CNX Resources is an Appalachian Basin natural gas producer, operating primarily in the Marcellus and Utica shale formations across Pennsylvania, West Virginia, and Ohio, with additional Coalbed Methane (CBM) operations in Virginia. Natural gas accounts for roughly 92% of production by volume, with NGLs and condensate making up the remainder. CNX sells gas to marketers, industrial buyers, utilities, and power generators, largely under short-term contracts at market prices. CNX owns approximately 2,600 miles of gathering pipelines and several processing facilities, giving it control over gas movement from wellhead to interstate pipelines. CNX's business model centers on producing gas at low cost — lifting costs were roughly $0.15/Mcfe in FY25 — and managing price risk through an extensive hedge book, targeting roughly 80% hedged production in any given year. Rather than growing volumes, CNX has operated in "maintenance mode" for several years, using free cash flow primarily for share buybacks. An incremental and growing earnings stream comes from environmental attribute credits tied to its CBM and Remediated Mine Gas (RMG) capture activities, sold into Pennsylvania's compliance market and voluntary carbon markets, with management guiding to roughly $30M/year in environmental attribute cash flows. CNX's primary growth focus is the Deep Utica Shale in Central PA, where it is delineating a deeper, higher-pressure formation underlying its existing acreage, with drilling costs declining toward $1,700–$1,750/ft. CNX completed the acquisition of Apex Energy's upstream and midstream assets in early 2025 for roughly $518M, adding Marcellus acreage and incremental Utica rights.