CNX Resources Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>CNX Resources Corp has filed its annual 10-K report for the fiscal year 2023, detailing its operations in crude petroleum and natural gas.</b>

AI Summary

CNX Resources Corp (CNX) filed a Annual Report (10-K) with the SEC on February 8, 2024. CNX Resources Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Crude Petroleum & Natural Gas extraction. CNX Resources Corp is incorporated in Delaware. The company's headquarters are located at 1000 Consol Energy Drive, Canonsburg, PA 15317.

Why It Matters

For investors and stakeholders tracking CNX Resources Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CNX Resources Corp's financial performance, operational activities, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, expenses, assets, liabilities, and cash flows, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — CNX Resources Corp shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand CNX Resources Corp's performance and potential challenges in the energy sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K report)
• 2024-02-08 — Filing Date (Date the 10-K report was filed)
• 1000 Consol Energy Drive — Street Address (Company's business and mailing address)
• 15317 — ZIP Code (Company's business and mailing address)

Key Players & Entities

• CNX Resources Corp (company) — Filer of the 10-K report
• Canonsburg, PA (location) — Business and mailing address
• DE (location) — State of incorporation
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas

Forward-Looking Statements

• CNX Resources Corp will continue to focus on crude petroleum and natural gas operations. (CNX Resources Corp) — high confidence, target: 2024-12-31

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial performance is significantly impacted by fluctuations in the prices of natural gas and other energy commodities.
• Environmental Regulations [medium — regulatory]: Operations are subject to stringent environmental laws and regulations related to oil and gas extraction, which can increase compliance costs and operational risks.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the detailed financial and operational information for CNX Resources Corp for the fiscal year 2023.)

SIC Code

Standard Industrial Classification code used to classify industries. (The SIC code 1311 indicates CNX Resources Corp's primary business is in Crude Petroleum & Natural Gas extraction.)

Key Financial Figures

• $575 million — ects capital expenditures to be between $575 million and $625 million. The Company continuou
• $625 million — nditures to be between $575 million and $625 million. The Company continuously evaluates mul

Filing Documents

• cnx-20231231.htm (10-K) — 3320KB
• exhibit21subsidiaries12-31.htm (EX-21) — 8KB
• exhibit231ernstyoungconsen.htm (EX-23.1) — 7KB
• exhibit232reserveengineers.htm (EX-23.2) — 6KB
• cnx-123123xex311.htm (EX-31.1) — 11KB
• cnx-123123xex312.htm (EX-31.2) — 11KB
• cnx123123-ex321.htm (EX-32.1) — 6KB
• cnx123123-ex322.htm (EX-32.2) — 5KB
• cnx-123123xex971.htm (EX-97.1) — 32KB
• ex991-engineerauditletter2.htm (EX-99.1) — 62KB
• cnx-20231231_g1.jpg (GRAPHIC) — 53KB
• image.jpg (GRAPHIC) — 20KB
• image_0.jpg (GRAPHIC) — 24KB
• image_2.jpg (GRAPHIC) — 268KB
• 0001070412-24-000015.txt (&nbsp;) — 17841KB
• cnx-20231231.xsd (EX-101.SCH) — 103KB
• cnx-20231231_cal.xml (EX-101.CAL) — 174KB
• cnx-20231231_def.xml (EX-101.DEF) — 562KB
• cnx-20231231_lab.xml (EX-101.LAB) — 1432KB
• cnx-20231231_pre.xml (EX-101.PRE) — 938KB
• cnx-20231231_htm.xml (XML) — 3001KB

Risk Factors 18

ITEM 1A. Risk Factors 18

Unresolved Staff Comments 39

ITEM 1B. Unresolved Staff Comments 39

Cybersecurity 39

ITEM 1C. Cybersecurity 39

Properties 40

ITEM 2. Properties 40

Legal Proceedings 40

ITEM 3. Legal Proceedings 40

Mine Safety Disclosures 40

ITEM 4. Mine Safety Disclosures 40 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41

Management's Discussion and Analysis of Financial Condition and Results of Operations 43

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures About Market Risk 62

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 62

Financial Statements and Supplementary Data 64

ITEM 8. Financial Statements and Supplementary Data 64

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 113

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 113

Controls and Procedures 113

ITEM 9A. Controls and Procedures 113

Other Information 115

ITEM 9B. Other Information 115

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 115

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 115 PART III

Directors, Executive Officers and Corporate Governance 115

ITEM 10. Directors, Executive Officers and Corporate Governance 115

Executive Compensation 116

ITEM 11. Executive Compensation 116

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116

Certain Relationships and Related Transactions and Director Independence 117

ITEM 13. Certain Relationships and Related Transactions and Director Independence 117

Principal Accountant Fees and Services 117

ITEM 14. Principal Accountant Fees and Services 117 PART IV

Exhibits and Financial Statement Schedules 118

ITEM 15. Exhibits and Financial Statement Schedules 118

Form 10-K Summary 122

ITEM 16. Form 10-K Summary 122 SIGNATURES 123 2 GLOSSARY OF CERTAIN OIL AND GAS TERMS The following are certain terms and abbreviations commonly used in the oil and gas industry and included within this Form 10-K: Bbl - One stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to oil or other liquid hydrocarbons. Bcf - One billion cubic feet of natural gas. Bcfe - One billion cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas. Btu - One British Thermal Unit. BBtu - One billion British Thermal Units. Mbbls - One thousand barrels of oil or other liquid hydrocarbons. Mcf - One thousand cubic feet of natural gas. Mcfe - One thousand cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas. MMBtu - One million British Thermal Units. MMcfe - One million cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas. Tcfe - One trillion cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas. NGL - natural gas liquids - those hydrocarbons in natural gas that are separated from the gas as liquids through the process of absorption, condensation or other methods in gas processing plants. net - "net" natural gas or "net" acres are determined by adding the fractional ownership working interests the Company has in gross wells or acres. TIL - turn-in-line; a well turned to sales. NYMEX - New York Mercantile Exchange. basis – when referring to commodity pricing, the difference between the price for a commodity at a primary trading hub and the corresponding sales price at various regional sales points. The differential commonly is related to factors such as product quality, location, transportation capacity availability and contract pricing. blending - process of mixing dry and damp gas in order to meet downstream pipeline specifications. conden

Business

ITEM 1. Business General CNX Resources Corporation ("CNX," the "Company," or "we," "us," or "our") is a premier independent low carbon intensity natural gas development, production, midstream and technology company centered in the Appalachian Basin. The majority of our operations are centered on unconventional shale formations, primarily the Marcellus Shale and Utica Shale, in Pennsylvania, Ohio and West Virginia. Additionally, we operate and develop Coalbed Methane (CBM) properties in Virginia. We believe that our extensive held-by-production acreage position and development inventory, combined with our regional operating expertise, extensive data set from development and non-operational participation wells, midstream infrastructure ownership, low-cost operations and legacy surface acreage position provide us with significant competitive advantages that position us for long-term value creation. CNX's Strategy and Corporate Values CNX's strategy is to use our substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies to responsibly develop our resources and create long-term value for our shareholders. Our mission is to empower our team to embrace and drive innovative change that creates long-term per share value for our investors, enhances our communities and delivers energy solutions for today and tomorrow. CNX defines itself through its corporate values that serve as our road map and guide every aspect of our business as we strive to achieve our corporate mission: Responsibility: Be a safe and compliant operator; be a trusted community partner and respected corporate citizen; act with pride and integrity; Excellence: Be a lean, efficient, nimble organization; be a di

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View this 10-K filing on SEC EDGAR