CNX Resources Corp (CNX): Results of Operations and Financial Condition
CNX Resources Corp (CNX) filed an SEC Form 8-K — Results of Operations and Financial Condition. 2Q 2026 Earnings Results & Supplemental Information of CNX Resources TABLE OF CONTENTS: Page: Production Volumes and Activity Summary........................................................................................................................ 2 Hedge Volumes and Pricin
How this was made
The 30-second read
Why it matters
The most actionable elements for trading are the updated production volumes and the hedge book’s projected realized gain or loss by quarter and year, which can affect near-term earnings quality and cash flow expectations.
Market read
This is a company-specific disclosure that updates CNX’s production and hedge economics, which can drive short-term revisions to realized commodity margin expectations.
What to watch
Traders may overweight hedge tables and underweight the missing parts of the filing, such as full cash flow, net debt changes, and any explicit guidance or risk-factor updates not shown in the excerpt.
Q2-2026 net income was $202,943 (Dollars in thousands), with Total Revenue and Other Operating Income of $618,484 (Dollars in thousands) and total sales volumes of 151.5 Bcfe.
Q2-2026 total sales volumes of 151.5 Bcfe were below 152.4 Bcfe in Q1-2026 and 167.6 Bcfe in Q2-2025, while Net Income of $202,943 (Dollars in thousands) was below $348,147 in Q1-2026 and $432,521 in Q2-2025. The quarter included a $176 (Dollars in millions) gain on commodity derivative instruments, versus $4 in Q1-2026.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Natural Gas, NGL and Oil RevenueGAAP | $389,435 | – | – |
| Gain on Commodity Derivative InstrumentsGAAP | $176,336 | – | – |
| Purchased Gas RevenueGAAP | $12,456 | – | – |
| Other Revenue and Operating IncomeGAAP | $40,257 | – | – |
| Total Revenue and Other Operating IncomeGAAP | $618,484 | – | – |
| Lease Operating ExpenseGAAP | $21,262 | – | – |
| Transportation, Gathering and CompressionGAAP | $103,223 | – | – |
| Production, Ad Valorem, and Other FeesGAAP | $6,546 | – | – |
| Depreciation, Depletion and AmortizationGAAP | $136,232 | – | – |
| Exploration and Production Related Other CostsGAAP | $2,750 | – | – |
| Purchased Gas CostsGAAP | $12,249 | – | – |
| Selling, General, and Administrative CostsGAAP | $33,837 | – | – |
| Other Operating Expense (Income)GAAP | $24,611 | – | – |
| Total Operating ExpenseGAAP | $340,710 | – | – |
| Other ExpenseGAAP | $1,183 | – | – |
| Loss (Gain) on Asset Sales and Abandonments, netGAAP | $626 | – | – |
| Loss on Debt ExtinguishmentGAAP | — | – | – |
| Interest ExpenseGAAP | $39,023 | – | – |
| Total Other Expense (Income)GAAP | $40,832 | – | – |
| Total Costs and ExpensesGAAP | $381,542 | – | – |
| Earnings Before Income TaxGAAP | $236,942 | – | – |
| Income Tax ExpenseGAAP | $33,999 | – | – |
| Net IncomeGAAP | $202,943 | – | – |
| Earnings per Share BasicGAAP | $1.37 | – | – |
| Earnings per Share DilutedGAAP | $1.32 | – | – |
| Weighted-Average Shares of Common Stock OutstandingGAAP | 148,155,232 | – | – |
| Effect of Diluted SharesGAAP | 5,806,041 | – | – |
| Weighted-Average Diluted Shares of Common Stock OutstandingGAAP | 153,961,273 | – | – |
| Total Sales Volumesother | 151.5 Bcfe | – | – |
| Average Daily Productionother | 1,664.8 MMcfe | – | – |
| Realized Gain (Loss)other | $45 | – | – |
| Unrealized Gainother | 131 | – | – |
| Gain on Commodity Derivative Instrumentsother | $176 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Shale Sales VolumesReported sales volume; Q1-2026 was 129.8 Bcf and Q2-2025 was 146.9 Bcf. | 126.5 Bcf | – | – |
| CBM Sales VolumesReported sales volume; Q1-2026 was 9.1 Bcf and Q2-2025 was 9.4 Bcf. | 9.7 Bcf | – | – |
| Other Sales VolumesReported sales volume; Q1-2026 was 0.1 Bcf. Q2-2025 was reported as —. | 0.1 Bcf | – | – |
| NGLs Sales VolumesReported sales volume; Q1-2026 was 13.1 Bcfe and Q2-2025 was 11.1 Bcfe. | 14.8 Bcfe | – | – |
| Oil and Condensate Sales VolumesReported sales volume; Q1-2026 was 0.3 Bcfe and Q2-2025 was 0.2 Bcfe. | 0.4 Bcfe | – | – |
What drove it
- Natural Gas, NGL and Oil Revenue was $389,435 (Dollars in thousands), compared with $722,044 in Q1-2026 and $485,029 in Q2-2025.
- Gain on Commodity Derivative Instruments was $176,336 (Dollars in thousands), compared with $3,981 in Q1-2026 and $421,121 in Q2-2025.
- NGLs Sales Volumes were 14.8 Bcfe, compared with 13.1 Bcfe in Q1-2026 and 11.1 Bcfe in Q2-2025.
- The Q2 2026 activity summary reported 2 TD, 6 Frac, 5 TIL, and 1 rig at period end.
- Hedge positions as of 7/15/2026 included 460.5 Bcf of Total Volumes Hedged for 2026, 400.4 Bcf for 2027, and 167.6 Bcf for 2028.
- Total Projected Realized Gain / (Loss) was $31,985 for Q3 2026, ($155,493) for CY2026, and $173,500 for CY2027 ($ in 000s).
Concerns
- Total Sales Volumes were 151.5 Bcfe, versus 152.4 Bcfe in Q1-2026 and 167.6 Bcfe in Q2-2025.
- Shale Sales Volumes were 126.5 Bcf, versus 129.8 Bcf in Q1-2026 and 146.9 Bcf in Q2-2025.
- Total Operating Expense was $340,710 (Dollars in thousands), compared with $311,626 in Q1-2026.
- Selling, General, and Administrative Costs were $33,837 (Dollars in thousands), compared with $32,245 in Q1-2026 and $29,068 in Q2-2025.
- The filing's hedge projection showed Total Projected Realized Gain / (Loss) of ($155,493) for CY2026 ($ in 000s).
What to watch
- Q3 2026 Total Volumes Hedged of 116.0 Bcf, including 111.6 Bcf of NYMEX + Basis fully-covered volumes at an average price of $2.71/Mcf.
- Q3 2026 forecasted Total Projected Realized Gain / (Loss) of $31,985 ($ in 000s).
- CY2027 Total Volumes Hedged of 400.4 Bcf and NYMEX + Basis fully-covered volumes at an average price of $3.31/Mcf.
- The relationship between production activity and reported average daily production of 1,664.8 MMcfe.
Balance sheet and cash flow
- Cash and Cash Equivalents: $6,162 at 30-Jun-26, $3,748 at 31-Mar-26, and $3,391 at 30-Jun-25 (Dollars in thousands).
- Restricted Cash: 2,428 at 30-Jun-26, 2,428 at 31-Mar-26, and 10,072 at 30-Jun-25 (Dollars in thousands).
- Long-Term Debt: 2,223,745 at 30-Jun-26, 2,158,416 at 31-Mar-26, and 2,286,855 at 30-Jun-25 (Dollars in thousands).
- Current Portion of Long-Term Debt: — at 30-Jun-26, 208,437 at 31-Mar-26, and 328,837 at 30-Jun-25 (Dollars in thousands).
- Total Assets: $9,136,899 at 30-Jun-26, $9,131,183 at 31-Mar-26, and $8,987,867 at 30-Jun-25 (Dollars in thousands).
- Total Current Assets: 471,355 at 30-Jun-26, 458,332 at 31-Mar-26, and 394,225 at 30-Jun-25 (Dollars in thousands).
- Total Current Liabilities: 657,892 at 30-Jun-26, 927,749 at 31-Mar-26, and 1,197,683 at 30-Jun-25 (Dollars in thousands).
Analysis
CNX reported Q2-2026 Total Revenue and Other Operating Income of $618,484 (Dollars in thousands), compared with $786,654 in Q1-2026 and $962,422 in Q2-2025. Natural Gas, NGL and Oil Revenue was $389,435, below $722,044 in the prior quarter and $485,029 in the prior-year quarter. The reported commodity derivative gain was $176,336, after $3,981 in Q1-2026 and $421,121 in Q2-2025, making derivatives a significant component of reported revenue and income in the period.
Production was 151.5 Bcfe, with average daily production of 1,664.8 MMcfe. Shale sales volumes were 126.5 Bcf, compared with 129.8 Bcf in Q1-2026 and 146.9 Bcf in Q2-2025. Liquids volumes increased in the reported comparisons: NGLs sales volumes were 14.8 Bcfe, versus 13.1 Bcfe and 11.1 Bcfe, while oil and condensate sales volumes were 0.4 Bcfe, versus 0.3 Bcfe and 0.2 Bcfe.
Total Operating Expense was $340,710 (Dollars in thousands), compared with $311,626 in Q1-2026 and $346,726 in Q2-2025. Transportation, Gathering and Compression was $103,223, and Depreciation, Depletion and Amortization was $136,232. Total Costs and Expenses were $381,542. Net Income was $202,943, with diluted earnings per share of $1.32, compared with $348,147 and $2.18 in Q1-2026 and $432,521 and $2.53 in Q2-2025, respectively.
The balance sheet reported Cash and Cash Equivalents of $6,162 (Dollars in thousands) and Long-Term Debt of 2,223,745 at 30-Jun-26. Current Portion of Long-Term Debt was reported as —, compared with 208,437 at 31-Mar-26. The provided filing excerpt does not include the consolidated cash-flow statement results, capital-return information, or the detailed guidance page, so operating cash flow, free cash flow, repurchases, dividends, and forward operating guidance cannot be assessed from the supplied text.
CNX's hedge disclosures show 116.0 Bcf of total hedged volumes for Q3 2026 and a projected realized gain of $31,985 ($ in 000s) for that period. For CY2026, the disclosure showed 460.5 Bcf hedged and a projected realized loss of ($155,493) ($ in 000s). For CY2027, it showed 400.4 Bcf hedged and a projected realized gain of $173,500 ($ in 000s). These projections are based on positions and forward market prices as of 7/15/2026, and anticipated hedging activity is not included in the projections.
Not in the filing
stated, not guessed- Forward guidance details from the filing's Guidance page were not included in the supplied text.
- Previous-release outlook was not provided, so comparison with prior guidance is unavailable.
- Gross margin was not reported in the supplied text.
- Non-GAAP adjusted EBITDAX, adjusted net income, operating margin, cash operating margin, net debt, and free cash flow tables were listed in the table of contents but were not included in the supplied text.
- Operating cash flow, capital expenditures, and free cash flow results were not included in the supplied text.
- Share repurchases, dividends, and other capital-return information were not included in the supplied text.
- The supplied balance-sheet excerpt is truncated before the full non-current liabilities and equity section.
- Management commentary and named executive quotes were not included in the supplied text.
- Revenue by reportable operating segment was not reported in the supplied text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
CNX Resources reported Q2 2026 results and supplemental information via SEC Form 8-K, including production volumes and a detailed hedging schedule as of 7/15/2026.
Ticker impact
CNX filed an 8-K with Q2 2026 operating results and detailed natural gas hedging volumes, prices, and projected gains or losses.
Likely modest, with traders focusing on hedge-driven realized gain or loss projections versus prior expectations rather than headline revenue alone.
The excerpt includes production volumes, hedge coverage by year, and a table of projected realized gain or loss, but the body is truncated before full income/cash flow and guidance details are visible.
Market effects
Provides a datapoint on how a US gas producer’s hedge coverage and basis exposure may buffer or amplify commodity price moves.
Marcellus/Utica production and Eastern Gas-South (DOM) basis hedging are relevant to regional gas pricing expectations.
Limited direct global linkage; primarily affects US natural gas producer cash flow expectations.
Counterpoint
Hedge projections can be noisy and may not translate into realized cash flow if volumes, basis, or forward strips move quickly after the hedge positions date.
Key entities
- issuerCNX Resources Corp
Subject of the SEC 8-K, providing Q2 2026 results and natural gas hedging details.
- benchmarkNYMEX
Used as the reference for hedge pricing in CNX’s hedging tables.
- gas basis regionEastern Gas-South (DOM)
Basis component explicitly shown in CNX’s hedging gain or loss projections.
