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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION: The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company evaluates the performance of its reportable segments based on total revenue and other operating income and operating expenses directly attributable to that segment. Certain expenses are managed outside the reportable segments and therefore are not allocated. These expenses include, but are not limited to, interest expense and other corporate expenses such as selling, general and administrative costs. CNX's principal activity is to produce pipeline quality natural gas for sale primarily to gas wholesalers and the Company has two reportable segments that conduct those operations: Shale and Coalbed Methane. The Other Segment includes nominal shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, exploration and production related other costs, New Technologies, as well as various other expenses that are managed outside the reportable segments as discussed above. Operating profit for each segment is based on sales less identifiable operating and non-operating expenses. Industry segment results for the three months ended September 30, 2024 are:
|  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Natural Gas, NGLs and Oil Revenue |  |  | $ | 237,403 |  |  | $ | 21,854 |  |  | $ | 202 |  |  | $ | 259,459 |  |  |  |  |  |  |  |  |  | (A)
Purchased Gas Revenue |  |  | — |  |  | — |  |  | 27,306 |  |  | 27,306 |  |  |  |  |  |  |  |  |  |
Gain (Loss) on Commodity Derivative Instruments |  |  | 87,502 |  |  | 7,121 |  |  | (5,659) |  |  | 88,964 |  |  |  |  |  |  |  |  |  |
Other Revenue and Operating Income |  |  | 18,040 |  |  | — |  |  | 30,444 |  |  | 48,484 |  |  |  |  |  |  |  |  |  | (B)
Total Revenue and Other Operating Income |  |  | $ | 342,945 |  |  | $ | 28,975 |  |  | $ | 52,293 |  |  | $ | 424,213 |  |  |  |  |  |  |  |  |  |
Total Operating Expense |  |  | $ | 197,844 |  |  | $ | 38,101 |  |  | $ | 82,944 |  |  | $ | 318,889 |  |  |  |  |  |  |  |  |  |
Earnings (Loss) Before Income Tax |  |  | $ | 145,101 |  |  | $ | (9,126) |  |  | $ | (53,414) |  |  | $ | 82,561 |  |  |  |  |  |  |  |  |  |
Segment Assets |  |  | $ | 6,663,892 |  |  | $ | 932,410 |  |  | $ | 941,747 |  |  | $ | 8,538,049 |  |  |  |  |  |  |  |  |  | (C)
Depreciation, Depletion and Amortization |  |  | $ | 101,136 |  |  | $ | 15,025 |  |  | $ | 5,066 |  |  | $ | 121,227 |  |  |  |  |  |  |  |  |  |
Capital Expenditures |  |  | $ | 105,133 |  |  | $ | 7,389 |  |  | $ | 2,215 |  |  | $ | 114,737 |  |  |  |  |  |  |  |  |  |
(A) Included in Natural Gas, NGLs and Oil Revenue are sales of $30,665 to Citadel Energy Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes midstream revenue of $18,040 and equity in loss of unconsolidated affiliates of $529 for Shale and Other, respectively. Other also includes sales of environmental attributes of $24,898. (C) Other includes investments in unconsolidated equity affiliates of $18,369. Industry segment results for the three months ended September 30, 2023 are:
|  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Natural Gas, NGLs and Oil Revenue |  |  | $ | 227,421 |  |  | $ | 27,529 |  |  | $ | 174 |  |  | $ | 255,124 |  |  |  |  |  |  |  |  |  | (D)
Purchased Gas Revenue |  |  | — |  |  | — |  |  | 11,135 |  |  | 11,135 |  |  |  |  |  |  |  |  |  |
Gain (Loss) on Commodity Derivative Instruments |  |  | 94,520 |  |  | 7,314 |  |  | (54,031) |  |  | 47,803 |  |  |  |  |  |  |  |  |  |
Other Revenue and Operating Income |  |  | 16,383 |  |  | — |  |  | 20,061 |  |  | 36,444 |  |  |  |  |  |  |  |  |  | (E)
Total Revenue and Other Operating Income (Loss) |  |  | $ | 338,324 |  |  | $ | 34,843 |  |  | $ | (22,661) |  |  | $ | 350,506 |  |  |  |  |  |  |  |  |  |
Total Operating Expense |  |  | $ | 192,012 |  |  | $ | 35,742 |  |  | $ | 72,189 |  |  | $ | 299,943 |  |  |  |  |  |  |  |  |  |
Earnings (Loss) Before Income Tax |  |  | $ | 146,312 |  |  | $ | (899) |  |  | $ | (126,171) |  |  | $ | 19,242 |  |  |  |  |  |  |  |  |  |
Segment Assets |  |  | $ | 6,641,021 |  |  | $ | 946,034 |  |  | $ | 905,582 |  |  | $ | 8,492,637 |  |  |  |  |  |  |  |  |  | (F)
Depreciation, Depletion and Amortization |  |  | $ | 94,660 |  |  | $ | 12,498 |  |  | $ | 4,697 |  |  | $ | 111,855 |  |  |  |  |  |  |  |  |  |
Capital Expenditures |  |  | $ | 188,798 |  |  | $ | 9,655 |  |  | $ | 7,189 |  |  | $ | 205,642 |  |  |  |  |  |  |  |  |  |
(D) Included in Natural Gas, NGLs and Oil Revenue are sales of $42,766 to Citadel Energy Marketing LLC, and $35,095 to NRG Business Marketing LLC, each of which comprises over 10% of revenue from contracts with external customers for the period. (E) Includes midstream revenue of $16,383 and equity in earnings of unconsolidated affiliates of $246 for Shale and Other, respectively. Other also includes sales of environmental attributes of $14,837. (F) Other includes investments in unconsolidated equity affiliates of $12,408. Industry segment results for the nine months ended September 30, 2024 are:
|  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Natural Gas, NGLs and Oil Revenue |  |  | $ | 745,763 |  |  | $ | 75,202 |  |  | $ | 699 |  |  | $ | 821,664 |  |  |  |  |  |  |  |  |  | (G)
Purchased Gas Revenue |  |  | — |  |  | — |  |  | 52,612 |  |  | 52,612 |  |  |  |  |  |  |  |  |  |
Gain (Loss) on Commodity Derivative Instruments |  |  | 240,200 |  |  | 19,082 |  |  | (148,695) |  |  | 110,587 |  |  |  |  |  |  |  |  |  |
Other Revenue and Operating Income |  |  | 50,375 |  |  | — |  |  | 94,970 |  |  | 145,345 |  |  |  |  |  |  |  |  |  | (H)
Total Revenue and Other Operating Income (Loss) |  |  | $ | 1,036,338 |  |  | $ | 94,284 |  |  | $ | (414) |  |  | $ | 1,130,208 |  |  |  |  |  |  |  |  |  |
Total Operating Expense |  |  | $ | 587,065 |  |  | $ | 112,248 |  |  | $ | 237,970 |  |  | $ | 937,283 |  |  |  |  |  |  |  |  |  |
Earnings (Loss) Before Income Tax |  |  | $ | 449,273 |  |  | $ | (17,964) |  |  | $ | (357,672) |  |  | $ | 73,637 |  |  |  |  |  |  |  |  |  |
Segment Assets |  |  | $ | 6,663,892 |  |  | $ | 932,410 |  |  | $ | 941,747 |  |  | $ | 8,538,049 |  |  |  |  |  |  |  |  |  | (I)
Depreciation, Depletion and Amortization |  |  | $ | 298,521 |  |  | $ | 43,885 |  |  | $ | 15,012 |  |  | $ | 357,418 |  |  |  |  |  |  |  |  |  |
Capital Expenditures |  |  | $ | 396,924 |  |  | $ | 23,817 |  |  | $ | 14,096 |  |  | $ | 434,837 |  |  |  |  |  |  |  |  |  |
(G) Included in Natural Gas, NGLs and Oil Revenue are sales of $95,194 to NRG Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (H) Includes midstream revenue of $50,375 and equity in loss of unconsolidated affiliates of $1,006 for Shale and Other, respectively. Other also includes sales of environmental attributes of $70,544. (I) Other includes investments in unconsolidated equity affiliates of $18,369. Industry segment results for the nine months ended September 30, 2023 are:
|  |  | Shale |  | Coalbed Methane |  | Other |  | Consolidated |  |  |  |  |  |  |  |  |
Natural Gas, NGLs and Oil Revenue |  |  | $ | 868,811 |  |  | $ | 98,199 |  |  | $ | 813 |  |  | $ | 967,823 |  |  |  |  |  |  |  |  |  | (J)
Purchased Gas Revenue |  |  | — |  |  | — |  |  | 57,302 |  |  | 57,302 |  |  |  |  |  |  |  |  |  |
Gain on Commodity Derivative Instruments |  |  | 111,706 |  |  | 8,644 |  |  | 1,232,092 |  |  | 1,352,442 |  |  |  |  |  |  |  |  |  |
Other Revenue and Operating Income |  |  | 50,165 |  |  | — |  |  | 38,449 |  |  | 88,614 |  |  |  |  |  |  |  |  |  | (K)
Total Revenue and Other Operating Income |  |  | $ | 1,030,682 |  |  | $ | 106,843 |  |  | $ | 1,328,656 |  |  | $ | 2,466,181 |  |  |  |  |  |  |  |  |  |
Total Operating Expense |  |  | $ | 551,631 |  |  | $ | 106,181 |  |  | $ | 234,361 |  |  | $ | 892,173 |  |  |  |  |  |  |  |  |  |
Earnings Before Income Tax |  |  | $ | 479,051 |  |  | $ | 662 |  |  | $ | 1,104,207 |  |  | $ | 1,583,920 |  |  |  |  |  |  |  |  |  |
Segment Assets |  |  | $ | 6,641,021 |  |  | $ | 946,034 |  |  | $ | 905,582 |  |  | $ | 8,492,637 |  |  |  |  |  |  |  |  |  | (L)
Depreciation, Depletion and Amortization |  |  | $ | 269,586 |  |  | $ | 37,530 |  |  | $ | 13,642 |  |  | $ | 320,758 |  |  |  |  |  |  |  |  |  |
Capital Expenditures |  |  | $ | 534,432 |  |  | $ | 26,744 |  |  | $ | 10,479 |  |  | $ | 571,655 |  |  |  |  |  |  |  |  |  |
(J) Included in Natural Gas, NGLs and Oil Revenue are sales of $124,195 to Citadel Energy Marketing LLC, and $121,844 to NRG Business Marketing LLC, each of which comprises over 10% of revenue from contracts with external customers for the period. (K) Includes midstream revenue of $50,165 and equity in earnings of unconsolidated affiliates of $1,694 for Shale and Other, respectively. Other also includes sales of environmental attributes of $22,823. (L) Other includes investments in unconsolidated equity affiliates of $12,408. Reconciliation of Segment Information to Consolidated Amounts: Revenue and Other Operating Income
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
2024 |  | 2023 |  | 2024 |  | 2023
Total Segment Revenue from Contracts with External Customers | $ | 304,805 |  |  | $ | 282,642 |  |  | $ | 924,651 |  |  | $ | 1,075,290 |
Gain on Commodity Derivative Instruments | 88,964 |  |  | 47,803 |  |  | 110,587 |  |  | 1,352,442 |
Other Operating Income | 30,444 |  |  | 20,061 |  |  | 94,970 |  |  | 38,449 |
Total Consolidated Revenue and Other Operating Income | $ | 424,213 |  |  | $ | 350,506 |  |  | $ | 1,130,208 |  |  | $ | 2,466,181 |

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