CNX Resources Corp Q3 FY2024 earnings call

• Capital Allocation: 2025 capital expenditure will be tied to production volumes and gas prices; 11 DUCs deferred earlier retain flexibility. • New Technologies: Working on regulatory clarity for 45V and 45Q; pursuing ATS programs, hydrogen production via 45V, CO2 sequestration via 45Q, and private sector transactions; AutoSep in early stages with potential third-party work. • Utica Play: Highlighting prolific wells, cost improvements, and optionality to ramp volumes based on gas prices; no near-term major constraints to ramping volumes if market price signals exist.

• 2025 capital expenditure details to be provided next quarter, tied to gas prices. • New technologies guidance to be provided next quarter; AutoSep still in early stages with potential third-party work. • 2024 turn-in lines were chills that slipped into early 2025, with no change in overall activities from spring guidance.

• Forward-looking statements subject to various risks and uncertainties, detailed in SEC filings. • Regulatory uncertainties for 45V and 45Q impacting new technologies opportunities. • Gas price fluctuations affecting capital allocation and new technologies deployment.

Q: Full year ‘25 capital disclosure removal; efficiency and new tech volumes.

A: 2025 capEx tied to gas prices, 11 DUCs deferred, new tech guidance next quarter, AutoSep in early stages.

Q: New tech regulatory clarity for 45V and 45Q; CMM capture and CapEx.

A: Uncertainty due to market development, four pathways pursued, but premature to specify.

Q: Buyback and cash return; CMM volumes and turn-in lines.

A: Capital allocation process unchanged, turn-in lines slipped into 2025, no change in activities.

Q: 45Q and 45V tax credits; CMM equipment costs.

A: Uncertainty on tax credit specifics, premature to discuss costs and growth without regulatory clarity.

Q: Utica play infrastructure and cost; CMM growth.

A: Utica play has optionality, no near-term constraints, CMM growth dependent on regulatory incentives.

Q: 45Q and 45V opportunities for CMM; M&A and new tech.

A: Uncertainty on CMM treatment under programs, capital allocation includes M&A but no specifics.

Q: Utica well costs; CMM capacity.

A: Drilling costs targeted to $1,800 per foot, CMM capacity growth dependent on regulatory details.