CNX Resources Files 2024 10-K

TL;DR

CNX Resources dropped its 2024 10-K. All systems go for natural gas.

AI Summary

CNX Resources Corp. filed its 2024 10-K on February 11, 2025, reporting on its fiscal year ending December 31, 2024. The company, formerly CONSOL Energy Inc., is based in Canonsburg, PA, and operates in the crude petroleum and natural gas sector. Key financial data and operational metrics for 2024, 2023, and 2022 are detailed within the filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of CNX Resources' financial performance and operational status for the fiscal year 2024, crucial for understanding the company's current standing and future prospects in the energy market.

Risk Assessment

Risk Level: medium — The oil and gas industry is subject to significant price volatility and regulatory changes, posing inherent risks to companies like CNX Resources.

Key Numbers

• 2024 — Fiscal Year End (The primary reporting period for the 10-K filing.)
• 2023 — Prior Fiscal Year (Comparative financial data is typically included.)
• 2022 — Earlier Fiscal Year (Provides a longer-term view of performance trends.)

Key Players & Entities

• CNX Resources Corp. (company) — Filer of the 10-K
• CONSOL Energy Inc. (company) — Former name of CNX Resources Corp.
• February 11, 2025 (date) — Filing date of the 10-K
• December 31, 2024 (date) — Fiscal year end for the reported period
• Canonsburg, PA (location) — Company headquarters

FAQ

Key Financial Figures

• $505 m — tal cash consideration of approximately $505 million, subject to certain post-closing
• $450 million — ects capital expenditures to be between $450 million and $500 million. The Company continuou
• $500 million — nditures to be between $450 million and $500 million. The Company continuously evaluates mul

Filing Documents

• cnx-20241231.htm (10-K) — 3324KB
• a1042changeincontrolagreem.htm (EX-10.42) — 136KB
• a1043changeincontrolagreem.htm (EX-10.43) — 136KB
• a10442024ceo-rsuawardagree.htm (EX-10.44) — 68KB
• a10452024ceo-psuawardagree.htm (EX-10.45) — 71KB
• a10462024ceo-esgawardagree.htm (EX-10.46) — 76KB
• a10472024s16-rsuawardagree.htm (EX-10.47) — 92KB
• a10482024s16-psuawardagree.htm (EX-10.48) — 98KB
• a10492024s16-esgawardagree.htm (EX-10.49) — 97KB
• a19insidertradingpolicy.htm (EX-19.1) — 62KB
• exhibit21subsidiaries12-31.htm (EX-21) — 11KB
• exhibit231ernstyoungconsen.htm (EX-23.1) — 7KB
• exhibit232reserveengineers.htm (EX-23.2) — 6KB
• cnx-123124xex311.htm (EX-31.1) — 11KB
• cnx-123124xex312.htm (EX-31.2) — 11KB
• cnx123124-ex321.htm (EX-32.1) — 6KB
• cnx123124-ex322.htm (EX-32.2) — 5KB
• cnx-123124xex971.htm (EX-97.1) — 32KB
• ex991-engineerauditletter2.htm (EX-99.1) — 67KB
• cnx-20241231_g1.jpg (GRAPHIC) — 34KB
• image_0a.jpg (GRAPHIC) — 24KB
• image_2a.jpg (GRAPHIC) — 268KB
• imagea.jpg (GRAPHIC) — 24KB
• 0001070412-25-000049.txt ( ) — 19048KB
• cnx-20241231.xsd (EX-101.SCH) — 100KB
• cnx-20241231_cal.xml (EX-101.CAL) — 177KB
• cnx-20241231_def.xml (EX-101.DEF) — 550KB
• cnx-20241231_lab.xml (EX-101.LAB) — 1303KB
• cnx-20241231_pre.xml (EX-101.PRE) — 933KB
• cnx-20241231_htm.xml (XML) — 3051KB

Risk Factors 20

ITEM 1A. Risk Factors 20

Unresolved Staff Comments 41

ITEM 1B. Unresolved Staff Comments 41

Cybersecurity 41

ITEM 1C. Cybersecurity 41

Properties 42

ITEM 2. Properties 42

Legal Proceedings 42

ITEM 3. Legal Proceedings 42

Mine Safety Disclosures 42

ITEM 4. Mine Safety Disclosures 42 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43

Management's Discussion and Analysis of Financial Condition and Results of Operations 45

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk 64

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 64

Financial Statements and Supplementary Data 66

ITEM 8. Financial Statements and Supplementary Data 66

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 117

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 117

Controls and Procedures 117

ITEM 9A. Controls and Procedures 117

Other Information 119

ITEM 9B. Other Information 119

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119 PART III

Directors, Executive Officers and Corporate Governance 119

ITEM 10. Directors, Executive Officers and Corporate Governance 119

Executive Compensation 120

ITEM 11. Executive Compensation 120

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120

Certain Relationships and Related Transactions, and Director Independence 120

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 120

Principal Accountant Fees and Services 120

ITEM 14. Principal Accountant Fees and Services 120 PART IV

Exhibits and Financial Statement Schedules 121

ITEM 15. Exhibits and Financial Statement Schedules 121

Form 10-K Summary 124

ITEM 16. Form 10-K Summary 124 SIGNATURES 125 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. BBtu - one billion British Thermal Units. 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. 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. 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. Condensate - a mixture of hydrocarbons that exists in the gaseous phase at original reservoir temperature and pressure, but that, when produced, is in the liquid phase at surface pressure and temperature. Conventional play - a term used in the oil and natural gas industry to refer to an area believed to be capable of producing crude oil and natural gas occurring in discrete accumulations in structural and stratigraphic traps utili

Business

ITEM 1. Business General CNX Resources Corporation ("CNX," the "Company," or "we," "us," or "our") is a premier independent ultra-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; b

View Full Filing

View this 10-K filing on SEC EDGAR