1Q 2023 Earnings Results &
Supplemental Information of CNX Resources
TABLE OF CONTENTS:			Page:
Production Volumes and Activity Summary........................................................................................................................			2
Hedge Volumes and Pricing…...........................................................................................................................................			3
Gas Hedging Gain/Loss Projections and Actuals..............................................................................................................			4
Consolidated Statements of Income..................................................................................................................................			5
Consolidated Balance Sheets............................................................................................................................................			6
Consolidated Statements of Cash Flows….......................................................................................................................			7
Market Mix and Natural Gas Price Reconciliation…..........................................................................................................			8
Price and Cost Data (Per Mcfe).........................................................................................................................................			9
Guidance…........................................................................................................................................................................			10
Year end 2022 Acreage and Undeveloped Location Update.............................................................................................			11
Definitions..........................................................................................................................................................................			12
Sales of Natural Gas, NGL and Oil, including Cash Settlements and Natural Gas, NGL and Oil Production Costs.........			13
Quarterly Adjusted EBITDAX and Adjusted Net Income....................................................................................................			14
Operating Margin...............................................................................................................................................................			15
Cash Operating Margin......................................................................................................................................................			16
Net Debt and Adjusted EBITDAX TTM..............................................................................................................................			17
Free Cash Flow..................................................................................................................................................................			18

NOTE: Please note that CNX is unable to provide a reconciliation of non-GAAP projected financial results contained in this presentation, including the non-GAAP measures referenced above, to their respective comparable financial measure calculated in accordance with GAAP. This is due to our inability to calculate the comparable GAAP projected metrics, including operating income, net cash provided by operating activities and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

PRODUCTION VOLUMES
GAS									Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Shale Sales Volumes (Bcf)									114.8						119.0						125.1						122.1						130.5
CBM Sales Volumes (Bcf)									10.4						10.5						10.7						11.0						11.5
Other Sales Volumes (Bcf)									0.1						0.1						0.2						0.1						—
LIQUIDS*
NGLs Sales Volumes (Bcfe)									10.1						10.5						10.2						8.8						8.5
Oil and Condensate Sales Volumes (Bcfe)									0.5						0.5						0.2						0.3						0.4
TOTAL (Bcfe)									135.9						140.6						146.4						142.3						150.9
Average Daily Production (MMcfe)									1,509.6						1,528.4						1,590.9						1,564.1						1,676.2
* NGLs, Oil and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
Q1 2023 ACTIVITY SUMMARY									TD						Frac						TIL						Average Lateral Length(1)						Rigs at Period End
SWPA Central			Marcellus						5						6						1						6,307						2
			Utica						-						-						2						14,756						-
WV Shirley-Pennsboro			Marcellus						-						-						-						-						-
			Utica						-						-						-						-						-
CPA South			Marcellus						-						2						3						7,938						-
			Utica						-						-						-						-						-
Total									5						8						6						-						2
(1) Measured in lateral feet from perforation to perforation.

2

NATURAL GAS HEDGE VOLUMES AND PRICING(1)
			Q2 2023						2023						2024						2025						2026						2027
NYMEX Hedges
Volumes (Bcf)			104.5						388.3						287.6						225.7						234.3						105.8
Average Prices ($/Mcf)			$3.02						$3.03						$3.05						$3.21						$3.23						$4.21
Physical Fixed Price Sales and Index Hedges
Volumes (Bcf)			8.6						34.7						118.0						129.8						89.6						111.9
Average Prices ($/Mcf)			$2.14						$2.17						$2.39						$2.30						$2.59						$3.29
Total Volumes Hedged (Bcf)(2)			113.1						423.0						405.6						355.5						323.9						217.7
NYMEX + Basis (fully-covered volumes)(3)
Volumes (Bcf)			111.6						423.0						403.5						355.5						287.2						197.8
Average Prices ($/Mcf)			$2.41						$2.48						$2.44						$2.36						$2.45						$3.24
NYMEX Hedges Exposed to Basis
Volumes (Bcf)			1.5						-						2.1						-						36.7						19.9
Average Prices ($/Mcf)			$3.02						-						$3.05						-						$3.23						$4.21
Total Volumes Hedged (Bcf)(2)			113.1						423.0						405.6						355.5						323.9						217.7
Estimated Conversion Factor(4)			1.080						1.080						1.073						1.068						1.064						1.061
(1) Hedge positions as of 4/6/2023.
(2) Excludes basis hedges in excess of NYMEX hedges of 9.9 Bcf and 19.6 Bcf for 2023 and 2025,respectively.
(3) Includes the impact of NYMEX and basis-only hedges as well as physical sales agreements.
(4) To convert Bcf to TBtu, multiply by conversion factor; to convert $/Mcf to $/MMBtu, divide by conversion factor.

3

NATURAL GAS HEDGING GAIN/LOSS PROJECTIONS
			Q2 2023															CY2023
						Wtd. Avg.			Avg.			Forecasted									Wtd. Avg.			Avg.			Forecasted
			Hedged Volumes			Hedged			Forward			Gain/(Loss)(2)						Hedged Volumes			Hedged			Forward			Gain/(Loss)(2)
($/MMBtu)			(000 MMBtu)			Price			Market(1)			($ in 000s)						(000 MMBtu)			Price			Market(1)			($ in 000s)
NYMEX			112,840			$2.79			$2.08			$80,386						419,300			$2.81			$2.76			$40,396
Index			9,100			$1.98			$1.63			$3,161						36,500			$1.98			$2.07			($3,381)
Basis:
Eastern Gas-South (DOM)			14,788			($0.66)			($0.43)			($3,428)						59,313			($0.66)			($0.69)			$1,641
TCO Pool (TCO)			28,437			($0.65)			($0.30)			($10,032)						100,850			($0.64)			($0.52)			($13,006)
Michcon (NMC)			10,920			($0.25)			$0.03			($3,126)						43,190			($0.25)			($0.17)			($3,822)
TETCO M3 (TMT)			1,820			($0.98)			($0.33)			($1,176)						6,530			($0.04)			$0.77			($6,096)
TETCO M2 (BM2)			39,585			($0.56)			($0.48)			($3,286)						158,775			($0.56)			($0.70)			$22,434
Transco Zone 5 South (DKR)			3,185			($0.08)			$0.33			($1,282)						12,165			$0.62			$1.90			($15,126)
Total Financial Basis Hedges			98,735									($22,330)						380,823									($13,975)
Total Projected Realized Gain												$61,217															$23,040
Note: Forward market prices, hedged volumes, and hedge prices are as of 4/6/2023. Anticipated hedging activity is not included in projections.
(1) January through April 2023 prices are settled.
(2) Forecasted Gain/(Loss) amounts are based on sum of current monthly hedge positions vs. strip.

Actual Change in Derivatives
(Dollars in millions)			Q1 2023						Q4 2022						Q3 2022						Q2 2022						Q1 2022
Realized Loss			($61)						($360)						($651)						($531)						($271)
Unrealized Gain (Loss)			$823						$1,138						($411)						($122)						($1,456)
Gain (Loss) on Commodity Derivative Instruments			$762						$778						($1,062)						($653)						($1,727)

4

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Dollars in thousands, except per share data
Revenue and Other Operating Income (Loss):			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Natural Gas, NGL and Oil Revenue			$455,639						$776,740						$1,127,341						$1,003,406						$744,625
Gain (Loss) on Commodity Derivative Instruments			762,167						777,615						(1,062,353)						(652,643)						(1,726,394)
Purchased Gas Revenue			36,812						61,421						31,738						46,552						45,841
Other Revenue and Operating Income			21,359						21,054						20,335						23,103						22,830
Total Revenue and Other Operating Income (Loss)			1,275,977						1,636,830						117,061						420,418						(913,098)
Costs and Expenses:
Operating Expense
Lease Operating Expense			16,474						17,739						19,239						14,282						15,398
Transportation, Gathering and Compression			98,096						96,385						96,632						88,357						88,286
Production, Ad Valorem, and Other Fees			9,641						11,599						13,481						9,958						9,927
Depreciation, Depletion and Amortization			105,222						112,245						114,167						116,180						118,623
Exploration and Production Related Other Costs			5,104						1,212						685						4,712						1,689
Purchased Gas Costs			34,347						62,217						32,309						46,041						44,816
Selling, General, and Administrative Costs			36,576						31,961						27,722						30,454						31,560
Other Operating Expense			15,139						9,818						21,238						20,539						12,170
Total Operating Expense			320,599						343,176						325,473						330,523						322,469
Other Expense
Other Expense (Income)			1,168						3,494						1,922						5,179						(736)
(Gain) Loss on Assets Sales and Abandonments, net			(9,482)						(1,426)						12,077						(6,240)						(13,395)
Loss on Debt Extinguishment			—						19						9,953						12,981						—
Interest Expense			35,736						35,218						34,351						31,051						27,069
Total Other Expense			27,422						37,305						58,303						42,971						12,938
Total Costs and Expenses			348,021						380,481						383,776						373,494						335,407
Earnings (Loss) Before Income Tax			927,956						1,256,349						(266,715)						46,924						(1,248,505)
Income Tax Expense (Benefit)			217,561						81,770						160,357						13,567						(325,564)
Net Income (Loss)			$710,395						$1,174,579						$(427,072)						$33,357						$(922,941)
Earnings (Loss) per Share
Basic			$4.22						$6.64						$(2.28)						$0.17						$(4.62)
Diluted			$3.61						$5.68						$(2.28)						$0.15						$(4.62)
Weighted-Average Shares Outstanding			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Weighted-Average Shares of Common Stock Outstanding			168,452,107						176,916,881						187,511,940						194,021,639						199,854,257
Effect of Diluted Shares*			28,692,767						30,127,743						—						30,387,055						—
Weighted-Average Diluted Shares of Common Stock Outstanding			197,144,874						207,044,624						187,511,940						224,408,694						199,854,257
*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards and the potential share settlement impact related to CNX's Convertible Notes are antidilutive.

5

CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in thousands			31-Mar-23						31-Dec-22						30-Sep-22						30-Jun-22						31-Mar-22
ASSETS
Current Assets:
Cash and Cash Equivalents			$2,799						$21,321						$1,594						$238						$8,570
Accounts and Notes Receivable
Trade, net			136,208						348,458						479,088						447,464						263,126
Other Receivables, net			8,015						6,184						5,436						6,010						5,134
Supplies Inventories			29,339						27,156						19,650						14,490						6,469
Derivative Instruments			159,794						154,474						200,598						137,492						119,838
Prepaid Expenses			15,443						16,211						17,373						12,503						13,739
Total Current Assets			351,598						573,804						723,739						618,197						416,876
Property, Plant and Equipment:
Property, Plant and Equipment:			12,099,212						11,907,698						11,738,308						11,606,088						11,484,450
Less-Accumulated Depreciation, Depletion and Amortization			4,913,268						4,811,189						4,704,665						4,593,364						4,488,326
Total Property, Plant and Equipment—Net			7,185,944						7,096,509						7,033,643						7,012,724						6,996,124
Other Non-Current Assets:
Operating Lease Right-of-Use Assets			170,376						174,849						187,376						176,613						42,162
Derivative Instruments			208,933						244,931						258,539						420,291						281,213
Goodwill			323,314						323,314						323,314						323,314						323,314
Other Intangible Assets			75,352						76,990						78,628						80,266						81,904
Deferred Income Taxes			—						—						—						14,107						28,526
Other Non-Current Assets			24,628						25,376						27,887						50,378						53,405
Total Other Non-Current Assets			802,603						845,460						875,744						1,064,969						810,524
TOTAL ASSETS			$8,340,145						$8,515,773						$8,633,126						$8,695,890						$8,223,524
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable			$195,867						$191,343						$169,406						$154,449						$120,513
Derivative Instruments			242,900						782,653						1,407,892						1,210,715						1,411,964
Current Portion of Finance Lease Obligations			1,423						881						686						637						603
Current Portion of Long-Term Debt			—						—						323,122						322,622						336,083
Current Portion of Operating Lease Obligations			50,844						47,436						48,710						40,951						10,003
Other Accrued Liabilities			213,874						290,491						308,212						302,599						248,176
Total Current Liabilities			704,908						1,312,804						2,258,028						2,031,973						2,127,342
Non-Current Liabilities:
Long-Term Debt			2,203,108						2,205,735						1,920,440						1,907,074						1,890,790
Finance Lease Obligations			4,023						1,970						1,375						1,342						1,304
Operating Lease Obligations			122,726						132,105						143,291						139,428						32,340
Derivative Instruments			1,124,884						1,517,021						2,012,326						1,899,736						1,421,373
Deferred Income Taxes			449,656						232,280						146,621						—						—
Asset Retirement Obligations			89,619						89,079						87,243						88,463						89,403
Other Non-Current Liabilities			73,925						74,318						86,814						90,850						91,460
Total Non-Current Liabilities			4,067,941						4,252,508						4,398,110						4,126,893						3,526,670
TOTAL LIABILITIES			4,772,849						5,565,312						6,656,138						6,158,866						5,654,012
Stockholders' Equity
Common Stock			1,663						1,712						1,835						1,918						1,955
Capital in Excess of Par Value			2,468,079						2,506,269						2,602,697						2,665,440						2,691,950
Preferred Stock			—						—						—						—						—
Retained Earnings (Accumulated Deficit)			1,103,995						448,993						(613,426)						(116,081)						(110,005)
Accumulated Other Comprehensive Loss			(6,441)						(6,513)						(14,118)						(14,253)						(14,388)
TOTAL STOCKHOLDERS' EQUITY			3,567,296						2,950,461						1,976,988						2,537,024						2,569,512
TOTAL LIABILITIES AND EQUITY			$8,340,145						$8,515,773						$8,633,126						$8,695,890						$8,223,524

6

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Dollars in thousands
Cash Flows from Operating Activities:			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Net Income (Loss)			$710,395						$1,174,579						($427,072)						$33,357						($922,941)
Depreciation, Depletion and Amortization			105,222						112,245						114,167						116,180						118,623
Amortization of Deferred Financing Costs			2,297						2,293						2,048						2,073						2,042
Stock-Based Compensation			8,638						1,493						3,829						3,722						7,331
(Gain) Loss on Asset Sales and Abandonments, net			(9,482)						(1,426)						12,077						(6,240)						(13,395)
Loss on Debt Extinguishment			—						19						9,953						12,981						—
(Gain) Loss on Commodity Derivative Instruments			(762,167)						(777,615)						1,062,353						652,643						1,726,394
Loss (Gain) on Other Derivative Instruments			961						(300)						(2,694)						(2,131)						(5,223)
Net Cash Paid in Settlement of Commodity Derivative Instruments			(140,005)						(282,897)						(651,247)						(530,129)						(270,842)
Deferred Income Taxes			217,349						83,076						160,680						14,370						(334,184)
Other			(114)						1,619						1,646						623						1,700
Changes in Operating Assets:
Accounts and Notes Receivable			210,383						129,759						(31,478)						(185,196)						66,577
Recoverable Income Taxes			—						—						—						—						72
Supplies Inventories			(2,183)						(7,505)						(5,160)						(8,021)						(322)
Prepaid Expenses			768						1,181						(4,840)						1,041						2,366
Changes in Other Assets			(153)						(143)						19,800						1,520						322
Changes in Operating Liabilities:
Accounts Payable			(19,242)						25,947						(684)						30,541						(2,032)
Accrued Interest			2,216						16,550						(14,373)						12,128						(13,595)
Other Operating Liabilities			(75,792)						(36,289)						19,202						42,906						(26,086)
Changes in Other Liabilities			(353)						(315)						(3,825)						(402)						(412)
Net Cash Provided by Operating Activities			248,738						442,271						264,382						191,966						336,395
Cash Flows from Investing Activities:
Capital Expenditures			(170,028)						(173,217)						(133,553)						(136,668)						(122,316)
Proceeds from Asset Sales			10,517						6,889						4,041						7,107						19,423
Net Cash Used in Investing Activities			(159,511)						(166,328)						(129,512)						(129,561)						(102,893)
Cash Flows from Financing Activities:
Payments on Long-Term Notes			—						—						(358,750)						(26,969)						—
Proceeds from CNXM Revolving Credit Facility Borrowings			72,750						109,700						56,800						66,200						111,200
Repayments of CNXM Revolving Credit Facility Borrowings			(90,450)						(104,150)						(96,950)						(88,100)						(86,000)
Proceeds from CNX Revolving Credit Facility Borrowings			460,400						631,900						1,208,250						918,075						574,650
Repayments of CNX Revolving Credit Facility Borrowings			(446,600)						(676,550)						(1,297,250)						(880,425)						(670,650)
Proceeds from Issuance of CNX Senior Notes			—						—						493,750						—						—
Payments on Other Debt			(348)						(191)						(163)						(157)						(154)
Proceeds from Issuance of Common Stock			610						78						135						376						608
Shares Withheld for Taxes			(9,344)						(180)						(7)						(83)						(5,582)
Purchases of Common Stock			(94,759)						(215,106)						(138,052)						(59,494)						(152,473)
Debt Issuance and Financing Fees			(8)						(1,717)						(1,277)						(160)						(96)
Net Cash Used in Financing Activities			(107,749)						(256,216)						(133,514)						(70,737)						(228,497)
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash			(18,522)						19,727						1,356						(8,332)						5,005
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period			21,321						1,594						238						8,570						3,565
Cash, Cash Equivalents, and Restricted Cash at End of Period			$2,799						$21,321						$1,594						$238						$8,570

7

MARKET MIX AND NATURAL GAS PRICE RECONCILIATION
												2023E
												Gas Sold (%)(1)			Basis(2)
Eastern Gas-South												4%			($0.65)
ETNG Mainline												5%			$1.12
TCO Pool												27%			($0.62)
TETCO ELA & WLA												5%			($0.34)
TETCO M3												4%			$0.43
TETCO M2												34%			($0.73)
Michcon												12%			($0.29)
Physical basis sales												9%			($0.14)
Weighted Average Basis												100%			($0.43)
NYMEX															$2.76
Weighted Average Basis (Not considering hedging)															($0.43)
Realized Price (per MMBtu)															$2.33
Conversion Factor (MMBtu/Mcf)															1.080
Realized Price Before Financial Hedging (per Mcf)															$2.52
(1) Individual market percentages exclude physical basis sales, which are shown separately.
(2) Reflects actual realized basis for three months ended March 31; April - December forward market basis prices as of 4/6/2023.

8

PRICE AND COST DATA (PER MCFE) - NON-GAAP
			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Average Sales Price - Natural Gas			$3.22						$5.54						$7.82						$7.02						$4.76
Average Loss on Commodity Derivative Instruments - Cash Settlement- Gas			($0.49)						($2.78)						($4.79)						($3.98)						($1.91)
Average Sales Price - Oil and Condensate*			$11.22						$12.34						$14.74						$16.04						$12.84
Average Sales Price - NGLs*			$4.58						$4.92						$6.05						$7.21						$7.62
Average Sales Price of Natural Gas, NGL and Oil, including Cash Settlement			$2.90						$2.96						$3.25						$3.32						$3.14
Lease Operating Expense (LOE)			$0.12						$0.13						$0.13						$0.10						$0.10
Production, Ad Valorem, and Other Fees			$0.07						$0.08						$0.09						$0.07						$0.07
Transportation, Gathering and Compression			$0.72						$0.69						$0.66						$0.62						$0.59
Depreciation, Depletion and Amortization (DD&A)			$0.75						$0.77						$0.76						$0.79						$0.76
Total Natural Gas, NGL and Oil Production Costs			$1.66						$1.67						$1.64						$1.58						$1.52
Total Natural Gas, NGL and Oil Production Cash Costs, before DD&A			$0.91						$0.90						$0.88						$0.79						$0.76
Natural Gas, NGL and Oil Production Cash Margin, before DD&A			$1.99						$2.06						$2.37						$2.53						$2.38
Fully Burdened Cash Costs, before DD&A(1)			$1.28						$1.29						$1.29						$1.22						$1.03
Fully Burdened Cash Margin, before DD&A			$1.62						$1.67						$1.96						$2.10						$2.11
Note: "Total Natural Gas, NGL and Oil Production Costs" excludes Selling, General, and Administration and Other Operating Expenses.
*NGLs, Oil, and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.
(1) Fully burdened cash costs include production cash costs, selling, general and administrative (SG&A) cash costs, other operating cash expense, other cash (income) expense, other revenue and operating income, and cash interest expense. Q1 2023, Q4 2022, Q3 2022, Q2 2022 and Q1 2022 total fully burdened cash costs exclude a (gain)/loss on asset sales of ($0.07) per Mcfe, ($0.01) per Mcfe, $0.08 per Mcfe, ($0.04) per Mcfe and ($0.09) per Mcfe, respectively. Q1 2023, Q4 2022, Q3 2022, Q2 2022 and Q1 2022 exclude unrealized losses/(gains) on interest rate swaps and noncash amortization of $0.02 per Mcfe, $0.01 per Mcfe, $0.00 per Mcfe, $0.00 per Mcfe and ($0.02) per Mcfe, respectively. Q4 2022, Q3 2022 and Q2 2022 exclude loss on debt extinguishment of $0.00 per Mcfe, $0.07 per Mcfe and $0.09 per Mcfe, respectively.
Natural Gas Price Reconciliation			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
NYMEX Natural Gas ($/MMBtu)			$3.42						$6.26						$8.20						$7.17						$4.95
Average Differential			(0.44)						(1.17)						(1.01)						(0.73)						(0.58)
BTU Conversion (MMBtu/Mcf)*			0.24						0.45						0.63						0.58						0.39
Loss on Commodity Derivative Instruments-Cash Settlement			(0.49)						(2.78)						(4.79)						(3.98)						(1.91)
Realized Gas Price per Mcf			$2.73						$2.76						$3.03						$3.04						$2.85
*Conversion factor			1.08						1.09						1.09						1.09						1.09

9

GUIDANCE
						Previous												Updated
($ in millions)						2023E												2023E
						Low						High						Low						High
Production Volumes (Bcfe)						555			-			575						555			-			575
% Liquids						~7%			‘-			~8%						~7%			‘-			~8%
% of Natural Gas Hedged						82%												83%
Prices on Open Volumes(1)
Natural Gas NYMEX ($/MMBtu)						$3.80												$2.76
Natural Gas Differential ($/MMBtu)						($0.48)												($0.43)
NGL Realized Price ($/Bbl)						~$21.00												~$21.00
($ in millions)
Adjusted EBITDAX(2)						$1,100			-			$1,250						$950			-			$1,050
Capital Expenditures
Drilling & Completions (D&C)						$430			-			$475						$430			-			$475
Non-D&C						$120			-			$160						$120			-			$160
Discretionary Capital						$25			-			$40						$25			-			$40
Total Capital Expenditures						$575			-			$675						$575			-			$675
($ in millions)
Free Cash Flow (FCF)(2)						~$375												~$250
FCF Per Share(2)(3)						~$2.20												~$1.51
(1) Forward market prices for updated 2023 guidance as of 4/6/2023.
(2) Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions. FCF for previous and updated guidance includes approximately $40 million in expected asset sales in 2023.
(3) Previous guidance for 2023 FCF per share based on shares outstanding of 170,126,528, as of 1/17/2023. Updated guidance for 2023 FCF per share based on shares outstanding of 165,575,514, as of 4/13/2023.

2023E ACTIVITY SUMMARY												TIL						Average Lateral Length(1)
SWPA Central						Marcellus						23						14,500
						Utica						4						13,600
CPA						Marcellus						3						8,800
						Utica						-						-
Total												30						-
(1) Measured in lateral feet from perforation to perforation.

10

YEAR END 2022 ACREAGE AND UNDEVELOPED LOCATION UPDATE

YE2021 MARCELLUS ACREAGE															YE2022 MARCELLUS ACREAGE
SWPA			Central			Greater			TOTAL SWPA						SWPA			Central			Greater			TOTAL SWPA
Total Net Acres			95,400			29,700			125,100						Total Net Acres			105,000			30,100			135,100
Net Developed Acres			46,700			2,400			49,100						Net Developed Acres			55,200			2,400			57,600
Net Undeveloped Locations			298			167									Net Undeveloped Locations			304			169
Average Lateral Length (ft)			9,500			9,500									Average Lateral Length (ft)			9,500			9,500
Inter-Lateral Spacing (ft)			750			750									Inter-Lateral Spacing (ft)			750			750
WV			SHR/PENS			East			TOTAL WV						WV			SHR/PENS			East			TOTAL WV
Total Net Acres			15,700			10,900			86,800						Total Net Acres			15,500			11,000			86,700
Net Developed Acres			9,900			100			10,000						Net Developed Acres			10,900			800			11,700
Net Undeveloped Locations			42			78									Net Undeveloped Locations			33			74
Average Lateral Length (ft)			8,000			8,000									Average Lateral Length (ft)			8,000			8,000
Inter-Lateral Spacing (ft)			750			750									Inter-Lateral Spacing (ft)			750			750
CPA			South			North			TOTAL CPA						CPA			South			North			TOTAL CPA
Total Net Acres			107,200			94,100			303,200						Total Net Acres			107,600			90,600			298,900
Net Developed Acres			5,100			1,000			6,100						Net Developed Acres			5,700			1,000			6,700
Net Undeveloped Locations			659			601									Net Undeveloped Locations			658			578
Average Lateral Length (ft)			9,000			9,000									Average Lateral Length (ft)			9,000			9,000
Inter-Lateral Spacing (ft)			750			750									Inter-Lateral Spacing (ft)			750			750
OH									TOTAL OH						OH									TOTAL OH
Total Net Acres									10,900						Total Net Acres									10,100
Net Developed Acres									200						Net Developed Acres									200
Net Undeveloped Locations															Net Undeveloped Locations
Average Lateral Length (ft)															Average Lateral Length (ft)
Inter-Lateral Spacing (ft)															Inter-Lateral Spacing (ft)
Total Net Acres									526,000						Total Net Acres									530,800
YE2021 UTICA ACREAGE															YE2022 UTICA ACREAGE
SWPA			Central			Greater			TOTAL SWPA						SWPA			Central			Greater			TOTAL SWPA
Total Net Acres			113,200			57,000			170,700						Total Net Acres			117,400			56,300			173,700
Net Developed Acres			4,400			—			4,400						Net Developed Acres			6,600			—			6,600
Net Undeveloped Locations			429			225									Net Undeveloped Locations			437			222
Average Lateral Length (ft)			8,500			8,500									Average Lateral Length (ft)			8,500			8,500
Inter-Lateral Spacing (ft)			1,300			1,300									Inter-Lateral Spacing (ft)			1,300			1,300
WV			SHR/PENS			East			TOTAL WV						WV			SHR/PENS			East			TOTAL WV
Total Net Acres			12,800			84,900			134,600						Total Net Acres			12,600			84,800			134,700
Net Developed Acres			—			—			—						Net Developed Acres			—			—			—
Net Undeveloped Locations			61			406									Net Undeveloped Locations			60			406
Average Lateral Length (ft)			7,000			7,000									Average Lateral Length (ft)			7,000			7,000
Inter-Lateral Spacing (ft)			1,300			1,300									Inter-Lateral Spacing (ft)			1,300			1,300
CPA			South			North			TOTAL CPA						CPA			South			North			TOTAL CPA
Total Net Acres			108,000			93,900			241,200						Total Net Acres			107,900			90,600			237,500
Net Developed Acres			1,600			200			1,800						Net Developed Acres			1,800			200			2,000
Net Undeveloped Locations			509			449									Net Undeveloped Locations			508			433
Average Lateral Length (ft)			7,000			7,000									Average Lateral Length (ft)			7,000			7,000
Inter-Lateral Spacing (ft)			1,300			1,300									Inter-Lateral Spacing (ft)			1,300			1,300
OH			Dry						TOTAL OH						OH			Dry						TOTAL OH
Total Net Acres			15,500						63,200						Total Net Acres			15,300						63,300
Net Developed Acres			13,200						13,200						Net Developed Acres			13,200						13,200
Net Undeveloped Locations			8												Net Undeveloped Locations			7
Average Lateral Length (ft)			9,500												Average Lateral Length (ft)			9,500
Inter-Lateral Spacing (ft)			1,300												Inter-Lateral Spacing (ft)			1,300
Total Net Acres									609,700						Total Net Acres									609,200
Note: Acres by type curve area do not equal total acres because some CNX-controlled acres fall outside of identified type curve areas. Locations calculated by dividing total controlled acreage in type curve region by area of a well. The table includes results of leasing activity and expirations; and future development, lateral lengths and inter-lateral spacing, will ultimately vary as the assets are developed.

11

Non-GAAP Measures (Definitions, Purpose, and Reconciliations)

CNX's management uses certain non-GAAP financial measures for planning, forecasting and evaluating business and financial performance, and believes that they are useful for investors in analyzing the company. Although these are not measures of performance calculated in accordance with generally accepted accounting principles (GAAP), management believes that these financial measures are useful to an investor in evaluating CNX because (i) analysts utilize these metrics when evaluating company performance and have requested this information as of a recent practicable date, (ii) these metrics are widely used to evaluate a company’s operating performance, and (iii) we want to provide updated information to investors. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with GAAP. In addition, because all companies do not calculate these measures identically, these measures may not be comparable to similarly titled measures of other companies.

Definitions: EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below. Although EBIT, EBITDAX, and adjusted EBITDAX are not measures of performance calculated in accordance with generally accepted accounting principles, management believes that they are useful to an investor in evaluating CNX Resources because they are widely used to evaluate a company's operating performance. We exclude stock-based compensation from adjusted EBITDAX because we do not believe it accurately reflects the actual operating expense incurred during the relevant period and may vary widely from period to period irrespective of operating results. Investors should not view these metrics as a substitute for measures of performance that are calculated in accordance with generally accepted accounting principles. In addition, because all companies do not calculate EBIT, EBITDAX or adjusted EBITDAX identically, the presentation here may not be comparable to similarly titled measures of other companies. Sales of natural gas, NGL and oil, including cash settlements excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Natural gas, NGL and oil production costs excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations. Adjusted Net Income is defined as net income after adjusting for the discrete items listed below as well as the tax effectiveness. Operating Margins are defined as adjusted EBIT divided by Total Revenue after adjusting for unrealized loss on commodity derivative instruments. Adjusted Trailing-Twelve-Months (TTM) EBITDAX is defined as EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below. Cash Operating Margins are defined as adjusted EBITDA divided by total Revenue after adjusting for unrealized loss on commodity derivative instruments. Net Debt is defined as total long-term debt minus cash and cash equivalents. Adjusted Net Debt is defined as total long-term debt plus the historical impact of recent accounting pronouncement, minus cash and cash equivalents. Free Cash Flow (FCF) is defined as operating cash flow minus capex plus proceeds from asset sales. Organic FCF is defined as operating cash flow minus capex.

Reconciliations of EBIT, EBITDAX, adjusted EBITDAX, adjusted EBIT, adjusted EBITDA, sales of natural gas, NGL and oil, including cash settlements, natural gas, NGL and oil production costs, adjusted net income, operating margins, cash operating margins, net debt, adjusted net debt, adjusted TTM EBITDAX, FCF and organic FCF to the most directly comparable GAAP financial measures are as follows:

12

Non-GAAP Measures
Sales of Natural Gas, NGL and Oil, including cash settlements excludes the impacts of changes in the fair value of commodity derivative instruments prior to settlement, which are often volatile, and only includes the impact of settled commodity derivative instruments. Sales of Natural Gas, NGL and Oil, including cash settlements is a non-GAAP measure that excludes purchased gas revenue and other revenue and operating income, which are not directly related to CNX’s natural gas producing activities. Natural Gas, NGL and Oil Production Costs is a non-GAAP measure that excludes certain expenses that are not directly related to CNX’s natural gas producing activities and are managed outside our production operations (See Note 21 - Segment Information of the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX's 2022 Annual Report on Form 10-K as filed with the SEC on February 9, 2023). These expenses include, but are not limited to, interest expense and other corporate expenses such as selling, general and administrative costs in the current periods presented.
(Dollars in millions)			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Total Revenue and Other Operating Income (Loss)			$1,276						$1,637						$117						$420						($913)
Add (Deduct):
Purchased Gas Revenue			(37)						(62)						(32)						(46)						(46)
Unrealized (Gain) Loss on Commodity Derivative Instruments			(823)						(1,138)						411						122						1,456
Other Revenue and Operating Income			(21)						(21)						(20)						(23)						(23)
Sales of Natural Gas, NGL and Oil, including Cash Settlements, a Non-GAAP Financial Measure			$395						$416						$476						$473						$474
Total Operating Expense			$320						$343						$326						$330						$322
Add (Deduct):
Depreciation, Depletion and Amortization (DD&A) - Corporate			(3)						(4)						(3)						(2)						(3)
Exploration and Production Related Other Costs			(5)						(1)						(1)						(5)						(2)
Purchased Gas Costs			(34)						(62)						(32)						(46)						(45)
Selling, General and Administrative Costs			(37)						(33)						(28)						(30)						(31)
Other Operating Expense			(15)						(8)						(22)						(21)						(12)
Natural Gas, NGL and Oil Production Costs, a Non-GAAP Financial Measure1			$226						$235						$240						$226						$229

1 Natural Gas, NGL and Oil production costs consists primarily of lease operating expense, production ad valorem and other fees, transportation, gathering and compression and production related depreciation, depletion and amortization.

13

Non-GAAP Measures
EBIT is defined as earnings before deducting net interest expense (interest expense less interest income) and income taxes. EBITDAX is defined as earnings before deducting net interest expense (interest expense less interest income), income taxes, depreciation, depletion and amortization, and exploration. Adjusted EBITDAX is defined as EBITDAX after adjusting for the discrete items listed below.
(Dollars in millions)			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Net Income (Loss)			$710						$1,175						($427)						$33						($923)
Interest Expense			36						35						35						31						27
Income Tax Expense (Benefit)			218						82						160						14						(326)
Earnings (Loss) Before Interest & Taxes (EBIT)			964						1,292						(232)						78						(1,222)
Depreciation, Depletion & Amortization			105						112						114						116						119
Exploration Expense			5						1						1						5						2
Earnings (Loss) Before Interest, Taxes, DD&A and Exploration (EBITDAX)			$1,074						$1,405						($117)						$199						($1,101)
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments			(823)						(1,138)						411						122						1,456
Stock-Based Compensation			9						1						4						4						7
Loss on Debt Extinguishment			—						—						10						13						—
Loss on Abandonment			—						4						16						—						—
Virginia Flood Expense			—						1						2						—						—
Severance			1						1						—						—						—
Total Pre-tax Adjustments			(813)						(1,131)						443						139						1,463
Adjusted EBITDAX			$261						$274						$326						$338						$362
Adjusted Net Income is defined as net income after adjusting for the discrete items listed below as well as the related tax effect.
(Dollars in millions)			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Net Income (Loss) from EBITDAX Reconciliation			$710						$1,175						($427)						$33						($923)
Adjustments:
Total Pre-tax Adjustments from EBITDAX Reconciliation			(813)						(1,131)						443						139						1,463
Tax Effect of Adjustments			212						295						(116)						(36)						(382)
Adjusted Net Income (Loss)			$109						$339						($100)						$136						$158

14

Non-GAAP Measures
Operating Margin: Adjusted EBIT divided by Total Revenue and Other Operating Income (Loss) after adjusting for unrealized loss (gain) on commodity derivative instruments.
(Dollars in millions)			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Total Revenue and Other Operating Income (Loss)			$1,276						$1,637						$117						$420						($913)
Net Income (Loss)			$710						$1,175						($427)						$33						($923)
Interest Expense			36						35						35						31						27
Income Tax Expense (Benefit)			218						82						160						14						(326)
Earnings (Loss) Before Interest & Taxes (EBIT)			964						1,292						(232)						78						(1,222)
Depreciation, Depletion & Amortization			105						112						114						116						119
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)			$1,069						$1,404						($118)						$194						($1,103)
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments			($823)						($1,138)						$411						$122						$1,456
Total Adjustments			($823)						($1,138)						$411						$122						$1,456
Total Revenue and Other Operating Income (Loss) Minus Unrealized (Gain) Loss on Commodity Derivative Instruments			$453						$499						$528						$542						$543
Adjusted EBIT			$141						$154						$179						$200						$234
Operating Margin			31		%				31		%				34		%				37		%				43		%

15

Non-GAAP Measures
Cash Operating Margin: Adjusted EBITDA divided by Total Revenue after adjusting for unrealized loss (gain) on commodity derivative instruments, stock based compensation and the other discrete items listed below.
(Dollars in millions)			Q1-2023						Q4-2022						Q3-2022						Q2-2022						Q1-2022
Total Revenue and Other Operating Income (Loss)			$1,276						$1,637						$117						$420						($913)
Net Income (Loss)			$710						$1,175						($427)						$33						($923)
Interest Expense			36						35						35						31						27
Income Tax Expense (Benefit)			218						82						160						14						(326)
Earnings (Loss) Before Interest & Taxes (EBIT)			964						1,292						(232)						78						(1,222)
Depreciation, Depletion & Amortization			105						112						114						116						119
Earnings (Loss) Before Interest, Taxes, DD&A (EBITDA)			$1,069						$1,404						($118)						$194						($1,103)
Adjustments:
Unrealized (Gain) Loss on Commodity Derivative Instruments			$(823)						($1,138)						$411						$122						$1,456
Stock-Based Compensation			9						1						4						4						7
Loss on Abandonment			—						4						16						—						—
Virginia Flood Expense			—						1						2						—						—
Loss on Debt Extinguishment			—						—						10						13						—
Severance			1						1						—						—						—
Total Adjustments			($813)						($1,131)						$443						$139						$1,463
Total Revenue and Other Operating Income (Loss) Minus Unrealized (Gain) Loss on Commodity Derivative Instruments			$453						$499						$528						$542						$543
Adjusted EBITDA			$256						$273						$325						$333						$360
Cash Operating Margin			57		%				55		%				62		%				61		%				66		%

16

Non-GAAP Measures
Management uses net debt to determine the company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes that using net debt is useful to investors in determining the company's leverage ratio since the company could choose to use its cash and cash equivalents to retire debt.
Net Debt: Total long-term debt minus cash and cash equivalents.
Adjusted Net Debt: Total long-term debt, plus the historical impact of recent accounting pronouncement, minus cash and cash equivalents.
(Dollars in millions)
Net Debt			31-Mar-23						31-Dec-22																								31-Dec-21																								31-Dec-20						30-Sep-20
Total Long-Term Debt (GAAP)(1)			$2,203						$2,206																								$2,214																								$2,424						$2,600
Less: Cash and Cash Equivalents			3						21																								4																								22						156
Net Debt			$2,200						$2,185																								$2,210																								$2,402						$2,444
(1) Includes current portion
(Dollars in millions)
Adjusted Net Debt			31-Mar-23						31-Dec-22																								31-Dec-21																								31-Dec-20						30-Sep-20
Total Long-Term Debt (GAAP)(1)			$2,203						$2,206																								$2,214																								$2,424						$2,600
Plus: Impact of Recent Accounting Pronouncement(2)			—						—																								82																								98						101
Less: Cash and Cash Equivalents			3						21																								4																								22						156
Adjusted Net Debt			$2,200						$2,185																								$2,292																								$2,500						$2,545
(1) Includes current portion
(2) On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity and upon adoption long-term debt increased by $82MM (See Note 9 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of CNX’s September 30, 2022 Form 10-Q for additional information). As this adjustment was recorded on a prospective basis, Management believes that presenting investors with the net debt on a historical basis would be beneficial.

Adjusted TTM EBITDAX: EBITDAX over the trailing-twelve-months after adjusting for the discrete items listed below.
			Three Months Ended																								Twelve Months Ended
(Dollars in millions)			30-Jun-22						30-Sep-22						31-Dec-22						31-Mar-23						31-Mar-23
Net Income (Loss)			$33						($427)						$1,175						$710						$1,491
Interest Expense			31						35						35						36						137
Income Tax Expense (Benefit)			14						160						82						218						474
Earnings (Loss) Before Interest & Taxes (EBIT)			78						(232)						1,292						964						2,102
Depreciation, Depletion & Amortization			116						114						112						105						447
Exploration Expense			5						1						1						5						12
Earnings (Loss) Before Interest, Taxes, DD&A, and Exploration (EBITDAX)			199						(117)						1,405						1,074						2,561
Adjustments:
Unrealized Loss (Gain) on Commodity Derivative Instruments			122						411						(1,138)						(823)						(1,428)
Stock Based Compensation			4						4						1						9						18
Loss on Debt Extinguishment			13						10						—						—						23
Severance			—						—						1						1						2
Loss on Abandonment			—						16						4						—						20
Virginia Flood Expense			—						2						1						—						3
Total Pre-tax Adjustments			139						443						(1,131)						(813)						(1,362)
Adjusted EBITDAX TTM			$338						$326						$274						$261						$1,199

17

Non-GAAP Measures
The Company's management believes that the following measures provide useful information to external users of the Company's consolidated financial statements, such as industry analysts, lenders and ratings agencies. Free cash flow and organic free cash flow should not be considered as alternatives to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.
Free Cash Flow (FCF): Operating cash flow minus capex plus proceeds from asset sales.
Organic Free Cash Flow (FCF): Operating cash flow minus capex.
2023 Free Cash Flow
(Dollars in millions)			Q1-2023
Net Cash Provided by Operating Activities			$249
Capital Expenditures			(170)
Proceeds from Asset Sales			10
Free Cash Flow			$89
2022 Free Cash Flow
(Dollars in millions)			Q4-2022						Q3-2022						Q2-2022						Q1-2022						YTD-2022
Net Cash Provided by Operating Activities			$442						$265						$192						$336						$1,235
Capital Expenditures			(173)						(134)						(137)						(122)						(566)
Proceeds from Asset Sales			7						4						7						20						38
Free Cash Flow			$276						$135						$62						$234						$707
2022 Organic Free Cash Flow
(Dollars in millions)			Q4-2022						Q3-2022						Q2-2022						Q1-2022						YTD-2022
Net Cash Provided by Operating Activities			$442						$265						$192						$336						$1,235
Capital Expenditures			(173)						(134)						(137)						(122)						(566)
Organic Free Cash Flow			$269						$131						$55						$214						$669
2021 Free Cash Flow
(Dollars in millions)			Q4-2021						Q3-2021						Q2-2021						Q1-2021						YTD-2021
Net Cash Provided by Operating Activities			$254						$215						$239						$219						$927
Capital Expenditures			(117)						(97)						(129)						(123)						(466)
Proceeds from Asset Sales			21						12						7						5						45
Free Cash Flow			$158						$130						$117						$101						$506
2021 Organic Free Cash Flow
(Dollars in millions)			Q4-2021						Q3-2021						Q2-2021						Q1-2021						YTD-2021
Net Cash Provided by Operating Activities			$254						$215						$239						$219						$927
Capital Expenditures			(117)						(97)						(129)						(123)						(466)
Organic Free Cash Flow			$137						$118						$110						$96						$461
2020 Free Cash Flow
(Dollars in millions)			Q4-2020						Q3-2020						Q2-2020						Q1-2020						YTD-2020
Net Cash Provided by Operating Activities			$161						$223						$144						$267						$795
Capital Expenditures			(92)						(108)						(135)						(152)						(487)
Proceeds from Asset Sales			16						6						12						14						48
Free Cash Flow			$85						$121						$21						$129						$356

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Risk Factors

This presentation, including the oral statements made in connection herewith, contains forward-looking statements estimates and projections within the meaning of the federal securities laws. Statements that are not historical are forward-looking and may include our operational and strategic plans; estimates of gas reserves and resources; projected timing and rates of return of future investments; and projections and estimates of future production revenues, income and capital spending. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements estimates and projections. Investors should not place undue reliance on forward-looking statements as a prediction of future actual results. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly.

Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions "Forward-Looking Statements" and "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (SEC) as supplemented by our quarterly reports on Form 10-Q and any subsequent reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; the failure to realize the anticipated costs savings, synergies and other benefits of CNX’s purchase of the outstanding interests in CNXM not already owned by CNX; local, regional and national economic conditions and the impact they may have on our customers; the impact of outbreaks of communicable diseases such as COVID-19 on business activity, our operations and national and global economic conditions, generally; conditions in the oil and gas industry, including a sustained decrease in the level of supply or demand for oil or natural gas or a sustained decrease in the price of oil or natural gas; the financial condition of our customers; any non-performance by customers of their contractual obligations; changes in customer, employee or supplier relationships resulting from the proposed transaction; and changes in safety, health, environmental and other regulations.

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