A MESSAGE FROM THE ESCR COMMITTEE CHAIR AND THE CEO
Since our company’s founding 162 years ago, we have lived by our values – putting the people of Appalachia first by prioritizing investments and utilizing home-grown resources that make a Tangible, Impactful and Local difference.
Robert Agbede
At the heart of CNX’s strategy lies our hyper-local value creation model. We continue to deliver for all our stakeholders, especially the communities across the Appalachian region. Appalachia First is not just a slogan, it’s the way we conduct our business every day. We believe that sustainable success requires progress for our local communities while ensuring CNX’s resilience for generations to come. Our Appalachia First vision is unique and positions CNX in a different class of sustainability-focused companies. As stewards of both the environment and communities across Appalachia, we remain committed to true sustainable value creation for our stakeholders.
Our actions during 2025 have resulted in significant achievements in continuous performance improvement across the business, including progress on our defined sustainability metrics. Throughout 2025, we executed our operational and disciplined capital allocation strategy, prioritizing long-term per share value creation that performs throughout commodity cycles. We listen closely to our local stakeholders and ownership to understand their priorities and tailor strategies accordingly. We are focused on enabling underserved communities in Appalachia to achieve prosperity.
Alan Shepard
In 2025, the CNX Foundation launched its distinctive micro-TIL philanthropic strategy as a way of making sure that investments flow directly to the families and organizations that need support the most.
We instituted industry-leading ESG reporting through our continuously updated website rather than issuing a static annual Corporate Sustainability report and we began issuing our ESG Performance Scorecard data on a quarterly basis, providing stakeholders with fresh data in a more real‑time manner on critical environmental, social, and governance topics. And as part of our continued transparency efforts through our Radical Transparency program, in May 2025, the PADEP began conducting the nation’s most intensive independent study of unconventional gas wells, with CNX providing continuous access to a Washington County well pad for in‑depth independent monitoring of the air emissions before, during, and after development of new wells.
Thank you all for your support as we work together to serve our communities, our employees, and our shareholders. CNX continues to innovate and lead through our transparency and sustainability efforts but we do not do it alone. As always, we extend our invitation to you to engage us in candid, civil dialogue and join us on the journey.
Robert Agbede
Environmental, Safety, and Corporate Responsibility (ESCR) Committee Chair
Alan Shepard
President and Chief Executive Officer
2025 Highlights
In conjunction with CNX’s commitment to its Appalachia First 2.0 vision, we focus on ESG initiatives that are Tangible, Impactful and Local.
Environmental Stewardship
CNX’s approach to environmental stewardship aligns with our long-standing presence in communities across Appalachia. While producing the affordable, reliable, and safe energy our communities need, we work to reduce our environmental footprint and preserve the quality of the region’s air and water for future generations. In 2025, we advanced this commitment in the following Tangible, Impactful, Local ways:
- Radical Transparency – Creating Mutual Trust through Facts and Data. CNX’s Radical Transparency program provides continuous, third‑party air monitoring across multiple operating sites, with data demonstrating CNX site‑level emissions remain well below national air quality standards. Since inception, over a million datapoints have been collected, simultaneously reported to the Pennsylvania Department of Environmental Protection (PADEP), and transparently posted on CNX’s website, with monitoring coverage continuing to expand across active and archived sites. As part of these continued transparency efforts, in May 2025, the PADEP began conducting the nation’s most intensive independent study of unconventional gas wells, with CNX providing continuous access to a Washington County well pad for in‑depth independent monitoring of the air emissions before, during, and after development of new wells. For more information and to review real‑time data visit our Radical Transparency Monitoring Sites.
- Community Engagement – Transparency, Dialogue, and Active Listening. At its core, Radical Transparency is about open-sourcing environmental data, but it is also our way of being open with stakeholders, our local communities, and constantly fielding questions and seeking feedback. Through a combination of data-driven efforts and hosting community open houses – so local residents can directly interact with CNX employees – we’re learning more about our communities’ needs and are able to adapt operations to best fit each operating area. We continue to engage with our key stakeholders and other industry participants to further this initiative.
- Emission Reduction Task Force – Innovating to Reduce Emissions Footprint. Appalachian natural gas already boasts the lowest methane intensity of all producing regions in the nation, and our Emission Reduction Task Force is always innovating to further reduce our emissions footprint. We invest in various technologies to monitor methane emissions, and employ multiple early leak detection devices, including satellite monitoring, aerial flyovers, drones, and continuous monitoring ground detection systems. In 2025, CNX also intensified the analysis of operational data to detect and alert for potential methane leaks, as well as implemented alarming systems when certain data anomalies are detected. A detailed description of our methane program along with monthly leak detection and repair program data is available on our website at Commitment to Methane Reduction – CNX.
- Executive Pay – Tied to Methane Emissions Intensity. In 2025, 10% of long-term executive compensation continued to be tied to methane emissions intensity targets through ESG PSU awards, which targets are significantly lower than published global benchmarks, and are measured based on the EPA’s Subpart W rules. This stringent, objective performance metric and CNX’s continued focus on evolving methane emissions guidelines clearly demonstrates our strong commitment to achieving our methane targets, and to objective, measured data, innovation, and enhancing our operational practices.
- Real-Time Corporate Sustainability Report – Shift to Industry-Leading ESG Reporting. Rather than issuing a static annual Corporate Sustainability report, CNX instead updates its website continuously and its ESG Performance Scorecard data on a quarterly basis, providing stakeholders with fresh data in a more real-time manner on critical environmental, social, and governance topics. CNX treats these metrics with the same rigor and frequency of reporting as financial data, empowering shareholders and the communities where it operates with the ability to better track progress and hold the company accountable in real time. This dynamic ESG disclosure process continues CNX’s unprecedented brand of transparency and further differentiates CNX’s environmental performance and disclosures.
Community and Workforce: Tangible and Local Investments
CNX has a unique commitment to local communities. We are focused on enabling underserved communities in Appalachia to achieve prosperity. We roll up our sleeves and tackle the toughest of issues:
- CNX Foundation and micro-TIL. In 2025, the CNX Foundation launched its distinctive micro-TIL philanthropic strategy as a way of ensuring that investments get directly to the families and organizations that need it most. Local leaders, organizations, and residents help identify where investment will have the most significant effect, and micro-TIL resources are delivered directly to individuals, families and small entities who may be unable to access traditional support. Micro-TIL allows the CNX Foundation to respond quickly to emerging needs and adapt support as circumstances change. In 2025, the CNX Foundation contributed $4 million through more than 130 initiatives, including micro-TIL, aligned with its Tangible, Impactful, Local focus on community support. These efforts are part of CNX’s pledge to invest in local initiatives supporting underserved communities within our operational footprint. For more information visit CNX Foundation – CNX
- The Headquarters at CNX. The Headquarters at CNX provides world-class workspace at our corporate office to small businesses, including minority- and women-owned businesses, educational institutions, and non-profit organizations, emphasizing support for the same Tangible, Impactful, and Local causes in which the CNX Foundation invests. As of early 2026, the Headquarters at CNX provides workspace to 30 tenants.
- CNX Mentorship Academy. The fifth year of the CNX Foundation’s Mentorship Academy was one of expansion and operational alignment as we continue our commitment to connecting our region’s youth to family sustaining careers in Appalachia. Highlights for 2025 include:
- The Mentorship Academy’s 2024-2025 cohort celebrated 73 graduating seniors with more than 30% obtaining full-time employment and 51% planning to pursue continued education via trade programs, community colleges, and four-year colleges and universities. Of the graduates beginning careers, 82% are working in industries directly aligned to Mentorship Academy pathways – energy, trades, healthcare, manufacturing, and corporate support.
- Enrollment for the 2025-2026 cohort increased 60% from the prior year, and the number of schools who have joined as partners increased from 14 to 24. As a result, a total of 30 schools and school districts are now represented.
- The innovative Energy Short Service Employee (SSE) internship, a paid 20-week internship, allows students to jumpstart their careers by rotating through leading industry companies, obtaining resume boosting experiences and credentials. Eleven energy industry companies and eight interns participated in the 2025 Energy SSE internship, with 75% of interns obtaining full-time employment at program end.
CORPORATE GOVERNANCE
Strong corporate governance and a culture of compliance are the foundation of our Sustainable Business Model, which drives innovation to pursue emerging opportunities while managing risk responsibly and transparently across the enterprise – creating sustainable long-term value for our shareholders.
- Independent and Effective Board Oversight. Six out of eight directors are independent, and the Audit, Compensation, and Nominating and Corporate Governance Committees of the Board are comprised entirely of independent directors. An independent director serves as chairperson of the Board and each committee, creating accountability and enhancing clear and consistent communications to our shareholders and others. Non-employee directors meet regularly in executive session without the presence of management.
- Risk Management Focus at All Levels. Our risk management culture starts at the top, with regular presentations from subject-matter experts to the Board regarding material risks affecting CNX, including economic, environmental, cybersecurity, and social issues. Risk management strategies adopted by the Board are translated into corresponding policies and operational procedures, ensuring effective management and accountability. Employees throughout the organization are trained and incentivized to mitigate risk and put compliance into practice.
- Succession Planning. In September 2025, CNX announced the appointment of Alan Shepard to the role of President and CEO effective January 1, 2026, succeeding Nick DeIuliis who retired from his role as CEO at the end of 2025 after 35 years of service to CNX. Mr. DeIuliis continues to remain actively engaged with CNX as a member of its Board of Directors, enabling CNX to continue to benefit from his vision and skillset. Since rejoining CNX in 2020, Mr. Shepard has been instrumental in the development and execution of CNX’s unique Sustainable Business Model. Mr. Shepard’s deep understanding of our business, commitment to long-term per share value creation, and passion for positively impacting Appalachian communities positions him to continue building on our core values, mission, vision, and long-term strategy.
- Proactive Engagement with Shareholders. CNX values shareholder input and regularly engages in discussions with major shareholders on various topics, enabling CNX to align corporate governance practices and compensation policies with shareholder feedback.