CNX Issues Statement on Section 45V Hydrogen Production Tax Credit Implementation Guidance

Core Insights - The Department of Treasury's recognition of captured waste coal mine methane (CMM) as a feedstock for hydrogen production is seen as a validation of its environmental and economic benefits, although the final implementation rules are considered overly restrictive by the company [1] - CNX Resources Corporation plans to pursue other incentive pathways for CMM volumes, including voluntary markets and other tax incentives, despite the limitations of the 45V rule [2] Company Overview - CNX Resources Corporation is a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company based in Appalachia, with a legacy of 160 years and a substantial asset base [2] - As of December 31, 2023, CNX had 8.74 trillion cubic feet equivalent of proved natural gas reserves and is a member of the Standard & Poor's Midcap 400 Index [2]