Core Viewpoint - CNX Resources Corporation has successfully completed a cash tender offer for its 6.000% Senior Notes due 2029, with 84.04% of the notes tendered, and plans to redeem the remaining notes contingent on a new senior notes offering [1] Group 1: Tender Offer Details - The total principal amount of the 2029 Notes outstanding is $500 million, with tenders received for $420,200,000 [1] - The purchase price for the validly tendered 2029 Notes is set at $1,016.10 for each $1,000 principal amount, plus accrued interest [1] - The settlement date for the tender offer is scheduled for February 26, 2026, after which interest will cease to accrue on the accepted notes [1] Group 2: Redemption Conditions - CNX has issued a conditional notice to redeem all 2029 Notes not purchased in the tender offer at a redemption price of 101.50% of the principal amount, plus accrued interest [1] - The redemption is contingent upon the successful closing of a new senior notes offering and receipt of net proceeds [1] - There is no assurance that the redemption will be completed, as it may be terminated if conditions are not met by the redemption date of March 19, 2026 [1] Group 3: Company Overview - CNX Resources Corporation is a leading natural gas development and production company based in Appalachia, with a focus on ultra-low carbon intensity [1] - As of December 31, 2025, the company reported 9.7 trillion cubic feet equivalent of proved natural gas reserves [1] - CNX is a member of the Standard & Poor's Midcap 400 Index, highlighting its significant market presence [1]

Financial Performance - CNX generated $226 million in Q3 2025 free cash flow[3], marking the 23rd consecutive quarter of positive free cash flow generation[3, 5] - The company anticipates approximately $640 million in free cash flow for 2025[5], driven by additional asset sales[5] - CNX has generated approximately $27 billion in free cash flow since Q1 2020[6] - The company's Q3 2025 cash operating margin was 62%[3], with an expected 2025 cash operating margin of 63%[3] - Q3 2025 fully burdened cash costs, before DD&A, were $109 per Mcfe[3], with an expected ~$112 per Mcfe for 2025[3] Capital Allocation - CNX repurchased 61 million shares in Q3 2025 at an average price of $3012 per share, totaling $182 million[5] - Since the inception of the buyback program in 2020, CNX has repurchased approximately 43% of its outstanding shares[3, 5, 12] - CNX has repurchased 957 million shares for $18 billion since Q3 2020 at an average price of $1886[11] Balance Sheet and Guidance - CNX's adjusted net debt increased in the first quarter of 2025 due to the Apex Energy acquisition[13] - The company has significant liquidity under credit facilities, with combined elected commitments of $20 billion[18] - CNX updated its 2025 free cash flow guidance to approximately $640 million, which includes approximately $115 million in expected asset sales[5, 20, 21] - The updated guidance for 2025 FCF per share is ~$475, based on shares outstanding of 134,832,658 as of 10/20/2025[20, 22] Environmental Performance - CNX captured approximately 91 million metric tons of waste methane CO₂e, which is nearly 20 times greater than scope 1 emissions[28]