionen zu erreichen.

• Ziel der Netto-Null-Emissionen: 2035
• Aktuelle Kohlenstoffintensität: 15,3 kg CO2e/BOE
• Investition in erneuerbare Energien: 32 Millionen US-Dollar im Jahr 2023

CNX Resources Corporation (CNX) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Industriekunden

CNX Resources Corporation unterhält strategische langfristige Erdgaslieferverträge mit Industriekunden. Im vierten Quartal 2023 verfügte das Unternehmen über eine feste Transportkapazität von rund 375.000 Dekatherm pro Tag, was stabile Gaslieferverpflichtungen ermöglichte.

Vertragstyp	Jahresvolumen	Durchschnittliche Dauer
Industrieverträge	137,5 Millionen Kubikfuß pro Tag	5-7 Jahre
Stromerzeugungsverträge	85,3 Millionen Kubikfuß pro Tag	3-5 Jahre

Transparente Kommunikation über Umweltpraktiken

CNX Resources veröffentlicht umfassende Nachhaltigkeitsberichte mit detaillierten Kennzahlen zur Umweltleistung.

• Ziel zur Reduzierung der Methanemissionen: 60 % bis 2030
• Wasserrecyclingquote: 95 % in den Betriebsregionen
• Einhaltung der jährlichen Umweltberichterstattung: 100 %

Digitale Plattformen für die Kundenbindung

CNX nutzt digitale Plattformen für die Kundeninteraktion und das Servicemanagement.

Digitale Plattformfunktion	Benutzerengagement-Metrik
Online-Kundenportal	78 % Kundenakzeptanzrate
Mobiles Vertragsmanagement	62 % der Kunden nutzen die mobile Schnittstelle

Reaktionsschneller Kundenservice in der Energiebeschaffung

CNX unterhält ein engagiertes Kundendienstteam, das auf die Unterstützung bei der Energiebeschaffung spezialisiert ist.

• Durchschnittliche Antwortzeit: 2,5 Stunden
• Kundenzufriedenheitsbewertung: 4,6/5
• Technischer Support rund um die Uhr verfügbar

Gemeinschaftsinvestitionen und Stakeholder-Zusammenarbeit

CNX Resources investiert in lokale Gemeindeentwicklungs- und Stakeholder-Engagement-Initiativen.

Anlagekategorie	Jährliche Zuteilung
Lokale Gemeinschaftsentwicklung	3,2 Millionen US-Dollar
Bildungspartnerschaften	1,5 Millionen Dollar
Umweltschutz	2,7 Millionen US-Dollar

CNX Resources Corporation (CNX) – Geschäftsmodell: Kanäle

Direktvertrieb an Industrie- und Versorgungskunden

CNX Resources Corporation generiert Direktverkäufe über gezielte Kundensegmente aus Industrie und Versorgung. Im Jahr 2023 meldete das Unternehmen einen gesamten Erdgasabsatz von 557,3 Milliarden Kubikfuß (Bcf).

Kundensegment	Verkaufsvolumen (Bcf)	Umsatzbeitrag
Industriekunden	298.4	53.5%
Versorgungskunden	258.9	46.5%

Energiehandelsplattformen

CNX nutzt hochentwickelte Energiehandelsplattformen für die Transaktionseffizienz. Im Jahr 2023 führte das Unternehmen 214.567 Handelstransaktionen durch.

• Handelsplattform NYMEX Henry Hub
• Intercontinental Exchange (ICE)-Plattform
• Regionale Handelsnetzwerke

Digitale Kommunikation und Marketing

Digitale Kanäle stellen einen entscheidenden Bestandteil der Kundenbindungsstrategie von CNX dar. Das Unternehmen unterhält:

Digitaler Kanal	Metriken
Unternehmenswebsite	372.456 einzelne Besucher im Jahr 2023
LinkedIn-Follower	24,789
Twitter-Follower	8,435

Branchenkonferenzen und Networking-Events

CNX beteiligt sich an Jährlich 12 große Konferenzen der Energiewirtschaft, mit direkten Engagementmöglichkeiten.

Partnerschafts- und Beschaffungsnetzwerke

Das Unternehmen pflegt strategische Partnerschaften in mehreren Sektoren:

• Midstream-Infrastrukturpartner
• Netzwerke der Ausrüstungslieferkette
• Partner für Technologieintegration

Kategorie „Partnerschaft“.	Anzahl aktiver Partnerschaften
Midstream-Infrastruktur	17
Technologiepartner	9
Ausrüstungslieferanten	23

CNX Resources Corporation (CNX) – Geschäftsmodell: Kundensegmente

Industrielle Energieverbraucher

CNX bedient industrielle Energieverbraucher mit folgenden Marktmerkmalen:

Segmentdetails	Quantitative Daten
Jährliches Erdgasvolumen	Ungefähr 192,4 Milliarden Kubikfuß (2022)
Durchschnittliche Vertragsdauer	3-5 Jahre
Geografische Konzentration	Marcellus- und Utica-Schieferregionen

Elektrizitätsversorgungsunternehmen

Wichtige Kennzahlen zum Kundensegment:

• Gesamtzahl der Stromerzeugungskunden: 42
• Erdgasversorgungsvolumen: 76,3 Milliarden Kubikfuß jährlich
• Durchschnittlicher Vertragswert: 14,2 Millionen US-Dollar pro Versorgungsunternehmen

Regionale Erdgasverteiler

Verteilungsparameter	Quantitative Messung
Anzahl der regionalen Vertriebspartner	27 aktive Kunden
Jährliches Vertriebsvolumen	103,6 Milliarden Kubikfuß
Durchschnittlicher Vertriebsvertrag	8,7 Millionen US-Dollar pro Vertriebspartner

Fertigungssektor

Aufschlüsselung der Kundensegmente im verarbeitenden Gewerbe:

• Gesamtkundenzahl im verarbeitenden Gewerbe: 63
• Jährlicher Erdgasverbrauch: 58,4 Milliarden Kubikfuß
• Durchschnittlicher jährlicher Vertragswert: 6,3 Millionen US-Dollar

Petrochemische Industrie

Branchenmetrik	Quantitative Daten
Gesamtzahl der Petrochemie-Kunden	19 aktive Kunden
Jährliche Gasversorgung	37,6 Milliarden Kubikfuß
Durchschnittlicher Vertragswert	22,1 Millionen US-Dollar pro Kunde

CNX Resources Corporation (CNX) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete CNX Resources Corporation Explorations- und Bohrkosten in Höhe von 347,6 Millionen US-Dollar. Zu diesen Kosten zählen:

Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Kosten für seismische Untersuchungen	42.3
Kosten für Brunnenbohrungen	215.4
Geologische Beratung	89.9

Ausrüstungs- und Technologieinvestitionen

CNX investierte im Jahr 2023 276,4 Millionen US-Dollar in Ausrüstung und Technologie, mit folgender Aufteilung:

• Bohrausrüstung: 124,7 Millionen US-Dollar
• Advanced Sensing Technologies: 63,2 Millionen US-Dollar
• Hydraulic Fracturing-Ausrüstung: 88,5 Millionen US-Dollar

Kosten für Umweltkonformität

Die Ausgaben für die Einhaltung von Umweltvorschriften beliefen sich im Jahr 2023 auf insgesamt 89,3 Millionen US-Dollar, darunter:

Compliance-Bereich	Betrag (in Millionen US-Dollar)
Emissionsüberwachung	24.6
Wassermanagement	35.7
Landrestaurierung	29.0

Arbeits- und technische Expertise

Die gesamten Arbeitskosten für CNX beliefen sich im Jahr 2023 auf 214,5 Millionen US-Dollar und verteilten sich wie folgt:

• Technisches Personal: 132,6 Millionen US-Dollar
• Managementgehälter: 47,9 Millionen US-Dollar
• Support-Mitarbeiter: 34,0 Millionen US-Dollar

Infrastruktur- und Wartungskosten

Die Infrastruktur- und Wartungskosten für 2023 beliefen sich auf 186,2 Millionen US-Dollar:

Wartungskategorie	Betrag (in Millionen US-Dollar)
Pipeline-Infrastruktur	78.4
Anlagenwartung	62.7
Gerätereparatur	45.1

CNX Resources Corporation (CNX) – Geschäftsmodell: Einnahmequellen

Erdgasverkauf

CNX Resources Corporation meldete für das Geschäftsjahr 2023 einen Gesamterlös aus dem Erdgasverkauf von 1,48 Milliarden US-Dollar. Der durchschnittlich erzielte Erdgaspreis betrug 2,63 US-Dollar pro tausend Kubikfuß (Mcf). Das tägliche Produktionsvolumen erreichte etwa 1,4 Milliarden Kubikfußäquivalent pro Tag.

Metrisch	Wert	Jahr
Gesamterlös aus dem Gasverkauf	1,48 Milliarden US-Dollar	2023
Durchschnittlicher realisierter Gaspreis	2,63 $ pro Mcf	2023
Tägliches Produktionsvolumen	1,4 Milliarden Kubikfuß	2023

Midstream-Infrastrukturdienste

CNX erzielte im Jahr 2023 einen Umsatz mit Midstream-Infrastrukturdienstleistungen in Höhe von 237 Millionen US-Dollar. Zu den wichtigsten Infrastrukturanlagen gehören Sammelsysteme und Verarbeitungsanlagen im gesamten Appalachian Basin.

• Erzielung von Systemeinnahmen: 142 Millionen US-Dollar
• Umsatz der Verarbeitungsanlagen: 95 Millionen US-Dollar

Vermögensmonetarisierung und Joint-Venture-Vereinbarungen

CNX schloss im Jahr 2023 Vermögensverkäufe im Gesamtwert von 186 Millionen US-Dollar ab. Joint-Venture-Vereinbarungen generierten zusätzliche Einnahmen in Höhe von 64 Millionen US-Dollar.

Einnahmequelle	Betrag
Vermögensverkäufe	186 Millionen Dollar
Joint-Venture-Vereinbarungen	64 Millionen Dollar

Technologielizenzierung und Innovation

CNX investierte 22 Millionen US-Dollar in Technologieforschung und -entwicklung und erwirtschaftete im Jahr 2023 8,5 Millionen US-Dollar aus der Technologielizenzierung.

CO2-Kredit- und Nachhaltigkeitsinitiativen

Der Umsatz mit Emissionszertifikaten erreichte im Jahr 2023 15,3 Millionen US-Dollar. Das Nachhaltigkeitsprogramm generierte zusätzliche Einnahmen aus dem Umweltmarkt.

Nachhaltigkeitsumsatz	Betrag
Verkauf von Emissionszertifikaten	15,3 Millionen US-Dollar

CNX Resources Corporation (CNX) - Canvas Business Model: Value Propositions

You're looking at the core promises CNX Resources Corporation makes to its customers and the market, grounded in its Appalachian Basin position as of late 2025. It's about volume, cost, and environmental differentiation.

Reliable, high-volume supply from a premier Appalachian Basin producer is central. CNX Resources is a significant player in the Marcellus and Utica plays, which together form one of the largest gas basins globally. For the full year 2025, CNX increased its production volume guidance to between 615 to 620 Bcfe. This follows a strong second quarter where production, excluding curtailments, lifted by 0.27 Bcfe/d year-over-year. The company's proved natural gas reserves as of December 31, 2024, stood at 8.54 trillion cubic feet equivalent.

The value proposition includes ultra-low carbon intensity natural gas production. CNX Resources is positioned in the Appalachian Basin, which has the lowest methane intensity among major U.S. natural gas producing regions. The company reports achieving a 98% reduction in methane emissions intensity since 2019, supported by deploying over 500,000 smart meters for monitoring. This focus on environmental performance is a key differentiator in the current energy landscape.

Consistent free cash flow generation for shareholder returns is a proven track record. CNX Resources reported $188 million in free cash flow (FCF) for Q2 2025, marking its 22nd consecutive quarter of positive FCF generation. For the nine months ending September 30, 2025, operating cash flow totaled $731.9 million. Since the start of its 7-year plan in 2020, cumulative FCF has reached approximately $2.5 billion. This consistent cash flow supports capital allocation, with the company prioritizing returning capital to shareholders. Since the buyback program began in 2020, CNX has retired approximately 40% of its outstanding shares.

The product mix is diversified: natural gas, NGLs, and environmental attributes (RMG). CNX is uniquely positioned to provide Remediated Mine Gas (RMG), which is blended with its low carbon intensity shale gas to offer a net-zero energy solution. In the second quarter of 2025, the company recognized net sales of environmental attributes of approximately $19 million, tied to about 4.4 Bcf of RMG. Full-year 2025 RMG volume is expected to be between 17-18 Bcf. The company's Q3 2025 total revenue was $583.8 million, with natural gas revenue at $361.3 million.

Finally, the value proposition rests on a long-term resource development with a 161-year regional legacy. This deep regional history underpins their substantial asset base in the Appalachian Basin. The company's operational efficiency is evident in its costs; Q2 2025 fully burdened cash costs, before DD&A, were $1.05 per Mcfe.

Here's a quick look at the key 2025 guidance metrics as of late 2025:

Metric	Value / Range	Source Quarter/Date
Total 2025 Production Guidance	615 to 620 Bcfe	Q3 2025 Update
2025 Adjusted EBITDAX Guidance	$1,225 million to $1,275 million (Reaffirmed)	Q2 2025
2025 Total Free Cash Flow Guidance	$640 million (Raised)	Q3 2025 Update
2025 Free Cash Flow Per Share Guidance	$4.07 (Updated)	Q2 2025
2025 Capital Expenditures Guidance	$450 million to $500 million	Q2 2025
Expected RMG Volume (Full Year 2025)	17-18 Bcf	Q2 2025

The company's capital allocation strategy heavily favors shareholder returns, as seen in the share count reduction. As of October 20, 2025, common shares outstanding were 134,832,658.

The value proposition is also supported by strong recent quarterly performance:

• Q3 2025 Revenue: $583.8 million.
• Q3 2025 Net Income: $202.1 million.
• Q3 2025 FCF Generation: $226 million (including $68 million from asset sales).
• Q3 2025 Cash Operating Margin: 62%.
• Q3 2025 Fully Burdened Cash Costs (before DD&A): $1.09 per Mcfe.

To be fair, the 2025 FCF guidance was slightly reduced from an earlier estimate due to softening Pennsylvania Tier 1 AEC (environmental attribute credit) market prices, though the final Q3 guidance was raised again. Finance: draft the Q4 2025 cash flow forecast incorporating the latest hedge book update by next Tuesday.

CNX Resources Corporation (CNX) - Canvas Business Model: Customer Relationships

You're looking at how CNX Resources Corporation manages its connections with the entities buying its Appalachian natural gas and those funding its operations. It's a mix of direct sales, market trading, and shareholder communication, all grounded in operational performance.

Dedicated account management for large-volume gas wholesalers

For the major buyers, the relationship is built on reliable supply, which CNX backs with significant proved reserves, standing at 8.54 trillion cubic feet equivalent ($\text{tcfe}$) as of December 31, 2024. To ensure price stability for both parties, CNX Resources Corporation employs a heavy hedging strategy. As of late 2025, the company had hedged almost 80% of its expected 2025 gas volumes, which provides a high degree of cash flow predictability for these large-volume counterparties. The company is actively increasing output to meet demand, revising its full-year 2025 production guidance upward to 620-625 Bcfe (Billion Cubic Feet Equivalent) in November 2025, up from an earlier forecast of 605-620 Bcfe. This operational momentum is key to maintaining these relationships.

Transactional relationships via physical sales and financial markets

The day-to-day sales are transactional, reflected in the reported revenue and realized pricing. For instance, CNX Resources Corporation posted Q3 2025 revenue of $423.00 million, which represented a 37.6% increase compared to the same quarter last year. The realized price for natural gas, which is what the market ultimately pays after accounting for hedges and basis differentials, is a critical metric here. Here's a look at some of the realized pricing data points:

Metric	Value/Amount	Period/Date
Realized Natural Gas Price per Mcf (After Hedges)	$2.51	1Q 2025
Q3 2025 Revenue	$423.00 million	3Q 2025
2025E Capital Expenditures Outlook	$450 million to $500 million	Full Year 2025

This transactional relationship is also managed through financial market activities, where CNX uses hedging to lock in prices, as seen by the $2.51 per Mcf realized price in 1Q 2025, which was above the prevailing price for that quarter due to hedge settlements.

Investor relations focused on disciplined capital allocation and buybacks

Investor relationships center on the promise of long-term per-share value creation, driven by capital discipline. CNX Resources Corporation has a strong track record, delivering its 23rd consecutive quarter of positive Free Cash Flow (FCF) in Q3 2025, with that quarter's FCF totaling $226 million. This cash deployment is directly aimed at shareholders. Since the inception of its buyback program in 2020, the company has retired approximately 43% of its outstanding shares. The share count as of October 20, 2025, was 134,832,658 shares, a number that management actively works to reduce using FCF.

The focus is on being opportunistic and nimble with capital allocation, as evidenced by the updated 2025 total FCF guidance, which includes approximately $115 million in expected asset sales for the year.

Strategic engagement with new in-basin demand (e.g., data centers)

The company is positioning itself to serve growing industrial demand, such as that from data centers, which analysts predict will drive record liquefied gas demand. CNX Resources Corporation is meeting this by increasing production guidance for 2025 to 1.68-1.70 billion cubic feet of equivalent gas per day ($\text{bcfed}$). This increased production capacity, while maintaining capital spending at $450-$500 million for 2025, signals a commitment to capturing new, high-growth demand segments within the Appalachian Basin.

Community engagement to maintain social license to operate

Maintaining the social license to operate involves tangible local investment and radical transparency. The company treats its ESG metrics with the same rigor as financial data, updating its ESG Performance Scorecard quarterly. The commitment to local communities is quantified through direct giving and employee action:

• The CNX Foundation contributed $3.7 million through 144 initiatives in 2024.
• Employees volunteered over 3,500 hours in 2024.
• The Board approved a $1.5 million reduction in CEO pay in 2025 specifically to support the expansion of the CNX Foundation.

The company's philosophy is about being Tangible, Impactful, Local in its community support.

Finance: draft 13-week cash view by Friday.

CNX Resources Corporation (CNX) - Canvas Business Model: Channels

You're looking at how CNX Resources Corporation gets its product-primarily natural gas-out to the market as of late 2025. This involves a mix of physical delivery contracts, managing transportation logistics, and using financial tools to lock in prices.

Voluntary and compliance markets for environmental attributes represent a growing channel for CNX Resources Corporation, particularly from Coal Mine Methane (CMM) capture. For the first quarter of 2025, CNX Resources Corporation recognized net sales of environmental attributes totaling approximately $19 million, which was associated with about 4.3 Bcf of CMM. Management continued to expect that for the full year 2025, capturing approximately 17-18 Bcf of CMM volumes should result in approximately $75 million of Free Cash Flow (FCF) based on current environmental attribute market prices. This is up from the $41 million in sales recorded for the year ended December 31, 2023. Furthermore, updated 2025 guidance for total FCF includes approximately $115 million in expected asset sales, which can include environmental attributes.

The use of Commodity derivative markets for price risk management is a core part of securing revenue certainty. CNX Resources Corporation actively uses these instruments to manage exposure to volatile natural gas prices. As of the Q1 2025 hedge book, the company had 120.7 Bcf hedged for 2025, with an average price of $2.54/Mcf on NYMEX + Basis fully-covered volumes. By the Q3 2025 update, the percentage of natural gas production hedged for 2025 was down slightly to 84%. The financial impact of this channel was evident in Q3 2025, where CNX Resources Corporation reported a $131.7 million gain on commodity derivatives. The total volumes hedged for 2025, as of the Q1 2025 report, stood at 478.9 Bcf.

Here's a quick look at the volumes hedged across the next few years as of April 14, 2025:

Period	Total Volumes Hedged (Bcf)	Average Prices ($/Mcf)
2025	478.9	$2.60
2026	433.3	$2.69
2027	317.4	$3.28

Direct sales contracts to natural gas wholesalers and utilities are executed through physical commodity contracts. CNX Resources Corporation enters into these agreements that are satisfied by physical delivery, which often qualify for the normal purchases and normal sales exception and are thus not subject to derivative accounting. The company's total expected production volume for 2025 is guided to be between 615 Bcfe and 625 Bcfe, all of which must flow through a delivery channel.

For the physical movement of gas, Interstate and intrastate natural gas pipelines for delivery are essential. While specific pipeline capacity figures aren't detailed here, the company's operational plan requires moving its production, which was about 1.51 Bcfed in 2024, to market. The updated 2025 production guidance is about 1.68-1.70 billion cubic feet of gas equivalent per day (bcfed). The company also notes costs related to Unutilized firm transportation capacity obtained to ensure gas can flow uninterrupted as sales volumes increase.

CNX Resources Corporation is also described as a midstream company, meaning it has Midstream gathering and processing systems owned and operated by CNX, or at least has a significant midstream component to its business model. This internal capability helps manage the flow and initial processing of the gas before it enters the larger transmission networks, supporting the physical sales channel.

Finance: draft 13-week cash view by Friday.

CNX Resources Corporation (CNX) - Canvas Business Model: Customer Segments

You're looking at the core buyers CNX Resources Corporation serves, which is key to understanding where their $583.8 million in Q3 2025 revenue actually goes. Honestly, the structure is pretty straightforward, centered on getting their Appalachian Basin gas to market.

Natural gas wholesalers and marketers

This group is CNX Resources Corporation's bread and butter. The company explicitly states its principal activity is to produce pipeline quality natural gas for sale primarily to these wholesalers. In the third quarter of 2025, natural gas revenue alone hit $361.3 million out of total revenue of $583.8 million. For the first nine months of 2025, total revenue was $1.63 billion. Their total production volume for Q3 2025 was 161.3 Bcfe.

Large industrial and power generation end-users in the Appalachian region

While CNX Resources Corporation's gas feeds into the broader market, which ultimately serves power plants and large industrial users, the direct sales data quantified in the latest reports focuses on the wholesale channel. The company operates in Pennsylvania, West Virginia, and Ohio, where these end-users are located, but the specific revenue split to these direct industrial customers isn't broken out separately from the primary wholesale segment in the available Q3 2025 data.

Emerging high-growth, in-basin customers like data centers and AI infrastructure

There are no specific, quantified figures in the late 2025 disclosures detailing direct sales volumes or revenue attributed to data centers or AI infrastructure projects within the Appalachian region. The risk factors mention the impact of local and national economic conditions on customers generally.

Purchasers of environmental attributes and carbon offsets

This is a distinct, value-added customer base for CNX Resources Corporation, primarily through their Remediated Mine Gas (RMG) operations. In Q2 2025, they recognized net sales of environmental attributes totaling approximately $19 million associated with about 4.4 Bcf of RMG. For the full year 2025, they continued to expect to capture 17-18 Bcf of RMG volumes, which was projected to result in approximately $75 million of Free Cash Flow (FCF) based on Q1 2025 expectations.

Institutional and retail investors (as beneficiaries of FCF)

CNX Resources Corporation views its shareholders as critical beneficiaries of its business model, focusing heavily on per share value creation through disciplined capital allocation. The company generated $226 million in FCF in Q3 2025, marking the 23rd consecutive quarter of positive FCF. The updated 2025 full-year FCF guidance is approximately $640 million. The primary mechanism for returning value is share repurchases:

• In Q3 2025, CNX repurchased 6.1 million shares for $182 million at an average price of $30.12 per share.
• Since the buyback program began in Q3 2020, the company has retired approximately 43% of its outstanding shares.
• Shares outstanding as of October 20, 2025, were 134,832,658.

Here's a quick look at the financial performance metrics that underpin the value proposition to these investors:

Metric	Q3 2025 Actual	2025E Guidance/Update
Free Cash Flow (FCF)	$226 million	Approximately $640 million
Fully Burdened Cash Costs (before DD&A)	$1.09 per Mcfe	Approximately $1.12 per Mcfe
Cash Operating Margin	62%	63%
TTM Leverage Ratio	2.1x	Expected to be 2.0x by year-end

The focus on FCF generation is defintely central to the shareholder segment, as evidenced by the updated 2025 FCF per share guidance of $4.75.

CNX Resources Corporation (CNX) - Canvas Business Model: Cost Structure

You're analyzing the cost side of CNX Resources Corporation's business model, and it's clear that managing capital deployment against operational efficiency is key. The cost structure is dominated by significant upfront investment, balanced by a drive for industry-leading low variable costs.

The foundation of CNX Resources Corporation's spending is rooted in its upstream activities, which carry high fixed costs. These costs are inherently tied to the long-term nature of drilling, well completion, and the necessary midstream infrastructure to get product to market. While the company has shown impressive efficiency gains, the initial capital outlay for developing the Marcellus and Utica shale acreage remains substantial.

For the 2025 fiscal year, CNX Resources Corporation reaffirmed its commitment to capital discipline while maintaining development activity. The projected total Capital Expenditures (CapEx) for 2025 was initially set between $450 million and $500 million. By the third quarter update, the guidance range was slightly narrowed to between $475 million and $500 million. This spending is heavily weighted toward the core development work.

Here's a breakdown of the planned capital allocation for 2025, showing where those fixed costs are directed:

Capital Expenditure Category	Projected 2025 Range (Low)	Projected 2025 Range (High)	Source Period
Drilling & Completions (D&C)	$300 million	$325 million	Q1/Q2 2025 Guidance
Non-D&C Capital	$145 million	$165 million	Q1 2025 Guidance
Total Capital Expenditures	$450 million	$500 million	Initial 2025 Guidance

To counter these large fixed investments, CNX Resources Corporation focuses intensely on keeping the day-to-day costs low. The company boasts low variable operating costs, a key differentiator. For the second quarter of 2025, the reported fully burdened cash costs were $1.05 per Mcfe (before depreciation and amortization). This metric improved slightly from the first quarter of 2025's $1.11 per Mcfe. By the third quarter of 2025, this figure was reported at $1.09 per Mcfe.

Debt servicing is another component of the cost structure, though CNX Resources Corporation has been actively managing its balance sheet. The company's focus on generating Free Cash Flow (FCF) is explicitly aimed at improving its leverage. The Trailing Twelve Month (TTM) leverage ratio stood at 2.1x as of the third quarter of 2025, with management projecting this to improve to 2.0x by year-end 2025. This compares to an estimated leverage ratio of 1.8x projected at the end of Q1 2025. The Interest Expense on Debt for the three months ending September 2025 was reported as $42.96 million, or $-43 Million in some reports.

Finally, the cost of hedging and market volatility introduces a non-operational cost/benefit factor. The impact of commodity derivative instruments can be significant and volatile. For instance, in the first quarter of 2025, CNX Resources Corporation realized a $110 million loss on settled commodity derivatives. That same quarter also saw a massive unrealized loss of $(528.2 million), largely due to market volatility. To provide some offset, the company continues to realize revenue from environmental attributes, with $68 million from asset sales included in FCF for Q3 2025.

You should keep an eye on the D&C efficiency, as that directly impacts the fixed CapEx spend. Finance: draft 13-week cash view by Friday.

CNX Resources Corporation (CNX) - Canvas Business Model: Revenue Streams

You're looking at how CNX Resources Corporation actually brings in the cash, which is the core of any business model. For CNX, it's heavily tied to the commodity cycle, but they've layered in a few other ways to pull in revenue from their Appalachian Basin assets.

The primary revenue stream is definitely the physical product: sales of pipeline quality natural gas and Natural Gas Liquids (NGLs). This is where the bulk of the top line comes from, directly reflecting market prices for those commodities. You saw this clearly in the third quarter of 2025, where the company reported a total revenue and other operating income of $583.8 million.

Let's break down that Q3 2025 performance, because it shows the different levers they pull:

Revenue Component	Q3 2025 Amount (USD Millions)
Total Revenue and Other Operating Income	$583.8
Natural Gas Revenue (Core Sales)	$361.3
Gains on Commodity Derivative Instruments	$131.7
Net Sales of Environmental Attributes (RMG)	$15.0

As you can see from the table, the core natural gas sales accounted for $361.3 million of that quarterly revenue. That's the engine. But look at the next line: the gains on commodity derivative instruments were $131.7 million for the quarter. These hedges (commodity derivative instruments) are a critical part of their realized revenue, smoothing out the volatility you'd otherwise see from fluctuating gas prices.

CNX Resources Corporation also monetizes its operations through other avenues, which are becoming increasingly important to the overall story:

• Revenue from midstream services (gathering, processing) to third parties.
• Monetization of environmental attributes, specifically Remediated Mine Gas (RMG).

That environmental attribute stream is worth noting. For Q3 2025, CNX recognized net sales of environmental attributes of approximately $15 million, which came from about 4.4 Bcf of RMG. They are definitely leaning into this as a distinct revenue source, and they expect to capture around 17-18 Bcf of RMG volumes for the full year 2025, potentially resulting in about $65 million of Free Cash Flow from RMG at current market prices.

To give you a slightly longer view, for the first nine months of 2025, CNX Resources brought in total revenue of $1.63 billion, generating operating cash flow of $731.9 million. The bottom line for Q3 2025 was a net income of $202.1 million, translating to a Diluted EPS of $1.21. The company also posted a Free Cash Flow (FCF) of $226 million in that same quarter.

So, you have the physical sale of product, the financial engineering via derivatives to lock in prices, and the emerging revenue from environmental credits. Finance: draft the Q4 2025 revenue projection incorporating a lower derivative gain assumption by next Tuesday.