2 unchanged sentences
The following discussion provides additional detail regarding CNX's exposure to the risks of changing commodity prices, interest rates and foreign exchange rates.
−Removed: CNX is exposed to market price risk in the normal course of selling natural gas and liquids.
+Added: CNX is exposed to market price risk in the normal course of selling natural gas and NGLs.
CNX uses fixed-price contracts, options and derivative commodity instruments (over-the-counter swaps) to minimize exposure to market price volatility in the sale of natural gas and NGLs.
15 unchanged sentences
CNX's interest expense is sensitive to changes in the general level of interest rates in the United States.
−Removed: The Company has used derivative instruments in the past in order to manage risk related to interest rates, although there are currently no active agreements (see Note 19 – Derivative Instruments in the Notes to the Unaudited Consolidated Financial Statements included in Item 1 of this Form 10-Q for more information).
+Added: The Company has used derivative instruments in the past in order to manage risk related to interest rates, although there are currently no active agreements (see Note 19 – Derivative Instruments in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for additional information).
At December 31, 2025 and 2024, CNX had $2,219 million and $2,132 million, respectively, aggregate principal amount of debt outstanding under fixed-rate instruments, including unamortized debt issuance costs of $8 million and $9 million, respectively.
1 unchanged sentence
CNX’s primary exposure to market risk for changes in interest rates relates to CNX’s Credit Facility, under which there was $200 million of borrowings at December 31, 2025 and $43 million of borrowings at December 31, 2024, and CNXM's Credit Facility, under which there was $33 million of borrowings at December 31, 2025 and $16 million at December 31, 2024.
−Removed: A hypothetical 100 basis-point increase in the average rate for CNX's variable-rate instruments would decrease pre-tax future earnings as of December 31, 2024 and 2023 by $1 million and $2 million, respectively, on an annualized basis.
+Added: A hypothetical 100 basis-point increase in the average rate for CNX's variable-rate instruments would decrease pre-tax future earnings as of December 31, 2025 and 2024 by approximately $2 million and $1 million, respectively, on an annualized basis.
All of CNX's transactions are denominated in U.S.
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Weighted Average Hedge Price per Mcf $ 3.23 $ 3.27 $ 3.27 $ 3.24 $ 3.25
−Removed: 2028 Fixed Price Volumes
−Removed: Hedged Bcf 12.8 12.8 13.0 13.0 51.6
−Removed: Weighted Average Hedge Price per Mcf $ 3.64 $ 3.64 $ 3.64 $ 3.64 $ 3.64
*Quarterly volumes do not add to annual volumes inasmuch as a discrete condition in individual quarters, where basis hedge volumes exceed NYMEX hedge volumes, does not exist for the year taken as a whole.
1 unchanged sentence
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.