At CNX, our goal is to be a unique exploration and production (E&P) company focused on differentiated metrics and employing a nontraditional approach to creating long-term value for our stakeholders. This mindset and culture are built upon the foundational principle of allocating all of the resources at our disposal both efficiently and responsibly.
Likewise, we believe our commitment and approach to corporate responsibility is also a differentiator and a proxy for reducing risk across our business.
Managing our risk profile and creating value are benefits of our commitment to corporate responsibility, but that obligation also breathes life into our values of responsibility, ownership and excellence. In short, not only does our commitment to responsible business practices create long-term value for our employees, our shareholders, and the communities where we live and work, but most importantly, it is the right thing to do and part of who we are at CNX.
During 2016, we continued to execute and deliver on the company’s strategic goals. We monetized legacy coal assets as we continued our transformation into a pure play E&P company; we dissolved our Marcellus Shale joint venture which solidified our footprint and opportunity set within the fairway of the Marcellus and Utica shale plays; and we strengthened our balance sheet, providing important flexibility in the months and years ahead.
This report also highlights key accomplishments in terms of our commitment to our values and responsible business practices including:
- CNX employees completing 2016 with zero safety exceptions
- The formation of a multidisciplinary environmental task force
- Implementation of supplemental emissions control technologies that contributed to a 60% reduction in criteria emissions
- Improving our best-in-class corporate governance practices by adopting incentive compensation plans that align management and shareholder interests in both weak and strong markets, which resulted in the highest possible ISS Governance QualityScore
- Over 87% of our service providers’ employees live and work in the CNX operational areas of Ohio, Pennsylvania and West Virginia, extending our local roots within the region.
Our efforts to enhance our operations, enrich our communities, and drive value for all of our stakeholders are a continuous focus across CNX. We strive to make progress each and every day. I encourage you to learn more by reading our 2016 Corporate Responsibility Report.
President and Chief Executive Officer
*Content in the 2016 Corporate Responsibility Report, including names and information, may no longer be applicable since the separation of CONSOL’s gas and coal businesses in 2017.