CNX Resources : Fourth Quarter 2022 Earnings Call Slides

Q4 2022 Update

January 26, 2023

Q4 2022 Highlights

"The fourth quarter represented the 12th consecutive quarter of significant free cash flow generation, making 2022 the best year ever for CNX as a public company," commented Nick Deiuliis, president and CEO. "Utilizing this significant free cash flow, cumulatively, we have retired nearly 25% of our outstanding shares and reduced approximately $360 million in adjusted net debt since the inception of the buyback program in 2020. We believe that our sustainable business model will continue to consistently generate significant free cash to

RESULTS SNAPSHOT(1)

$276MM	13%
Q4 Free Cash Flow	2023E Free Cash Flow Yield

simultaneously reinvest into the business, reduce debt, and acquire our discounted shares,

year after year. We believe that this is a long-term recipe for success that will drive intrinsic per share value."

55%

Q4 2022 Cash Operating Margin

64%

2023E Cash Operating Margin

▪ Free cash flow (FCF)(1) of $276 million, our 12th consecutive quarter of positive FCF
generation
‒ 2022 FCF(1) of $707 million exceeded annual guidance
‒	2023E FCF(1) guidance of approximately $375 million
‒	Operational execution of 7-year FCF plan (2020-2026) is on track

1.7x	1.5x
TTM Leverage Ratio	2023E Leverage Ratio(2)

▪ Repurchased 12.6 million shares on the open market in Q4 at an average price of $17.04

per share for a total cost of $215 million and another 1.3 million shares from 1/1/2023-

1/17/2023 at an average price of $16.33 for a total cost of $22 million

‒ Over the last nine quarters, this has resulted in CNX buying back approximately

24% of the outstanding shares of the company

Note: Financial metrics based on company filings and estimates. Share price as of 1/17/2023.

$1.20 per Mcfe

TTM Fully Burdened Cash Costs, before DD&A

~$1.10 per Mcfe

2023E Fully Burdened Cash Costs

1. Non-GAAPmeasures. For definitions and reconciliations, see "4Q 2022 Earnings Results & Supplemental Information of CNX Resources" on Investor Page on the company's website and page 9 herein.
2. Assumes all 2023 free cash is used to reduce net debt.

2

CNX has Generated ~$1.6 Billion in Free Cash Flow since Q1 2020

$400	Free Cash Flow (FCF)(1)
	$375

12 consecutive quarters of generating significant FCF, used to return capital to shareholders and pay down/manage debt

$ in millions

$300

$276

			$234
$200
			$158
$129	$121	$130	$135
	$117

$100	$101
$85
	$62

$21

$0

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

2023E

FCF (Actual)

FCF Guidance

Note: Financial metrics based on company filings and estimates. Forward market prices are as of 1/5/2023.

(1) Non-GAAP measures. For definitions and reconciliations, see "4Q 2022 Earnings Results & Supplemental Information of CNX Resources" on Investor Page on the company's website and page 9 herein.

3

Balance Sheet and Liquidity Strength

Significant liquidity under credit

Maturities as of December 31, 2022(1)

facilities - Combined elected commitments of $1.9 billion

Significant runway before nearest bond maturity

Weighted average senior unsecured debt maturities of 6.5 years as of Q4 2022

$ in millions

2500

2000

1500

1000

500

0

Capacity

Undrawn Revolver

Significant runway before nearest bond maturity

$1,746

$154

$331

7.1%	7.2%	7.4%	7.5%

$350	$500	$400	$500

8%

7%

6%

5%

4%

3%

2%

1%

0%

2022	2023	2024	2025	2026	2027	2028	2029	2030	2031
CNX/CNXM Sr. Notes			CNX/ CNXM Revolvers	Undrawn Revolver Capacity	Current Yield

Source: Company filings.

(1) Excludes letters of credit. Current yield-to-worst (YTW) as of 1/17/2023.

4

Balance Sheet and Hedge Book Drive Capacity to Retire Shares and

Reduce Debt

CNX has repurchased 57.0 million shares for $868 million(1) since Q3 2020 at an average price of $15.24

CNX has reduced adjusted net debt(2) by $360 million since Q3 2020

~24% reduction in total

shares outstanding

since Q3 2020

170.1(1)

Note: Financial metrics based on company filings and estimates.
(1)	Includes approximately 1.3 million shares bought back from 1/1/2023 through 1/17/2023, offset by 2.6 million shares issued since Q4 2020 related to equity compensation.	5
(2)	Non-GAAP measures. For definitions and reconciliations, see "4Q 2022 Earnings Results & Supplemental Information of CNX Resources" on Investor Page on the company's website and page 9 herein.