CNX Resources Corporation (CNX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'exploration du gaz naturel, CNX Resources Corporation apparaît comme une puissance stratégique, tirant parti des technologies innovantes et des pratiques durables pour redéfinir la production d'énergie. En fabriquant méticuleusement une toile complète du modèle commercial, CNX montre comment les entreprises énergétiques modernes peuvent équilibrer les prouesses technologiques, la responsabilité environnementale et l'efficacité économique dans l'écosystème complexe du bassin des Appalaches. Leur approche va au-delà du forage traditionnel, intégrant des méthodes d'extraction de pointe, des partenariats stratégiques et un engagement à réduire les émissions de carbone, en les positionnant comme un leader avant-gardiste sur le marché de l'énergie en évolution.

CNX Resources Corporation (CNX) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les entreprises d'infrastructure intermédiaire

CNX Resources Corporation maintient des partenariats stratégiques avec les principales sociétés d'infrastructure médiane pour optimiser le transport et la transformation du gaz naturel.

Partenaire	Détails du partenariat	Capacité annuelle
EQT Partners Midstream	Rassemblement et transport infrastructure	500 millions de pieds cubes par jour
Nexttier en milieu médian	Services intermédiaires et connectivité des pipelines	350 millions de pieds cubes par jour

Coentreprises dans le développement du gaz naturel du bassin des Appalaches

CNX s'engage dans des coentreprises collaboratives au sein du bassin des Appalaches pour maximiser l'efficacité d'extraction des ressources.

• Joint de schiste Marcellus avec Consol Energy
• Partenariat de développement de schiste utica
• Investissement total dans les coentreprises: 275 millions de dollars

Partenariats technologiques pour les méthodes avancées de forage et d'extraction

CNX collabore avec les fournisseurs de technologies pour améliorer les capacités de forage et d'extraction.

Partenaire technologique	Domaine de mise au point	Investissement
Baker Hughes	Technologies de forage avancées	42 millions de dollars par an
Schlumberger	Innovations de fracturation hydraulique	38 millions de dollars par an

Accords contractuels avec des opérateurs de pipeline

CNX maintient des accords de transport de pipelines critiques pour assurer une distribution efficace du gaz.

• Columbia Gas Transmission LLC Contrat de pipeline
• Contrat de transmission d'énergie de Dominion
• Volume annuel du transport du pipeline: 1,2 milliard de pieds cubes

Fournisseurs de technologies environnementales et de durabilité

CNX s'associe à des sociétés de technologie environnementale pour améliorer les pratiques de durabilité.

Partenaire de durabilité	Focus de la collaboration	Investissement environnemental annuel
Envirogen Technologies	Réduction des émissions de méthane	22 millions de dollars
Solutions de capture de carbone	Technologies de séquestration en carbone	18 millions de dollars

CNX Resources Corporation (CNX) - Modèle d'entreprise: activités clés

Exploration et production du gaz naturel

CNX Resources Corporation opère principalement dans la région du schiste de Marcellus, avec des réserves éprouvées de 5,9 billions de pieds cubes de gaz naturel en 2023. Le volume de production annuel a atteint 733,2 milliards de pieds cubes en 2023.

Métrique de production	Valeur 2023
Total des réserves prouvées	5,9 billions de pieds cubes
Volume de production annuel	733,2 milliards de pieds cubes
Puits de production nets	2 800 puits actifs

Fracturation hydraulique et forage horizontal

CNX utilise des techniques de fracturation hydraulique avancées à travers ses opérations du bassin des Appalaches.

• Longueur de puits horizontal moyen: 10 500 pieds
• Efficacité de forage: 14-16 jours par puits
• Étapes de fracturation hydraulique par puits: 20-30 étapes

Optimisation des actifs et gestion du portefeuille

Investissement dans la gestion des actifs stratégiques avec 637 millions de dollars de dépenses en capital en 2023.

Métrique de gestion des actifs	Valeur 2023
Dépenses en capital	637 millions de dollars
Superficie de fonctionnement	142 000 acres nets

Initiatives de conformité environnementale et de durabilité

CNX s'engage à réduire les émissions de méthane et à mettre en œuvre des pratiques durables.

• Cible de réduction des émissions de méthane: 35% d'ici 2025
• Investissement dans la technologie de surveillance des émissions: 42 millions de dollars
• Taux de recyclage de l'eau: 85% de l'eau à débit

Améliorations de l'efficacité opérationnelle axées sur la technologie

Les investissements technologiques se sont concentrés sur l'optimisation opérationnelle et la réduction des coûts.

Zone d'investissement technologique	2023 dépenses
Transformation numérique	28 millions de dollars
Analyse opérationnelle	15 millions de dollars
Technologies d'automatisation	22 millions de dollars

CNX Resources Corporation (CNX) - Modèle d'entreprise: Ressources clés

IMPRESSIONNANTS MARCELLUS ET UTICA SHALE ACREAGE Holdings

CNX Resources Corporation possède environ 200 000 acres nets dans la région de Marcellus Shale à partir de 2024. Les Holdings de Shale Utica de la société couvrent environ 50 000 acres nets principalement situés en Pennsylvanie et en Virginie-Occidentale.

Région de schiste	Acres nets	Emplacement géographique
Marcellus Schiste	200,000	Pennsylvanie, Virginie-Occidentale
Schiste Utica	50,000	Pennsylvanie, Virginie-Occidentale

Équipement de forage avancé et d'extraction

CNX exploite une flotte d'équipements de forage et d'extraction modernes avec un investissement en capital estimé à 750 millions de dollars dans les infrastructures technologiques.

• 12 plates-formes de forage horizontales avancées
• Équipement de fracturation hydraulique sophistiqué
• Systèmes de surveillance des données en temps réel

Expertise technique dans le développement non conventionnel du gaz

CNX utilise 237 professionnels techniques Spécialisé dans l'extraction de gaz non conventionnelle avec une expérience moyenne de l'industrie de 15 ans.

Capacités financières et investissements solides

Métrique financière	Valeur 2024
Actif total	4,2 milliards de dollars
Dépenses en capital annuelles	600 millions de dollars
Espèce et équivalents	350 millions de dollars

Gestion expérimentée et main-d'œuvre technique

CNX maintient un effectif de 1 100 employés, le leadership clé ayant un mandat moyen de 12 ans dans l'industrie du gaz naturel.

• Leadership exécutif avec une vaste expérience du secteur de l'énergie
• Programmes de développement professionnel continu
• Protocoles de formation de sécurité et opérationnels solides

CNX Resources Corporation (CNX) - Modèle d'entreprise: propositions de valeur

Production de gaz naturel à faible coût et efficace

Au quatrième trimestre 2023, CNX Resources Corporation a réalisé des volumes de production de 521 millions de pieds cubes par jour (MMCF / J). Les coûts de production moyens étaient de 1,38 $ par mille pieds cubes (MCF), positionnant l'entreprise en tant que producteur de gaz naturel à faible coût dans le bassin des Appalaches.

Métrique de production	Valeur 2023
Production quotidienne	521 mmcf / j
Coût de production	1,38 $ / MCF
Total des réserves prouvées	5,4 billions de pieds cubes équivalents

Développement d'énergie responsable de l'environnement

Le CNX s'est engagé à réduire l'intensité des émissions de méthane de 50% d'ici 2025, avec une intensité actuelle des émissions à 0,20 tonnes métriques de CO2 équivalent par million de pieds cubes de production.

• Cible de réduction des émissions de méthane: 50% d'ici 2025
• Intensité des émissions de courant: 0,20 tonnes métriques CO2E / MMCF
• Investissement dans les technologies de réduction des émissions: 45 millions de dollars en 2023

Approvisionnement en énergie intérieure fiable

CNX fournit du gaz naturel aux marchés industriels et résidentiels à travers le nord-est des États-Unis, avec des engagements contractuels totalisant 300 millions de pieds cubes par jour.

Innovation technologique dans les méthodes d'extraction

La société a investi 78 millions de dollars dans la recherche et le développement technologiques en 2023, se concentrant sur les techniques avancées de forage horizontal et de fracturation hydraulique.

Investissement technologique	Valeur 2023
Dépenses de R&D	78 millions de dollars
Puits horizontaux forés	42 puits
Productivité du puits moyen	8,2 mmcf / jour par puits

Engagement à réduire les émissions de carbone

CNX a établi une stratégie complète de réduction du carbone dans le but d'atteindre les émissions opérationnelles nettes-zéro d'ici 2035.

• Cible des émissions de zéro net: 2035
• Intensité de carbone actuelle: 15,3 kg CO2E / BOE
• Investissement en énergie renouvelable: 32 millions de dollars en 2023

CNX Resources Corporation (CNX) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement à long terme avec des clients industriels

CNX Resources Corporation maintient des contrats stratégiques d'approvisionnement en gaz naturel à long terme avec des clients industriels. Au quatrième trimestre 2023, la société avait environ 375 000 dekatherms par jour de capacité de transport des entreprises, permettant des engagements stables de livraison de gaz.

Type de contrat	Volume annuel	Durée moyenne
Contrats industriels	137,5 millions de pieds cubes par jour	5-7 ans
Contrats de production d'électricité	85,3 millions de pieds cubes par jour	3-5 ans

Communication transparente sur les pratiques environnementales

CNX Resources publie des rapports de durabilité complets détaillant les mesures de performance environnementale.

• Cible de réduction des émissions de méthane: 60% d'ici 2030
• Taux de recyclage de l'eau: 95% dans les régions opérationnelles
• Conformité annuelle sur la divulgation environnementale: 100%

Plateformes numériques pour l'engagement des clients

CNX utilise des plateformes numériques pour l'interaction client et la gestion des services.

Fonctionnalité de plate-forme numérique	Métrique de l'engagement de l'utilisateur
Portail client en ligne	Taux d'adoption de 78%
Gestion des contrats mobiles	62% des clients utilisant l'interface mobile

Service client réactif dans l'approvisionnement en énergie

CNX maintient une équipe de service client dédiée spécialisée dans le support d'approvisionnement en énergie.

• Temps de réponse moyen: 2,5 heures
• Évaluation de satisfaction du client: 4.6 / 5
• Disponibilité du support technique 24/7

Investissement communautaire et collaboration des parties prenantes

CNX Resources investit dans le développement communautaire local et les initiatives d'engagement des parties prenantes.

Catégorie d'investissement	Allocation annuelle
Développement communautaire local	3,2 millions de dollars
Partenariats éducatifs	1,5 million de dollars
Conservation de l'environnement	2,7 millions de dollars

CNX Resources Corporation (CNX) - Modèle d'entreprise: canaux

Ventes directes aux clients industriels et utilitaires

CNX Resources Corporation génère des ventes directes grâce à des segments de clients industriels et utilitaires ciblés. En 2023, la société a déclaré un volume total de ventes au gaz naturel de 557,3 milliards de pieds cubes (BCF).

Segment de clientèle	Volume des ventes (BCF)	Contribution des revenus
Clients industriels	298.4	53.5%
Clients des services publics	258.9	46.5%

Plateformes de trading d'énergie

CNX utilise des plateformes de trading d'énergie sophistiquées pour l'efficacité transactionnelle. La société a exécuté 214 567 transactions de négociation en 2023.

• Plateforme de trading Nymex Henry Hub
• Plateforme InterContinental Exchange (ICE)
• Réseaux de trading régional

Communication et marketing numériques

Les canaux numériques représentent un élément essentiel de la stratégie d'engagement client de CNX. La société maintient:

Canal numérique	Métrique
Site Web de l'entreprise	372 456 visiteurs uniques en 2023
LinkedIn adepte	24,789
Abonnés Twitter	8,435

Conférences de l'industrie et événements de réseautage

CNX participe à 12 conférences majeures de l'industrie énergétique chaque année, avec des opportunités d'engagement directes.

Réseaux de partenariat et d'approvisionnement

La société maintient des partenariats stratégiques dans plusieurs secteurs:

• Partenaires d'infrastructure intermédiaire
• Réseaux de chaîne d'approvisionnement de l'équipement
• Partenaires d'intégration technologique

Catégorie de partenariat	Nombre de partenariats actifs
Infrastructure intermédiaire	17
Partenaires technologiques	9
Fournisseurs d'équipement	23

CNX Resources Corporation (CNX) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie industrielle

CNX sert les consommateurs d'énergie industrielle avec les caractéristiques du marché suivantes:

Détail du segment	Données quantitatives
Volume annuel de gaz naturel	Environ 192,4 milliards de pieds cubes (2022)
Durée du contrat moyen	3-5 ans
Concentration géographique	Régions de schiste Marcellus et Utica

Entreprises de services publics électriques

Métriques clés du segment de la clientèle:

• Clients totaux de production d'électricité: 42
• Volume d'approvisionnement en gaz naturel: 76,3 milliards de pieds cubes par an
• Valeur du contrat moyen: 14,2 millions de dollars par utilitaire

Distributeurs régionaux de gaz naturel

Paramètre de distribution	Mesure quantitative
Nombre de distributeurs régionaux	27 clients actifs
Volume de distribution annuel	103,6 milliards de pieds cubes
Contrat de distribution moyen	8,7 millions de dollars par distributeur

Secteur manufacturier

Fabrication de ventilation du segment des clients:

• Total des clients de fabrication: 63
• Consommation annuelle de gaz naturel: 58,4 milliards de pieds cubes
• Valeur du contrat annuel moyen: 6,3 millions de dollars

Industrie pétrochimique

Métrique de l'industrie	Données quantitatives
Clients pétrochimiques totaux	19 clients actifs
Approvisionnement en gaz annuel	37,6 milliards de pieds cubes
Valeur du contrat moyen	22,1 millions de dollars par client

CNX Resources Corporation (CNX) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Pour l'exercice 2023, CNX Resources Corporation a déclaré des frais d'exploration et de forage de 347,6 millions de dollars. Ces coûts comprennent:

Catégorie de dépenses	Montant (millions de dollars)
Coûts d'enquête sismique	42.3
Frais de forage bien	215.4
Conseil géologique	89.9

Investissements d'équipement et de technologie

CNX a investi 276,4 millions de dollars dans l'équipement et la technologie en 2023, avec la ventilation suivante:

• Équipement de plate-forme de forage: 124,7 millions de dollars
• Technologies de détection avancées: 63,2 millions de dollars
• Équipement de fracturation hydraulique: 88,5 millions de dollars

Coûts de conformité environnementale

Les dépenses de conformité environnementale pour 2023 ont totalisé 89,3 millions de dollars, notamment:

Zone de conformité	Montant (millions de dollars)
Surveillance des émissions	24.6
Gestion de l'eau	35.7
Restauration des terres	29.0

Expertise en main-d'œuvre et technique

Les coûts totaux de main-d'œuvre pour CNX en 2023 étaient de 214,5 millions de dollars, distribués comme suit:

• Personnel technique: 132,6 millions de dollars
• Salaires de gestion: 47,9 millions de dollars
• Personnel de soutien: 34,0 millions de dollars

Frais d'infrastructure et de maintenance

Les coûts d'infrastructure et de maintenance pour 2023 s'élevaient à 186,2 millions de dollars:

Catégorie de maintenance	Montant (millions de dollars)
Infrastructure de pipeline	78.4
Entretien d'installation	62.7
Réparation de l'équipement	45.1

CNX Resources Corporation (CNX) - Modèle d'entreprise: Strots de revenus

Ventes de gaz naturel

CNX Resources Corporation a déclaré un chiffre d'affaires total des ventes de gaz naturel de 1,48 milliard de dollars pour l'exercice 2023. Le prix moyen réalisé du gaz naturel était de 2,63 $ par mille pieds cubes (MCF). Le volume de production quotidien a atteint environ 1,4 milliard de pieds cubes équivalents par jour.

Métrique	Valeur	Année
Revenu total des ventes de gaz	1,48 milliard de dollars	2023
Prix ​​du gaz réalisé moyen	2,63 $ par MCF	2023
Volume de production quotidien	1,4 milliard de pieds cubes	2023

Services d'infrastructure intermédiaire

CNX a généré des revenus des services d'infrastructure intermédiaire de 237 millions de dollars en 2023. Les actifs clés de l'infrastructure comprennent des systèmes de collecte et des installations de traitement dans le bassin des Appalaches.

• Gathering System Revenue: 142 millions de dollars
• Revenus des installations de traitement: 95 millions de dollars

Accords de monétisation des actifs et de coentreprise

CNX a complété les ventes d'actifs totalisant 186 millions de dollars en 2023. Les accords de coentreprise ont généré 64 millions de dollars supplémentaires de revenus.

Source de revenus	Montant
Ventes d'actifs	186 millions de dollars
Accords de coentreprise	64 millions de dollars

Licence et innovation technologiques

CNX a investi 22 millions de dollars dans la recherche et le développement technologiques, générant 8,5 millions de dollars à partir des licences technologiques en 2023.

Initiatives de crédit et de durabilité en carbone

Les ventes de crédit en carbone ont atteint 15,3 millions de dollars en 2023. Le programme de durabilité a généré des revenus supplémentaires du marché environnemental.

Revenus de durabilité	Montant
Ventes de crédit en carbone	15,3 millions de dollars

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.