CNX Resources

What CNX Resources does

CNX Resources Corporation (NYSE: CNX) is a publicly traded independent natural gas exploration, development, and production company headquartered in Canonsburg, Pennsylvania, with a 162-year operating history dating to 1864. The company develops ultra-low carbon intensive natural gas from the Marcellus and Utica shale formations across the Appalachian basin in Pennsylvania, West Virginia, Ohio, and Virginia, with 9.7 Tcf equivalent of proved reserves and 629 Bcfe of full-year 2025 production. CNX operates an integrated upstream and midstream business that includes owned gathering pipelines, processing facilities, and water pipeline infrastructure, allowing direct delivery to industrial, power generation, LNG, and data center customers primarily in the Northeast and Mid-Atlantic markets.

The company's revenue model is anchored in commodity natural gas and natural gas liquids sales priced against the Henry Hub benchmark, supplemented by midstream gathering and processing fees and a growing environmental attribute monetization business. Premium low-carbon products include Remediated Mine Gas (RMG), which captures fugitive methane from abandoned coal mines and qualifies under the Pennsylvania Alternative Energy Portfolio Standard, and proprietary pad-level technologies (ZeroHP CNG and Clean mLNG) that use geobaric shale energy to bypass conventional mechanical compression. Additional services include AutoSep Technologies automated flowback solutions (partnered with Deep Well Services), Appalachian Valley Improved Forest Management carbon credits (enrolled in Verra's VCS program), and Stream and Wetland Mitigation Banking through Ecosystem Investment Partners.

CNX distributes its gas and midstream services through direct enterprise sales relationships with large-volume counterparties, supported by the wholly-owned CNX Green Ventures subsidiary focused on geothermal energy development. The company is a member of the S&P Midcap 400 Index, has approximately 95% institutional ownership, and as of Q4 2025 carried $2.4 billion of adjusted net debt alongside $2.4 billion of remaining share repurchase authorization. Leadership transitioned in January 2026 with Alan Shepard assuming the President and CEO role and Everett Good becoming CFO, while COO Navneet Behl oversees asset base operations.

Name

CNX Resources

Legal name

CNX Resources Corporation

Website

https://cnx.com

Company type

Public

Founded year

1864

Operating status

Operating

Headcount range

251–500 employees

Short description

CNX Resources is a publicly traded independent natural gas exploration, development, and production company operating in the Appalachian basin, producing ultra-low carbon intensity gas from Marcellus and Utica shales and selling through integrated midstream infrastructure to industrial, power generation, LNG, and data center customers.

Ownership category

akta.pro rank

Product category

Natural Gas Exploration & Production

NAICS

Natural Gas Distribution (2212), Natural Gas Distribution (221210)

SIC

Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA)

akta.pro secondary industries

Gas-to-Power Project Development (IPP/CPP, Permitting, Financing) (EUALALAC), Off-Grid/Remote Energy Solutions (Mines, Camps, Islands using LNG/CNG) (EUALALAI), CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)

Keywords

• Natural gas production
• Shale gas exploration
• Midstream gas processing
• Carbon credit generation
• Low carbon intensity energy

Headquarters

HQ city

Canonsburg

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Natural Gas and NGL Sales: Core revenue stream from selling natural gas and natural gas liquids produced from Appalachian basin operations. Pricing follows market commodity rates with Henry Hub as benchmark.
2. Midstream Services: Gathering and processing fees from owned midstream infrastructure including gathering pipelines and processing facilities that serve both company production and third-party volumes
3. Environmental Attribute Monetization: Revenue from carbon credits and environmental attributes including Appalachian Valley IFM Project with ClimeCo and Stream and Wetland Mitigation Banking with Ecosystem Investment Partners

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

CNX Resources is an independent natural gas exploration, development, and production company that develops ultra-low carbon intensive natural gas from the Marcellus and Utica shales in Appalachia. The company operates integrated upstream and midstream assets including gathering pipelines, processing facilities, and water pipelines, and offers proprietary low-carbon products (Remediated Mine Gas, ZeroHP CNG, Clean mLNG) plus carbon credit and mitigation banking services. CNX targets enterprise customers in power generation, industrial manufacturing, LNG, and data center markets with reliable, low-emission gas supply.

Product overview

CNX Resources is a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia. The company's core business centers on developing natural gas from the Marcellus and Utica shale formations through integrated upstream and midstream operations. CNX offers premium low carbon intensity products including Remediated Mine Gas (RMG), proprietary pad-level technologies (ZeroHP CNG and Clean mLNG), and automated flowback solutions (AutoSep Technologies). The company also provides environmental attribute monetization, carbon credits through forest management projects, and stream/wetland mitigation banking services. These offerings are tied together through the company's 'Appalachia First' strategy and 'Radical Transparency' initiative.

Differentiator

Problem solved

Functional benefit

Brands

• Remediated Mine Gas (RMG): Ultra-low carbon intensity premium product that captures waste methane from legacy mine workings for processing and sale into low carbon electricity generation markets
• ZeroHP CNG
• Clean mLNG
• AutoSep Technologies
• CNX Green Ventures

Products and services

• Natural Gas Development and Production CNX develops and produces ultra-low carbon intensive natural gas and natural gas liquids (NGLs) from the Marcellus and Utica shales in the Appalachian basin, one of the world's most prolific natural gas basins. Sold to industrial, power generation, LNG, and data center customers under long-term volume commitments.
• Midstream Services CNX owns and operates natural gas gathering pipelines, processing facilities, and water pipeline infrastructure in Appalachia. Gathering and processing services are provided to both company production and third-party volumes via integration with upstream operations.
• Remediated Mine Gas (RMG) Premium low-carbon intensity product that captures waste methane from legacy mine workings for processing, compression, and transport to market, qualifying as an alternative energy source under the Pennsylvania Alternative Energy Portfolio Standard (AEPS) and other emerging markets including manufacturing, data centers, transportation, and aviation.
• ZeroHP CNG Proprietary pad-level compressed natural gas technology that uses geobaric energy from shale formations to produce CNG near the well site, lowering compression costs, maintenance, environmental footprint, and trailer fill time for compressed natural gas applications.
• Clean mLNG Micro-scale liquefied natural gas technology designed to produce LNG closer to the point of supply for transportation, industrial, power, and other off-pipeline applications, enabling small-scale localized LNG supply.
• AutoSep Technologies Advanced automated flowback solutions developed in partnership with Deep Well Services to automate and improve well flowback operations for CNX and the connected oilfield industry.
• Environmental Attribute Monetization Service offering through which CNX monetizes environmental attributes associated with its Remediated Mine Gas production via programs including the Pennsylvania Alternative Energy Portfolio Standard (AEPS) and other emerging regulatory compliance programs.
• Carbon Credits (AVIFM) Verra VCS-registered carbon offset credits generated through the 34,422-acre Appalachian Valley Improved Forest Management (AVIFM) project in Virginia, developed in partnership with ClimeCo for forest management, carbon storage, and conservation outcomes.
• Stream and Wetland Mitigation Banking High-quality stream and wetland mitigation banking credits created through partnerships with Ecosystem Investment Partners (EIP), including the Blacksville Mitigation Bank project, providing permitting offsets and regulatory advantages for CNX and external buyers.

Quantifiable outcome

• 347% year-over-year revenue growth in Q4 2025
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• AutoSep TechnologiescoreTechnology or IntegrationPartnership with Deep Well Services for automated flowback solutions using AutoSep Technologies intelligent well management systems. Enhances operational efficiency and safety for well completion operations.
• ClimeCocoreStrategic or Co-development PartnerCollaboration on Appalachian Valley IFM Project involving forest management and carbon credit generation. CNX participates in carbon offset programs managed by ClimeCo for environmental attribute monetization.
• Ecosystem Investment Partners (EIP)coreStrategic or Co-development PartnerPartnership for Stream and Wetland Mitigation Banking enabling CNX to offset environmental impacts through investment in wetland and stream restoration projects. Creates regulatory relationships and permitting advantages.
• JLLminorStrategic or Co-development PartnerJLL (Jones Lang LaSalle) engaged to market data center development sites in Pennsylvania. CNX is exploring data center development opportunities leveraging natural gas supply capabilities and existing infrastructure.
• CNX Green VenturescoreStrategic or Co-development PartnerSubsidiary focused on geothermal energy development and low-carbon energy solutions. Supports company's diversification into renewable energy and environmental attribute monetization strategies.

Scale indicators6 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• EQT Corporation: Largest U.S. natural gas producer and the most direct Appalachian basin competitor; operates in the same Marcellus and Utica shales with overlapping customer base including power generators, LNG facilities, and industrial users.
• Antero Resources: Pure-play Appalachian natural gas and NGL producer with operations in the Marcellus and Utica shales of West Virginia and Pennsylvania; directly comparable in basin, customer mix, and integrated midstream exposure.
• Range Resources: Appalachian-focused natural gas and NGL producer with operations in the Marcellus and Utica shales; comparable in basin focus, low-cost producer profile, and natural gas liquids exposure.
• Expand Energy Corporation: Largest U.S. natural gas producer formed from the merger of Chesapeake Energy and Southwestern Energy; operates in the Marcellus, Utica, and Haynesville shales, directly comparable as a large-scale Appalachia and broader gas-focused E&P.
• Coterra Energy: Diversified E&P with significant natural gas operations in the Marcellus shale of Pennsylvania alongside Permian and Anadarko assets; comparable in natural gas customer base, midstream integration, and large-cap E&P profile.

Broad incumbents

• Ovintiv: Large diversified E&P with operations across the Permian, Montney, Bakken, and Anadarko; comparable as a North American natural gas and liquids producer pursuing low-cost, integrated upstream-plus-midstream operations.

Others

• Cheniere Energy: Largest U.S. LNG exporter and a key customer/market for Appalachian natural gas; relevant as a downstream offtake channel for CNX gas and a comp for LNG-linked U.S. gas demand growth.
• Constellation Energy: Largest U.S. competitive power generator with significant natural gas-fired capacity in the Northeast and PJM; relevant downstream buyer for CNX gas and representative of the data center power demand thesis.
• Vistra Corp: Large U.S. competitive power generator with a meaningful natural gas-fired generation portfolio; comparable as a downstream natural gas buyer with growing data center power supply exposure.

Emerging players

• DT Midstream: Appalachian-focused natural gas midstream operator with gathering, processing, and transportation assets in the Marcellus and Utica basins; comparable to CNX's owned midstream operations and integrated upstream-midstream model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CNXtweets
• Facebookfacebook.com/CNXFoundation
• LinkedInlinkedin.com/company/27137079/admin
• Instagraminstagram.com/cnxfoundation

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CNX Resources