CNX Resources Corporation (CNX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la exploración de gas natural, CNX Resources Corporation surge como una potencia estratégica, aprovechando tecnologías innovadoras y prácticas sostenibles para redefinir la producción de energía. Al crear meticulosamente un lienzo de modelo de negocio integral, CNX demuestra cómo las empresas de energía modernas pueden equilibrar la destreza tecnológica, la responsabilidad ambiental y la eficiencia económica en el complejo ecosistema de la cuenca de los Apalaches. Su enfoque va más allá de la perforación tradicional, integrando métodos de extracción de vanguardia, asociaciones estratégicas y un compromiso para reducir las emisiones de carbono, posicionándolos como un líder con visión de futuro en el mercado energético en evolución.

CNX Resources Corporation (CNX) - Modelo de negocio: asociaciones clave

Colaboración estratégica con compañías de infraestructura de Midstream

CNX Resources Corporation mantiene asociaciones estratégicas con compañías clave de infraestructura de Midstream para optimizar el transporte y el procesamiento del gas natural.

Pareja	Detalles de la asociación	Capacidad anual
EQT Midstream Partners	Infraestructura de recopilación y transporte	500 millones de pies cúbicos por día
Nexttier Midstream	Servicios de Midstream y conectividad de tuberías	350 millones de pies cúbicos por día

Empresas conjuntas en el desarrollo de gas natural de la cuenca de los Apalaches

CNX se involucra en empresas conjuntas colaborativas dentro de la cuenca de los Apalaches para maximizar la eficiencia de extracción de recursos.

• Ventura conjunta de esquisto de Marcellus con energía consol
• Asociación de desarrollo de esquisto de Utica
• Inversión total en empresas conjuntas: $ 275 millones

Asociaciones tecnológicas para métodos avanzados de extracción y extracción

CNX colabora con proveedores de tecnología para mejorar las capacidades de perforación y extracción.

Socio tecnológico	Área de enfoque	Inversión
Baker Hughes	Tecnologías de perforación avanzada	$ 42 millones anualmente
Schlumberger	Innovaciones de fractura hidráulica	$ 38 millones anuales

Acuerdos contractuales con operadores de tuberías

CNX mantiene acuerdos críticos de transporte de tuberías para garantizar una distribución eficiente de gas.

• Columbia Gas Transmission LLC Contrato de tubería
• Acuerdo de transmisión de energía de Dominion
• Volumen anual de transporte de tuberías: 1.200 millones de pies cúbicos

Proveedores de tecnología ambiental y de sostenibilidad

CNX se asocia con empresas de tecnología ambiental para mejorar las prácticas de sostenibilidad.

Socio de sostenibilidad	Enfoque de colaboración	Inversión ambiental anual
Tecnologías de Envirogen	Reducción de emisiones de metano	$ 22 millones
Soluciones de captura de carbono	Tecnologías de secuestro de carbono	$ 18 millones

CNX Resources Corporation (CNX) - Modelo de negocio: actividades clave

Exploración y producción de gas natural

CNX Resources Corporation opera principalmente en la región de esquisto de Marcellus, con reservas probadas de 5.9 billones de pies cúbicos de gas natural a partir de 2023. El volumen de producción anual alcanzó 733.2 mil millones de pies cúbicos en 2023.

Métrica de producción	Valor 2023
Reservas totales probadas	5.9 billones de pies cúbicos
Volumen de producción anual	733.2 mil millones de pies cúbicos
Pozos de producción netos	2.800 pozos activos

Fractura hidráulica y perforación horizontal

CNX utiliza técnicas avanzadas de fracturación hidráulica en sus operaciones de cuenca de los Apalaches.

• Longitud promedio del pozo horizontal: 10,500 pies
• Eficiencia de perforación: 14-16 días por pozo
• Etapas de fractura hidráulica por pozo: 20-30 etapas

Optimización de activos y gestión de cartera

Inversión en gestión de activos estratégicos con gastos de capital de $ 637 millones en 2023.

Métrica de gestión de activos	Valor 2023
Gasto de capital	$ 637 millones
Superficie operativa	142,000 acres netos

Iniciativas de cumplimiento ambiental y sostenibilidad

CNX se compromete a reducir las emisiones de metano e implementar prácticas sostenibles.

• Objetivo de reducción de emisiones de metano: 35% para 2025
• Inversión en tecnología de monitoreo de emisiones: $ 42 millones
• Tasa de reciclaje de agua: 85% del agua de flujo

Mejoras de eficiencia operativa basada en tecnología

Las inversiones tecnológicas se centraron en la optimización operativa y la reducción de costos.

Área de inversión tecnológica	2023 Gastos
Transformación digital	$ 28 millones
Análisis operativo	$ 15 millones
Tecnologías de automatización	$ 22 millones

CNX Resources Corporation (CNX) - Modelo de negocio: recursos clave

Importantes Marcellus y Utica Shale Superge Holdings

CNX Resources Corporation posee aproximadamente 200,000 acres netos en la región de Marcellus Shale a partir de 2024. Las tenencias de lutitas de Utica de la compañía cubren aproximadamente 50,000 acres netos ubicados principalmente en Pensilvania y Virginia Occidental.

Región de esquisto	Acres netos	Ubicación geográfica
Marcellus lutita	200,000	Pensilvania, Virginia Occidental
Lutita utica	50,000	Pensilvania, Virginia Occidental

Equipo avanzado de perforación y extracción

CNX opera una flota de equipos modernos de perforación y extracción con una inversión de capital estimada de $ 750 millones en infraestructura tecnológica.

• 12 plataformas de perforación horizontales avanzadas
• Equipo sofisticado de fracturación hidráulica
• Sistemas de monitoreo de datos en tiempo real

Experiencia técnica en desarrollo de gas no convencional

CNX emplea 237 profesionales técnicos Especializado en extracción de gas no convencional con una experiencia promedio de la industria de 15 años.

Capacidades de capital financiero y de inversión sólidos

Métrica financiera	Valor 2024
Activos totales	$ 4.2 mil millones
Gastos de capital anuales	$ 600 millones
Efectivo y equivalentes	$ 350 millones

Fuerza laboral técnica y de gestión experimentada

CNX mantiene una fuerza laboral de 1.100 empleados, con un liderazgo clave que tiene una tenencia promedio de 12 años en la industria del gas natural.

• Liderazgo ejecutivo con amplia experiencia en el sector energético
• Programas de desarrollo profesional continuo
• Fuertes protocolos de seguridad y capacitación operacional

CNX Resources Corporation (CNX) - Modelo de negocio: propuestas de valor

Producción de gas natural eficiente y de bajo costo

A partir del cuarto trimestre de 2023, CNX Resources Corporation logró volúmenes de producción de 521 millones de pies cúbicos por día (MMCF/D). Los costos de producción promedio fueron de $ 1.38 por mil pies cúbicos (MCF), colocando a la compañía como un productor de gas natural de bajo costo en la cuenca de los Apalaches.

Métrica de producción	Valor 2023
Producción diaria	521 MMCF/D
Costo de producción	$ 1.38/mcf
Reservas totales probadas	5.4 billones de pies cúbicos equivalentes

Desarrollo de energía ambientalmente responsable

CNX se ha comprometido a reducir la intensidad de las emisiones de metano en un 50% para 2025, con la intensidad de emisiones de corriente en 0,20 toneladas métricas de CO2 equivalente por millón de pies cúbicos de producción.

• Objetivo de reducción de emisiones de metano: 50% para 2025
• Intensidad de emisiones de corriente: 0.20 toneladas métricas CO2E/MMCF
• Inversión en tecnologías de reducción de emisiones: $ 45 millones en 2023

Suministro de energía doméstica confiable

CNX suministra gas natural a los mercados industriales y residenciales en todo el noreste de los Estados Unidos, con compromisos contractuales por un total de 300 millones de pies cúbicos por día.

Innovación tecnológica en métodos de extracción

La compañía ha invertido $ 78 millones en investigación y desarrollo tecnológico en 2023, centrándose en técnicas avanzadas de perforación horizontal y fracturación hidráulica.

Inversión tecnológica	Valor 2023
Gasto de I + D	$ 78 millones
Pozos horizontales perforados	42 pozos
Productividad promedio de pozos	8.2 mmcf/día por pozo

Compromiso para reducir las emisiones de carbono

CNX ha establecido una estrategia integral de reducción de carbono con el objetivo de lograr emisiones operativas netas cero para 2035.

• Objetivo de emisiones net-cero: 2035
• Intensidad de carbono actual: 15.3 kg CO2E/BOE
• Inversión de energía renovable: $ 32 millones en 2023

CNX Resources Corporation (CNX) - Modelo de negocios: relaciones con los clientes

Contratos de suministro a largo plazo con clientes industriales

CNX Resources Corporation mantiene contratos estratégicos de suministro de gas natural a largo plazo con clientes industriales. A partir del cuarto trimestre de 2023, la compañía tenía aproximadamente 375,000 dekatherms por día de capacidad de transporte de la empresa, lo que permite compromisos de entrega de gas estables.

Tipo de contrato	Volumen anual	Duración promedio
Contratos industriales	137.5 millones de pies cúbicos por día	5-7 años
Contratos de generación de energía	85.3 millones de pies cúbicos por día	3-5 años

Comunicación transparente sobre prácticas ambientales

CNX Resources publica informes integrales de sostenibilidad que detallan las métricas de desempeño ambiental.

• Objetivo de reducción de emisiones de metano: 60% para 2030
• Tasa de reciclaje de agua: 95% en regiones operativas
• Cumplimiento anual de divulgación ambiental: 100%

Plataformas digitales para la participación del cliente

CNX utiliza plataformas digitales para la interacción del cliente y la gestión de servicios.

Función de plataforma digital	Métrica de participación del usuario
Portal de clientes en línea	78% de tasa de adopción del cliente
Gestión de contratos móviles	62% de los clientes que usan la interfaz móvil

Servicio al cliente receptivo en adquisición de energía

CNX mantiene un equipo de servicio al cliente dedicado especializado en soporte de adquisición de energía.

• Tiempo de respuesta promedio: 2.5 horas
• Calificación de satisfacción del cliente: 4.6/5
• Disponibilidad de soporte técnico 24/7

Inversión comunitaria y colaboración de partes interesadas

CNX Resources invierte en el desarrollo de la comunidad local y las iniciativas de participación de las partes interesadas.

Categoría de inversión	Asignación anual
Desarrollo de la comunidad local	$ 3.2 millones
Asociaciones educativas	$ 1.5 millones
Conservación ambiental	$ 2.7 millones

CNX Resources Corporation (CNX) - Modelo de negocio: canales

Ventas directas a clientes industriales y de servicios públicos

CNX Resources Corporation genera ventas directas a través de segmentos específicos de clientes industriales y de servicios públicos. En 2023, la compañía informó un volumen total de ventas de gas natural de 557.3 mil millones de pies cúbicos (BCF).

Segmento de clientes	Volumen de ventas (BCF)	Contribución de ingresos
Clientes industriales	298.4	53.5%
Clientes de servicios públicos	258.9	46.5%

Plataformas de comercio de energía

CNX utiliza plataformas de comercio de energía sofisticadas para la eficiencia transaccional. La compañía ejecutó 214,567 transacciones comerciales en 2023.

• Plataforma de comercio de Nymex Henry Hub
• Plataforma de intercambio intercontinental (ICE)
• Redes comerciales regionales

Comunicación digital y marketing

Los canales digitales representan un componente crítico de la estrategia de participación del cliente de CNX. La empresa mantiene:

Canal digital	Métrica
Sitio web corporativo	372,456 visitantes únicos en 2023
Seguidores de LinkedIn	24,789
Seguidores de Twitter	8,435

Conferencias de la industria y eventos de redes

CNX participa en 12 principales conferencias de la industria energética anualmente, con oportunidades de compromiso directo.

Redes de asociación y adquisición

La compañía mantiene asociaciones estratégicas en múltiples sectores:

• Socios de infraestructura midstream
• Redes de la cadena de suministro de equipos
• Socios de integración de tecnología

Categoría de asociación	Número de asociaciones activas
Infraestructura de la corriente intermedia	17
Socios tecnológicos	9
Proveedores de equipos	23

CNX Resources Corporation (CNX) - Modelo de negocio: segmentos de clientes

Consumidores de energía industrial

CNX sirve a los consumidores de energía industrial con las siguientes características del mercado:

Detalle de segmento	Datos cuantitativos
Volumen anual de gas natural	Aproximadamente 192.4 mil millones de pies cúbicos (2022)
Duración promedio del contrato	3-5 años
Concentración geográfica	Regiones de esquisto de Marcellus y Utica

Compañías de servicios eléctricos

Métricas clave del segmento de clientes:

• Total de la generación de electricidad CLIENTES: 42
• Volumen de suministro de gas natural: 76.3 mil millones de pies cúbicos anualmente
• Valor promedio del contrato: $ 14.2 millones por utilidad

Distribuidores de gas natural regional

Parámetro de distribución	Medición cuantitativa
Número de distribuidores regionales	27 clientes activos
Volumen de distribución anual	103.6 mil millones de pies cúbicos
Contrato de distribución promedio	$ 8.7 millones por distribuidor

Sector manufacturero

Desglose del segmento de clientes de fabricación:

• Total de fabricación de clientes: 63
• Consumo anual de gas natural: 58.4 mil millones de pies cúbicos
• Valor promedio de contrato anual: $ 6.3 millones

Industria petroquímica

Métrico de la industria	Datos cuantitativos
Clientes petroquímicos totales	19 clientes activos
Suministro anual de gas	37.6 mil millones de pies cúbicos
Valor de contrato promedio	$ 22.1 millones por cliente

CNX Resources Corporation (CNX) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, CNX Resources Corporation informó gastos de exploración y perforación de $ 347.6 millones. Estos costos incluyen:

Categoría de gastos	Cantidad ($ millones)
Costos de encuesta sísmica	42.3
Gastos de perforación de pozo	215.4
Consultoría geológica	89.9

Inversiones de equipos y tecnología

CNX invirtió $ 276.4 millones en equipos y tecnología en 2023, con el siguiente desglose:

• Equipo de plataforma de perforación: $ 124.7 millones
• Tecnologías de detección avanzada: $ 63.2 millones
• Equipo de fractura hidráulica: $ 88.5 millones

Costos de cumplimiento ambiental

Los gastos de cumplimiento ambiental para 2023 totalizaron $ 89.3 millones, que incluyen:

Área de cumplimiento	Cantidad ($ millones)
Monitoreo de emisiones	24.6
Gestión del agua	35.7
Restauración de tierras	29.0

Experiencia laboral y técnica

Los costos laborales totales para CNX en 2023 fueron de $ 214.5 millones, distribuidos de la siguiente manera:

• Personal técnico: $ 132.6 millones
• Salarios de gestión: $ 47.9 millones
• Personal de apoyo: $ 34.0 millones

Gastos de infraestructura y mantenimiento

Los costos de infraestructura y mantenimiento para 2023 ascendieron a $ 186.2 millones:

Categoría de mantenimiento	Cantidad ($ millones)
Infraestructura de tuberías	78.4
Mantenimiento de la instalación	62.7
Reparación de equipos	45.1

CNX Resources Corporation (CNX) - Modelo de negocios: flujos de ingresos

Ventas de gas natural

CNX Resources Corporation reportó ingresos totales de ventas de gas natural de $ 1.48 mil millones para el año fiscal 2023. El precio promedio de gas natural realizado fue de $ 2.63 por mil pies cúbicos (MCF). El volumen de producción diario alcanzó aproximadamente 1,4 mil millones de pies cúbicos equivalentes por día.

Métrico	Valor	Año
Ingresos totales de ventas de gas	$ 1.48 mil millones	2023
Precio promedio de gas realizado	$ 2.63 por MCF	2023
Volumen de producción diario	1.400 millones de pies cúbicos	2023

Servicios de infraestructura de Midstream

CNX generó ingresos por servicios de infraestructura Midstream de $ 237 millones en 2023. Los activos de infraestructura clave incluyen sistemas de recopilación e instalaciones de procesamiento en la cuenca de los Apalaches.

• Recopilación de ingresos del sistema: $ 142 millones
• Ingresos de instalaciones de procesamiento: $ 95 millones

Monetización de activos y acuerdos de empresa conjunta

CNX completó las ventas de activos por un total de $ 186 millones en 2023. Los acuerdos de empresa conjunta generaron $ 64 millones adicionales en ingresos.

Fuente de ingresos	Cantidad
Ventas de activos	$ 186 millones
Acuerdos de empresa conjunta	$ 64 millones

Licencias de tecnología e innovación

CNX invirtió $ 22 millones en investigación y desarrollo de tecnología, generando $ 8.5 millones a partir de licencias de tecnología en 2023.

Iniciativas de crédito y sostenibilidad de carbono

Las ventas de crédito de Carbon alcanzaron $ 15.3 millones en 2023. El programa de sostenibilidad generó ingresos adicionales del mercado ambiental.

Ingresos de sostenibilidad	Cantidad
Ventas de crédito de carbono	$ 15.3 millones

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.