CNX Resources Corporation Q1 FY2026 earnings call

1. Continuing to develop the Utica program, with the most recent pad towards the last part of the quarter, expecting to provide more fulsome data by end of 2026/early 2027. 2. Optimizing for best economics per well, blending in more Utica over time while Marcellus has existing infrastructure and is in harvest mode for next few years. 3. New tech business is consistent with expectations in 2026, still waiting for final guidance on 45Z. 4. On hedging, being more opportunistic with longer-term hedges, targeting to improve all-in realized price in Cal-28 market. 5. Did positive refinancing of 2029 notes, aim to extend maturity profile and handle future maturities well ahead of time.

1. Targeting to bring up all-in realized price in Cal-28 market over time as approaching that year. 2. Aim to keep maturity profile extended, handle future maturities well ahead of time.

Company's remarks include forward-looking statements subject to various risks and uncertainties, discussion of which is in filings with SEC and today's release.

Q: Hoping to hear more about Utica, comments on well performance or cost?

A: Continuing to develop Utica program, most recent pad towards end of quarter, need more time for production results, cost progress ongoing, will have more data by end of 2026/early 2027.

Q: Envision more allocation to Utica vs Marcellus?

A: Marcellus has existing infrastructure, optimize for best economics per well, will blend in more Utica over time, Marcellus in harvest mode for next few years.

Q: Updates on new tech business?

A: Everything consistent with expectations in 2026, waiting for final guidance on 45Z.

Q: Hedging, context on 2028 market?

A: On longer-term hedges, more opportunistic, price move up and basis differentials tighten helping Cal-28 market, targeting to improve all-in realized price.

Q: Next steps on balance sheet?

A: Did positive refinancing of 2029 notes, aim to extend maturity profile, handle 2030 maturity well ahead.

Q: Invasive demand, share enthusiasm?

A: See same long-term optimism on demand, participating in rfps for gas supply, benefit from resource depth and creditworthiness.

Q: Ohio vs Pennsylvania for demand?

A: Agnostic to where it develops, Ohio easier to do business with in speed, Pennsylvania also competitive, footprints include relevant projects.

Q: When will convertible notes convert?

A: Maturity on May 1st, about 12 million shares net issuance later this week.