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About Cnx Resources Corporation

CNX Resources, formerly known as CONSOL Energy, is an independent upstream oil and gas company operating mainly in Appalachian Basin. The company explores for, develops, produces, gathers, acquire, and processes natural gas found in unconventional shale formations, primarily the Marcellus Shale and Utica Shale, covering parts of Pennsylvania, West Virginia, Ohio, and Virginia. The company boasts around 8.4 Tcfe of proved reserves in about 4.2 million net acres of land. CNX has an average daily production of around 1.4 Mcfe from about 4,500 net wells, with more than 15.5 years of reserve life ratio.


CNX Resources (former CONSOL Energy) reports four business segments based on region and type -- Marcellus, Other Gas, Utica, and Coalbed Methane. Marcellus accounts for nearly 55% of annual sales. Other gas give in roughly 25%. Utica generates approximately 15% and Coalbed represents about 10% of sales.

CNX holds about 520,000 net Marcellus Shale acres, nearly 610,000 net Utica Shale, as well as the rights to extract Coalbed Methane in Virginia (nearly 310,000 net acres). It also has the rights to extract coalbed methane from approximately 2.1 million net acres in West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico, although it has no plans to do so.

Within its Other Gas segment, CNX has the rights to extract natural gas from shallow oil and gas positions primarily in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia, totaling around 980,000 net acres.

CNX builds and operates extensive natural gas gathering systems to move gas from the wellhead to interstate pipelines and local sales points. This includes over 2,500 miles of gas pipelines and several natural gas processing facilities.

Geographic Reach

Headquartered in Canonsburg, Pennsylvania, CNX (former CONSOL Energy) holds about 520,000 net acres in the Marcellus Shale and approximately 610,000 net acres that have Utica Shale potential in West Virginia, Ohio, and Pennsylvania. It also has more than 2 million net acres in the coalbed methane play in Illinois, Indiana, Ohio, Pennsylvania, New Mexico, and West Virginia.

Sales and Marketing

CNX (former CONSOL Energy) produces its own gas and purchases additional gas produced by third parties at market prices, reselling it to end users or gas marketers at current market prices. The company has developed a diversified portfolio of firm transportation capacity options while minimizing transportation costs. It also benefits from having its production areas near a large concentration of major pipelines and pending projects will increase the take-away capacity. The company's two largest customers, Direct Energy Business Marketing LLC and NJR Energy Services Company, each accounted for over 10% of sales.

Financial Performance

The company's revenue increased by $192.0 million to $1.9 billion, compared to $1.7 billion in the prior year. The increase was due to the recovery resulting to a gain on commodity derivative instruments from a loss in the prior year.

In 2019, the company's net income fell by $851.2 million, compared to $883.1 million in the prior year. The decrease was due to 195% increase on their costs and expenses.

The cash held by the company in 2019 decreased by $0.9 million to $16.3 million, compared to $17.2 million in the prior year. Cash provided by operations and financing activities were $980.6 million and $166.0 million, respectively. Cash used by investing activities was $1.1 billion.


The company's business strategy focuses on horizontal drilling and production in the Marcellus and Utica Shale plays in the Appalachian Basin. Drilling and stimulating horizontal wells is technologically complex, expensive and involves a higher risk of failure when compared to vertical wells. Due to the higher costs, the risks of the drilling program are spread over a smaller number of wells, and in order to be profitable, each horizontal well will need to produce at a higher level. In addition, CNX uses multi-well pads instead of single-well sites. The use of multi-well pad drilling increases some operational risks because problems affecting the pad, or a single well could adversely affect production from all of the wells on the pad. Pad drilling can also make the overall production, and therefore the revenue and cash flows, more volatile, because production from multiple wells on a pad will typically commence simultaneously. While the company believes that it is better served by drilling horizontal wells using multi-well pads, the risk component involved in such drilling will be increased in some respects, with the result that CNX might find it more difficult to achieve economic success in the company's drilling program.

Company Background

CNX Resources has a 150-year legacy through its previous entity CONSOL Energy. The company has direct lineage to John D. Rockefeller’s Standard Oil Company and to Andrew Mellon of Appalachia coal fame. 

Cnx Resources Corporation

1000 Consol Energy Dr STE 4
Canonsburg, PA 15317-6506
Phone: 1 (724) 485-4000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: CNX
Stock Exchange: , NYSE
President and CEO: Nicholas J. DeIuliis
COO, Exploration and Production Division: Timothy C. Dugan
Chairman: William N. Thorndike
Employees (This Location): 400
Employees (All Locations): 467

Major Office Locations

Canonsburg, PA

Other Locations

Baltimore, MD
Canonsburg, PA
East Millsboro, PA
Cedar Bluff, VA