CNX Resources (CNX) Proxy filing summary

Executive summary

• Achieved 24 consecutive quarters of positive free cash flow through Q4 2025, generating $646 million FCF in 2025 and $2.9 billion since 2020.

• Net cash from operating activities reached $1.0 billion in 2025, with a 37% net reduction in shares outstanding since Q3 2020.

• Completed a $518 million acquisition of Apex Energy II, LLC and divested non-core assets for $57 million in 2025.

• Ended 2025 with $2.4 billion in long-term debt and a five-year weighted average maturity, maintaining financial flexibility.

• Leadership transitioned to Alan Shepard as CEO effective January 1, 2026, with former CEO Nick Deiuliis remaining on the board.

Voting matters and shareholder proposals

• Annual meeting scheduled for May 7, 2026, with materials filed as definitive additional proxy materials.

Board of directors and corporate governance

• Board and management focus on optimizing long-term per share returns, prudent capital allocation, and seizing Appalachian energy opportunities.

• Compensation programs align management incentives with shareholder interests, emphasizing FCF per share and methane emission metrics.

• Nick Deiuliis retired as CEO after 35 years, succeeded by Alan Shepard, with Deiuliis remaining on the board.