CNX Resources : Sales Agreement - Form 8-K

2Q 2022 Earnings Results &
Supplemental Information of CNX Resources
TABLE OF CONTENTS:	Page:
Production Volumes and Activity Summary........................................................................................................................	2
Hedge Volumes and Pricing…...........................................................................................................................................	3
Gas Hedging Gain/Loss Projections…..............................................................................................................................	4
Consolidated Statements of Income..................................................................................................................................	5
Consolidated Balance Sheets............................................................................................................................................	6
Consolidated Statements of Cash Flows….......................................................................................................................	7
Market Mix and Natural Gas Price Reconciliation…..........................................................................................................	8
Price and Cost Data (Per Mcfe).........................................................................................................................................	9
Guidance…........................................................................................................................................................................	10
Non-GAAP Reconciliations
Definitions..........................................................................................................................................................................	11
Sales of Natural Gas, NGL and Oil, including Cash Settlements and Natural Gas, NGL and Oil Production Costs.........	12
Quarterly Adjusted EBITDAX and Adjusted Net Income....................................................................................................	13
Operating Margin...............................................................................................................................................................	14
Cash Operating Margin......................................................................................................................................................	15
Net Debt and Adjusted EBITDAX TTM..............................................................................................................................	16
Free Cash Flow..................................................................................................................................................................	17

NOTE: Please note that CNX is unable to provide a reconciliation of non-GAAP projected financial results contained in this presentation, including the non-GAAP measures referenced above, to their respective comparable financial measure calculated in accordance with GAAP. This is due to our inability to calculate the comparable GAAP projected metrics, including operating income, net cash provided by operating activities and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

PRODUCTION VOLUMES
GAS	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Shale Sales Volumes (Bcf)	122.1	130.5	135.8	130.3	115.0
CBM Sales Volumes (Bcf)	11.0	11.4	12.0	12.2	12.6
Other Sales Volumes (Bcf)	0.1	0.1	0.1	0.1	0.1
LIQUIDS*
NGLs Sales Volumes (Bcfe)	8.8	8.5	9.7	10.1	9.5
Oil and Condensate Sales Volumes (Bcfe)	0.3	0.4	0.6	0.8	0.7
TOTAL (Bcfe)	142.3	150.9	158.2	153.5	137.9
Average Daily Production (MMcfe)	1,564.1	1,676.2	1,719.4	1,668.7	1,515.6
* NGLs, Oil and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
Q2 2022 ACTIVITY SUMMARY	TD	Frac	TIL	Average Lateral Length(1)	Rigs at Period End
SWPA Central	Marcellus	-	8	16	9,708	1
Utica	-	-	-	-	-
WV Shirley-Pennsboro	Marcellus	8	-	-	-	-
Utica	-	-	-	-	-
CPA South	Marcellus	3	-	-	-	-
Utica	-	-	-	-	1
Total	11	8	16	-	2
(1) Measured in lateral feet from perforation to perforation.

2

HEDGE VOLUMES AND PRICING
Q3 2022	2022	2023	2024	2025	2026	2027
NYMEX Hedges
Volumes (Bcf)	112.8	453.0	382.7	316.0	279.2	228.8	37.6
Average Prices ($/Mcf)	$2.89	$2.92	$3.01	$2.92	$3.14	$3.24	$3.75
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)	5.3	20.9	34.5	46.5	74.9	71.7	32.4
Average Prices ($/Mcf)	$2.49	$2.49	$2.15	$2.32	$2.48	$2.40	$3.06
Total Volumes Hedged (Bcf)(1)	118.1	473.9	417.2	362.5	354.1	300.5	70.0
NYMEX + Basis (fully-covered volumes)(2)
Volumes (Bcf)	118.1	473.9	407.5	362.5	345.4	212.8	39.3
Average Prices ($/Mcf)	$2.34	$2.42	$2.46	$2.32	$2.40	$2.42	$3.07
NYMEX Hedges Exposed to Basis
Volumes (Bcf)	-	-	9.7	-	8.7	87.7	30.7
Average Prices ($/Mcf)	-	-	$3.01	-	$3.14	$3.24	$3.75
Total Volumes Hedged (Bcf)(1)	118.1	473.9	417.2	362.5	354.1	300.5	70.0
Estimated Conversion Factor(3)	1.091	1.090	1.083	1.079	1.073	1.074	1.068
(1) Hedge positions as of 7/7/2022. Excludes basis hedges in excess of NYMEX hedges of 7.2 Bcf, 10.6 Bcf, and 5.9 Bcf for Q3 2022, 2022, and 2024, respectively. Q3 2022 and 2022 basis hedges and excess basis hedges exclude purchased swaps. See table below.
(2) Includes the impact of NYMEX and basis-only hedges as well as physical sales agreements.
(3) To convert Bcf to TBtu, multiply by conversion factor; to convert $/Mcf to $/MMBtu, divide by conversion factor.
Purchased Swaps	Q3 2022	2022
Basis Hedges
Volumes (Bcf)	6.7	15.7
Average Fixed Prices ($/Mcf)	($1.13)	($1.13)
For financial hedging, CNX utilizes over-the-counter swaps to manage its exposure to natural gas price fluctuations. Typically, CNX "sells" swaps under which CNX receives a fixed price from and pays a floating price to its hedge counterparties. In order to lock in certain margins while balancing its basis hedges, during the first quarter of 2022, CNX purchased, rather than sold, financial swaps for the period April through October of 2022 under which CNX will pay a fixed price to and receive a floating price from its hedge counterparties. Purchased swaps have the effect of reducing total hedged volumes for the period of the swap.

3

HEDGING GAIN/LOSS PROJECTIONS
Q3 2022	CY2022	CY2023
Wtd. Avg.	Avg.	Forecasted	Wtd. Avg.	Avg.	Forecasted	Wtd. Avg.	Avg.	Forecasted
Hedged Volumes	Hedged	Forward	Gain/(Loss)(2)	Hedged Volumes	Hedged	Forward	Gain/(Loss)(2)	Hedged Volumes	Hedged	Forward	Gain/(Loss)(2)
($/MMBtu)	(000 MMBtu)	Price	Market(1)	($ in 000s)	(000 MMBtu)	Price	Market(1)	($ in 000s)	(000 MMBtu)	Price	Market	($ in 000s)
NYMEX	123,050	$2.65	$6.37	($458,430)	493,588	$2.68	$6.21	($1,733,598)	414,488	$2.78	$5.02	($891,598)
Index	1,840	$2.06	$5.34	($6,046)	7,300	$2.06	$5.25	($23,325)	36,500	$1.98	$3.91	($70,445)
Basis:
Eastern Gas-South (DOM)	19,550	($0.49)	($0.94)	$8,594	89,643	($0.57)	($0.93)	$31,146	59,313	($0.66)	($1.12)	$27,709
TCO Pool (TCO)	23,920	($0.63)	($0.86)	$5,519	82,210	($0.60)	($0.77)	$15,618	94,430	($0.62)	($0.91)	$29,963
Michcon (NMC)	13,800	($0.21)	($0.25)	$623	52,630	($0.21)	($0.23)	$1,148	43,190	($0.25)	($0.21)	($2,041)
TETCO ELA (TEB)	1,380	($0.09)	($0.22)	$178	5,475	($0.09)	($0.23)	$795	-	-	($0.11)	-
TETCO WLA (TWB)	1,380	($0.08)	$0.01	($124)	5,475	($0.08)	($0.04)	($199)	-	-	($0.03)	-
TETCO M3 (TMT)	1,840	($0.63)	($0.72)	$171	10,080	$0.35	$0.13	($1,379)	2,250	$1.74	$1.21	($11,141)
TETCO M2 (BM2)	44,620	($0.58)	($1.03)	$19,869	177,025	($0.58)	($0.96)	$67,816	158,775	($0.56)	($1.11)	$87,776
Transco Zone 5 South (DKR)	3,220	($0.03)	$2.25	($7,363)	12,775	$0.61	$2.06	($18,404)	2,165	$0.62	$2.61	($24,597)
Total Financial Basis Hedges	109,710	$27,467	435,313	$96,541	360,123	$107,669
Total Projected Realized Loss	($437,009)	($1,660,382)	($854,374)
Note: Forward market prices, hedged volumes, and hedge prices are as of 7/7/2022. Anticipated hedging activity is not included in projections.
(1) January 2022 through July 2022 prices are settled.
(2) Forecasted Gain/(Loss) amounts are based on sum of current monthly hedge positions vs. strip.

Actual Change in Derivatives
(Dollars in millions)	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Realized Loss	($531)	($270)	($400)	($131)	($10)
Unrealized (Loss) Gain	($122)	($1,456)	$780	($1,376)	($529)
(Loss) Gain on Commodity Derivative Instruments	($653)	($1,726)	$380	($1,507)	($539)

4

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income (Loss):	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Natural Gas, NGL and Oil Revenue	$1,003,406	$744,625	$847,340	$585,915	$369,449
(Loss) Gain on Commodity Derivative Instruments	(652,643)	(1,726,394)	379,982	(1,507,270)	(538,859)
Purchased Gas Revenue	46,552	45,841	33,212	16,311	16,706
Other Revenue and Operating Income	23,103	22,830	30,656	24,783	25,494
Total Revenue and Other Operating Income (Loss)	420,418	(913,098)	1,291,190	(880,261)	(127,210)
Costs and Expenses:
Operating Expense
Lease Operating Expense	14,282	15,398	15,547	11,193	10,248
Transportation, Gathering and Compression	88,357	88,286	91,754	90,609	84,114
Production, Ad Valorem, and Other Fees	9,958	9,927	11,086	9,552	7,445
Depreciation, Depletion and Amortization	116,180	118,623	133,833	129,734	122,607
Exploration and Production Related Other Costs	4,712	1,689	12,548	3,073	2,929
Purchased Gas Costs	46,041	44,816	32,622	14,192	14,551
Selling, General, and Administrative Costs	30,454	31,560	35,908	24,851	23,677
Other Operating Expense	20,539	12,170	16,203	21,654	15,140
Total Operating Expense	330,523	322,469	349,501	304,858	280,711
Other Expense
Other Expense (Income)	5,179	(736)	2,340	3,177	5,865
Gain on Assets Sales and Abandonments, net	(6,240)	(13,395)	(19,705)	(12,446)	(7,186)
Loss on Debt Extinguishment	12,981	-	15,084	18,653	-
Interest Expense	31,051	27,069	37,264	37,944	39,576
Total Other Expense	42,971	12,938	34,983	47,328	38,255
Total Costs and Expenses	373,494	335,407	384,484	352,186	318,966
Earnings (Loss) Before Income Tax	46,924	(1,248,505)	906,706	(1,232,447)	(446,176)
Income Tax Expense (Benefit)	13,567	(325,564)	276,394	(359,526)	(92,117)
Net Income (Loss)	$33,357	$(922,941)	$630,312	$(872,921)	$(354,059)
Earnings (Loss) per Share
Basic	0.17	($4.62)	3.02	($4.05)	($1.61)
Diluted	0.15	($4.62)	2.90	($4.05)	($1.61)
Weighted-Average Shares Outstanding	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Weighted-Average Shares of Common Stock Outstanding	194,021,639	199,854,257	208,454,502	215,738,737	219,897,242
Effect of Diluted Shares*	30,387,055	-	8,834,883	-	-
Weighted-Average Diluted Shares of Common Stock Outstanding	224,408,694	199,854,257	217,289,385	215,738,737	219,897,242
*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards and the potential share settlement impact related to CNX's Convertible Notes are antidilutive.

5

CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands	30-Jun-22	31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21
ASSETS
Current Assets:
Cash and Cash Equivalents	$238	$8,570	$3,565	$365	$39,365
Restricted Cash	-	-	220,386	768
Accounts and Notes Receivable
Trade, net	447,464	263,126	330,122	250,406	157,667
Other Receivables, net	6,010	5,134	8,924	10,234	10,727
Supplies Inventories	14,490	6,469	6,147	5,486	5,698
Recoverable Income Taxes	-	-	72	-	-
Derivative Instruments	137,492	119,838	95,002	83,870	107,625
Prepaid Expenses	12,503	13,739	15,975	13,077	12,126
Total Current Assets	618,197	416,876	459,807	583,824	333,976
Property, Plant and Equipment:
Property, Plant and Equipment:	11,606,088	11,484,450	11,362,102	11,206,740	11,128,496
Less-Accumulated Depreciation, Depletion and Amortization	4,593,364	4,488,326	4,372,619	4,246,423	4,119,856
Total Property, Plant and Equipment-Net	7,012,724	6,996,124	6,989,483	6,960,317	7,008,640
Other Non-Current Assets:
Operating Lease Right-of-Use Assets	176,613	42,162	56,022	69,871	83,618
Derivative Instruments	420,291	281,213	131,994	179,176	204,459
Goodwill	323,314	323,314	323,314	323,314	323,314
Other Intangible Assets	80,266	81,904	83,543	85,181	86,819
Deferred Income Taxes	14,107	28,526	-	-	-
Restricted Cash	-	-	-	-	4,751
Other Non-Current Assets	50,378	53,405	56,588	26,470	26,533
Total Other Non-Current Assets	1,064,969	810,524	651,461	684,012	729,494
TOTAL ASSETS	$8,695,890	$8,223,524	$8,100,751	$8,228,153	$8,072,110
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$154,449	$120,513	$121,751	$107,266	$118,574
Derivative Instruments	1,210,715	1,411,964	521,598	1,168,597	415,774
Current Portion of Finance Lease Obligations	637	603	555	495	406
Current Portion of Long-Term Debt	322,622	336,083	-	231,675	23,098
Current Portion of Operating Lease Obligations	40,951	10,003	22,940	35,461	47,198
Other Accrued Liabilities	302,599	248,176	287,732	223,852	204,145
Total Current Liabilities	2,031,973	2,127,342	954,576	1,767,346	809,195
Non-Current Liabilities:
Long-Term Debt	1,907,074	1,890,790	2,214,121	2,203,731	2,265,970
Finance Lease Obligations	1,342	1,304	1,218	1,097	854
Operating Lease Obligations	139,428	32,340	33,672	34,785	36,569
Derivative Instruments	1,899,736	1,421,373	687,354	858,767	285,865
Deferred Income Taxes	-	-	328,601	51,739	411,380
Asset Retirement Obligations	88,463	89,403	88,859	81,029	81,903
Other Non-Current Liabilities	90,850	91,460	92,077	43,143	43,443
Total Non-Current Liabilities	4,126,893	3,526,670	3,445,902	3,274,291	3,125,984
TOTAL LIABILITIES	6,158,866	5,654,012	4,400,478	5,041,637	3,935,179
Stockholders' Equity
Common Stock	1,918	1,955	2,039	2,124	2,191
Capital in Excess of Par Value	2,665,440	2,691,950	2,834,863	2,899,731	2,950,083
Preferred Stock	-	-	-	-	-
(Accumulated Deficit) Retained Earnings	(116,081)	(110,005)	877,894	299,438	1,199,570
Accumulated Other Comprehensive Loss	(14,253)	(14,388)	(14,523)	(14,777)	(14,913)
TOTAL STOCKHOLDERS' EQUITY	2,537,024	2,569,512	3,700,273	3,186,516	4,136,931
TOTAL LIABILITIES AND EQUITY	$8,695,890	$8,223,524	$8,100,751	$8,228,153	$8,072,110

6

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Net Income (Loss)	$33,357	($922,941)	$630,312	($872,921)	($354,059)
Depreciation, Depletion and Amortization	116,180	118,623	133,833	129,734	122,607
Amortization of Deferred Financing Costs	2,073	2,042	8,904	5,992	6,122
Stock-Based Compensation	3,722	7,331	2,782	3,075	3,178
Gain on Asset Sales and Abandonments, net	(6,240)	(13,395)	(19,705)	(12,446)	(7,186)
Loss on Debt Extinguishment	12,981	-	15,084	18,653	-
Loss (Gain) on Commodity Derivative Instruments	652,643	1,726,394	(379,982)	1,507,270	538,859
Gain on Other Derivative Instruments	(2,131)	(5,223)	(2,410)	(1,416)	(465)
Net Cash Paid in Settlement of Commodity Derivative Instruments	(530,129)	(270,842)	(399,971)	(131,091)	(10,359)
Deferred Income Taxes	14,370	(334,184)	276,772	(359,689)	(92,322)
Other	623	1,700	(281)	(295)	(554)
Changes in Operating Assets:
Accounts and Notes Receivable	(185,196)	66,577	(75,211)	(91,059)	(10,605)
Recoverable Income Taxes	-	72	(71)	-	-
Supplies Inventories	(8,021)	(322)	(661)	212	1,525
Prepaid Expenses	1,041	2,366	(2,844)	(946)	296
Changes in Other Assets	1,520	322	(22,767)	13	(1,048)
Changes in Operating Liabilities:
Accounts Payable	30,541	(2,032)	(3,922)	(7,773)	18,508
Accrued Interest	12,128	(13,595)	23,819	(29,095)	24,634
Other Operating Liabilities	42,906	(26,086)	50,537	56,241	158
Changes in Other Liabilities	(402)	(412)	18,853	(48)	(62)
Net Cash Provided by Operating Activities	191,966	336,395	253,071	214,411	239,227
Cash Flows from Investing Activities:
Capital Expenditures	(136,668)	(122,316)	(116,711)	(96,763)	(128,958)
Proceeds from Asset Sales	7,107	19,423	21,017	12,265	6,964
Net Cash Used in Investing Activities	(129,561)	(102,893)	(95,694)	(84,498)	(121,994)
Cash Flows from Financing Activities:
Payments on Long-Term Notes	(26,969)	-	(246,853)	(174,614)	-
Net (Payments on) Proceeds from CNXM Revolving Credit Facility	(21,900)	25,200	39,000	(14,000)	(77,000)
Net Proceeds from (Payments on) CNX Revolving Credit Facility	37,650	(96,000)	(33,350)	65,350	-
Proceeds from Issuance of CNXM Senior Notes	-	-	-	395,000	-
Net Payments on CSG Non-Revolving Credit Facilities	-	-	-	(147,431)	(7,290)
Net Payments on Other Debt	(157)	(154)	(137)	(122)	(688)
Proceeds from Issuance of Common Stock	376	608	103	183	2
Shares Withheld for Taxes	(83)	(5,582)	(8)	(9)	(45)
Purchases of Common Stock	(59,494)	(152,473)	(120,825)	(77,740)	(22,690)
Debt Issuance and Financing Fees	(160)	(96)	(12,493)	(663)	-
Net Cash (Used in) Provided by Financing Activities	(70,737)	(228,497)	(374,563)	45,954	(107,711)
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash	(8,332)	5,005	(217,186)	175,867	9,522
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	8,570	3,565	220,751	44,884	35,362
Cash, Cash Equivalents, and Restricted Cash at End of Period	$238	$8,570	$3,565	$220,751	$44,884

7

MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
2022E
Gas Sold (%)(1)	Basis(2)
Eastern Gas-South	8%	($0.85)
ETNG Mainline	3%	$1.96
TCO Pool	26%	($0.85)
TETCO ELA & WLA	4%	($0.18)
TETCO M3	4%	$0.11
TETCO M2	33%	($0.94)
Michcon	11%	($0.46)
Physical basis sales	11%	($0.25)
Weighted Average Basis	100%	($0.61)
NYMEX	$6.21
Weighted Average Basis (Not considering hedging)	($0.61)
Differential Impact of Physical Fixed Price Sales vs. NYMEX	($0.09)
Total Estimated Differential	($0.70)
Realized Price (per MMBtu)	$5.51
Conversion Factor (MMBtu/Mcf)	1.090
Realized Price Before Financial Hedging (per Mcf)	$6.01
(1) Individual market percentages exclude physical basis sales, which are shown separately.
(2) Reflects actual realized basis for six months ended June 30; July - December forward market basis prices as of 7/7/2022.

8

PRICE AND COST DATA (PER MCFE) - NON-GAAP
Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Average Sales Price - Natural Gas	$7.02	$4.76	$5.24	$3.61	$2.51
Average Loss on Commodity Derivative Instruments - Cash Settlement- Gas	($3.98)	($1.91)	($2.70)	($0.92)	($0.08)
Average Sales Price - Oil and Condensate*	$16.04	$12.84	$11.07	$10.00	$8.85
Average Sales Price - NGLs*	$7.21	$7.62	$6.80	$6.19	$4.38
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement	$3.32	$3.14	$2.83	$2.96	$2.60
Lease Operating Expense (LOE)	$0.10	$0.10	$0.10	$0.07	$0.07
Production, Ad Valorem, and Other Fees	$0.07	$0.07	$0.07	$0.06	$0.05
Transportation, Gathering and Compression	$0.62	$0.59	$0.58	$0.59	$0.61
Depreciation, Depletion and Amortization (DD&A)	$0.79	$0.76	$0.83	$0.83	$0.87
Total Natural Gas, NGL and Oil Production Costs	$1.58	$1.52	$1.58	$1.55	$1.60
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A	$0.79	$0.76	$0.75	$0.72	$0.73
Natural Gas, NGL and Oil Production Cash Margin, before DD&A	$2.53	$2.38	$2.08	$2.24	$1.87
Fully Burdened Cash Costs, before DD&A(1)	$1.22	$1.03	$1.07	$1.06	$1.09
Fully Burdened Cash Margin, before DD&A	$2.10	$2.11	$1.76	$1.90	$1.51
Note: "Total Natural Gas, NGL and Oil Production Costs" excludes Selling, General, and Administration and Other Operating Expenses.
*NGLs, Oil, and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
(1) Fully burdened cash costs include production cash costs, selling, general and administrative (SG&A) cash costs, other operating cash expense, other cash (income) expense, other revenue and operating income, and cash interest expense. Q2 2022, Q1 2022, Q4 2021, Q3 2021 and Q2 2021 total fully burdened cash costs exclude a gain on asset sales of $0.04 per Mcfe, $0.09 per Mcfe, $0.12 per Mcfe, $0.08 per Mcfe and $0.05 per Mcfe, respectively. Q2 2022, Q1 2022, Q4 2021, Q3 2021, and Q2 2021 exclude unrealized losses on interest rate swaps and noncash amortization of $0.00 per Mcfe, $0.02 per Mcfe, $0.04 per Mcfe, $0.03 per Mcfe and $0.04 per Mcfe, respectively. Q2 2022 excludes loss on debt extinguishment of $0.09. Q4 2021 and Q3 2021 exclude loss on debt extinguishment of $0.10 and $0.12, respectively.
Natural Gas Price Reconciliation	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
NYMEX Natural Gas ($/MMBtu)	$7.17	$4.95	$5.83	$4.01	$2.83
Average Differential	(0.73)	(0.58)	(1.02)	(0.70)	(0.50)
BTU Conversion (MMBtu/Mcf)*	0.58	0.39	0.43	0.30	0.18
Loss on Commodity Derivative Instruments-Cash Settlement	(3.98)	(1.91)	(2.70)	(0.92)	(0.08)
Realized Gas Price per Mcf	$3.04	$2.85	$2.54	$2.69	$2.43
*Conversion factor	1.09	1.09	1.09	1.09	1.08

9

GUIDANCE
Previous	Updated
($ in millions)	2022E	2022E
Low	High	Low	High
Capital Expenditures	$470	-	$500	$550	-	590
Production Volumes (Bcfe)	575	-	605	575	-	605
% of Natural Gas Hedged	87%	87%
Prices on Open Volumes(1)
Natural Gas NYMEX ($/MMBtu)	$6.02	$6.21
Natural Gas Differential ($/MMBtu)	($0.67)	($0.70)
NGL Realized Price ($/Bbl)	~$38.00	~$36.00
($ in millions)
Adjusted EBITDAX(2)	$1,300	-	$1,450	$1,300	-	$1,450
($ in millions)
Free Cash Flow (FCF)(2)	~$700	~$700
FCF Per Share(2)(3)	$3.59	$3.69
(1) Forward market prices for updated 2022 guidance as of 7/7/2022.
(2) Non-GAAP measures. See "Non-GAAP Financial Measures" for definitions. FCF for previous and updated guidance includes approximately $35 million in expected asset sales in 2022.
(3) Previous guidance for 2022 FCF per share based on shares outstanding of 195,031,828, as of 4/20/2022. Updated guidance for 2022 FCF per share based on shares outstanding of 189,452,074, as of 7/19/2022.

2022E ACTIVITY SUMMARY	TIL	Average Lateral Length(1)
SWPA Central	Marcellus	24	11,700
Utica	2	15,000
WV Shirley-Pennsboro	Marcellus	8	10,000
Utica	-	-
Total	34	-
(1) Measured in lateral feet from perforation to perforation.

10

Non-GAAP Measures (Definitions, Purpose, and Reconciliations)

CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the company. Although these are not measures of performance calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating CNX because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company's operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.

Definitions: EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below. Although EBIT, EBITDAX, and adjusted EBITDAX are not measures of performance calculated in accordance with generally accepted accounting principles, management believes that they are useful to an investor in evaluating CNX Resources because they are widely used to evaluate a company's operating performance. We exclude stock-based compensation from adjusted EBITDAX because we do not believe it accurately reflects the actual operating expense incurred during the relevant period and may vary widely from period to period irrespective of operating results. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with generally accepted accounting principles. In addition, because all companies do not calculate EBIT, EBITDAX or adjusted EBITDAX identically, the presentation here may not be comparable to similarly titled measures of other companies. Sales of natural gas, NGL and oil, including cash settlements excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Natural gas, NGL and oil production costs excludes certain expenses that are not directly related to CNX's natural gas producing activities and are managed outside our production operations. Adjusted Net Income is defined as net income after adjusting for the discrete items listed below as well as the tax effectiveness. Operating Margins are defined as adjusted EBIT divided by Total Revenue after adjusting for unrealized loss on commodity derivative instruments. Adjusted Trailing-Twelve-Months (TTM) EBITDAX is defined as EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below. Cash Operating Margins are defined as adjusted EBITDA divided by total Revenue after adjusting for unrealized loss on commodity derivative instruments. Net Debt is defined as total long-term debt minus cash and cash equivalents. Free Cash Flow (FCF) is defined as operating cash flow minus capex plus proceeds from asset sales. Organic FCF is defined as operating cash flow minus capex.

Reconciliations of EBIT, EBITDAX, adjusted EBITDAX, adjusted EBIT, adjusted EBITDA, sales of natural gas, NGL and oil, including cash settlements, natural gas, NGL and oil production costs, adjusted net income, operating margins, cash operating margins, net debt, adjusted TTM EBITDAX, FCF and organic FCF to the most directly comparable GAAP financial measures are as follows:

11

Non-GAAP Measures
Sales of Natural Gas, NGL and Oil, including cash settlements excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Sales of Natural Gas, NGL and Oil, including cash settlements also excludes purchased gas revenue and other revenue and operating income, which are not directly related to CNX's natural gas producing activities. Natural Gas, NGL and Oil Production Costs excludes certain expenses that are not directly related to CNX's natural gas producing activities and are managed outside our production operations (See Note 21 - Segment Information of the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX's 2021 Annual Report on Form 10-K as filed with the SEC on February 10, 2022). These expenses include, but are not limited to, interest expense, impairment of exploration and production properties, impairment of goodwill and other corporate expenses such as selling, general and administrative costs.
(Dollars in millions)	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Total Revenue and Other Operating Income (Loss)	$420	($913)	$1,291	($880)	($127)
Add (Deduct):
Purchased Gas Revenue	(46)	(46)	(33)	(16)	(17)
Loss (Gain) on Commodity Derivative Instruments	122	1,456	(780)	1,376	529
Other Revenue and Operating Income	(23)	(23)	(30)	(25)	(26)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure	$473	$474	$448	$455	$359
Total Operating Expense	$330	$322	$349	$305	$281
Add (Deduct):
Depreciation, Depletion and Amortization (DD&A) - Corporate	(2)	(3)	(1)	(4)	(3)
Exploration and Production Related Other Costs	(5)	(2)	(13)	(3)	(3)
Purchased Gas Costs	(46)	(45)	(32)	(14)	(15)
Selling, General and Administrative Costs	(30)	(31)	(36)	(25)	(24)
Other Operating Expense	(21)	(12)	(16)	(21)	(15)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1	$226	$229	$251	$238	$221

1 Natural Gas, NGL and Oil production costs consists primarily of lease operating expense, production ad valorem and other fees, transportation, gathering and compression and production related depreciation, depletion and amortization.

12

Non-GAAP Measures
EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below.
(Dollars in millions)	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Net Income (Loss)	$33	($923)	$630	($873)	($354)
Interest Expense	31	27	37	38	39
Income Tax Expense (Benefit)	14	(326)	277	(360)	(92)
Earnings (Loss) Before Interest & Taxes (EBIT)	78	(1,222)	944	(1,195)	(407)
Depreciation, Depletion & Amortization	116	119	133	130	123
Exploration Expense	5	2	13	3	3
Earnings (Loss) Before Interest, Taxes, DD&A and Exploration (EBITDAX)	$199	($1,101)	$1,090	($1,062)	($281)
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments	122	1,456	(780)	1,376	529
Stock-Based Compensation	4	7	2	3	3
Loss on Debt Extinguishment	13	-	15	19	-
Severance	-	-	1	-	-
Total Pre-tax Adjustments	139	1,463	(762)	1,398	532
Adjusted EBITDAX	$338	$362	$328	$336	$251
Adjusted Net Income is defined as net income after adjusting for the discrete items listed below as well as the related tax effect.
(Dollars in millions)	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Net Income (Loss) from EBITDAX Reconciliation	$33	($923)	$630	($873)	($354)
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation	139	1,463	(762)	1,398	532
Tax Effect of Adjustments	(36)	(382)	199	(365)	(138)
Adjusted Net Income	$136	$158	$67	$160	$40

13

Non-GAAP Measures
Operating Margin: Adjusted EBIT divided by Total Revenue after adjusting for unrealized loss (gain) on commodity derivative instruments.
(Dollars in millions)	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Total Revenue and Other Operating Income (Loss)	$420	($913)	$1,291	($880)	($127)
Net Income (Loss)	$33	($923)	$630	($873)	($354)
Interest Expense	31	27	37	38	39
Income Tax Expense (Benefit)	14	(326)	277	(360)	(92)
Earnings (Loss) Before Interest & Taxes (EBIT)	78	(1,222)	944	(1,195)	(407)
Depreciation, Depletion & Amortization	116	119	133	130	123
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)	$194	($1,103)	$1,077	($1,065)	($284)
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments	$122	$1,456	($780)	$1,376	$529
Total Adjustments	$122	$1,456	($780)	$1,376	$529
Total Revenue Minus Unrealized Loss (Gain) on Commodity Derivative Instruments	$542	$543	$511	$496	$402
Adjusted EBIT	$200	$234	$164	$181	$122
Operating Margin	37	%	43	%	32	%	36%	30%

14

Non-GAAP Measures
Cash Operating Margin: Adjusted EBITDA divided by Total Revenue after adjusting for unrealized loss (gain) on commodity derivative instruments.
(Dollars in millions)	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021
Total Revenue and Other Operating Income (Loss)	$420	($913)	$1,291	($880)	($127)
Net Income (Loss)	$33	($923)	$630	($873)	($354)
Interest Expense	31	27	37	38	39
Income Tax Expense (Benefit)	14	(326)	277	(360)	(92)
Earnings (Loss) Before Interest & Taxes (EBIT)	78	(1,222)	944	(1,195)	(407)
Depreciation, Depletion & Amortization	116	119	133	130	123
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)	$194	($1,103)	$1,077	($1,065)	($284)
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments	$122	$1,456	($780)	$1,376	$529
Stock-Based Compensation	4	7	2	3	3
Loss on Debt Extinguishment	13	-	15	19	-
Total Adjustments	$139	$1,463	($763)	$1,398	$532
Total Revenue Minus Unrealized Loss (Gain) on Commodity Derivative Instruments	$542	$543	$511	$496	$402
Adjusted EBITDA	$333	$360	$314	$333	$248
Cash Operating Margin	61	%	66	%	61	%	67	%	62	%

15

Non-GAAP Measures
Management uses net debt to determine the company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes that using net debt is useful to investors in determining the company's leverage ratio since the company could choose to use its cash and cash equivalents to retire debt.
Net Debt: Total long-term debt minus cash and cash equivalents.
Net Debt as adjusted: Total long-term debt, plus the historical impact of recent accounting pronouncement, minus cash and cash equivalents.
(Dollars in millions)
Net Debt	30-Jun-22	31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20
Total Long-Term Debt (GAAP)(1)	$2,230	$2,227	$2,214	$2,436	$2,289	$2,368	$2,424	$2,600
Less: Cash and Cash Equivalents	-	9	4	221	45	35	22	156
Net Debt	$2,230	$2,218	$2,210	$2,215	$2,244	$2,333	$2,402	$2,444
(1) Includes current portion
(Dollars in millions)
Net Debt as adjusted	30-Jun-22	31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20
Total Long-Term Debt (GAAP)(1)	$2,230	$2,227	$2,214	$2,436	$2,289	$2,368	$2,424	$2,600
Plus: Impact of Recent Accounting Pronouncement(2)	-	-	82	86	90	94	98	101
Less: Cash and Cash Equivalents	-	9	4	221	45	35	22	156
Net Debt as adjusted	$2,230	$2,218	$2,292	$2,301	$2,334	$2,427	$2,500	$2,545
(1) Includes current portion
(2) On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity and upon adoption long-term debt increased by $82MM (See Note 9 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of CNX's June 30, 2022 Form 10-Q for additional information). As this adjustment was recorded on a prospective basis, Management believes that presenting investors with the net debt on a historical basis would be beneficial.

Adjusted TTM EBITDAX: EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below.
Three Months Ended	Twelve Months Ended
(Dollars in millions)	30-Sep-21	31-Dec-21	31-Mar-22	30-Jun-22	30-Jun-22
Net (Loss) Income	($873)	$630	($923)	$33	($1,133)
Interest Expense	38	37	27	31	133
Income Tax (Benefit) Expense	(360)	277	(326)	14	(395)
(Loss) Earnings Before Interest & Taxes (EBIT)	(1,195)	944	(1,222)	78	(1,395)
Depreciation, Depletion & Amortization	130	133	119	116	498
Exploration Expense	3	13	2	5	23
(Loss) Earnings Before Interest, Taxes, DD&A, and Exploration (EBITDAX)	(1,062)	1,090	(1,101)	199	(874)
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments	1,376	(780)	1,456	122	2,174
Stock Based Compensation	3	2	7	4	16
Loss on Debt Extinguishment	19	15	-	13	47
Severance	-	1	-	-	1
Total Pre-tax Adjustments	1,398	(762)	1,463	139	2,238
Adjusted EBITDAX TTM	$336	$328	$362	$338	$1,364

16

Non-GAAP Measures
The Company's management believes that the following measures provide useful information to external users of the Company's consolidated financial statements, such as industry analysts, lenders and ratings agencies. Free cash flow and organic free cash flow should not be considered as alternatives to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.
Free Cash Flow (FCF): Operating cash flow minus capex plus proceeds from asset sales.
Organic Free Cash Flow (FCF): Operating cash flow minus capex.
Free Cash Flow
(Dollars in millions)	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021	Q1-2021	Q4-2020	Q3-2020	Q2-2020	Q1-2020
Net Cash Provided by Operating Activities	$192	$336	$254	$215	$239	$219	$161	$223	$144	$267
Capital Expenditures	(137)	(122)	(117)	(97)	(129)	(123)	(92)	(108)	(135)	(152)
Proceeds from Asset Sales	7	20	21	12	7	5	16	6	12	14
Free Cash Flow	$62	$234	$158	$130	$117	$101	$85	$121	$21	$129
Organic Free Cash Flow
(Dollars in millions)	Q2-2022	Q1-2022	Q4-2021	Q3-2021	Q2-2021	Q1-2021	Q4-2020	Q3-2020	Q2-2020	Q1-2020
Net Cash Provided by Operating Activities	$192	$336	$254	$215	$239	$219	$161	$223	$144	$267
Capital Expenditures	(137)	(122)	(117)	(97)	(129)	(123)	(92)	(108)	(135)	(152)
Organic Free Cash Flow	$55	$214	$137	$118	$110	$96	$69	$115	$9	$115

Risk Factors

This presentation, including the oral statements made in connection herewith, contains forward-looking statements estimates and projections within the meaning of the federal securities laws. Statements that are not historical are forward-looking and may include our operational and strategic plans; estimates of gas reserves and resources; projected timing and rates of return of future investments; and projections and estimates of future production revenues, income and capital spending. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements estimates and projections. Investors should not place undue reliance on forward-looking statements as a prediction of future actual results. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly.

Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions "Forward-Looking Statements" and "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (SEC) and any subsequent reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; the impact of events beyond our control, including a global or domestic health crisis or other global or macroeconomic events; dependence on gathering, processing and transportation facilities and other midstream facilities owned by others; conditions in the oil and gas industry; our current long-term debt obligations, and the terms of the agreements that govern that debt; strategic determinations, including the allocation of capital and other resources to strategic opportunities; cyber-incidents targeting our systems, oil and natural gas industry systems and infrastructure, or the systems of our third-party service providers; and changes in safety, health, environmental and other regulations.

17