CNX Resources Q1 2026 Earnings Report

CNX Resources EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.93
• Beat/Miss: N/A
• One Year Ago EPS: $0.79

CNX Resources Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $573.48 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

CNX Resources Announcement Details

• Quarter: Q1 2026
• Date: 4/30/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, April 30, 2026
• Conference Call Time: 10:00AM ET

CNX Resources (NYSE:CNX) Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas. This integrated approach enables the company to optimize the value of its production and enhance operational efficiencies. Key offerings include gas processing, compression, gathering systems and pipeline transportation services tailored to serve both its own production and third-party producers in the region.

Recognizing the importance of environmental stewardship and energy transition, CNX Resources has expanded into low-carbon energy solutions. Initiatives include development of renewable natural gas (RNG), participation in carbon capture and sequestration projects and deployment of distributed natural gas solutions for commercial and industrial customers. These efforts are designed to reduce greenhouse gas emissions and provide customers with cleaner energy alternatives.

Headquartered in Canonsburg, Pennsylvania, CNX Resources is led by President and Chief Executive Officer Nick J. DeIuliis, supported by a management team with deep experience in finance, engineering and operations. The company remains committed to operational excellence, financial discipline and responsible resource development in one of North America’s most prolific natural gas basins.

CNX Resources Q1 2026 Earnings Call Transcript

Key Takeaways

• Neutral Sentiment: Management said three Utica wells were brought online late in Q1 but production data are limited; a fuller data set is expected by late 2026/early 2027 and the company plans to gradually blend more Utica while keeping the SWPA Marcellus in "harvest mode" for the next few years.
• Positive Sentiment: CNX added roughly 13 BCF of longer-dated hedges (Cal 2028), is being opportunistic as basis differentials tighten, and expects improved all-in realized prices in the 2028 strip.
• Positive Sentiment: The company refinanced its 2029 notes into new eight-year paper at about 5.875%, extending maturities and smoothing the debt maturity profile (next planned action is to manage the 2030 maturity well ahead of time).
• Negative Sentiment: Approximately $209 million of convertible notes mature on May 1 and will convert this week into roughly 12 million net shares, increasing diluted share count in Q2.
• Positive Sentiment: Management expressed optimism about large in-basin demand growth (power plants, data centers) and said CNX is positioned to participate due to resource depth and creditworthiness, though timing of demand buildout remains uncertain.

Presentation

[Operator]

Good day, and welcome to the CNX Resources Q1 2026 question-and-answer conference call. All participants will be on listen only mode. If you need assistance, please signal the conference specialist by pressing the star key followed by zero. After today's presentation there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question please press star then two This call is being recorded. Would now like to hand the call to Tyler Lewis, Senior Vice President of Finance and Treasurer. Please go ahead.

[Tyler Lewis, SVP of Finance and Treasurer at CNX Resources]

Thank you. Good morning, everybody. Welcome to CNX's Q1 Q&A conference call. Today, we will be answering questions related to our Q1 results. This morning, we posted to our investor relations website an updated slide presentation and detailed Q1 earnings release data such as quarterly E&P data, financial statements, and non-GAAP reconciliations, which can be found in a document titled "1Q 2026 earnings results and supplemental information of CNX Resources." Also, we posted to our investor relations website our prepared remarks for the quarter, which we hope everyone had a chance to read before the call, as the call today will be used exclusively for Q&A. With me today for Q&A are Alan Shepard, our President and Chief Executive Officer, Everett Good, our Chief Financial Officer, and Navneet Behl, our Chief Operating Officer.

[Tyler Lewis, SVP of Finance and Treasurer at CNX Resources]

Please note that the company's remarks made during this call, including answers to questions, include forward-looking statements, which are subject to various risks and uncertainties. These statements are not guarantees of future performance and our actual results may differ materially as a result of many factors. A discussion of risks and uncertainties related to those factors in CNX's business is contained in its filings with the Securities and Exchange Commission and in the release issued today. With that, thank you for joining us this morning, and operator, please open the call up for Q&A at this time.

[Operator]

We will now begin the question-and-answer session. As a reminder, to ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, you will need to pick up your handset before pressing the keys. To withdraw your question, please press star then two. Our first question will come from Leo Mariani of Roth. Please go ahead.

[Leo Mariani, Analyst at Roth MKM]

Yeah, hi, good morning. I was hoping we could hear a little bit more about the Utica. I see you guys brought three wells on, you know, here in the Q1. Any comments on kind of well performance or costs? I know you've been working hard to kind of continue to improve the play over time, so just wanted to see if there was kind of an update there.

[Alan Shepard, President and CEO at CNX Resources]

Hey, Leo. Yeah, no, good question. We are continuing to develop the Utica program there. The most recent pad, it was a recent till towards the last part of the quarter. We're a little way off from providing any sort of production results from that. Everything we've seen so far, you know, as we've mentioned on previous calls, very, very consistent with what our expectation of the reservoir is, and we're continuing sort of to make progress on the cost side. Nothing new to update at this time. You know, the way to think about it is probably towards the end of this year, we'll be in a position to provide a fuller sum.

[Alan Shepard, President and CEO at CNX Resources]

We'll have a nice data set, to provide to the market towards the end of 2026, early 2027, once these wells have had enough duration on them.

[Leo Mariani, Analyst at Roth MKM]

Okay. Would you envision that as you guys develop a more robust data set, if the play continues to progress nicely, could we see a little bit more allocation to the Utica versus the Marcellus in the next handful of years? Do you guys think that, you know, the Marcellus still is probably going to be a little bit economically superior based on kind of the current rate?

[Alan Shepard, President and CEO at CNX Resources]

I think the Marcellus, you know, has the advantage of having the infrastructure already there, right? You know, we optimize for kind of the best economics per well, right? Right now, the SWPA Marcellus, you don't need to build new infrastructure for the most part because of all the legacy investment there. You will see us kind of blend in more Utica over time as that's sort of the longer-term position for the company. Definitely the SWFPA Marcellus, we're in harvest mode there, and you're going to continue to see those for the next few years.

[Leo Mariani, Analyst at Roth MKM]

Okay. That's helpful for sure. I just wanted to ask about kind of your new tech, you know, business here. Any kind of, you know, updates there on any of the other business lines other than the kind of environment and credit monetization in which you guys have been consistently doing? Specifically, anything on AutoSep or anything on like CNG or LNG business you guys have mentioned in the past?

[Alan Shepard, President and CEO at CNX Resources]

No, I think everything's consistent with where we thought it'd be at this point in 2026. We're still waiting for sort of the final guidance on 45Z, but we don't think that's going to impact any of the projections we've made so far. Nothing new to update there, Leo.

[Leo Mariani, Analyst at Roth MKM]

Okay. Thank you.

[Operator]

The next question comes from Jake Roberts of TPH. Please go ahead.

[Jake Roberts, Analyst at TPH]

Good morning.

[Alan Shepard, President and CEO at CNX Resources]

Hey, good morning.

[Jake Roberts, Analyst at TPH]

On hedging, you guys are typically transacting on a longer-term basis than a lot of your peers. Given what seems to be the prevailing theory of an improving gas space in that sort of 2028 plus timeframe, can you give some context on what you're seeing in that 2028 market? I think you added another 13 BCF to the book with this update. Just curious what you're seeing on that longer-dated market at the moment.

[Everett Good, CFO at CNX Resources]

Yeah. Yeah, again, on our longer-term hedges, we're certainly in a position to be more opportunistic maybe than we have in the past, and patient. As we see that price move up, and we've seen basis differentials tighten as well, and that's really helped us get to a better all-in realized price in kind of the Cal 28 market. We're targeting to bring that up over time as we approach that year.

[Jake Roberts, Analyst at TPH]

Okay, perfect. I appreciate that. Then just kind of, you know, I know you made some changes to the balance sheet. Just curious what the next steps are from here on that front.

[Everett Good, CFO at CNX Resources]

Yeah. We did a very positive refinancing of our 2029 notes, at new eight-year notes at five and 7/8, in the quarter. I mean, generally, we've been very consistent in that we try to push out the maturities to make sure that we're at least two, three years out before our next maturity. The next one up for us is a 2030 maturity that we'll handle well ahead of time. It's all about keeping the maturity profile extended and making sure that we don't have particular periods where you have large maturity towers in front of us.

[Jake Roberts, Analyst at TPH]

Thanks. I appreciate the time.

[Alan Shepard, President and CEO at CNX Resources]

Thank you.

[Operator]

Again, if you would like to ask a question, please press star then one. Our next question will come from Michael Scialla of Stephens. Please go ahead.

[Michael Scialla, Analyst at Stephens]

Hi, good morning.

[Alan Shepard, President and CEO at CNX Resources]

Hey, good morning, Mike.

[Michael Scialla, Analyst at Stephens]

Morning. Wanted to ask on in basin demand, some of your competitors are becoming a lot more confident on that, talking about that growing by more than 10 BCF per day by the end of the decade. Wanted to see if you share that enthusiasm and anything you can share with us that the company may be doing to capture some of that demand.

[Alan Shepard, President and CEO at CNX Resources]

Yeah, no, I would agree that, you know, we certainly see the same sort of long-term optimism on the demand side. You know, some of the announcements that come out are sort of mind-boggling, right? When you think about a nine-gigawatt sort of power center plant, you know, there's been multiple of those proposed. We're like everyone else, right? We see the announcements, and we're watching, monitoring. You know, as RFP come out for gas supply, we're participating in those. I mean, the magnitude of gas that's going to be demanded in basin in Appalachia is going to need to be sourced by multiple producers.

[Alan Shepard, President and CEO at CNX Resources]

If you think about the folks like us that have the resource depth and sort of the credit worthiness to enter into long-term arrangements with these new demand sources, we're certainly going to benefit from that. Yeah, we would share that optimism. The only question in my mind is timing, right? Is it three years? Is it five years? Is it seven years?

[Michael Scialla, Analyst at Stephens]

Alan, do you see that developing more on the Ohio side? Looks like it's maybe ahead of Pennsylvania, and that can you participate as much over there if that is the case?

[Alan Shepard, President and CEO at CNX Resources]

I think, you know, for an Appalachian producer, just given the interconnectedness of the pipes, we're pretty agnostic to where it develops. You know, you can wheel gas around here between the states pretty easily. You know, just as a sort of macro-observation, Ohio has shown itself to be a little easier to do business with, in terms of speed. It's a little bit flatter over there too for some of the data centers, and they have some of the intersection points with the long-haul pipelines like Clairton that make it very attractive. You know, Pennsylvania is also being competitive, though. I mean, you got the Homer City plant here and the NextEra projects that they're still working on site selection but have indicated they're going to be in the Mon Valley area. Those will certainly be in our footprint.

[Alan Shepard, President and CEO at CNX Resources]

Bigger picture, like I said, we're agnostic. We're just excited about the, you know, the growth in demand. As Everett mentioned, you're starting to see differentials tighten up in the out years, and we hope that trend continues.

[Michael Scialla, Analyst at Stephens]

Yep, got it. Wanted to ask on your convertible notes. Can you say when during the quarter you expect that remaining, I think it's $209 million, to convert? I'm just trying to estimate the diluted share count for the Q2.

[Everett Good, CFO at CNX Resources]

Yeah, that maturity is on May 1st, so this week. Those shares will be issued about approximately 12 million shares, net issuance later this week.

[Alan Shepard, President and CEO at CNX Resources]

Yeah. We say net, that's including the effect of the cap call that we structured when we entered into the converts. The 12's the net out the door.

[Michael Scialla, Analyst at Stephens]

Great. Thank you. Appreciate it.

[Operator]

This concludes our question-and-answer session. I'd like to turn the call over to Tyler Lewis for any closing remarks.

[Tyler Lewis, SVP of Finance and Treasurer at CNX Resources]

Great. Thank you again for joining us this morning. Please feel free to reach out if anyone has any additional questions. Otherwise, we'll look forward to speaking with everyone again next quarter. Thank you.

[Operator]

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Participants

Executives

• Alan Shepard, President and CEO
• Everett Good, CFO
• Tyler Lewis, SVP of Finance and Treasurer

Analysts

• Jake Roberts, Analyst at TPH
• Leo Mariani, Analyst at Roth MKM
• Michael Scialla, Analyst at Stephens