Corporate Analysis:
CNX Resources Q2 2026

CNX Resources is an Appalachian Basin pure-play focused primarily on the Marcellus Shale in southwest Pennsylvania, with a growing Utica development program in Central Pennsylvania. Capital discipline remains central to the company’s strategy, with CNX operating largely in maintenance mode while using its integrated upstream-midstream structure and extensive hedging program to support consistent free cash flow. Novi models 1,034 remaining locations, including 610 adjusted locations and approximately 7.8 million lateral feet of economic inventory, providing roughly 18 years of runway at the current development cadence.

This Q2 2026 Corporate Note examines CNX’s inventory depth and economics, Marcellus and Utica development plans, production outlook, hedging strategy, and capital allocation.

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