What changed in this filing

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Item 1. Business

2023-02-09 compared with 2022-02-10 · 87 added, 75 removed, 433 unchanged (27% of the section changed)

12 unchanged sentences

Be accountable for our actions and learn from our outcomes, both positive and negative;

be calculated risk-takers and seek creative ways to solve problems;

• Excellence:

be calculated

risk-takers and seek creative ways to solve problems;

be prudent capital allocators;

• Excellence:

Be a lean, efficient, nimble organization;

be a disciplined, reliable, performance-driven company;

be an inclusive team treating each other with fairness and respect.

These values are the foundation of CNX's identity and are the basis for how management defines continued success.

1 unchanged sentence

CNX believes that natural gas is central to a low-cost, reliable, secure, lower-carbon energy future that benefits American consumers, workers and the environment.

CNX has the benefit of having its operations centered in the Appalachian Basin, which CNX believes is one of the largest, most efficient, and environmentally sustainable sources of natural gas in the world.

2022 Operational Highlights and Outlook

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The CBM natural gas we extract would otherwise be vented into the atmosphere during normal mining operations.

We also have rights to extract CBM from approximately 1,733,000 net CBM acres in other states including West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico with no current plans to drill CBM wells in these areas.

We also have rights to extract CBM from approximately 1,752,000 net CBM acres in other states including West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico;

however the Company has no current plans to drill CBM wells in these areas.

We have rights to extract natural gas from other shale and shallow oil and gas positions primarily in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia from approximately 1,003,000 net acres at December 31, 2022.

24 unchanged sentences

Producing Gas Wells (including gob wells) - Working Interest 4,553 4,420

Producing Oil Wells - Working Interest 2 —

Producing Gas Wells - Royalty Interest 2,325 —

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Development Wells (Net)

During the years ended December 31, 2021, 2020 and 2019, we drilled 33.0, 29.0 and 75.7 net development wells, respectively.

During the years ended December 31, 2022, 2021 and 2020, we drilled 37.0, 33.0 and 29.0 net d evelopment wells, respectively.

Gob wells and wells drilled by operators other than our primary joint venture partners at that time are excluded from net development wells and represents less than 0.5 net wells for each year.

As of December 31, 2021, there were 13.0 net development wells and no exploratory wells drilled but uncompleted.

As o f December 31, 2022, there were 13.0 net development wells and no exploratory wells drilled but uncompleted.

The Company includes drilled and uncompleted net development wells in proved undeveloped reserves and the Company intends to complete and turn-in-line the wells within five years of the initial disclosure.

There were no net dry development wells in 2021 or 2020 and 1.0 net dry development well in 2019.

As of December 31, 2021, there were no gross completed developmental wells ready to be turned in-line.

There were no net dry development wells in 2022, 2021 or 2020.

As of December 31, 2022, there were 4.0 net completed developmental wells ready to be turned in-line.

The following table illustrates the net wells drilled by well classification type:

6 unchanged sentences

Exploratory Wells (Net)

There were no net exploratory wells drilled during the year ended December 31, 2021.

There were 2.0 and 5.0 net exploratory wells drilled during the years ended December 31, 2020 and 2019, respectively.

There were no net exploratory wells drilled during the years ended December 31, 2022 and 2021.

There were 2.0 exploratory wells drilled during the year ended December 31, 2020.

As of December 31, 2022, there are no net exploratory wells in process.

10 unchanged sentences

* Still evaluating in 2020 included two wells that were drilled, completed, and were in process of being connected to production facilities at the end of the year and were turned in-line in early 2021.

**Still evaluating in 2019 included one well that was partially constructed and the Company was trying to determine the most economic approach to access the natural gas reserves.

During the year-ended December 31, 2021, the Company determined it would be more economical to access the underlying reserves from a different location and the costs associated with this well were recorded to Exploration and Production Related Other Costs in the Consolidated Statements of Income.

The following table shows our estimated proved developed and proved undeveloped reserves.

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(Dollars in millions)

Future Net Cash Flows $ 16,017 $ 6,313 $ 7,744

Total PV-10 Measure of Pre-Tax Discounted Future Net Cash Flows (1) $ 8,081 $ 3,603 $ 4,176

Total Standardized Measure of After-Tax Discounted Future Net Cash Flows $ 5,882 $ 2,636 $ 3,070

Future Net Cash Flows (pre-tax) less Undiscounted Income Taxes $ 31,559 $ 16,017 $ 6,313

Total PV-10 Non-GAAP Measure of Pre-Tax Discounted Future Net Cash Flows (1) $ 14,501 $ 8,081 $ 3,603

Total Standardized GAAP Measure of After-Tax Discounted Future Net Cash Flows $ 10,763 $ 5,882 $ 2,636

(1) We calculate our present value at 10% (PV-10) in accordance with the following table.

Management believes that the presentation of the non-Generally Accepted Accounting Principles (GAAP) financial measure of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and gas companies.

Management believes that the presentation of the non-Generally Accepted Accounting Principles (non-GAAP) financial measure of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and gas companies.

Because many factors that are unique to each individual company impact the amount of future income taxes estimated to be paid, the use of a pre-tax measure is valuable when comparing companies based on reserves.

PV-10 is not a measure of the financial or operating performance under GAAP.

PV-10 is not a measure of the financial or operating performance under Generally Accepted Accounting Principles (GAAP).

PV-10 should not be considered as an alternative to the standardized measure as defined under GAAP.

We have included a reconciliation of the most directly comparable GAAP measure-after-tax discounted future net cash flows.

Reconciliation of PV-10 to Standardized Measure

Reconciliation of PV-10 to Standardized GAAP Measure

As of December 31,

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(1) Based on the average, first day-of-the-month price.

(2) Future Development costs for 2021 include $406 million of plugging and abandonment costs and $185 million of Midstream capital on an undiscounted pre-tax basis.

(2) Future development costs for 2022 include $442 million of plugging and abandonment costs and $293 million of midstream and water infrastructure capital on an undiscounted pre-tax basis.

On a PV-10 pre-tax discounted basis, these amounts equate to $8 million and $242 million, respectively.

Future development costs for 2020 include $402 million of plugging and abandonment costs and $287 million of Midstream capital on an undiscounted pre-tax basis.

Future development costs for 2021 include $406 million of plugging and abandonment costs and $235 million of midstream and water infrastructure capital on an undiscounted pre-tax basis.

On a PV-10 pre-tax discounted basis, these amounts equate to $7 million and $198 million, respectively.

The increase from 2019 was primarily due to the addition of Midstream capital as a result of the Merger that occurred on September 28, 2020 (See Note 4 - Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K).

Future development costs for 2020 include $402 million of plugging and abandonment costs and $287 million of midstream and water infrastructure capital on an undiscounted pre-tax basis.

On a PV-10 pre-tax discounted basis, these amounts equate to $18 million and $232 million, respectively.

(3) For additional information on our reserves, see Note 22 – Supplemental Gas Data (unaudited) to the Consolidated Financial Statements in Item 8 of this Form 10-K.

23 unchanged sentences

“Management's Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-K for a breakdown of sales volume variances.

CNX expects 2022 annual natural gas production volumes to be approximately 575-605 Bcfe.

CNX expects 2023 annual production volumes to be approximately 555-575 Bcfe.

Average Sales Price and Average Lifting Cost

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2022 2021 2020

Average Sales Price - Gas (Mcf) $ 3.55 $ 1.71 $ 2.48

(Loss) Gain on Commodity Derivative Instruments - Cash Settlement- Gas (Mcf)* $ (0.98) $ 0.78 $ 0.14

Average Sales Price - NGLs (Mcfe)** $ 5.65 $ 2.29 $ 3.20

Average Sales Price - Oil/Condensate (Mcfe)** $ 9.39 $ 5.98 $ 7.50

Average Sales Price - Gas (per Mcf) $ 6.27 $ 3.55 $ 1.71

(Loss) Gain on Commodity Derivative Instruments - Cash Settlement- Gas (per Mcf)* $ (3.35) $ (0.98) $ 0.78

Average Sales Price - NGLs (per Mcfe)** $ 6.36 $ 5.65 $ 2.29

Average Sales Price - Oil/Condensate (per Mcfe)** $ 13.65 $ 9.39 $ 5.98

Total Average Sales Price (per Mcfe) Including Effect of Derivative Instruments* $ 3.17 $ 2.79 $ 2.49

3 unchanged sentences

$ 0.11 $ 0.08 $ 0.08

Average Sales Price - NGLs (Bbl)

$ 33.90 $ 13.74 $ 19.20

Average Sales Price - Oil/Condensate (Bbl) $ 56.34 $ 35.88 $ 45.00

Average Sales Price - NGLs (per Bbl) $ 38.16 $ 33.90 $ 13.74

Average Sales Price - Oil/Condensate (per Bbl) $ 81.90 $ 56.34 $ 35.88

*Excludes the effect of hedge monetizations.

24 unchanged sentences

CNX has developed a diversified portfolio of firm transportation capacity options to support its production.

selectively acquire firm capacity on an as-needed basis, while minimizing transportation costs and long-term financial obligations.

CNX plans to selectively acquire firm capacity on an as-needed basis, while minimizing transportation costs and long-term financial obligations.

Optimization of our firm transportation portfolio may also include, from time to time and as appropriate, releasing firm transportation to others.

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The geographic proximity and interconnected gathering system servicing these wells, allow CNX to blend this gas together and in some cases eliminate the need for the costly processing of natural gas that does not meet pipeline specification.

This allow us more flexibility in bringing wells online at qualities that meet interstate pipeline specifications.

This allows us more flexibility in bringing wells online at qualities that meet interstate pipeline specifications.

CNX also supplies turn-key solutions for water sourcing, delivery and disposal for our natural gas operations and supplies solutions for water sourcing as well as delivery and disposal for third parties.

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CNX also competes for pipeline capacity and other services to deliver its products to customers.

New Technologies

CNX is currently developing unique, proprietary technology for vertical and horizontal business growth.

This includes using proprietary technology to change manufacturing processes for the extraction and delivery of natural gas through the development and commercialization of emerging technologies.

CNX is also focusing on forging strategic partnerships for the use of low carbon intensity feedstocks and creation of derivative products.

Non-Core Mineral Assets and Surface Properties

5 unchanged sentences

Human Capital Management

As of December 31, 2021, CNX had 441 employees, none of whom are subject to collective bargaining agreements.

CNX recognizes that our future success depends on the expertise and services of our key employees.

CNX is firmly committed to the health and safety of not only our employees and service providers, but also the communities in which CNX operates.

As of December 31, 2022, CNX had 466 employees, which includes 40 employees directly attributable to our midstream operations and 68 employees directly attributable to our Coalbed methane operations in Virginia.

The increase from the previous year was primarily due to additional hires to support our operations which included hiring contractors as full-time employees.

CNX is not a party to any collective bargaining agreements.

CNX recognizes that our future success depends on the expertise and services of our key employees and is firmly committed to the health and safety of not only our employees and service providers, but also the communities in which CNX operates.

Training and Education .

5 unchanged sentences

In addition to continual analysis and assessment, CNX empowers its employees and contractors to take corrective action or stop work immediately if adverse safety or environmental conditions are identified.

CNX expects all of its employees and service providers to meet the training requirements outlined by OSHA, and all other appropriate regulatory entities, and to always conduct our daily business consistent with our core values of Responsibility, Ownership and Excellence.

CNX expects all of its employees and service providers to meet the training requirements outlined by the Occupational Safety and Health Administration (OSHA), and all other appropriate regulatory entities, and to always conduct our daily business consistent with our core values of Responsibility, Ownership and Excellence.

CNX also provides the opportunity for all employees to obtain certification in First Aid, CPR, and AED administration.

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CNX intends to continue and expand Diversity and Inclusion training in 2023.

Finally, a Diversity & Inclusion Advisory Council and cross-training rotational program for diverse employees were established to help support and augment the Company’s broader talent management and diversity goals.

Finally, the Company’s Diversity & Inclusion Advisory Council and cross-training rotational program for diverse employees augment the Company’s broader talent management and diversity goals.

Employee Attraction and Retention .

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CNX is committed to fostering a culture of accountability and continuous improvement through the utilization of a Quality Management System (QMS), which strengthens accountability across the enterprise, and reinforces our core values of Responsibility, Ownership, and Excellence.

QMS provides all employees, visitors, contractors and subcontractors who operate on our behalf with a practical, easily accessible system that defines clear expectations, responsibilities and standards that provide the basis of accountability for quality and excellence in all aspects of our business.

QMS provides all employees, visitors, contractors and

subcontractors who operate on our behalf with a practical, easily accessible system that defines clear expectations, responsibilities and standards that provide the basis of accountability for quality and excellence in all aspects of our business.

QMS allows for continual identification, development of documentation control, and standardization of all processes and procedures throughout the organization.

5 unchanged sentences

No job or activity is considered a success if CNX compromises the safety of its employees and contractors.

Everyone working at CNX locations is empowered to stop work if they feel their safety or that of a coworker is at

Everyone working at CNX locations is empowered to stop work if they feel their safety or that of a coworker is at risk.

CNX’s approach to employee stop work empowerment, while reactive, when necessary, includes proactive measures such as procedural enhancements and communication.

CNX promotes empowerment through new employee on-boarding, CNX Hazard Training compliance, and verification of contractor training and short service employee (SSE) program.

CNX promotes empowerment through new employee on-boarding, CNX Hazard Training compliance, and verification of contractor training and short service employee program.

Our safety professionals provide support throughout all phases of operation with education, training, policy development, audits and emergency preparedness and response.

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As trends are identified, CNX utilizes the information to amend policies, training and company-wide communication.

The safety department, referred to as Operational Excellence, falls under the direction of the Chief Excellence Officer.

The team takes a hybrid approach where a traditional safety group has been merged with an operation field compliance team to form the Operational Excellence department.

The Vice President Operational Excellence briefs the Chief Excellence Officer on safety related issues, policy updates and performance trends regularly.

Additionally, Operations executive management is kept up to date on safety-related items during weekly scheduled meetings.

The Environmental, Safety and Corporate Responsibility (ESCR) Committee of the Board of Directors is kept apprised of safety related matters as needed and with monthly updates and quarterly meetings.

CNX employs safety and health professionals with a variety of safety certifications such as an Occupational Health Nurse, Emergency Medical Technicians and Emergency Medical Responders.

The team takes a hybrid approach where CNX has merged traditional safety group with an operational field compliance team to form the Operational Excellence department.

The Operational Excellence department falls under the direction of the Chief Operating Officer.

The Vice President Operational Excellence briefs the Chief Operating Officer on safety related issues, quality related issues, policy updates and performance trends regularly.

Additionally, operations executive management is kept up to date on quality, health, safety, and environment (QHSE) related items during weekly scheduled meetings.

The Environmental, Safety and Corporate Responsibility (ESCR) Committee of the Board of Directors is kept apprised of QHSE related matters as needed and with monthly updates and quarterly meetings.

CNX employs safety, health, compliance, and quality professionals with a variety of certifications such as an Occupational Health Nurse, Emergency Medical Technicians, Certified Safety Professionals, Certified Welding Inspectors, and Certified Piping Inspectors.

Emergency Preparedness and Response.

25 unchanged sentences

and gathering of natural gas production.

In addition to a variety of laws and regulations governing our natural gas operations, CNX is also subject to laws and regulations with respect to our employees, including health and safety regulations, and various financial and regulatory laws and regulations relating to our status as a public company, and our participation in derivative markets.

In addition to a variety of laws and regulations governing our natural gas operations, CNX is also subject to laws and regulations with respect to our employees, including

health and safety regulations, and various financial and regulatory laws and regulations relating to our status as a public company, and our participation in derivative markets.

Additionally, the electric power generation industry, which consumes significant quantities of natural gas, remains subject to extensive regulation regarding the environmental impact of its power generation activities, which could impact demand for our natural gas.

In 2010, Congress adopted comprehensive financial reform legislation that established federal oversight and regulation of the OTC derivative market and entities, such as the Company, that participate in that market.

The legislation, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), required the CFTC, the SEC and other regulatory agencies to promulgate rules and regulations implementing this legislation.

The CFTC has adopted and implemented final rules that impose regulatory obligations on all market participants, including the Company, such as recordkeeping, certain reporting obligations and other regulations relevant to natural gas hedging activities.

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.

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.

CNX endeavors to conduct our natural gas and midstream operations in compliance with all applicable federal, state and local laws and regulations.

However, because of extensive and comprehensive regulatory requirements against a backdrop of variable geologic and seasonal conditions, exceedances and violations of permits and other regulatory requirements during operations can and do occur.

Such exceedances and violations generally result in fines or penalties but could also make it more difficult for us to obtain necessary permits in the future.

Such exceedances and violations generally result in fines or penalties but could also result in operational changes and/or make it more difficult for us to obtain necessary permits in the future.

The possibility exists that new legislation or regulations may be adopted which would have a significant impact on our operations or on our customers' ability to use our natural gas and may require us or our customers to change our or their operations significantly or incur substantial costs.

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Environmental Laws

Many of the laws and regulations referred to above are state-level environmental laws and regulations, which vary according to the state where CNX is operating.

Many of the laws and regulations governing our operations are state-level environmental laws and regulations, which vary according to the state where CNX is operating.

Our natural gas and midstream operations are also subject to numerous federal environmental laws and regulations.

2 unchanged sentences

Hydraulic Fracturing Activities.

Hydraulic fracturing is typically regulated by state oil and natural gas commissions and similar agencies, but the U.S.

Environmental Protection Agency (EPA) has asserted certain regulatory authority over hydraulic fracturing and has moved forward with various regulatory actions, including the issuance of regulations requiring green completions for hydraulically fractured wells, and has disclosed its intent to develop regulations to require companies to disclose information regarding the chemicals used in hydraulic fracturing.

Hydraulic fracturing is typically regulated by state oil and natural gas commissions and similar agencies;

however, the U.S.

In addition, the EPA in 2014 disclosed its intent to develop regulations to require companies to disclose information regarding the chemicals used in hydraulic fracturing.

Some states, including states in which CNX operates, have adopted regulations that could impose more stringent disclosure and/or well construction requirements on hydraulic fracturing operations, or otherwise seek to ban some or all of these activities.

Additionally, these and other federal requirements and proposals may be subject to further review and revision by the EPA.

Additionally, these and other federal requirements and proposals may be subject to further development, review and revision by the EPA.

Scrutiny of hydraulic fracturing activities also continues in other ways at the federal and local levels.

2 unchanged sentences

In December 2016, the EPA released its final report on the impacts of hydraulic fracturing on drinking water.

While the language was changed and included the possibility of negative impacts from hydraulic fracturing, it also included the guidance to industry and regulators on how the process can be performed.

While the language was changed and included the possibility of

negative impacts from hydraulic fracturing, it also included the guidance to industry and regulators on how the process can be performed.

CNX cannot predict whether any other legislation or regulations will be enacted and, if so, what its provisions will be.

8 unchanged sentences

For example, the EPA sets National Ambient Air Quality Standards for certain pollutants and changes to such standards could cause us to make additional capital expenditures or alter our business operations in some manner.

See “Risk Factors - Climate change risk, legislation, litigation and regulation of greenhouse gas emissions at the federal or state level may increase our operating costs and reduce the value of our natural gas assets and such regulation, as well as uncertainty concerning such regulation and public policy pressures that may arise, could adversely impact the market for natural gas, as well as for our securities” for additional discussion regarding certain laws and regulations related to air emissions and related matters.

See “Risk Factors - Climate change risk, legislation, litigation and regulation of greenhouse gas emissions at the federal or state level may increase our operating costs and reduce the value of our natural gas assets” for additional discussion regarding certain laws and regulations related to air emissions and related matters.

Clean Water Act .

16 unchanged sentences

These statutes and related regulations may be revised or amended which may lead to additional safety requirements.

See “ Risk Factors -- CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas gathering pipelines ” for additional discussion regarding gas transmission and gathering pipelines.

See “ Risk Factors -- CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas pipelines and gathering facilities ” for additional discussion regarding gas transmission and gathering pipelines.

Resource Conservation and Recovery Act .

2 unchanged sentences

On December 28, 2016 the EPA entered into a consent order to resolve outstanding litigation brought by environmental and citizen groups regarding the applicability of RCRA to wastes from oil and gas development activities.

In April 2019, the EPA issued a report pursuant to the consent order concluding that revisions to the federal regulations for the management of exploration and production wastes under RCRA were not necessary at the time the report was issued.

In April 2019, the EPA issued a report pursuant to the consent order concluding that revisions to the federal regulations for the management of exploration and production wastes under RCRA were

not necessary at the time the report was issued.

CNX cannot predict whether the EPA may change its conclusion at some point, or whether any other legislation or regulations will be enacted and if so, what its provisions will be.

17 unchanged sentences

Climate change continues to be an area of legislative and regulatory focus.

There are a number of proposed and final laws and regulations intended to limit greenhouse gas emissions, and regulations that restrict emissions could increase our costs should the requirements necessitate the installation new equipment or the purchase of emission credits or allowances.

These laws and regulations could also impact our customers, including the electric generation industry, making alternative sources of energy more competitive.

Additional regulation could also lead to permitting delays and additional monitoring and administrative requirements, as well as to impacts on electricity generating operations.

There are a number of proposed and final laws and regulations intended to limit or increase disclosure or transparency with respect to greenhouse gas emissions, and proposed regulations that restrict emissions or require more stringent reporting could increase our costs should the requirements necessitate the installation of new equipment or the purchase of emission credits or allowances.

These laws and regulations could also impact our customers, including the electric generation industry, by making alternative sources of energy more competitive.

Additional regulation could also lead to permitting delays and additional monitoring and administrative requirements, with commensurate impacts on electricity generating operations.

See “Risk Factors - Climate change risk, legislation, litigation and regulation of greenhouse gas emissions at the federal or state level may increase our operating costs and reduce the value of our natural gas assets” for additional discussion regarding certain laws and regulations related to climate change, greenhouse gas and related matters.

Title to Properties

3 unchanged sentences

This summary review is conducted at the time of acquisition or as part of a review of our land records.

Prior to the commencement of development operations on natural gas and CBM properties, CNX conducts a thorough title examination and perform curative work with respect to significant title defects.

Prior to the commencement of development operations on natural gas and CBM properties, CNX conducts a thorough title examination and performs curative work with respect to significant title defects.

Our discovering title defects which CNX is unable to cure may adversely impact our ability to develop those properties and CNX may have to reduce our estimated gas reserves including our proved undeveloped reserves.

In accordance with the foregoing, CNX has completed title work on substantially all of our natural gas and CBM properties that are currently producing and believe that CNX has satisfactory title to our producing properties in accordance with standards generally accepted in the industry.

See “Risk Factors - CNX may incur losses as a result of title defects in the properties in which CNX invests or the loss of certain leasehold or other rights related to our midstream activities.”

In accordance with the foregoing, CNX has completed title work on substantially all of our natural gas and CBM properties that are currently producing and believes that CNX has satisfactory title to our producing properties in accordance with standards generally accepted in the industry.

See “Risk Factors - CNX may incur losses as a result of title defects in the properties in which CNX

invests or the loss of certain leasehold or other rights related to our midstream activities.”

Available Information

14 unchanged sentences

• Prices for natural gas and NGLs are volatile and can fluctuate widely based upon a number of factors beyond our control, including supply and demand for our products.

• If natural gas prices decrease or drilling efforts are unsuccessful, CNX may be required to record write-downs of our proved natural gas properties.

• If natural gas prices decrease or operational efforts are unsuccessful, CNX may be required to record write-downs of our proved natural gas properties.

• Competition and consolidation within the natural gas industry may adversely affect our ability to sell our products and midstream services or other parts of the business.

1 unchanged sentence

• Our hedging activities may prevent us from benefiting from price increases and may expose us to other risks.

• Negative public perception regarding our Company or industry and changing investor sentiment towards climate change and fossil fuels could have an adverse effect on our operations, financial results or stock price.

• Negative public perception regarding our Company or industry could have an adverse effect on our operations, financial results or stock price.

• Events beyond our control, including a global or domestic health crisis, may result in unexpected adverse operating and financial results.

3 unchanged sentences

• Uncertainties exist in the estimation of economical recovery of oil and natural gas reserves.

• Developing, producing, and operating natural gas wells is a high-risk activity, and is subject to operating risks and hazards that could increase expenses, decrease our production levels and expose us to losses or liabilities.

• Developing, producing and operating natural gas wells is subject to operating risks and hazards that could increase expenses, decrease our production levels and expose us to losses or liabilities.

• Our identified development locations are scheduled over multiple future years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their actual development.

1 unchanged sentence

• CNX may not be able to obtain required personnel, services, equipment, parts and raw materials in a timely manner, in sufficient quantities or at reasonable costs to support our operations.

• If CNX cannot find adequate sources of water for our use or CNX is unable to dispose of or recycle water produced from our operations at a reasonable cost and within applicable environmental rules, our ability to produce natural gas economically and in sufficient quantities could be impaired.

• If CNX cannot find adequate sources of water for our use or if CNX is unable to dispose of or recycle water produced from our operations at a reasonable cost and within applicable environmental rules, our ability to produce natural gas economically and in sufficient quantities could be impaired.

• Failure to successfully replace our current natural gas, NGL and oil reserves through economic development of our existing or acquired assets or through acquisition of additional producing assets, would lead to a decline in our natural gas, NGL and oil production levels and reserves.

1 unchanged sentence

Legal, Environmental and Regulatory Risks

• Climate change risk, legislation, litigation and regulation of greenhouse gas emissions at the federal or state level may increase our operating costs and reduce the value of our natural gas assets and such regulation, as well as uncertainty

concerning such regulation and public policy pressures that may arise, could adversely impact the market for natural gas, as well as for our securities.

• Environmental regulations can increase costs and introduce uncertainty that could adversely impact the market for natural gas with potential short and long-term liabilities.

• Existing and future governmental laws, regulations and other legal requirements and judicial decisions that govern our business may increase our costs of doing business and may restrict our operations.

• CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas gathering pipelines.

• Changes in federal or state tax laws focused on natural gas exploration and development could cause our financial position and profitability to deteriorate and future tax liability may be greater than anticipated.

• Existing and future governmental laws, regulations, other legal requirements and judicial decisions that govern our business may increase our costs of doing business and may restrict our operations.

• CNX may incur significant costs and liabilities as a result of pipeline operations and/or increases in the regulation of natural gas pipelines and gathering facilities.

• Changes in federal or state tax laws focused on natural gas exploration and development could cause our financial position and profitability to deteriorate.

• CNX and its subsidiaries are subject to various legal proceedings and investigations, which may have an adverse effect on our business.

Financing, Investment and Indebtedness Risks

• Our current long-term debt obligations, and the terms of the agreements that govern that debt, and the risks associated therewith, could adversely affect our business, financial condition, liquidity and results of operations.

• Our current long-term debt obligations, the terms of the agreements that govern that debt, and the risks associated therewith, could adversely affect our business, financial condition, liquidity and results of operations.

• Our borrowing base under our senior secured credit facility could decrease for a variety of reasons including lower natural gas prices, declines in natural gas proved reserves, asset sales and lending requirements or regulations.

• The accounting method for convertible debt securities that may be settled in cash, such as the Convertible Notes, could have a material effect on our reported financial results.

• The capped call transactions may affect the value of the Convertible Notes and our common stock.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business