CNX Resources Corporation (CNX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da exploração de gás natural, a CNX Resources Corporation surge como uma potência estratégica, alavancando tecnologias inovadoras e práticas sustentáveis ​​para redefinir a produção de energia. Ao elaborar meticulosamente uma tela abrangente do modelo de negócios, o CNX demonstra como as empresas de energia modernas podem equilibrar proezas tecnológicas, responsabilidade ambiental e eficiência econômica no complexo ecossistema da bacia dos Apalaches. Sua abordagem vai além da perfuração tradicional, integrando métodos de extração de ponta, parcerias estratégicas e um compromisso de reduzir as emissões de carbono, posicionando-as como um líder de visão de futuro no mercado de energia em evolução.

CNX Resources Corporation (CNX) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas de infraestrutura média

A CNX Resources Corporation mantém parcerias estratégicas com as principais empresas de infraestrutura intermediária para otimizar o transporte e processamento de gás natural.

Parceiro	Detalhes da parceria	Capacidade anual
EQT Midstream Partners	Infraestrutura de coleta e transporte	500 milhões de pés cúbicos por dia
Nexttier Midstream	Serviços médios e conectividade de pipeline	350 milhões de pés cúbicos por dia

Joint ventures na bacia dos Apalaches Desenvolvimento de gás natural

O CNX se envolve em joint ventures colaborativas na bacia dos Apalaches para maximizar a eficiência da extração de recursos.

• Marcellus Shale Joint Venture com Consol Energy
• Parceria Utica Shale Development
• Investimento total em joint ventures: US $ 275 milhões

Parcerias de tecnologia para métodos avançados de perfuração e extração

O CNX colabora com os provedores de tecnologia para aprimorar os recursos de perfuração e extração.

Parceiro de tecnologia	Área de foco	Investimento
Baker Hughes	Tecnologias avançadas de perfuração	US $ 42 milhões anualmente
Schlumberger	Inovações de fraturamento hidráulico	US $ 38 milhões anualmente

Acordos contratuais com operadores de pipeline

O CNX mantém acordos críticos de transporte de pipeline para garantir uma distribuição eficiente de gás.

• Columbia Gas Transmission LLC Contrato
• Contrato de Transmissão de Energia de Domínio
• Volume anual de transporte de dutos: 1,2 bilhão de pés cúbicos

Provedores de tecnologia ambiental e de sustentabilidade

A CNX faz parceria com empresas de tecnologia ambiental para melhorar as práticas de sustentabilidade.

Parceiro de sustentabilidade	Foco de colaboração	Investimento Ambiental Anual
Tecnologias Envirogen	Redução de emissões de metano	US $ 22 milhões
Soluções de captura de carbono	Tecnologias de sequestro de carbono	US $ 18 milhões

CNX Resources Corporation (CNX) - Modelo de negócios: Atividades -chave

Exploração e produção de gás natural

A CNX Resources Corporation opera principalmente na região de Marcellus Shale, com reservas comprovadas de 5,9 trilhões de pés cúbicos de gás natural a partir de 2023. O volume anual de produção atingiu 733,2 bilhões de pés cúbicos em 2023.

Métrica de produção	2023 valor
Reservas totais comprovadas	5,9 trilhões de pés cúbicos
Volume anual de produção	733,2 bilhões de pés cúbicos
Poços de produção líquidos	2.800 poços ativos

Fraturamento hidráulico e perfuração horizontal

A CNX utiliza técnicas avançadas de fraturamento hidráulico em suas operações da Bacia dos Apalaches.

• Comprimento médio do poço horizontal: 10.500 pés
• Eficiência de perfuração: 14-16 dias por poço
• Etapas de fraturamento hidráulico por poço: 20 a 30 estágios

Otimização de ativos e gerenciamento de portfólio

Investimento em gestão estratégica de ativos com US $ 637 milhões em gastos de capital em 2023.

Métrica de gerenciamento de ativos	2023 valor
Gasto de capital	US $ 637 milhões
Área operacional	142.000 acres líquidos

Iniciativas de conformidade ambiental e sustentabilidade

O CNX se compromete a reduzir as emissões de metano e implementar práticas sustentáveis.

• Alvo de redução de emissão de metano: 35% até 2025
• Investimento em tecnologia de monitoramento de emissões: US $ 42 milhões
• Taxa de reciclagem de água: 85% da água do fluxo

Melhorias de eficiência operacional orientadas por tecnologia

Os investimentos tecnológicos focados na otimização operacional e na redução de custos.

Área de investimento em tecnologia	2023 Despesas
Transformação digital	US $ 28 milhões
Análise operacional	US $ 15 milhões
Tecnologias de automação	US $ 22 milhões

CNX Resources Corporation (CNX) - Modelo de negócios: Recursos -chave

MARCELLOS E UTICA E UTICA SHECE ACODIMENTOS

A CNX Resources Corporation possui aproximadamente 200.000 acres líquidos na região de Marcellus Shale a partir de 2024. As Utica Shale Holdings da empresa cobrem aproximadamente 50.000 acres líquidos localizados principalmente na Pensilvânia e na Virgínia Ocidental.

Região de xisto	Líquido acres	Localização geográfica
Marcellus Shale	200,000	Pensilvânia, Virgínia Ocidental
Utica Shale	50,000	Pensilvânia, Virgínia Ocidental

Equipamento avançado de perfuração e extração

A CNX opera uma frota de equipamentos modernos de perfuração e extração com um investimento estimado de capital de US $ 750 milhões em infraestrutura tecnológica.

• 12 plataformas de perfuração horizontais avançadas
• Equipamento de fraturamento hidráulico sofisticado
• Sistemas de monitoramento de dados em tempo real

Experiência técnica em desenvolvimento não convencional de gás

CNX emprega 237 Profissionais Técnicos Especializado em extração não convencional de gás com uma experiência média do setor de 15 anos.

Fortes capital financeiro e capacidades de investimento

Métrica financeira	2024 Valor
Total de ativos	US $ 4,2 bilhões
Gastos anuais de capital	US $ 600 milhões
Dinheiro e equivalentes	US $ 350 milhões

Gerenciamento experiente e força de trabalho técnica

CNX mantém uma força de trabalho de 1.100 funcionários, com a liderança -chave tendo um mandato médio de 12 anos na indústria de gás natural.

• Liderança executiva com extensa experiência no setor de energia
• Programas de desenvolvimento profissional contínuo
• Fortes protocolos de segurança e treinamento operacional

CNX Resources Corporation (CNX) - Modelo de Negócios: Proposições de Valor

Produção de gás natural eficiente e de baixo custo

No quarto trimestre 2023, a CNX Resources Corporation alcançou volumes de produção de 521 milhões de pés cúbicos por dia (MMCF/D). Os custos médios de produção foram de US $ 1,38 por mil pés cúbicos (MCF), posicionando a empresa como um produtor de gás natural de baixo custo na bacia dos Apalaches.

Métrica de produção	2023 valor
Produção diária	521 mmcf/d
Custo de produção	$ 1,38/MCF
Reservas totais comprovadas	5,4 trilhões de pés cúbicos equivalentes

Desenvolvimento Energético Ambientalmente Responsável

O CNX se comprometeu a reduzir a intensidade das emissões de metano em 50% em 2025, com intensidade de emissões atuais em 0,20 toneladas de CO2 equivalente por milhão de pés cúbicos de produção.

• Alvo de redução de emissões de metano: 50% até 2025
• Intensidade de emissões atuais: 0,20 toneladas métricas CO2E/MMCF
• Investimento em tecnologias de redução de emissões: US $ 45 milhões em 2023

Fornecimento de energia doméstica confiável

A CNX fornece gás natural aos mercados industriais e residenciais no nordeste dos Estados Unidos, com compromissos contratuais totalizando 300 milhões de pés cúbicos por dia.

Inovação tecnológica em métodos de extração

A empresa investiu US $ 78 milhões em pesquisa e desenvolvimento tecnológico em 2023, com foco em técnicas avançadas de perfuração horizontal e fraturamento hidráulico.

Investimento em tecnologia	2023 valor
Despesas de P&D	US $ 78 milhões
Poços horizontais perfurados	42 poços
Produtividade média do poço	8.2 mmcf/dia por poço

Compromisso de reduzir as emissões de carbono

A CNX estabeleceu uma estratégia abrangente de redução de carbono com um alvo de atingir as emissões operacionais de zero líquido até 2035.

• Alvo de emissões de zero de rede: 2035
• Intensidade atual do carbono: 15,3 kg CO2E/BOE
• Investimento de energia renovável: US $ 32 milhões em 2023

CNX Resources Corporation (CNX) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de fornecimento de longo prazo com clientes industriais

A CNX Resources Corporation mantém contratos estratégicos de fornecimento de gás natural de longo prazo com clientes industriais. A partir do quarto trimestre de 2023, a empresa tinha aproximadamente 375.000 dekatherms por dia de capacidade de transporte firme, permitindo compromissos estáveis ​​de entrega de gás.

Tipo de contrato	Volume anual	Duração média
Contratos industriais	137,5 milhões de pés cúbicos por dia	5-7 anos
Contratos de geração de energia	85,3 milhões de pés cúbicos por dia	3-5 anos

Comunicação transparente sobre práticas ambientais

A CNX Resources publica relatórios abrangentes de sustentabilidade detalhando as métricas de desempenho ambiental.

• Alvo de redução de emissões de metano: 60% até 2030
• Taxa de reciclagem de água: 95% em regiões operacionais
• Conformidade anual de divulgação ambiental: 100%

Plataformas digitais para envolvimento do cliente

O CNX utiliza plataformas digitais para interação com clientes e gerenciamento de serviços.

Recurso da plataforma digital	Métrica de engajamento do usuário
Portal de clientes on -line	78% da taxa de adoção do cliente
Gerenciamento de contratos móveis	62% dos clientes usando interface móvel

Atendimento ao cliente responsivo em compras de energia

A CNX mantém uma equipe dedicada de atendimento ao cliente, especializada em suporte a compras de energia.

• Tempo médio de resposta: 2,5 horas
• Classificação de satisfação do cliente: 4.6/5
• Disponibilidade de suporte técnico 24/7

Investimento comunitário e colaboração das partes interessadas

A CNX Resources investe no desenvolvimento da comunidade local e nas iniciativas de engajamento das partes interessadas.

Categoria de investimento	Alocação anual
Desenvolvimento da comunidade local	US $ 3,2 milhões
Parcerias educacionais	US $ 1,5 milhão
Conservação Ambiental	US $ 2,7 milhões

CNX Resources Corporation (CNX) - Modelo de Negócios: Canais

Vendas diretas para clientes industriais e de serviços públicos

A CNX Resources Corporation gera vendas diretas por meio de segmentos direcionados de clientes industriais e de serviços públicos. Em 2023, a empresa registrou um volume total de vendas de gás natural de 557,3 bilhões de pés cúbicos (BCF).

Segmento de clientes	Volume de vendas (BCF)	Contribuição da receita
Clientes industriais	298.4	53.5%
Clientes de serviços públicos	258.9	46.5%

Plataformas de negociação de energia

O CNX utiliza plataformas sofisticadas de negociação de energia para eficiência transacional. A empresa executou 214.567 transações comerciais em 2023.

• Plataforma de negociação do Nymex Henry Hub
• Plataforma Intercontinental Exchange (ICE)
• Redes de negociação regionais

Comunicação digital e marketing

Os canais digitais representam um componente crítico da estratégia de envolvimento do cliente da CNX. A empresa mantém:

Canal digital	Métricas
Site corporativo	372.456 visitantes únicos em 2023
Seguidores do LinkedIn	24,789
Seguidores do Twitter	8,435

Conferências do setor e eventos de rede

CNX participa 12 principais conferências do setor de energia anualmente, com oportunidades de engajamento direto.

Redes de parceria e compras

A empresa mantém parcerias estratégicas em vários setores:

• Parceiros de infraestrutura média
• Redes de cadeia de suprimentos de equipamentos
• Parceiros de integração de tecnologia

Categoria de parceria	Número de parcerias ativas
Infraestrutura média	17
Parceiros de tecnologia	9
Fornecedores de equipamentos	23

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

Consumidores de energia industrial

A CNX atende aos consumidores de energia industrial com as seguintes características de mercado:

Detalhes do segmento	Dados quantitativos
Volume anual de gás natural	Aproximadamente 192,4 bilhões de pés cúbicos (2022)
Duração média do contrato	3-5 anos
Concentração geográfica	Regiões Marcellus e Utica Shale

Empresas de serviços públicos elétricos

Métricas principais do segmento de clientes:

• Total de geração de eletricidade Clientes: 42
• Volume de suprimento de gás natural: 76,3 bilhões de pés cúbicos anualmente
• Valor médio do contrato: US $ 14,2 milhões por utilidade

Distribuidores regionais de gás natural

Parâmetro de distribuição	Medição quantitativa
Número de distribuidores regionais	27 clientes ativos
Volume anual de distribuição	103,6 bilhões de pés cúbicos
Contrato de distribuição média	US $ 8,7 milhões por distribuidor

Setor de manufatura

Fabricação do segmento de clientes Redução:

• Total de clientes de fabricação: 63
• Consumo anual de gás natural: 58,4 bilhões de pés cúbicos
• Valor médio anual do contrato: US $ 6,3 milhões

Indústria petroquímica

Métrica da indústria	Dados quantitativos
Total de clientes petroquímicos	19 clientes ativos
Fornecimento anual de gás	37,6 bilhões de pés cúbicos
Valor médio do contrato	US $ 22,1 milhões por cliente

CNX Resources Corporation (CNX) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a CNX Resources Corporation registrou despesas de exploração e perfuração de US $ 347,6 milhões. Esses custos incluem:

Categoria de despesa	Valor (US $ milhões)
Custos de pesquisa sísmica	42.3
Despesas de perfuração bem	215.4
Consultoria geológica	89.9

Investimentos de equipamentos e tecnologia

A CNX investiu US $ 276,4 milhões em equipamentos e tecnologia em 2023, com a seguinte quebra:

• Equipamento de plataforma de perfuração: US $ 124,7 milhões
• Tecnologias de sensor avançado: US $ 63,2 milhões
• Equipamento de fraturamento hidráulico: US $ 88,5 milhões

Custos de conformidade ambiental

As despesas de conformidade ambiental de 2023 totalizaram US $ 89,3 milhões, incluindo:

Área de conformidade	Valor (US $ milhões)
Monitoramento de emissões	24.6
Gerenciamento da água	35.7
Restauração da terra	29.0

Experiência em mão -de -obra e técnica

Os custos totais de mão -de -obra para CNX em 2023 foram de US $ 214,5 milhões, distribuídos da seguinte forma:

• Pessoal técnico: US $ 132,6 milhões
• Salários de gestão: US $ 47,9 milhões
• Equipe de suporte: US $ 34,0 milhões

Despesas de infraestrutura e manutenção

Os custos de infraestrutura e manutenção de 2023 totalizaram US $ 186,2 milhões:

Categoria de manutenção	Valor (US $ milhões)
Infraestrutura de pipeline	78.4
Manutenção da instalação	62.7
Reparo de equipamentos	45.1

CNX Resources Corporation (CNX) - Modelo de negócios: fluxos de receita

Vendas de gás natural

A CNX Resources Corporation reportou receita total de vendas de gás natural de US $ 1,48 bilhão para o ano fiscal de 2023. O preço médio percebido no gás natural foi de US $ 2,63 por mil pés cúbicos (MCF). O volume diário de produção atingiu aproximadamente 1,4 bilhão de pés cúbicos equivalente por dia.

Métrica	Valor	Ano
Receita total de vendas de gás	US $ 1,48 bilhão	2023
Preço médio de gás realizado	US $ 2,63 por MCF	2023
Volume diário de produção	1,4 bilhão de pés cúbicos	2023

Serviços de infraestrutura média

A receita de serviços de infraestrutura de infraestrutura média gerou CNX de US $ 237 milhões em 2023. Os principais ativos de infraestrutura incluem sistemas de coleta e instalações de processamento em toda a bacia dos Apalaches.

• Receita do sistema de coleta: US $ 142 milhões
• Receita de instalações de processamento: US $ 95 milhões

Acordos de monetização de ativos e joint venture

A CNX concluiu as vendas de ativos, totalizando US $ 186 milhões em 2023. Os contratos de joint venture geraram receita adicional de US $ 64 milhões.

Fonte de receita	Quantia
Vendas de ativos	US $ 186 milhões
Acordos de joint venture	US $ 64 milhões

Licenciamento de tecnologia e inovação

A CNX investiu US $ 22 milhões em pesquisa e desenvolvimento de tecnologia, gerando US $ 8,5 milhões com o licenciamento de tecnologia em 2023.

Iniciativas de crédito e sustentabilidade de carbono

As vendas de crédito de carbono atingiram US $ 15,3 milhões em 2023. O Programa de Sustentabilidade gerou receitas adicionais no mercado ambiental.

Receita de sustentabilidade	Quantia
Vendas de crédito de carbono	US $ 15,3 milhões

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.