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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES:
CNX's leasing activities primarily consist of operating and finance leases for electric fracturing equipment, natural gas drilling rigs, CNX's corporate headquarters as well as field offices, a natural gas gathering pipeline and commercial vehicles. Some leases include options to renew ranging from a period of 1 to 5 years, which are not recognized as part of the lease right-of-use (ROU) assets or liabilities as they are not reasonably certain to be exercised.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. As most of CNX's leases do not provide an implicit rate, an incremental borrowing rate is used to determine the present value of lease payments. In accordance with ASC 842, it is the Company’s policy to exclude leases with a term of 12 months or less and to not separate lease components from non-lease components for any asset class.
On January 2, 2024, CNX entered into a new lease for an electric-powered drilling system that is expected to result in a finance lease asset, to be included within property, plant and equipment, and as a finance lease obligation of $18,823 in 2025, which is when the lease is expected to commence.
The components of lease cost were as follows:
For the Years Ended December 31,
202420232022
Operating Lease Cost$60,572 $63,087 $56,725 
Finance Lease Cost:
Amortization of Right-of-Use Assets
2,898 1,628 665 
Interest on Lease Liabilities
814 429 78 
Short-term Lease Cost1,533 2,357 7,784 
Variable Lease Cost*4,517 12,401 9,271 
Total Lease Cost$70,334 $79,902 $74,523 
*Amounts recognized in the Consolidated Balance Sheets for natural gas drilling rigs are measured using the rates that would be paid if the rigs were idle, as this represents the minimum payment that could be made under the contract. Variable lease cost represents amounts paid for natural gas drilling rigs above this minimum when the rigs are in use. Amounts recognized in the Consolidated Balance Sheets for electric fracturing equipment are measured using minimum pumping hours under the contract; however, pumping hours may exceed the minimum and vary period to period. Any such amounts paid related to pumping hours in excess of the minimum represent variable lease cost.
Amounts recognized in the Consolidated Balance Sheets are as follows:
December 31,
20242023
Operating Leases:
Operating Lease Right-of-Use Assets$98,713 $139,466 
Current Portion of Operating Lease Obligations$51,474 $53,791 
Operating Lease Obligations49,519 89,531 
Total Operating Lease Liabilities
$100,993 $143,322 
Finance Leases:
Property, Plant and Equipment$31,751 $10,864 
Less—Accumulated Depreciation, Depletion and Amortization5,539 3,502 
Property, Plant and Equipment—Net
$26,212 $7,362 
Current Portion of Finance Lease Obligations$4,236 $1,862 
Finance Lease Obligations21,040 5,500 
Total Finance Lease Liabilities
$25,276 $7,362 
Supplemental cash flow information related to leases was as follows:
For the Years Ended December 31,
202420232022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows for Operating Leases$61,475 $64,139 $55,729 
Operating Cash Flows for Finance Leases$814 $429 $78 
Financing Cash Flows for Finance Leases$2,409 $1,627 $665 
Right-of-Use Assets Obtained in Exchange for Lease Obligations:
Operating Leases
$13,996 $19,477 $36,758 
Finance Leases
$20,407 $6,178 $1,742 

Maturities of lease liabilities are as follows:
OperatingFinance
LeasesLeases
Year Ended December 31,
2024$55,249 $5,767 
202522,687 5,796 
20266,490 5,498 
20276,560 9,775 
20286,620 1,385 
Thereafter13,849 2,466 
Total Lease Payments111,455 30,687 
Less: Interest10,462 5,411 
Present Value of Lease Liabilities$100,993 $25,276 

Lease terms and discount rates are as follows:
For the Years Ended December 31,
202420232022
Weighted Average Remaining Lease Term (years):
Operating Leases
3.663.594.41
Finance Leases
4.354.084.01
Weighted Average Discount Rate:
Operating Leases
5.04 %4.84 %4.65 %
Finance Leases
6.32 %7.35 %6.17 %
LEASES LEASES:
CNX's leasing activities primarily consist of operating and finance leases for electric fracturing equipment, natural gas drilling rigs, CNX's corporate headquarters as well as field offices, a natural gas gathering pipeline and commercial vehicles. Some leases include options to renew ranging from a period of 1 to 5 years, which are not recognized as part of the lease right-of-use (ROU) assets or liabilities as they are not reasonably certain to be exercised.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. As most of CNX's leases do not provide an implicit rate, an incremental borrowing rate is used to determine the present value of lease payments. In accordance with ASC 842, it is the Company’s policy to exclude leases with a term of 12 months or less and to not separate lease components from non-lease components for any asset class.
On January 2, 2024, CNX entered into a new lease for an electric-powered drilling system that is expected to result in a finance lease asset, to be included within property, plant and equipment, and as a finance lease obligation of $18,823 in 2025, which is when the lease is expected to commence.
The components of lease cost were as follows:
For the Years Ended December 31,
202420232022
Operating Lease Cost$60,572 $63,087 $56,725 
Finance Lease Cost:
Amortization of Right-of-Use Assets
2,898 1,628 665 
Interest on Lease Liabilities
814 429 78 
Short-term Lease Cost1,533 2,357 7,784 
Variable Lease Cost*4,517 12,401 9,271 
Total Lease Cost$70,334 $79,902 $74,523 
*Amounts recognized in the Consolidated Balance Sheets for natural gas drilling rigs are measured using the rates that would be paid if the rigs were idle, as this represents the minimum payment that could be made under the contract. Variable lease cost represents amounts paid for natural gas drilling rigs above this minimum when the rigs are in use. Amounts recognized in the Consolidated Balance Sheets for electric fracturing equipment are measured using minimum pumping hours under the contract; however, pumping hours may exceed the minimum and vary period to period. Any such amounts paid related to pumping hours in excess of the minimum represent variable lease cost.
Amounts recognized in the Consolidated Balance Sheets are as follows:
December 31,
20242023
Operating Leases:
Operating Lease Right-of-Use Assets$98,713 $139,466 
Current Portion of Operating Lease Obligations$51,474 $53,791 
Operating Lease Obligations49,519 89,531 
Total Operating Lease Liabilities
$100,993 $143,322 
Finance Leases:
Property, Plant and Equipment$31,751 $10,864 
Less—Accumulated Depreciation, Depletion and Amortization5,539 3,502 
Property, Plant and Equipment—Net
$26,212 $7,362 
Current Portion of Finance Lease Obligations$4,236 $1,862 
Finance Lease Obligations21,040 5,500 
Total Finance Lease Liabilities
$25,276 $7,362 
Supplemental cash flow information related to leases was as follows:
For the Years Ended December 31,
202420232022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows for Operating Leases$61,475 $64,139 $55,729 
Operating Cash Flows for Finance Leases$814 $429 $78 
Financing Cash Flows for Finance Leases$2,409 $1,627 $665 
Right-of-Use Assets Obtained in Exchange for Lease Obligations:
Operating Leases
$13,996 $19,477 $36,758 
Finance Leases
$20,407 $6,178 $1,742 

Maturities of lease liabilities are as follows:
OperatingFinance
LeasesLeases
Year Ended December 31,
2024$55,249 $5,767 
202522,687 5,796 
20266,490 5,498 
20276,560 9,775 
20286,620 1,385 
Thereafter13,849 2,466 
Total Lease Payments111,455 30,687 
Less: Interest10,462 5,411 
Present Value of Lease Liabilities$100,993 $25,276 

Lease terms and discount rates are as follows:
For the Years Ended December 31,
202420232022
Weighted Average Remaining Lease Term (years):
Operating Leases
3.663.594.41
Finance Leases
4.354.084.01
Weighted Average Discount Rate:
Operating Leases
5.04 %4.84 %4.65 %
Finance Leases
6.32 %7.35 %6.17 %