CNX Resources : Third Quarter 2020 Earnings Call Slides

Q3 2020 Update

October 29, 2020

CNX Leads Peers on Key Financial and Inventory Metrics

Enverus Third-Party Reported Inventory Life Under $2.50/MMBtu

Q3/Q2 2020 Operating Expenses ($/Mcfe)(1)

(Years)

22

$2.11

19

$1.28

$1.44

11

10

10

$1.01

$0.73

$0.77

3

RRC

COG

SWN

EQT

AR

COG

SWN

EQT

RRC

AR

2022E FCF Yield (Strip)(1)(2)

YE 2022E Net Debt / EBITDA (Strip)(1)(3)(4)

22%

4.2x

11%

8%

2.4x

2.6x

12%

2.3x

5%

1.5x

(4)

(5%)

NA

COG

RRC

EQT

SWN

AR

COG

EQT

RRC

SWN

AR

Source: Company materials, Enverus, public filings and FactSet as of 10/21/20.

Note: CNX and EQT statistics as of 3Q20. Other peers are as of latest reported 2Q20.

1. Non-GAAPmeasures. For definitions and reconciliations, see "3Q 2020 Earnings Results & Supplemental Information of CNX Corporation" on Investor Page on the company's website and page 11 herein.

(2)	CNX free cash flow (FCF) per company guidance. Peer FCF per 2Q20 Enverus report defined as EBITDA less capex less interest expense using pricing as of 10/16/20 through 1H 2022 then price held flat thereafter.	2
(3) Year-End ("YE") 2022E net debt defined as current net debt less cumulative FCF from 4Q 2020 - YE 2022E. EBITDA as per 2Q20 Enverus company "Strip then Flat" NAV.
(4)	"NA" denotes a negative value.

Enverus Third-Party Reported Inventory Life By Breakeven

CNX has the deepest and longest-lived inventory under a $2.50 gas price, more than double the peer average

Inventory Life at 2023 Activity Level (Years)

Inventory Life by Breakeven

50

45

40

35

30

25

20

15

10

5

-

CNX

RRC

TOU

CRK

COG

SWN

EQT

SBOW

GPOR

AR

Breakeven $/MMBtu HH & $45 WTI

<$2.00

$2.00-$2.25

$2.25-$2.50

$2.50-$2.75

$2.75-$3.00

>$3.00

Source: Enverus "2Q20 Gas NAV Compass" report on 10/18/2020.

3

Q3 2020 Highlights

QUARTER SUMMARY:

"CNX continued to successfully execute its plan in the third quarter highlighted by significant positive free cash flow, reduced absolute debt, and lower fully burdened cash costs," commented Nicholas J. DeIuliis, president and CEO. "We continue to expect to generate total free cash flow(1) of approximately $3.4 billion across our 2020-2026long-term plan, and our focus remains on making capital allocation decisions to maximize the long-term intrinsic value per share of the company."

• Three consecutive quarters of generating free cash flow (FCF)(1) culminating in $271 million year-to-date
• Retired remaining Senior Notes due in 2022, extending nearest term maturities to 2026
• Capital expenditures of $108 million improved for the quarter primarily due to timing of spend; 2020E capital expenditures updated to $495-$515 million
• 2020E free cash flow(1) reaffirmed at approximately $350 million

3RD QUARTER SNAPSHOT(1)

$121MM18%

Free Cash Flow

2021E Free Cash Flow Yield

15%61%

Operating Margin

2021E Cash Operating Margin

2.6x2.0x

TTM Leverage Ratio

2021E Leverage Ratio

$1.17 per Mcfe	$1.02 per Mcfe
Fully Burdened Cash Costs	2021E Fully Burdened Cash
	Costs

Note: Financial metrics based on company filings and estimates. Share price as of 10/21/2020.

1. Non-GAAPmeasures. For definitions and reconciliations, see "3Q 2020 Earnings Results & Supplemental Information of CNX

Corporation" on Investor Page on the company's website and page 11 herein.

4

Significant Free Cash Flow Generation

Currently producing significant FCF: $271 million YTD, and expect FCF to grow in future years

$ in millions

$600	Free Cash Flow (FCF)(1)

~$515

$500

~$425

$400
		~ $79	~$350
$300	$121	$271	$79

$200

$21

$129

$100

$0

$271

1Q20	2Q20	3Q20	YTD 2020	Implied Q4	2020E	2021E	2022-2026E
			FCF (Actual)			FCF (Guidance Estimates)			Annual Average

Note: Financial metrics based on company filings and estimates. Forward market prices are as of 10/8/2020.

1. Non-GAAPmeasures. For definitions and reconciliations, see "3Q 2020 Earnings Results & Supplemental Information of CNX Corporation" on Investor Page on the company's website and page 11 herein.

5

Free Cash Flow Improvements

Steadily increased 2020E and 2021E annual FCF guidance over past 5 quarters

Expect to continue to reduce risks and improve FCF estimates going forward

$ in millions

$900

$800

$700

$600

$500

$400

$300

$200

$100

$0

2020E & 2021E Annual Free Cash Flow(1) Guidance Evolution

							$425	$425	$425
						$400
				$250
											$79
						$171	$150	$200
			$146	$250		$150	$150	$271
$135			$129
2Q19	3Q19		4Q19	1Q20	2Q20	Plan Update	3Q20
										(9/8/20)
		2020A FCF (YTD)		2020E FCF (Guidance Estimates)			2021E FCF (Guidance Estimates)

Note: Financial metrics based on company filings and estimates. Forward market prices are as of 10/8/2020.

1. Non-GAAPmeasures. For definitions and reconciliations, see "3Q 2020 Earnings Results & Supplemental Information of CNX Corporation" on Investor Page on the company's website and page 11 herein.

6

Low Costs Driving Strong Operating Margins

2020E-2026E Fully Burdened Costs(1)

	$1.20
	$0.29
$/Mcfe	$0.17
	$0.74

1Q20

Operating Margins(1) 36%

$1.29
	$1.17
$0.45	$1.04	$1.02
$0.27		0.91
	$0.23	$0.20
	$0.07
	$0.17
$0.18	$0.11	$0.11
$0.14

$0.66

$0.73

$0.67

$0.71

$0.73

2Q20	3Q20			4Q20E	2021E	2022-2026E Average
26%	15%			28%	30%	31%
		Production Cash Costs		Cash SGA			Other Corp Costs & Income

Note: Financial metrics based on company filings and estimates. Operating margin calculated as EBIT divided by total revenue.

1. Non-GAAPmeasures. For definitions and reconciliations, see "3Q 2020 Earnings Results & Supplemental Information of CNX Corporation" on Investor Page on the company's website and page 11 herein.

7

Balance Sheet and Liquidity Strength

In 2020, paid off all of the $895 million of Senior Notes due in 2022

Significant runway before nearest notes maturity in 2026

Significant liquidity under credit facility - Borrowing base redetermination complete and reaffirmed at $2.5 billion

Maturities as of September 30, 2020 (Adjusted)(1)

($ in millions)

					UndrawnRevolver	Capacity	$1,525
											$47
							$975
										$745	$700
											$119
2021	2022	2023		2024	2025	2026	2027	2028
		CNX/CNXM Sr. Notes		CNX/ CNXM Revolvers			Cardinal States Facilities	Undrawn Revolver Company

Source: Company filings.
(1) On 10/8/2020, CNX repurchased the remaining $363.3 million of its outstanding 5.875% senior notes due in April 2022 at an average price equal to 100.0% of the principal amount. Excludes letters	8
of credit.

Guidance and Hedging Update

In Q3 2020, CNX added the following hedges:

98.8 Bcf NYMEX hedges (2020-2025)

20.2 Bcf Index hedges (2022-2024)

230.6 Bcf Basis hedges (2020-2025)

		PREVIOUS		UPDATED		PREVIOUS		UPDATED
($ in millions)	2020E		2020E		2021E		2021E
Capital Expenditures		Low		High		Low		High
Drilling & Completions (D&C)	$330	-	$380	$365	-	$375	-	-
Non-D&C		$140	-	$170		$130	-	$140		-		-
Total Capital	$470	-	$550	$495	-	$515	~$440	~$440
Production Volumes (Bcfe)		490	-	530		500	-	510		~550		~550
% of Natural Gas Hedged				94%				89%
Prices on Open Volumes(1)
Natural Gas NYMEX ($/MMBtu)	$1.94	$2.07	-	-
Natural Gas Basis Differential ($/MMBtu)	($0.20)	- ($0.30)	($0.35)	- ($0.45)	-	-
NGL Realized Price ($/Bbl)	$12.50	- $14.50	$12.50	- $14.50	-	-
($ in millions)
Adjusted EBITDAX(2)		$830	-	$900		~$900		~$920		~$960
($ in millions)
Free Cash Flow (FCF)(2)		~$350		~$350		~$425		~$425

1. Forward market prices are as of 10/8/2020.
2. Non-GAAPmeasures. For definitions and reconciliations, see "3Q 2020 Earnings Results & Supplemental Information of CNX Corporation" on Investor Page on the company's website and page 11 herein.

9

Key 2021 Financial Metrics Lead across Major Indices

18%	30%	2.0x
FCF Yield(1)	Operating Margin(1)	Leverage Ratio(1)

S&P 1500 Index	93rd	88th	41st	percentile

	96th	97th	percentile
S&P 1500 Industrials	27th

	95th	90th	percentile
S&P 400 Mid Cap	43rd

	87th	94th	percentile
S&P 600 Small Cap	41st

Note: Financial metrics based on FactSet consensus estimates for 2021. CNX financial metrics based on company estimates. Operating margin calculated as EBIT divided by total Revenue. CNX leverage ratio assumes
2021 free cash flow allocated to debt reduction. Indices exclude Financial sector companies.	10
(1) Non-GAAP measures. For definitions and reconciliations, see "3Q 2020 Earnings Results & Supplemental Information of CNX Corporation" on Investor Page on the company's website and page 11 herein.

Investor Contacts & Notices

Investor Relations Contact

Tyler Lewis

VP, Investor Relations [phone]

Email:[e-mail]

Investor Notices

For purposes of this presentation: "CNX", "CNX Resources", "Company", "we", "us", and "our" refer to CNX Resources Corporation.

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, 2019 filed with the Securities and Exchange Commission (SEC), as supplemented by our quarterly reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, 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; the failure to realize the anticipated costs savings, synergies and other benefits of CNX's purchase of the outstanding interests in

CNXM not already owned by CNX; local, regional and national economic conditions and the impact they may have on our customers; the impact of outbreaks of communicable diseases such as COVID-19 on business activity, our operations and national and global economic conditions, generally; conditions in the oil and gas industry, including a sustained decrease in the level of supply or demand for oil or natural gas or a sustained decrease in the price of oil or natural gas; the financial condition of our customers; any non-performance by customers of their contractual obligations; changes in customer, employee or supplier relationships resulting from the proposed transaction; and changes in safety, health, environmental and other regulations.

Data

This presentation has been prepared by CNX and includes market data and other statistical information from sources believed by CNX to be reliable, including independent industry publications, government publications and other published independent sources. Some data are also based on CNX's good faith estimates, which are derived from its review of internal sources as well as the independent sources described above. Although CNX believes these sources are reliable, it has not independently verified the information and cannot guarantee its accuracy or completeness.

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. For definitions and the reconciliations of non-GAAP measures to the most comparable GAAP measures, refer to "3Q 2020 Earnings Results & Supplemental Information of CNX Corporation" on Investor Page on the company's website. Please note that CNX is unable to provide a reconciliation of projected financial results contained in this presentation, including the 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.

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 measures11 may not be comparable to similarly titled measures of other companies.