CNX · 10-K filed 10 Feb 2026 · year to 31 Dec 2025

CNX Resources

27 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Partners and platforms

Texas Eastern Transmission

depends onnamed as a risk

A significant portion of our natural gas is sold on or through three pipeline systems, Texas Eastern Transmission, Columbia Gas Transmission, and Eastern Gas Transmission & Storage, which could experience capacity issues, operational disruptions, and unexpected downtime, including from cybersecurity incidents and cyberattacks, with either no or little alternative transportation options available for our natural gas.Risk factors (Item 1A)

Columbia Gas Transmission

depends onnamed as a risk

Eastern Gas Transmission & Storage

depends onnamed as a risk

Other companies

CNX Credit Facility

$2.4 billionnamed as a risk

The borrowing base under our senior secured revolving credit facility is currently $2.4 billion.Risk factors (Item 1A)

Apex Energy II, LLC

approximately $518 million

On January 27, 2025, the Company completed the acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC for total cash consideration of approximately $518 million.Business (Item 1)

Core Natural Resources, Inc.

named as a risk

The Core indemnity may not be sufficient to hold us harmless from the full amount of liabilities for which Core has been allocated responsibility, and Core may not be able to satisfy its indemnification obligations in the future.Risk factors (Item 1A)

Places

Marcellus Shale

operates in · approximately 557,000 net Marcellus Shale acres

We have rights to extract natural gas from Shale formations in Pennsylvania, West Virginia, and Ohio from approximately 557,000 net Marcellus Shale acres and approximately 612,000 net Utica Shale acres at December 31, 2025.Business (Item 1)

Also named by AM, CHRD, EQT, EXE, MPLX, RRC, UGI, WMB and 1 more

Virginia

operates in · approximately 283,000 net CBM acres

We have rights to extract CBM in Virginia from approximately 283,000 net CBM acres at December 31, 2025.Business (Item 1)

Also named by AUB, CSGP, D, ELV, PNFP, PPL, TFC, TREX and 1 more

Utica Shale

operates in · approximately 612,000 net Utica Shale acres

Also named by AM, UGI

Pennsylvania

operates innamed as a risk

These cases, and similar cases testing these and other legal principles could result in judicial outcomes that could negatively impact future Shale drilling and hydraulic fracturing within the Commonwealth of Pennsylvania if the court finds that hydraulic fracturing could violate the constitutional or property rights of Pennsylvania citizens and residents.Risk factors (Item 1A)

Also named by AWK, DTM, EQT, FE, GMED, NFG, PEG, PPL and 6 more

Appalachian Basin

concentrated innamed as a risk

Our producing properties are geographically concentrated in the Appalachian Basin, which exacerbates the impact of regional supply and demand factors on our business, including the pricing of our natural gas.Risk factors (Item 1A)

Also named by AM, AR, EQT, NFG

Commodities and inputs

Natural gas

exposed to its price · 92% Natural Gas, 8% Liquidsnamed as a risk

A hypothetical 10 percent increase in future natural gas prices would have decreased the fair value by $423 million and $518 million at December 31, 2025 and 2024, respectively.Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Natural gas liquids (NGLs)

exposed to its pricenamed as a risk

Our results of operations may be adversely affected by a depressed level of, or downward fluctuations in the price for NGLs.Risk factors (Item 1A)

Also named by AM, APA, AR, CHRD, CRGY, DOW, DVN, EOG and 17 more

Henry Hub natural gas

exposed to its pricenamed as a risk

This discount, or negative basis, to the Henry Hub price is forecasted to continue in future years for all Appalachian Basin producers.Risk factors (Item 1A)

Also named by AM, AR, ATI, BSM, BTU, CRGY, DVN, EPD and 13 more

Water

depends onnamed as a risk

Our inability to obtain sufficient amounts of water with respect to our Shale operations or to dispose of or recycle water and other wastes produced from our Shale and our CBM operations in an economically efficient manner, could increase our costs and delay our operations, which will adversely impact our cash flow and results of operations.Risk factors (Item 1A)

Also named by ADM, BF/B, CDE, CELH, CRGY, DE, EOG, EQIX and 9 more

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

However, this issue has been the subject of substantial litigation, and if the FERC were to consider the status of an individual facility and determine that it is not exempt from FERC regulation under the NGA, the rates for, and terms and conditions of, services provided by such facility would become subject to regulation by the FERC.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

These rules may result in increased costs for permitting, equipping, and monitoring methane emissions or otherwise restrict operations or increase the costs thereof.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

Should our operations fail to comply with PHMSA or comparable state regulations, CNX could be subject to substantial penalties and fines.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CP, CRC, CRGY, CSX and 29 more

Pennsylvania Environmental Quality Board (EQB)

subject tonamed as a risk

Additionally, the Pennsylvania Environmental Quality Board (EQB) is considering a rulemaking petition submitted by certain environmental and public health organizations, to increase statewide setback distances for natural gas wells.Risk factors (Item 1A)

Also named by RRC

Laws and programs

Dodd-Frank Act

subject tonamed as a risk

However, it is still not possible at this time to predict the full extent of the impact of the regulations on the Company's hedging program or regulatory compliance obligations.Business (Item 1)

Also named by AFL, AN, BGC, CPAY, EPD, EQT, FITB, GS and 14 more

Endangered Species Act

subject tonamed as a risk

Some of our operations are located in areas that are or may be designated as protected habitats for endangered or threatened species, including the Northern Long-Eared and Indiana bats, which has a seasonal impact on our construction activities and operations.Business (Item 1)

Also named by CHRD, CRGY, CTVA, DC, FANG, KGS, LB, NEE and 4 more

Clean Water Act

subject tonamed as a risk

While the outcome remains uncertain, future rulemaking and enforcement could increase mitigation costs and restrict operations.Risk factors (Item 1A)

Also named by CLH, CTAS, DC, ELS, EQT, HL, STLD, WTTR and 2 more

Pennsylvania Alternative Energy Portfolio Standard (AEPS)

earns fromnamed as a risk

In the near term, we expect to derive most of our environmental attribute earnings from RMG capture activities monetized through the Pennsylvania Alternative Energy Portfolio Standard (AEPS) program, other compliance programs, and sales to various voluntary market counterparties that desire to purchase carbon offsets to be used towards their own emission reduction goals.Business (Item 1)

Also named by PPL

EPA Subpart OOOOc methane standards

subject tonamed as a risk

While these federal standards remain subject to change, and the Pennsylvania Department of Environmental Protection (PADEP) is still in the early stages of developing its state implementation plan, the model regulations potentially impose burdens that may render certain conventional wells uneconomic to continue to produce potentially affecting mineral rights held by production of those wells.Risk factors (Item 1A)

Inflation Reduction Act methane fee

subject tonamed as a risk

In 2022, the Inflation Reduction Act (IRA) was signed, promoting renewable energy and imposing a fee on the emission of methane above specified limits from sources required to report their emissions to the EPA beginning in calendar year 2024.Risk factors (Item 1A)

Pennsylvania Act 127 of 2011

subject tonamed as a risk

Pennsylvania, under Act 127 of 2011, authorized Public Utility Commission (PUC) to oversee Class I gathering lines, and required standards and fees for Class II and Class III pipelines.Risk factors (Item 1A)

Ohio Senate Bill 315

subject tonamed as a risk

SB315 expanded the Ohio PUC’s authority over rural natural gas gathering lines.Risk factors (Item 1A)