Natural Gas · Gas-weighted · Upstream · Mid-Tier · Producer · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
CNX Resources Consolidated
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Appalachian Basin natural gas producer operating three reserve segments - Shale, Coalbed Methane and Other - across Pennsylvania, West Virginia, Ohio, Virginia, Illinois, Indiana and New York. Total proved reserves were 9,662,144 MMcfe at December 31, 2025, 72% developed, on 3,971,342 total net acres of which 428,042 are proved developed, 26,092 proved undeveloped and 3,517,208 unproved. All acreage identified as proved developed and undeveloped is controlled fully through a 100% working interest. Reserves were prepared internally and audited by Netherland, Sewell & Associates. Production is overwhelmingly dry gas: 580,601 MMcf in 2025 against 7,907 Mbbls of NGLs and 153 Mbbls of oil and condensate. The 2025 Apex Transaction added $523.3 million of proved and $3.2 million of unproved properties, driving purchases of 667,993 MMcf of gas reserves in place. Physical and swap hedges covered approximately 482.3 Bcf of 2025 sales at an average $2.59/Mcf, with 448.8 Bcf of estimated 2026 production hedged at $2.74/Mcf as of January 8, 2026.
Portfolio Aggregate
Multiple effective dates · 1P
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Oil & Gas inventory & footprint
Multiple effective dates
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves walk · Gross (disclosed)
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves walk · Net change by year
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Operating · 3 projects
Shale Segment
Segment
Project information
As at 31 December 2025
Description
As at 31 December 2025
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.
Oil & Gas metrics
Multiple effective dates · 1P
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Oil & Gas inventory & footprint
Multiple effective dates
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
CBM Segment
Segment
Project information
As at 31 December 2025
Description
As at 31 December 2025
Coalbed methane segment holding 812,626 MMcfe of estimated net proved reserves at December 31, 2025, 61% developed - the least developed of the three segments. It carries by far the largest well count at 3,784 net producing wells, including gob wells, across 2,144,749 total net acres of which 247,598 are proved developed and 1,897,151 unproved. No proved undeveloped acreage is booked to the segment and no development wells were drilled in 2025, 2024 or 2023. Production is entirely dry gas at 37,814 MMcf in 2025, easing gently from 39,130 MMcf in 2024 and 40,598 MMcf in 2023. Certain CBM acres are governed by separate leases rather than the target-strata convention applied to the rest of the portfolio. The extraction-type enum carries no coalbed-methane value, so the nearest unconventional value is used.
Oil & Gas metrics
Multiple effective dates · 1P
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Oil & Gas inventory & footprint
Multiple effective dates
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Other Segment
Segment
Project information
As at 31 December 2025
Description
As at 31 December 2025
Shallow oil and gas and other formations across Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia and West Virginia, covering approximately 946,090 total net acres of which 36,447 are proved developed and 909,643 unproved. Estimated net proved reserves are 5,245 MMcfe and the segment is 100% developed, with no proved undeveloped acreage and no development wells drilled in 2025, 2024 or 2023. It holds 39 net producing wells. The majority of the shallow leasehold position is held by third-party production and all of it is extensively overlain by existing third-party gathering and transmission infrastructure. Production is minor at 214 MMcf of gas in 2025, though the segment carries a small amount of liquids.
Oil & Gas metrics
Multiple effective dates · 1P
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Oil & Gas inventory & footprint
Multiple effective dates
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Reserves & resources — detail
As at 31 December 2025
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Processing facilities · 1 project
CNX Midstream Gathering Systems
Asset · Gathering System
Project information
As at 31 December 2025
Description
As at 31 December 2025
Wholly-owned natural gas gathering business that designs, builds and operates systems moving gas from the wellhead to interstate pipelines and local sales points, comprising approximately 2,600 miles of gathering pipeline plus a number of gas processing facilities. CNX owns substantially all of its Shale gathering systems in Pennsylvania and West Virginia, contracts third-party gathering for its Ohio Shale wells, and also provides gathering services to third parties. Gas gathering assets carry $2,771,747 thousand of gross capitalized cost at December 31, 2025, and midstream development costs of $37,669 thousand are included within 2025 development costs incurred. The 10-K publishes no throughput capacity, per-system volume or gathering fee for these assets, so no capacity, throughput or tariff row is emitted; future development costs in the standardized measure include $157 million of midstream and water infrastructure capital on an undiscounted pre-tax basis.
Processing facilities
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
Premium access required
This content is available on a paid plan.
Upgrade to Premium to unlock this content.
How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Natural gas
NGL
Shale gas
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
Copyright © 2026, Metal Pilot
We use strictly necessary cookies for authentication and site functionality. Optional analytics (Google Analytics) load only after you accept; we do not use advertising, remarketing, or Google Signals. We honour Global Privacy Control (GPC) and other recognised opt-out signals by keeping analytics off for that browser.