Shale Segment — oil & natural gas project

The company's core segment: Marcellus and Utica Shale development in Pennsylvania, West Virginia and Ohio, holding 8,844,273 MMcfe of estimated net proved reserves at December 31, 2025 - 92% of the corporate total - and 73% developed. It is the only segment carrying proved undeveloped acreage (26,092 net acres) and the only one in which wells were drilled in the last three years: 18.9 net development wells in 2025, 25.7 in 2024 and 30.8 in 2023. Net producing wells total 665 across 880,503 total net acres, of which 143,997 are proved developed and 710,414 unproved. The segment carries all of the company's liquids: 7,904 Mbbls of NGLs and 140 Mbbls of oil and condensate in 2025. CNX owns substantially all of its Shale gathering systems in Pennsylvania and West Virginia and primarily contracts third-party gathering for its Ohio wells.