What CNX Resources Corp. told the SEC could break it.

Operations are concentrated in a single play — most development wells and proved acreage are in Virginia, West Virginia, Ohio and Pennsylvania (Appalachian Marcellus/Utica) — so regional basis differentials, takeaway constraints, and state/regional regulation disproportionately affect CNX.

“Most of our development wells and proved acreage are located in Virginia, West Virginia, Ohio and Pennsylvania.”

Although CNX owns some midstream, it relies on third-party gathering, processing and pipeline capacity to move Appalachian gas to market; reductions, constraints or force-majeure disruptions in that takeaway capacity could force it to cut production or sales.

“Although CNX owns midstream facilities, we also depend on third party facilities to gather, process, and transport our natural gas to market.”

A pure-play natural gas E&P (89.5% of its 9.7 Tcfe proved reserves are gas), CNX bears full commodity-price risk; realized gas prices swung from $1.98 to $2.99/Mcf (+51%) between 2024 and 2025, and prices depend on power-sector demand, pipeline capacity, weather, the economy and supply/demand dynamics.

“continued demand for CNX's natural gas and the prices that CNX obtains are affected by natural gas use in the production of electricity, pipeline capacity, weather, U.S. manufacturing and the overall strength of the economy, environmental and government regulation, technological developments, the availability and price of competing alternative fuel supplies, and national and regional supply and demand dynamics.”