From WGCI Executive Director Mike Moore

“The study found that coal mine methane

From WGCI Executive Director Mike Moore

“The study found that coal mine methane has provided communities in Southwest Virginia with a new stream of economic growth,” said WGCI Executive Director Mike Moore. “A large portion of Virginia’s natural gas production—which generated $481.7 million in economic impact and supported 1,115 jobs last year—comes from coalbed methane gas and coal mine methane gas. The ability to deploy this technology across the country means that the results seen in Southwest Virginia can be replicated in other coal-based communities—from Pennsylvania to Alabama—providing an opportunity for economic growth nationwide.”

The study comes as federal energy tax credits gain renewed interest from policymakers. Recently, Rep. Carol Miller (R-WV-01) reintroduced the Methane Reduction and Economic Growth Act, which would amend the existing Section 45Q tax credit to include the capture of mine methane. Rep. Morgan Griffith (R-VA-09), a co-sponsor of the bill, stated, “With vast resources of both, Southwest Virginia can play a significant role in accomplishing President Trump’s goals of unleashing American energy independence. Additional tax incentives to encourage environmental mitigation and efficient fossil fuel utilization may help us reach those goals more quickly.”

The study found that the coal and natural gas industries, along with the Virginia Coalfield Economic Development Authority (VCEDA), play a pivotal role in the economic growth and diversification in Southwest Virginia. Together, they have created $13.48 billion in economic impact (direct, indirect, and induced) and supported 51,245 jobs in the region. This includes $1.8 billion and 5,085 jobs from the coal industry and $481.7 million and 1,115 jobs from the natural gas industry.

About WGCI

The WGCI represents leading American energy industry partners, NGOs, and experts who are committed to recognizing the economic benefits and environmental impact of a strong mine methane capture industry. Visit wastegascapture.com and follow @WGCInitiative on X (formerly known as Twitter) and LinkedIn for more information.

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New Study Highlights Economic Impact of Coal Mine Methane Capture in Southwest Virginia, Offering a Model Nationwide

From WGCI Executive Director Mike Moore

“The study found that coal mine methane has provided communities in Southwest Virginia with a new stream of economic growth,” said WGCI Executive Director Mike Moore. “A large portion of Virginia’s natural gas production—which generated $481.7 million in economic impact and supported 1,115 jobs last year—comes from coalbed methane gas and coal mine methane gas. The ability to deploy this technology across the country means that the results seen in Southwest Virginia can be replicated in other coal-based communities—from Pennsylvania to Alabama—providing an opportunity for economic growth nationwide.”

The study comes as federal energy tax credits gain renewed interest from policymakers. Recently, Rep. Carol Miller (R-WV-01) reintroduced the Methane Reduction and Economic Growth Act, which would amend the existing Section 45Q tax credit to include the capture of mine methane. Rep. Morgan Griffith (R-VA-09), a co-sponsor of the bill, stated, “With vast resources of both, Southwest Virginia can play a significant role in accomplishing President Trump’s goals of unleashing American energy independence. Additional tax incentives to encourage environmental mitigation and efficient fossil fuel utilization may help us reach those goals more quickly.”

The study found that the coal and natural gas industries, along with the Virginia Coalfield Economic Development Authority (VCEDA), play a pivotal role in the economic growth and diversification in Southwest Virginia. Together, they have created $13.48 billion in economic impact (direct, indirect, and induced) and supported 51,245 jobs in the region. This includes $1.8 billion and 5,085 jobs from the coal industry and $481.7 million and 1,115 jobs from the natural gas industry.

About WGCI

The WGCI represents leading American energy industry partners, NGOs, and experts who are committed to recognizing the economic benefits and environmental impact of a strong mine methane capture industry. Visit wastegascapture.com and follow @WGCInitiative on X (formerly known as Twitter) and LinkedIn for more information.

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CNX Resources Q1 2025: 21st Straight Quarter of Free Cash Flow

By Positive Energy Hub Staff

CNX Resources delivered a robust first quarter in 2025, generating $100 million in free cash flow (FCF)—its 21st consecutive quarter of positive FCF. This performance underscores the company’s resilient asset base, disciplined capital allocation, and industry-leading cost structure, which together have produced approximately $2.3 billion in cumulative FCF since the launch of its seven-year plan in 2020.

“The company had another quarter of consistent operational execution resulting in the 21st consecutive quarter of free cash flow generation. Utilizing this free cash flow, the company bought back shares at what we believe is a discount to our intrinsic value. Since the inception of the buyback program in 2020, we have retired approximately 38% of our outstanding shares.” – Nick Deiuliis, CNX President and CEO

Q1 2025 Highlights

• Generated $100 million in FCF, reaffirming 2025 FCF guidance at approximately $575 million.
• Achieved a 65% cash operating margin in Q1, with a 2025E cash operating margin of 62%.
• Maintained fully burdened cash costs of $1.11 per Mcfe before DD&A in Q1, with 2025E guidance at ~$1.12 per Mcfe.
• Repurchased 4.2 million shares in Q1 at an average price of $29.88 per share for $125 million and an additional 0.7 million shares post-quarter for $22 million.
• Since Q3 2020, CNX has repurchased approximately 86 million shares (38% of shares outstanding) for $1.5 billion at an average price of $17.46 per share, representing a -10% CAGR in share count.
• Closed the Apex Energy acquisition, increasing net debt to approximately $2.7 billion, partially funded by a $200 million Senior Notes issuance due 2032.
• Maintained significant liquidity with $2 billion in combined credit facility commitments and a weighted average senior unsecured debt maturity of 5.5 years.

Operational Update

CNX safely and efficiently executed its 2025 operations plan while integrating the Apex Energy acquisition. The company completed drilling one deep Utica well (14,200 ft lateral) and four Marcellus SWPA wells (average 15,300 ft laterals). The completions team set new records, including 504 monthly pumping hours and a daily record of 23.2 pumping hours.

Nineteen wells were turned in line (TIL’d) in Q1, including nine SWPA Marcellus wells, two CPA deep Utica wells, and eight wells from the Apex acquisition. All wells utilized AutoSep’s advanced flowback equipment, improving efficiency, safety, and environmental performance. CNX continues to expand the use of this technology with its joint venture partner.

ESG Leadership and Environmental Attributes

CNX’s Radical Transparency program continues to demonstrate that its natural gas development is safe and poses no public health risks.

All data is transparently posted on the CNX website, and the company encourages industry peers and stakeholders to follow suit.

The company recognized $19 million in net sales of environmental attributes in Q1, associated with 4.3 Bcf of coal mine methane (CMM). For 2025, CNX expects to capture 17–18 Bcf of CMM volumes, resulting in about $75 million of FCF at current market prices.

2025 Outlook

CNX reaffirmed its guidance for:

• Total annual production: 605–620 Bcfe
• Adjusted EBITDAX: $1,225–$1,275 million
• Capital expenditures: $450–$500 million
• 2025 FCF: ~$575 million (at NYMEX $3.76/MMBtu as of April 14, 2025)
• Updated 2025 FCF per share guidance: $3.97 (up $0.12 per share due to ongoing share repurchases)

The Appalachian Case For Fair Trade

By Positive Energy Hub Staff

For over 160 years, CNX has stood as a steadfast advocate for Appalachia, domestic energy, and the hardworking American middle class. These core values fuel our dedication to rational policies that generate meaningful benefits for both our communities and shareholders.

In the following video, CNX Resources President and CEO Nick Deiuliis shares our perspective on an issue that profoundly impacts these priorities: U.S. trade tariffs.

Unfair trade practices have long inflicted harm on regions like Appalachia—crippling industries, diminishing the middle class, and empowering adversaries such as China. The recent U.S. tariff increases represent a pivotal effort to shift America from a system of exploitative trade to one rooted in fairness. We view this as a significant and necessary step forward.

While these changes may introduce short-term fluctuations in market dynamics, the long-term outlook is clear: America emerges stronger, and its people thrive.

At CNX, we see this moment as an opportunity to double down on investing in America’s future. It’s time to bet on our nation’s resilience, trust in domestic energy, and believe in the enduring spirit of Appalachia. Together, we can build a foundation for lasting prosperity.

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By Positive Energy Hub Staff

For over 160 years, CNX has stood as

By Positive Energy Hub Staff

For over 160 years, CNX has stood as a steadfast advocate for Appalachia, domestic energy, and the hardworking American middle class. These core values fuel our dedication to rational policies that generate meaningful benefits for both our communities and shareholders.

In the following video, CNX Resources President and CEO Nick Deiuliis shares our perspective on an issue that profoundly impacts these priorities: U.S. trade tariffs.

Unfair trade practices have long inflicted harm on regions like Appalachia—crippling industries, diminishing the middle class, and empowering adversaries such as China. The recent U.S. tariff increases represent a pivotal effort to shift America from a system of exploitative trade to one rooted in fairness. We view this as a significant and necessary step forward.

While these changes may introduce short-term fluctuations in market dynamics, the long-term outlook is clear: America emerges stronger, and its people thrive.

At CNX, we see this moment as an opportunity to double down on investing in America’s future. It’s time to bet on our nation’s resilience, trust in domestic energy, and believe in the enduring spirit of Appalachia. Together, we can build a foundation for lasting prosperity.

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By Carrie Crumpton, CNX Vice President of Environmental Strategy

Hey Carrie, what’s up with the NOVs coming in on the wells CNX acquired in Westmoreland County?

CNX’s Standard of Accountability

First off, acquiring an oil and gas company generally means inheriting all liabilities, past and present, including notices of violation (NOVs). As the new owner, CNX is responsible for addressing these violations, which can range from minor paperwork/administrative issues to other environmental/regulatory-related non-compliances.

CNX is very proud of our high operational and compliance standards, and we are known for our transparency. Some of the issues we inherited were discovered and reported by the previous operator during the standard due diligence process prior to the acquisition, and some have been identified by our team post-acquisition.

Regardless of previous compliance status, CNX is taking responsibility for these non-compliance matters and is excited to bring these assets into our portfolio and incorporate our operational, safety, and environmental standards. We are also implementing our Radical Transparency program at these sites, which includes information on air quality and other monitoring above and beyond regulatory standards.

Differing Views of Responsible Operation

In addition to differing operations’ standards in an acquisition, another challenging aspect that comes into play is the differing views of what responsible operation entails. CNX believes that responsible operation includes following regulations, being very transparent, and self-reporting when conditions arise that may lead to a violation.

CNX also aims to adhere to the spirit of the regulations and/or seek guidance from the DEP in cases of uncertainty about permitting, reporting, and mitigation expectations. The key is to develop a plan to align the new assets and expectations with CNX’s standard of responsible operation. One of the first things we did was meet with the DEP to discuss the known issues related to the acquired sites. This ensures that everyone is on the same page with the next steps, including the implementation of process and safety improvements.

CNX’s Commitment to Compliance

CNX believes that a responsible operator prioritizes safety, environmental stewardship, and ethical practices in all aspects of their operations. Responsible operators adhere to stringent regulatory standards, invest in advanced technologies to minimize impact and maintain transparent communication (self-reporting) with stakeholders, including local communities and regulatory bodies. CNX is proud of being a leader on this front and attempts, in every aspect, to demonstrate responsible operatorship and follow the letter and spirit of the law.

As we identify potential compliance items, we report them to the regulatory agency. You might wonder why the operator who says they are conscientious and self-reports is also the operator who gets violations. We wonder that too sometimes, but it’s a bit like being the kid who raises their hand in class—you’re more likely to get called on. By actively reporting compliance issues, CNX is taking responsibility and showing transparency, which can sometimes mean more scrutiny. But it’s all part of being a responsible operator, instilling confidence in how we operate within our communities, and ensuring long-term success. CNX continues to actively call on our peers to do the same and encourage the agencies to focus their efforts on identifying and addressing operators who do not meet these calls.

CNX is actively managing and working with the Department to quickly resolve a number of violations recently identified through the acquisition while simultaneously bringing the assets into conformance with CNX’s operating standards. A summary of these and their current status is noted below.

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By Positive Energy Hub Staff

Trust in American media sits at all-time lows and it’s easy to see why. Take the example of anti-fossil fuel advocate Capital & Main. At first glance, the organization appears to be a legitimate media outlet, but a closer look reveals something far more insidious.

Capital & Main is a poster child for the erosion in confidence in the mass media. Unfortunately, they are just one example of hundreds if not thousands of entities generating content that is confused for legitimate, independent reporting. Is it reliable reporting when a simple Google search refutes conclusions drawn and inferences made, such as accusations of impropriety related to an analyst downgrade? A serious matter for any public company, to be sure. Is it unreasonable to expect a basic level of journalistic rigor on such an important issue?

We have said it before, and we’ll reiterate the offer here: come to Pittsburgh and join us on pad. This is an open invitation for both media and “media” to learn firsthand how CNX produces natural gas in the shale fields of western Pennsylvania. We assure you it is not as “reported” by the likes of Capital & Main and dozens of other organizations and individuals who continue to disinform the public about the nature of the shale gas industry in Appalachia.

CNX Executive Vice President and General Counsel Tim Bedard recently wrote to Capital & Main pointing out reckless statements made in their “reporting.” CNX takes such matters seriously and will protect its rights. While anyone is free to criticize, it must be done within the bounds of the law. We are pleased to do our part in helping to restore trust in media that our system deserves and demands.

Please read the full text of the letter below.

Capital & Main 

1910 W. Sunset Blvd., Suite 7 40 

Los Angeles, CA 90026

To Whom it May Concern:

I am writing in regard to an article published by Capital & Main (“C&M”) titled “Pennsylvania Gas Driller: Our Operations Pose No Health Risk. You Can’t Be Serious, Activists Say” (the “Article”)¹. Apparently, it is not enough for C&M to engage in deeply biased coverage of the U.S. oil and natural gas industry. C&M has now resorted to publishing false and defamatory statements attributed to Dr. Ned Ketyer (“Ketyer”) about CNX Resources Corporation.

Specifically, C&M and Ketyer stated in the Article: “[Ketyer] believes CNX’s rosy report was issued not as a good faith effort to advance science, but to appease investors ahead of a ratings downgrade from investment bank Piper Sandler, which came the day after CNX issued its release.” The factual assertion by C&M and Ketyer that CNX manipulated data in, and timed the release of, a comprehensive study involving tens of thousands of data points and countless hours of analysis by independent third parties to blunt an analyst downgrade is not only laughable, but also false and defamatory.

Notwithstanding C&M’s and Ketyer’s attempt to cast the defamatory statement as opinion by including the word “believes,” there is no wholesale defamation exemption for anything that might be labeled opinion. That is particularly true here as C&M and Ketyer assert as fact that CNX knew of the coming downgrade and hurriedly published the report in response to it. To enjoy the opinion privilege, it must be just that, opinion, not an assertion of fact masquerading as opinion to avoid liability for defamation.

Here, it appears that neither C&M nor Ketyer contacted PiperSandler to determine if C&M’s and Ketyer’s defamatory statement was true. Had C&M done so, it would have discovered that PiperSandler did not alert CNX to the downgrade. Moreover, a simple Google search would have alerted C&M and Ketyer to the fact that analysts do not disclose downgrades to companies prior to publicly announcing the downgrade.

While CNX is, unfortunately, used to C&M’s heavily biased hit pieces, it cannot stand by and allow absolutely false and defamatory statements to go unaddressed. From the circumstances, the only reasonable inference that can be drawn is that C&M and Ketyer recklessly disregarded the truth and intentionally blinded themselves to the facts surrounding the release of CNX’s Radical Transparency report and the timing of the PiperSandler downgrade, all in a coordinated effort to defame CNX and its Radical Transparency program.

CNX welcomes a fact-based debate on our Radical Transparency program, and we are proud of our partnership with Pennsylvania’s Governor Shapiro and the Department of Environmental Protection. Indeed, we are working to make Radical Transparency the standard across all phases of the natural gas development process for all operators in Pennsylvania and beyond. The people of Pennsylvania deserve responsible natural gas production, and CNX is leading in that regard. The people of Pennsylvania also deserve truthful, fact-based reporting and advocacy. C&M and Ketyer have failed in that regard. While CNX is open to debate and discussion, it will assert its rights and will not allow rank defamation to go unaddressed.

Sincerely,

Timothy S. Bedard

Executive Vice President & General Counsel

Cc: Dr. Ned Ketyer, President, Physicians for Social Responsibility Pennsylvania

¹ Audrey Carlton, Pennsylvania Gas Driller: Our Operations Pose No Health Risk. You Can’t Be Serious, Activists Say, Capital & Main (September 24, 2024)

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