MANAGEMENT REPORT OF THE CNX RESOURCES CORP AND ANALYSIS OF THE FINANCIAL POSITION AND OPERATING RESULTS (Type 10-Q)

The next dialogue and evaluation of our monetary situation and outcomes of
operations needs to be learn along side the Consolidated Monetary
Statements and associated notes included elsewhere on this Type 10-Q. The
data supplied under dietary supplements, however doesn't kind a part of, CNX's
monetary statements. This dialogue comprises forward-looking statements that
are based mostly on the views and beliefs of administration, in addition to assumptions and
estimates made by administration. Precise outcomes might differ materially from any
such forward-looking statements on account of varied threat elements, together with
people who might not be within the management of administration. For additional data on
objects that might affect future working efficiency or monetary situation,
please see "Half II. Merchandise 1A. Danger Elements" and the part entitled
"Ahead-Trying Statements" and the "Danger Elements" contained in our Annual
Report on Type 10-Ok for the yr ended December 31, 2020, which we filed with
the SEC on February 9, 2021 (the "Type 2020 10-Ok"). CNX doesn't undertake any
obligation to publicly replace any forward-looking statements besides as in any other case
required by relevant regulation.

Basic

COVID-19 Replace:

CNX continues to observe the present and potential impacts of the coronavirus
COVID-19 ("COVID-19") pandemic on all elements of our enterprise and geographies,
together with the way it has impacted, and should sooner or later affect, our operations,
monetary outcomes, liquidity, contractors, clients, staff and distributors. The
Firm additionally continues to observe quite a few elements which will trigger precise
outcomes of operations to vary from our historic outcomes or present
expectations. These and different elements might have an effect on the Firm's operations,
earnings and money flows for any interval and will trigger such outcomes to not be
similar to these of the identical interval in earlier years. The outcomes offered
on this Type 10-Q are usually not essentially indicative of future working outcomes.

Whereas CNX didn't incur important disruptions to operations in the course of the three
or 9 months ended September 30, 2021 or 2020 as a direct results of the
COVID-19 pandemic, CNX is unable to foretell the complete extent of the long run affect
that the COVID-19 pandemic might have on the Firm, together with our monetary
place, working outcomes, liquidity and skill to acquire financing in future
reporting intervals, as a consequence of quite a few uncertainties outdoors the Firm's management.

Protection replace:

Whole hedged pure fuel manufacturing within the fourth quarter of 2021 is 130.6 (1) Bcf. The annual fuel protection place is offered within the desk under:

                                               2021           2022

Lined volumes (Bcf), at 10/7/21 493.0 (1) (2) 470.8


1Net of bought swaps.
2Includes precise settlements of 384.5 Bcf.

CNX's hedged fuel volumes embrace a mix of NYMEX monetary hedges, index
(NYMEX and foundation) monetary hedges, and bodily fastened worth gross sales. As well as,
to guard the NYMEX hedge volumes from foundation publicity, CNX enters into
basis-only monetary hedges and bodily gross sales with fastened foundation at sure gross sales
factors. For additional data see Merchandise 3 Quantitative and Qualitative
Disclosures About Market Danger.















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Working Outcomes – Three Months Ended September 30, 2021 In comparison with the three months ended September 30, 2020

Internet loss attributable to CNX Assets shareholders

CNX reported a web loss attributable to CNX Assets shareholders of $ 873 million, i.e. a loss per diluted share of $ 4.05, for the three months ended
September 30, 2021, in comparison with a web loss attributable to CNX Assets
shareholders of $ 205 million, i.e. a loss per diluted share of $ 1.03, for the three months ended September 30, 2020.

                                                                        For the Three Months Ended September 30,
({Dollars} in 1000's)                                                2021                  2020              Variance
Internet Loss                                                        $     (872,921)         $ (188,793)         $ (684,128)
Much less: Internet Earnings Attributable to Noncontrolling Curiosity                     -              15,905             (15,905)
Internet Loss Attributable to CNX Assets Shareholders             $     

(872,921) $ (204,698) $ (668,223)



Included within the loss for the three months ended September 30, 2021 was an
unrealized loss on commodity by-product devices of $1,376 million. Included
within the loss for the three months ended September 30, 2020 was an unrealized loss
on commodity by-product devices of $259 million.

Non-GAAP monetary measures

CNX's administration makes use of sure non-GAAP monetary measures for planning,
forecasting and evaluating enterprise and monetary efficiency, and believes that
they're helpful for buyers in analyzing the corporate. Though these are usually not
measures of efficiency calculated in accordance with typically accepted
accounting rules (GAAP), administration believes that these monetary measures
are helpful to an investor in evaluating CNX as a result of these metrics are broadly
used to judge a pure fuel firm's working efficiency. Gross sales of Pure
Fuel, NGL and Oil, together with money settlements excludes the impacts of adjustments in
the truthful worth of commodity by-product devices previous to settlement, which
are sometimes risky, and solely consists of the affect of settled commodity by-product
devices. Gross sales of Pure Fuel, NGL and Oil, together with money settlements additionally
excludes bought fuel income and different income and working revenue, that are
in a roundabout way associated to CNX's pure fuel producing actions. Pure Fuel, NGL
and Oil Manufacturing Prices excludes sure bills that aren't instantly associated
to CNX's pure fuel producing actions and are managed outdoors our manufacturing
operations (See Notice 14 - Phase Data within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
data). These bills embrace, however are usually not restricted to, curiosity expense,
different working expense and different company bills corresponding to promoting, normal
and administrative prices. We consider that Gross sales of Pure Fuel, NGL and Oil,
together with money settlements, Pure Fuel, NGL and Oil Manufacturing Prices and
Pure Fuel, NGL and Oil Manufacturing Margin (which is derived by subtracting
Pure Fuel, NGL and Oil Manufacturing Prices from Gross sales of Pure Fuel, NGL and
Oil, together with money settlements) present helpful data to buyers for
evaluating period-to-period comparisons of earnings developments. These metrics ought to
not be considered as an alternative to measures of efficiency which are calculated in
accordance with GAAP. As well as, as a result of all corporations don't calculate these
measures identically, these measures might not be similar to equally titled
measures of different corporations.


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Reconciliation of non-GAAP monetary measures

                                                                          For the Three Months Ended
                                                                                September 30,
({Dollars} in hundreds of thousands)                                                          2021            2020
Whole Income and Different Working (Loss) Earnings                        $      (880)         $     66
Add (Deduct):
Bought Fuel Income                                                          (16)              (32)
Loss on Commodity Spinoff Devices and Monetization                    1,376               259
Different Income and Working Earnings                                             (25)              (21)

Gross sales of pure fuel, NGLs and petroleum, together with money settlements, a non-GAAP monetary measure

                                             $       455          $    272

Whole Working Expense                                                $       305          $    280
Add (Deduct):
Depreciation, Depletion and Amortization (DD&A) - Company                     (4)               (2)
  Exploration and Manufacturing Associated Different Prices                                (3)               (2)
Bought Fuel Prices                                                            (14)              (32)

Promoting, Basic and Administrative Prices                                      (25)              (23)
Different Working Expense                                                        (21)              (24)
Pure Fuel, NGL and Oil Manufacturing Prices, a Non-GAAP Monetary
Measure1                                                               $       238          $    197


1 Pure fuel, NGL and oil manufacturing prices consist primarily of working prices for rental, advert valorem manufacturing and different prices, transportation, assortment and compression and depreciation , depletion and depreciation related to manufacturing.

Chosen pure fuel, NGLs and monetary knowledge for oil manufacturing

The next desk presents a abstract of our complete gross sales volumes, gross sales of
pure fuel, NGL and oil together with money settlements, pure fuel, NGL and oil
manufacturing prices and pure fuel, NGL and oil manufacturing margin associated to our
manufacturing operations on a complete firm foundation (See Non-GAAP Monetary Measures
Reconciliation for the reconciliation to essentially the most instantly comparable monetary
measures calculated and offered in accordance with GAAP):
                                                                           

For the three months ended September 30,

                                                    2021                                    2020                                   Variance
                                       in Hundreds of thousands          Per Mcfe           in Hundreds of thousands           Per Mcfe           in Hundreds of thousands           Per Mcfe
Whole Gross sales Volumes (Bcfe)*                                  153.5                                    115.7                                      37.8

Pure fuel, NGL and petroleum revenues $ 586 $ 3.88

$ 182 $ 1.53 $ 404 $ 2.35
(Loss) Acquire on Commodity Derivatives – Money Settlement – Fuel (131)

             (0.92)                   90               0.83                  (221)             (1.75)
Gross sales of Pure Fuel, NGL and Oil,
together with Money Settlements                   455               2.96                   272               2.36                   183               0.60
Lease Working Expense                       11               0.07                    10               0.09                     1              (0.02)
Manufacturing, Advert Valorem, and Different Charges        10               0.06                     6               0.05                     4               0.01
Transportation, Gathering and
Compression                                   91               0.59                    69               0.59                    22                  -
Depreciation, Depletion and
Amortization (DD&A)                          126               0.83                   112               0.98                    14              (0.15)
Pure Fuel, NGL and Oil Manufacturing
Prices                                        238               1.55                   197               1.71                    41              (0.16)
Pure Fuel, NGL and Oil Manufacturing
Margin                                 $     217          $    1.41          $         75          $    0.65          $        142          $    0.76



*NGLs and Oil/Condensate are transformed to Mcfe on the price of 1 barrel equals
six Mcf based mostly upon the approximate relative power content material of oil and pure
fuel, which isn't indicative of the connection of NGL, condensate, and pure
fuel costs.

The 37.8 Bcfe improve in complete gross sales volumes within the period-to interval comparability
was primarily because of the turn-in-line of latest wells all through 2020 and 2021,
offset partly by regular manufacturing declines.





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The adjustments in common prices per Mcfe are primarily linked to the next components:

•Lease working expense decreased on a per unit foundation on account of elevated
manufacturing volumes.
•Depreciation, depletion and amortization expense decreased on a per unit foundation
on account of low value reserve additions from improvement in the course of the 2020
interval in Southwest Pennsylvania (SWPA), and the addition of proved undeveloped
Shale wells in Central Pennsylvania (CPA).

Reconciliation of the typical realized worth

The next desk supplies a breakdown of liquid and pure fuel gross sales data and settled derivatives data to help in understanding the Firm’s pure fuel manufacturing and gross sales portfolio and commodity derivatives data. guidelines :

For the three months ended September 30,

 in 1000's (until famous)                                2021                    2020                  Variance             % Change
LIQUIDS
NGL:
Gross sales Quantity (MMcfe)                                           10,145                 6,885                  3,260                      47.3  %
Gross sales Quantity (Mbbls)                                            1,691                 1,147                    544                      47.4  %
Gross Value ($/Bbl)                                                37.14                 13.14               24.00                     182.6  %
Gross NGL Income                                              62,792                15,053                 47,739                     317.1  %

Oil/Condensate:
Gross sales Quantity (MMcfe)                                              831                   624                    207                      33.2  %
Gross sales Quantity (Mbbls)                                              138                   104                     34                      32.7  %
Gross Value ($/Bbl)                                                59.97                 39.50               20.47                      51.8  %
Gross Oil/Condensate Income                                    8,302                 4,106                  4,196                     102.2  %

NATURAL GAS
Gross sales Quantity (MMcf)                                           142,541               108,190                 34,351                      31.8  %
Gross sales Value ($/Mcf)                                              3.61                  1.51                   2.10                     139.1  %
 Gross Pure Fuel Income                                    514,821               163,054                351,767                     215.7  %

Hedging Impression ($/Mcf)                                          (0.92)                    0.83               (1.75)                   (210.8) %
(Loss) Acquire on Commodity Spinoff
Devices - Money Settlement                                (131,091)               90,311               (221,402)                   (245.2) %



The rise in gross income was primarily the results of the $2.10 per Mcf
improve typically pure fuel costs, when excluding the affect of hedging,
the 37.8 Bcfe improve in gross sales volumes, and the $24.00 per Bbl improve in NGL
costs. These will increase had been offset, in-part, by the affect of the change within the
realized (loss) acquire on commodity by-product devices associated to the
Firm's hedging program.


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SECTOR ANALYSIS for the closed quarter September 30, 2021 in comparison with the three months ended September 30, 2020:

                                                           For the Three Months Ended                                      Distinction to Three Months Ended
                                                               September 30, 2021                                                 September 30, 2020
 (in hundreds of thousands)                               Shale           CBM            Different             Whole             Shale            CBM            Different            Whole

Pure fuel, NGLs and oil revenues $ 536 $ 49 $

1 $ 586 $ 380 23 $ $ 1

        $   404
Loss on Commodity Spinoff Devices     (119)          (12)           (1,376)           (1,507)             (199)          (23)           (1,116)          (1,338)
Bought Fuel Income                           -             -                16                16                 -             -               (16)             (16)
Different Income and Working Earnings             19             -                 6                25                 2             -                 2                4
Whole Income and Different Working Earnings
(Loss)                                        436            37            (1,353)             (880)              183             -            (1,129)            (946)
Lease Working Expense                         8             3                 -                11                 1            (1)                1                1
Manufacturing, Advert Valorem, and Different Charges          8             2                 -                10                 3             1                 -                4
Transportation, Gathering and Compression      79            11                 1                91                19             1                 2               22
Depreciation, Depletion and Amortization      112            14                 4               130                18            (2)                -               16

Exploration and Manufacturing Associated Different
Prices                                           -             -                 3                 3                 -             -                 1                1
Bought Fuel Prices                             -             -                14                14                 -             -               (18)             (18)
Different Working Expense                         -             -                21                21                 -             -                (3)              (3)
Promoting, Basic and Administrative Prices       -             -                25                25                 -             -                 2                2
Whole Working Expense                       207            30                68               305                41            (1)              (15)              25
Different Expense                                   -             -                 3                 3                 -             -                 1                1
Acquire on Asset Gross sales and Abandonments, web       -             -               (12)              (12)                -             -                (8)              (8)
Loss on Debt Extinguishment                     -             -                19                19                 -             -                19               19
Curiosity Expense                                -             -                37                37                 -             -                (1)              (1)
Whole Different Expense                             -             -                47                47                 -             -                11               11
Whole Prices and Bills                      207            30               115               352                41            (1)               (4)              36

Good points (losses) earlier than revenue tax $ 229 $ 7 $ (1,468) $ (1,232) $ 142 $ 1 $ (1,125)

        $  (982)



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SCHIST SEGMENT

The Shale phase had earnings earlier than revenue tax of $229 million for the three
months ended September 30, 2021 in comparison with earnings earlier than revenue tax of $87
million for the three months ended September 30, 2020.
                                                                            

For the three months ended September 30,

                                                                                                                       %
                                                                  2021             2020           Variance              Change
Shale Fuel Gross sales Volumes (Bcf)                                     130.3            95.2              35.1                   36.9  %
NGLs Gross sales Volumes (Bcfe)*                                         10.1             6.9               3.2                   46.4  %
Oil/Condensate Gross sales Volumes (Bcfe)*                                0.8             0.5               0.3                   60.0  %
Whole Shale Gross sales Volumes (Bcfe)*                                 141.2           102.6              38.6                   37.6  %

Common Gross sales Value - Pure Fuel (per Mcf)                    $   3.57          $ 1.44          $   2.13                  147.9  %

(Loss) Acquire on commodity derivatives – Money settlement – Fuel (by Mpi)

                                      $  (0.92)         $ 0.84          $  (1.76)                (209.5) %
Common Gross sales Value - NGLs (per Mcfe)*                         $   6.19          $ 2.18          $   4.01                  183.9  %
Common Gross sales Value - Oil/Condensate (per Mcfe)*               $   9.99          $ 6.27          $   3.72                   59.3  %

Whole Common Shale Gross sales Value (per Mcfe)                     $   2.95          $ 2.30          $   0.65                   28.3  %
Common Shale Lease Working Bills (per Mcfe)                  0.06            0.07             (0.01)                 (14.3) %

Common manufacturing of shale, Advert Valorem and different prices (per Mcfe) 0.06

        0.04              0.02                   50.0  %

Common prices of transporting, gathering and compressing shale (by Mcfe)

                                                         0.56            0.58             (0.02)                  (3.4) %

Common prices of depreciation, depletion and depreciation of shale (by Mcfe)

                                                         0.78            0.93             (0.15)                 (16.1) %
  Whole Common Shale Manufacturing Prices (per Mcfe)              $   1.46          $ 1.62          $  (0.16)                  (9.9) %
  Whole Common Shale Manufacturing Margin (per Mcfe)             $   1.49          $ 0.68          $   0.81                  119.1  %


* NGLs and Oil/Condensate are transformed to Mcfe on the price of 1 barrel equals
six Mcf based mostly upon the approximate relative power content material of oil and pure
fuel, which isn't indicative of the connection of oil, NGL, condensate, and
pure fuel costs.

The Shale phase had pure fuel, NGLs and oil/condensate income of $536
million for the three months ended September 30, 2021 in comparison with $156 million
for the three months ended September 30, 2020. The $380 million improve was due
primarily to a 147.9% improve within the common gross sales worth for pure fuel, a
37.6% improve in complete Shale gross sales volumes, and a 183.9% improve within the
common gross sales worth of NGLs. The rise in complete Shale volumes was primarily
because of the turn-in-line of latest wells all through 2020 and 2021. The rise was
additionally because of the momentary shut-in of latest turn-in-line wells in 2020 as a consequence of low
pure fuel costs, offset partly by regular manufacturing declines.

The rise in complete common Shale gross sales worth was primarily as a consequence of a $2.13 per
Mcf improve in common fuel gross sales worth and a $4.01 per Mcfe improve within the
common NGL gross sales worth. These will increase had been offset partly by a $1.76 per Mcf
change within the realized (loss) acquire on commodity by-product devices. The
notional quantities related to these monetary hedges represented
roughly 103.8 Bcf of the Firm's produced Shale fuel gross sales volumes for
the three months ended September 30, 2021 at a median lack of $1.15 per Mcf
hedged. For the three months ended September 30, 2020, these monetary hedges
represented roughly 89.3 Bcf at a median acquire of $0.89 per Mcf hedged.

Whole working prices and bills for the Shale phase had been $207 million for
the three months ended September 30, 2021 in comparison with $166 million for the three
months ended September 30, 2020. The rise in complete {dollars} and reduce in
unit prices for the Shale phase had been because of the following objects:

•Shale manufacturing, advert valorem and different charges had been $8 million for the three
months ended September 30, 2021 in comparison with $5 million for the three months
ended September 30, 2020. The will increase in complete {dollars} and unit prices had been
primarily because of the improve within the complete common gross sales worth, in addition to
manufacturing volumes.

•Shale transportation, gathering and compression prices had been $79 million for the
three months ended September 30, 2021 in comparison with $60 million for the three
months ended September 30, 2020. The rise in complete {dollars} and reduce in
unit prices had been primarily because of the improve in manufacturing volumes.


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•Depreciation, depletion and amortization prices attributable to the Shale
phase had been $112 million for the three months ended September 30, 2021 in contrast
to $94 million for the three months ended September 30, 2020. The rise in
complete {dollars} was because of the improve in manufacturing volumes. These quantities
included depletion on a unit of manufacturing foundation of $0.69 per Mcfe and $0.80 per
Mcfe, respectively. The lower within the models of manufacturing depreciation,
depletion and amortization price within the present interval is primarily the results of
low-cost reserve additions from improvement in 2020 in SWPA in addition to the
addition of proved undeveloped Shale reserves in CPA. The remaining
depreciation, depletion and amortization prices had been both recorded on a
straight-line foundation or associated to asset retirement obligations.

Whole Shale different income and working revenue pertains to pure fuel gathering
providers supplied to third-parties. The Shale phase had different income and
working revenue of $19 million for the three months ended September 30, 2021
in comparison with $17 million for the three months ended September 30, 2020. The
improve within the period-to-period comparability was primarily as a consequence of momentary
manufacturing curtailments by third get together clients that occurred within the 2020
interval. These curtailments had been restored to full manufacturing within the latter half
of 2020.

COALBED METHANE (CBM) SEGMENT

The CBM phase achieved a pre-tax revenue of $ 7 million for the three months ended September 30, 2021 in comparison with the pre-tax revenue of $ 6 million for the three months ended September 30, 2020.

For the three months ended September 30,

                                                                                                                       %
                                                                  2021             2020           Variance              Change
CBM Fuel Gross sales Volumes (Bcf)                                        12.2            13.0              (0.8)                  (6.2) %

Common Gross sales Value - Fuel (per Mcf)                            $   4.01          $ 1.98          $   2.03                  102.5  %

(Loss) Acquire on Commodity Derivatives – Money Settlement – Fuel (per Mpi)

                                     $  (0.95)         $ 0.81          $  (1.76)                (217.3) %

Whole Common CBM Gross sales Value (per Mcf)                        $   3.06          $ 2.79          $   0.27                    9.7  %
Common CBM Lease Working Bills (per Mcf)                     0.26            0.28             (0.02)                  (7.1) %

Common manufacturing of CBM, Advert Valorem and different prices (per million cubic ft) 0.15

        0.09              0.06                   66.7  %

Common prices of transporting, gathering and compressing CBM (per Mpi)

                                                          0.91            0.76              0.15                   19.7  %

Common CBM Depreciation, Depletion and Depreciation Prices (per Mpi)

                                                          1.14            1.21             (0.07)                  (5.8) %
  Whole Common CBM Manufacturing Prices (per Mcf)                 $   2.46          $ 2.34          $   0.12                    5.1  %
  Whole Common CBM Manufacturing Margin (per Mcf)                $   0.60          $ 0.45          $   0.15                   33.3  %


The CBM phase had pure fuel income of $49 million for the three months
ended September 30, 2021 in comparison with $26 million for the three months ended
September 30, 2020. The $23 million improve was as a consequence of a 102.5% improve within the
common gross sales worth for pure fuel within the present interval, offset partly by the
6.2% lower in complete CBM gross sales volumes. The lower in CBM gross sales volumes was
primarily as a consequence of regular manufacturing declines.

The whole common CBM gross sales worth elevated $0.27 per Mcf as a consequence of a $2.03 per Mcf
improve in common fuel gross sales worth, offset partly by a $1.76 per Mcf change in
the realized (loss) acquire on commodity by-product devices ensuing from the
Firm's hedging program. The notional quantities related to these monetary
hedges represented roughly 9.1 Bcf of the Firm's produced CBM gross sales
volumes for the three months ended September 30, 2021 at a median lack of
$1.28 per Mcf hedged. For the three months ended September 30, 2020, these
monetary hedges represented roughly 11.8 Bcf at a median acquire of $0.89
per Mcf hedged.

Whole working prices and bills for the CBM phase had been $30 million for the
three months ended September 30, 2021 in comparison with $31 million for the three
months ended September 30, 2020. The lower in complete {dollars} and improve in
unit prices for the CBM phase had been because of the following objects:

• The working bills of the CBM rental had been $ 3 million for the three months ended
September 30, 2021 in comparison with $ 4 million for the three months ended
September 30, 2020. Decreases in greenback complete and unit prices are primarily as a consequence of decrease restore and upkeep prices and water disposal.

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•CBM transportation, gathering and compression prices had been $11 million for the
three months ended September 30, 2021 in comparison with $10 million for the three
months ended September 30, 2020. The will increase in complete {dollars} and unit prices
had been primarily as a consequence of a rise in agency transportation expense.

•Depreciation, depletion and amortization prices attributable to the CBM phase
had been $14 million for the three months ended September 30, 2021 in comparison with $16
million for the three months ended September 30, 2020. These quantities included
depletion on a unit of manufacturing foundation of $0.66 per Mcfe and $0.67 per Mcfe,
respectively. The lower within the models of manufacturing depreciation, depletion
and amortization price within the present interval is primarily the results of the
manufacturing combine. The remaining depreciation, depletion and amortization prices
had been both recorded on a straight-line foundation or associated to asset retirement
obligations.

OTHER SEGMENT

The Others phase consists of nominal shallow oil and fuel manufacturing which isn’t materials to the Firm. It additionally consists of the fuel actions bought from the Firm, unrealized features or losses on commodity derivatives, different prices associated to exploration and manufacturing, in addition to varied different bills managed outdoors the Shale segments. and CBM, corresponding to promoting and administrative bills, curiosity expense and revenue taxes.

The Different Phase had a loss earlier than revenue tax of $1,468 million for the three
months ended September 30, 2021 in comparison with a loss earlier than revenue tax of $343
million for the three months ended September 30, 2020. The lower in complete
{dollars} is mentioned under.
                                                                   For the 

Three months ended September 30,

                                                     2021                  2020              Variance            % Change
Different Fuel Gross sales Volumes (Bcf)                             0.1                  -                 0.1                     100.0  %
Oil Gross sales Volumes (Bcfe)*                                   -                0.1                (0.1)                   (100.0) %
Whole Different Gross sales Volumes (Bcfe)*                         0.1                0.1                   -                         -  %


* NGLs and Oil/Condensate are transformed to Mcfe on the price of 1 barrel equals
six Mcf based mostly upon the approximate relative power content material of oil and pure
fuel, which isn't indicative of the connection of oil, condensate, and pure
fuel costs.

Loss on commodity derivatives

For the three months ended September 30, 2021, the Different Phase acknowledged an
unrealized loss on commodity by-product devices of $1,376 million. For the
three months ended September 30, 2020, the Different Phase acknowledged an
unrealized loss on commodity by-product devices of $259 million in addition to
money settlements paid of $1 million. The unrealized loss on commodity by-product
devices represents adjustments within the truthful worth of all of the Firm's present
commodity hedges on a mark-to-market foundation. See Notice 11 - Spinoff Devices
within the Notes to the Unaudited Consolidated Monetary Statements in Merchandise 1 of
this Type 10-Q for extra data.

Fuel bought

Bought fuel volumes characterize volumes of pure fuel bought at market
costs from third-parties after which resold so as to fulfill contracts with
sure clients and to stability provide. Bought fuel revenues had been $16 million
for the three months ended September 30, 2021 in comparison with $32 million for the
three months ended September 30, 2020. Bought fuel prices had been $14 million for
the three months ended September 30, 2021 in comparison with $32 million for the three
months ended September 30, 2020. The period-to-period lower in bought fuel
income was as a consequence of a lower in bought fuel gross sales volumes, offset partly by
a rise in averages gross sales worth.
                                                                  For the 

Three months ended September 30,

                                                      2021                 2020             Variance          % Change
Bought Fuel Gross sales Volumes (in Bcf)                       3.8              20.7              (16.9)                 (81.6) %
Common Gross sales Value (per Mcf)                   $         4.33          $   1.52          $    2.81                  184.9  %
Bought Fuel Common Value (per Mcf)            $         3.77          $   1.53          $    2.24                  146.4  %








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Different exploitation merchandise

                                                                      For the Three Months Ended September 30,
(in hundreds of thousands)                                            2021                 2020             Variance           % Change
Fairness Earnings from Associates                       $          1          $       -          $        1                  100.0  %
Water Earnings                                                   2                  1                   1                  100.0  %
Extra Agency Transportation Earnings                              3                  3                   -                      -  %

Whole Different Working Earnings                        $          6          $       4          $        2                   50.0  %



•Fairness revenue from associates primarily represents CNX's share of earnings from
a 50% curiosity in an influence plant positioned inside CNX's CBM discipline. Energy generated
from the power is offered into wholesale electrical energy markets throughout occasions of
peak power consumption. As a result of plant consuming coal mine methane fuel, the
plant qualifies for Pennsylvania Tier I Renewable Power Credit.
•Extra agency transportation revenue represents income from the sale of extra
agency transportation capability to third-parties. The Firm obtains agency pipeline
transportation capability to allow fuel manufacturing to circulate uninterrupted as gross sales
volumes improve. As a way to decrease this unutilized agency transportation
expense, CNX is ready to launch (promote) unutilized agency transportation capability
to different events when potential and when helpful. The income from launched
capability helps offset the unutilized agency transportation and processing charges in
complete different working expense.

Different prices associated to exploration and manufacturing

                                                                    For the Three Months Ended September 30,
(in hundreds of thousands)                                          2021                 2020             Variance           % Change
Lease Expiration Prices                            $          2          $       1          $        1                  100.0  %
Land Leases                                                 1                  1                   -                      -  %

Whole Exploration and Manufacturing Associated Different
Prices                                             $          3          $       2          $        1                   50.0  %


• Lease expiry prices relate to leases whose major time period has expired or will expire inside the subsequent 12 months.

Gross sales, Basic and Administrative (“SG&A”)

SG&A prices embrace prices corresponding to overhead, together with worker labor and profit
prices, short-term incentive compensation, prices of sustaining our headquarters,
audit and different skilled charges, and authorized compliance bills. SG&A prices
additionally embrace non-cash long-term equity-based compensation expense.
                                                                 For the Three Months Ended September 30,
(in hundreds of thousands)                                       2021                 2020             Variance           % Change
Lengthy-Time period Fairness-Primarily based Compensation
(Non-Money)                                    $            3          $      2          $        1                   50.0  %
Quick-Time period Incentive Compensation                          3                 3                   -                      -  %
Salaries, Wages and Worker Advantages                      6                 8                  (2)                 (25.0) %
Different                                                     13                10                   3                   30.0  %
Whole SG&A                                    $           25          $     23          $        2                    8.7  %


• Salaries, wages and advantages decreased within the period-over-period comparability primarily as a consequence of a lower within the variety of staff. • Different elevated in period-over-period comparability primarily as a consequence of a rise in skilled authorized and consulting providers.









                                       42
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Different working bills

                                                                        For the Three Months Ended September 30,
(in hundreds of thousands)                                              2021                 2020             Variance          % Change
Unutilized Agency Transportation and Processing Charges   $           13          $     20          $      (7)                  (35.0) %
Idle Tools and Service Fees                                -                 2                 (2)                 (100.0) %
Insurance coverage Expense                                                 1                 1                  -                       -  %
Litigation Settlements                                            5                 -                  5                   100.0  %
Different                                                             2                 1                  1                   100.0  %
Whole Different Working Expense                        $           21          $     24          $      (3)                  (12.5) %



•Unutilized agency transportation and processing charges characterize pipeline
transportation capability obtained to allow fuel manufacturing to circulate uninterrupted
as gross sales volumes improve, in addition to further processing capability for NGLs.
In some cases, the Firm could have the chance to understand extra
favorable web pricing by strategically selecting to promote pure fuel right into a
market or to a buyer that doesn't require using the Firm's personal agency
transportation capability. Such gross sales would lead to a rise in unutilized
agency transportation expense. The Firm makes an attempt to attenuate this expense by
releasing (promoting) unutilized agency transportation capability to different events
when potential and when helpful. The income acquired when this capability is
launched (offered) is included in Extra Agency Transportation Earnings above. The
lower within the period-to-period comparability was primarily as a consequence of a rise in
utilization of agency transportation capability within the present yr as a consequence of
manufacturing will increase in 2021 in comparison with 2020.
•Idle tools and repair fees relate to the momentary idling of sure of
the Firm's pure fuel drilling rigs in addition to associated tools and different
providers that could be wanted within the pure fuel drilling and completions course of.
The lower within the period-to-period comparability was the results of one in every of CNX's
drilling rigs being idled within the prior interval.

Different bills

                                                                      For 

the three months ended September 30,

 (in hundreds of thousands)                                            2021               2020             Variance          % Change
Different Earnings

Curiosity Earnings                                      $         -          $      2          $      (2)                 (100.0) %
Different                                                          3                 6                 (3)                  (50.0) %
Whole Different Earnings                                   $         3          $      8          $      (5)                  (62.5) %

Different Expense
Merger-Associated Prices                                 $         -          $      5          $      (5)                 (100.0) %
Financial institution Charges                                                      3                 3                  -                       -  %
Skilled Companies                                          2                 1                  1                   100.0  %

Different Company Expense                                        1                 1                  -                       -  %
Whole Different Expense                                  $         6          $     10          $      (4)                  (40.0) %

    Whole Different Expense                              $         3          $      2          $       1                    50.0  %



•Different revenue decreased within the period-to-period comparability primarily because of the
receipt of a severance tax refund associated to a previous interval within the three months
ended September 30, 2020 in addition to further curiosity revenue associated to the
different minimal tax credit score refund CNX acquired (See Notice 4 - Earnings Taxes in
the Notes to the Unaudited Consolidated Monetary Statements in Merchandise 1 of this
Type 10-Q for extra data).
•Merger-related prices include transaction prices instantly attributable to the
CNXM Merger (See Notice 13 - Acquisitions and Inclinations within the Notes to the
Unaudited Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for
further data), together with monetary advisory, authorized service and different
skilled charges, which had been recorded to Different Expense within the Consolidated
Statements of Earnings.





                                       43
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Acquire on disposal and abandonment of property, web

A acquire on asset gross sales of $12 million associated to the sale of varied non-core
property was acknowledged within the three months ended September 30, 2021 in comparison with a
acquire of $4 million within the three months ended September 30, 2020.

Loss on debt extinction

A loss on debt extinguishment of $19 million was acknowledged within the three months
ended September 30, 2021 in reference to the acquisition of a portion of the
CNXM 6.50% Senior Notes due March 2026 and the reimbursement and termination of the
Cardinal States Gathering Firm LLC and CSG Holdings II LLC non-revolving
credit score amenities. See Notice 9 - Lengthy-Time period Debt within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
data.

Curiosity Expense
                                                                        For the Three Months Ended September 30,
(in hundreds of thousands)                                               2021                 2020             Variance          % Change
Whole Curiosity Expense                                $           37          $     38          $      (1)                  (2.6) %



•Curiosity expense decreased $1 million quarter over quarter. The Firm
bought the remaining $894 million of the 5.875% Senior Notes due April 2022
in the course of the yr ended December 31, 2020, bought a portion of the 6.50% Senior
Notes due March 2026 in the course of the quarter ended September 30, 2021, repaid in full
and terminated the Cardinal States Gathering Firm LLC and CSG Holdings II LLC
non-revolving credit score amenities in the course of the quarter ended September 30, 2021, had
decrease common borrowings on the CNX senior secured revolving credit score facility
(the "CNX Credit score Facility"), and had increased unrealized features on rate of interest
swap agreements. These decreases had been offset partly by curiosity associated to the
addition of $500 million of Senior Notes due 2029, and $200 million of Senior
Notes due 2027. See Notice 9 - Lengthy-Time period Debt within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
data.

Earnings Taxes
                                                                   For the Three Months Ended September 30,
(in hundreds of thousands)                                          2021                 2020             Variance          % Change
Whole Firm Loss Earlier than Earnings Tax            $       (1,232)          $   (250)         $    (982)                 (392.8) %
Earnings Tax Profit                              $         (360)          $    (61)         $    (299)                 (490.2) %
Efficient Earnings Tax Price                                 29.2   %           24.5  %             4.7  %



The efficient revenue tax price was 29.2% for the three months ended September 30,
2021 in comparison with 24.5% for the three months ended September 30, 2020. The
efficient price for the three months ended September 30, 2021 differs from the
U.S. federal statutory price of 21% primarily because of the affect of federal tax
credit, fairness compensation and state revenue taxes. The efficient price for the
three months ended September 30, 2020 differs from the U.S. federal statutory
price of 21% primarily because of the affect of fairness compensation and state revenue
taxes (See Notice 4 - Earnings Taxes within the Notes to the Unaudited Consolidated
Monetary Statements in Merchandise 1 of this Type 10-Q for extra data).

                                       44
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Outcomes of Operations – 9 Months Ended September 30, 2021 In comparison with the 9 months ended September 30, 2020

Internet Loss Attributable to CNX Assets Shareholders
CNX reported a web loss attributable to CNX Assets shareholders of $1,129
million, or a loss per diluted share of $5.17, for the 9 months ended
September 30, 2021, in comparison with a web loss attributable to CNX Assets
shareholders of $680 million, or a loss per diluted share of $3.56, for the 9
months ended September 30, 2020.
                                                                          For the 9 Months Ended September 30,
({Dollars} in 1000's)                                                 2021                   2020              Variance
Internet Loss                                                        $     

(1,128,956) $ (624 502) (504,454) $
Much less: Internet revenue attributable to non-controlling pursuits

                       -              55,031             (55,031)
Internet Loss Attributable to CNX Assets Shareholders             $     

(1,128,956) $ (679,533) $ (449,423)



Included within the loss for the 9 months ended September 30, 2021 was an
unrealized loss on commodity by-product devices of $1,874 million. Included
within the loss for the 9 months ended September 30, 2020 was an unrealized loss
on commodity by-product devices of $501 million, a $62 million non-cash
impairment cost associated to exploration and manufacturing properties particular to
our Southwestern Pennsylvania (SWPA) CBM asset group (See Notice 5 - Property,
Plant and Tools within the Notes to the Unaudited Consolidated Monetary
Statements in Merchandise 1 of this Type 10-Q for extra data), and a $473
million non-cash impairment cost associated to goodwill (See Notice 6 - Goodwill
and Different Intangible Property within the Notes to the Unaudited Consolidated Monetary
Statements in Merchandise 1 of this Type 10-Q for extra data).

Non-GAAP monetary measures

CNX's administration makes use of sure non-GAAP monetary measures for planning,
forecasting and evaluating enterprise and monetary efficiency, and believes that
they're helpful for buyers in analyzing the corporate. Though these are usually not
measures of efficiency calculated in accordance with typically accepted
accounting rules (GAAP), administration believes that these monetary measures
are helpful to an investor in evaluating CNX as a result of these metrics are broadly
used to judge a pure fuel firm's working efficiency. Gross sales of Pure
Fuel, NGL and Oil, together with money settlements excludes the impacts of adjustments in
the truthful worth of commodity by-product devices previous to settlement, which
are sometimes risky, and solely consists of the affect of settled commodity by-product
devices. Gross sales of Pure Fuel, NGL and Oil, together with money settlements additionally
excludes bought fuel income and different income and working revenue, that are
in a roundabout way associated to CNX's pure fuel producing actions. Pure Fuel, NGL
and Oil Manufacturing Prices excludes sure bills that aren't instantly associated
to CNX's pure fuel producing actions and are managed outdoors our manufacturing
operations (See Notice 14 - Phase Data within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
data). These bills embrace, however are usually not restricted to, curiosity expense,
impairment of exploration and manufacturing properties, impairment of goodwill,
different working expense and different company bills corresponding to promoting, normal
and administrative prices. We consider that Gross sales of Pure Fuel, NGL and Oil,
together with money settlements, Pure Fuel, NGL and Oil Manufacturing Prices and
Pure Fuel, NGL and Oil Manufacturing Margin (which is derived by subtracting
Pure Fuel, NGL and Oil Manufacturing Prices from Gross sales of Pure Fuel, NGL and
Oil, together with money settlements) present helpful data to buyers for
evaluating period-to-period comparisons of earnings developments. These metrics ought to
not be considered as an alternative to measures of efficiency which are calculated in
accordance with GAAP. As well as, as a result of all corporations don't calculate these
measures identically, these measures might not be similar to equally titled
measures of different corporations.

















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Reconciliation of non-GAAP monetary measures

                                                                          For the 9 Months Ended
                                                                                September 30,
({Dollars} in hundreds of thousands)                                                         2021            2020
Whole Income and Different Working (Loss) Earnings                        $     (534)         $    631
Add (Deduct):
Bought Fuel Income                                                         (67)              (78)
Loss on Commodity Spinoff Devices and Monetization                   1,874               417
Different Income and Working Earnings                                            (75)              (61)

Gross sales of pure fuel, NGLs and petroleum, together with money settlements, a non-GAAP monetary measure

                                             $    1,198          $    909

Whole Working Expense                                                $      885          $  1,386
Add (Deduct):
Depreciation, Depletion and Amortization (DD&A) - Company                    (8)               (8)
  Exploration and Manufacturing Associated Different Prices                               (8)               (9)
Bought Fuel Prices                                                           (61)              (77)
Impairment of Exploration and Manufacturing Properties                             -               (62)
Impairment of Goodwill                                                          -              (473)
Promoting, Basic and Administrative Prices                                     (77)              (76)
Different Working Expense                                                       (52)              (71)
Pure Fuel, NGL and Oil Manufacturing Prices, a Non-GAAP Monetary
Measure1                                                               $      679          $    610


1 Pure fuel, NGL and oil manufacturing prices consist primarily of working prices for rental, advert valorem manufacturing and different prices, transportation, assortment and compression and depreciation , depletion and depreciation related to manufacturing.

Chosen pure fuel, NGLs and monetary knowledge for oil manufacturing

The next desk presents a abstract of our complete gross sales volumes, gross sales of
pure fuel, NGL and oil together with money settlements, pure fuel, NGL and oil
manufacturing prices and pure fuel, NGL and oil manufacturing margin associated to our
manufacturing operations on a complete firm foundation (See Non-GAAP Monetary Measures
Reconciliation for the reconciliation to essentially the most instantly comparable monetary
measures calculated and offered in accordance with GAAP):
                                                                            

For the 9 months ended September 30,

                                                      2021                                     2020                                   Variance
                                         in Hundreds of thousands           Per Mcfe           in Hundreds of thousands           Per Mcfe           in Hundreds of thousands           Per Mcfe
Whole Gross sales Volumes (Bcfe)*                                      432.1                                    364.6                                     67.5

Pure Fuel, NGL and Oil Income       $   1,337             $    3.11          $        609          $    1.62          $        728          $    1.49
(Loss) Acquire on Commodity Spinoff
Devices - Money Settlement - Fuel**       (139)                (0.34)                  300               0.87                  (439)             

(1.21)

Gross sales of Pure Fuel, NGL and Oil,
together with Money Settlements                 1,198                  2.77                   909               2.49                   289               0.28
Lease Working Expense                       31                  0.07                    31               0.08                     -              (0.01)
Manufacturing, Advert Valorem, and Different Charges        23                  0.06                    17               0.04                     6               0.02
Transportation, Gathering and
Compression                                  252                  0.58                   212               0.58                    40                  -
Depreciation, Depletion and
Amortization (DD&A)                          373                  0.86                   350               0.97                    23              (0.11)
Pure Fuel, NGL and Oil Manufacturing
Prices                                        679                  1.57                   610               1.67                    69              

(0.10)

Pure Fuel, NGL and Oil Manufacturing
Margin                                 $     519             $    1.20          $        299          $    0.82          $        220          $    0.38



*NGLs and Oil/Condensate are transformed to Mcfe on the price of 1 barrel equals
six Mcf based mostly upon the approximate relative power content material of oil and pure
fuel, which isn't indicative of the connection of NGL, condensate, and pure
fuel costs.
**Excluding hedge monetizations.

The 67.5 Bcfe improve in volumes within the period-to interval comparability was
primarily because of the turn-in-line of latest wells all through 2020 and 2021.
Moreover, in 2020 the Firm briefly shut-in new turn-in-line wells as
a results of low pure fuel and NGL pricing. The will increase had been offset partly
by regular manufacturing declines.

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The adjustments in common prices per Mcfe are primarily linked to the next components:

•Lease working expense decreased on a per unit foundation on account of elevated
manufacturing quantity.
•Manufacturing, advert valorem and different charges elevated on a per unit foundation because of this
of elevated realized costs on pure fuel and pure fuel liquids in addition to
the change in manufacturing combine by state as new wells are turned-in-line.
•Depreciation, depletion and amortization expense decreased on a per unit foundation
on account of low value reserve additions from improvement in the course of the 2020
interval in SWPA, the addition of proved undeveloped Shale wells within the Central
Pennsylvania (CPA), and an impairment acknowledged in CBM within the 2020 interval.

Reconciliation of the typical realized worth

The next desk supplies a breakdown of liquid and pure fuel gross sales data and settled derivatives data to help in understanding the Firm’s pure fuel manufacturing and gross sales portfolio and commodity derivatives data. guidelines :

For the 9 months ended September 30,

 in 1000's (until famous)                                2021                  2020             Variance           % Change
LIQUIDS
NGL:
Gross sales Quantity (MMcfe)                                          26,083             19,927               6,156                    30.9  %
Gross sales Quantity (Mbbls)                                           4,347              3,321               1,026                    30.9  %
Gross Value ($/Bbl)                                  $         31.32          $   12.24          $    19.08                   155.9  %
Gross NGL Income                                    $       136,176          $  40,691          $   95,485                   234.7  %

Oil/Condensate:
Gross sales Quantity (MMcfe)                                           1,922              1,236                 686                    55.5  %
Gross sales Quantity (Mbbls)                                             320                206                 114                    55.3  %
Gross Value ($/Bbl)                                  $         53.80          $   37.01          $    16.79                    45.4  %
Gross Oil/Condensate Income                         $        17,234          $   7,630          $    9,604                   125.9  %

NATURAL GAS
Gross sales Quantity (MMcf)                                          404,055            343,403              60,652                    17.7  %
Gross sales Value ($/Mcf)                                  $          2.93          $    1.63          $     1.30                    79.8  %
 Gross Pure Fuel Income                           $     1,183,178          $ 561,162          $  622,016                   110.8  %

Hedging Impression ($/Mcf)                               $         (0.34)         $    0.87          $    (1.21)                 (139.1) %
(Loss) Acquire on Commodity Spinoff
Devices - Money Settlement*                       $      (139,045)         $ 299,730          $ (438,775)                 (146.4) %


* Excluding protection monetization features.

The rise in gross income was primarily the results of the $1.30 per Mcf
improve typically pure fuel costs, when excluding the affect of hedging,
the 67.5 Bcfe improve in gross sales volumes, and the $19.08 per Bbl improve in NGL
costs. These will increase had been offset, in-part, by the affect of the change within the
realized (loss) acquire on commodity by-product devices associated to the
Firm's hedging program.










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SECTOR ANALYSIS for the 9 months ended September 30, 2021 in comparison with the 9 months ended September 30, 2020:

                                                             For the 9 Months Ended                                       Distinction to 9 Months Ended
                                                                September 30, 2021                                                 September 30, 2020
 (in hundreds of thousands)                               Shale            CBM             Different             Whole             Shale            CBM           Different            Whole

Pure fuel, NGLs and oil revenues $ 1,211 $ 124 $ 2 $ 1,337 $ 682 $ 45 $ 1

          $   728
Loss on Commodity Spinoff Devices      (127)           (12)           (1,874)           (2,013)             (393)          (45)          (1,458)          (1,896)
Bought Fuel Income                            -              -                67                67                 -             -              (11)             (11)
Different Income and Working Earnings              57              -                18                75                10             -                4               14

Whole Income and Different Working Earnings
(Loss)                                       1,141            112            (1,787)             (534)              299             -           (1,464)          (1,165)
Lease Working Expense                         21              9                 1                31                 2            (2)               -                -
Manufacturing, Advert Valorem, and Different Charges          19              4                 -                23                 5             -                -                5
Transportation, Gathering and Compression      222             30                 -               252                39             1                -               40
Depreciation, Depletion and Amortization       325             44                12               381                30            (6)               -               24
Impairment of Exploration and Manufacturing
Properties                                       -              -                 -                 -                 -             -              (62)             (62)
Impairment of Goodwill                           -              -                 -                 -                 -             -             (473)            (473)
Exploration and Manufacturing Associated Different
Prices                                            -              -                 8                 8                 -             -               (1)              (1)
Bought Fuel Prices                              -              -                61                61                 -             -              (16)             (16)
Different Working Expense                          -              -                52                52                 -             -              (19)             (19)
Promoting, Basic and Administrative Prices        -              -                77                77                 -             -                1                1
Whole Working Expense                        587             87               211               885                76            (7)            (570)            (501)
Different Expense                                    -              -                13                13                 -             -                1                1
Acquire on Asset Gross sales and Abandonments, web        -              -               (22)              (22)                -             -                -                -
Loss on Debt Extinguishment                      -              -                19                19                 -             -               30               30
Curiosity Expense                                 -              -               114               114                 -             -              (19)             (19)
Whole Different Expense                              -              -               124               124                 -             -               12               12
Whole Prices and Bills                       587             87               335             1,009                76            (7)            (558)            (489)

Good points (losses) earlier than revenue tax $ 554 25 $ $ (2,122) $ (1,543) $ 223 $ 7 $ (906) $ (676)


















                                       48
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SHALE SEGMENT

The Shale phase had earnings earlier than revenue tax of $554 million for the 9
months ended September 30, 2021 in comparison with earnings earlier than revenue tax of $331
million for the 9 months ended September 30, 2020.
                                                                            

For the 9 months ended September 30,

                                                                                                                       %
                                                                  2021             2020           Variance              Change
Shale Fuel Gross sales Volumes (Bcf)                                     366.4           304.0              62.4                   20.5  %
NGLs Gross sales Volumes (Bcfe)*                                         26.1            19.9               6.2                   31.2  %
Oil/Condensate Gross sales Volumes (Bcfe)*                                1.9             1.2               0.7                   58.3  %
Whole Shale Gross sales Volumes (Bcfe)*                                 394.4           325.1              69.3                   21.3  %

Common Gross sales Value - Pure Fuel (per Mcf)                    $   2.89          $ 1.58          $   1.31                   82.9  %

(Loss) Acquire on commodity derivatives – Money settlement – Fuel (by Mpi)

                                      $  (0.35)         $ 0.88          $  (1.23)                (139.8) %
Common Gross sales Value - NGLs (per Mcfe)*                         $   5.22          $ 2.04          $   3.18                  155.9  %
Common Gross sales Value - Oil/Condensate (per Mcfe)*               $   8.96          $ 5.98          $   2.98                   49.8  %

Whole Common Shale Gross sales Value (per Mcfe)                     $   2.75          $ 2.45          $   0.30                   12.2  %
Common Shale Lease Working Bills (per Mcfe)                  0.05            0.06             (0.01)                 (16.7) %

Common manufacturing of shale, Advert Valorem and different prices (per Mcfe) 0.05

        0.04              0.01                   25.0  %

Common prices of transporting, gathering and compressing shale (by Mcfe)

                                                         0.56            0.56                 -                      -  %

Common prices of depreciation, depletion and depreciation of shale (by Mcfe)

                                                         0.83            0.92             (0.09)                  (9.8) %
  Whole Common Shale Manufacturing Prices (per Mcfe)              $   1.49          $ 1.58          $  (0.09)                  (5.7) %
  Whole Common Shale Manufacturing Margin (per Mcfe)             $   1.26          $ 0.87          $   0.39                   44.8  %


* NGLs and Oil/Condensate are transformed to Mcfe on the price of 1 barrel equals
six Mcf based mostly upon the approximate relative power content material of oil and pure
fuel, which isn't indicative of the connection of oil, NGL, condensate, and
pure fuel costs.

The Shale phase had pure fuel, NGLs and oil/condensate income of $1,211
million for the 9 months ended September 30, 2021 in comparison with $529 million
for the 9 months ended September 30, 2020. The $682 million improve was due
primarily to an 82.9% improve within the common gross sales worth for pure fuel, a
21.3% improve in complete Shale gross sales volumes, and a 155.9% improve within the
common gross sales worth of NGLs. The rise in complete Shale volumes was primarily
because of the turn-in-line of latest wells all through 2020 and the primary half of 2021.
The rise was additionally because of the momentary shut-in of latest turn-in-line wells in
2020 as a consequence of low pure fuel costs, offset partly by regular manufacturing
declines.

The rise in complete common Shale gross sales worth was primarily as a consequence of a $1.31 per
Mcf improve in common fuel gross sales worth and a $3.18 per Mcfe improve within the
common NGL gross sales worth. These will increase had been offset partly by a $1.23 per Mcf
change within the realized (loss) acquire on commodity by-product devices. The
notional quantities related to these monetary hedges represented
roughly 313.2 Bcf of the Firm's produced Shale fuel gross sales volumes for
the 9 months ended September 30, 2021 at a median lack of $0.40 per Mcf
hedged. For the 9 months ended September 30, 2020, these monetary hedges
represented roughly 296.6 Bcf at a median acquire of $0.90 per Mcf hedged.

Whole working prices and bills for the Shale phase had been $587 million for
the 9 months ended September 30, 2021 in comparison with $511 million for the 9
months ended September 30, 2020. The rise in complete {dollars} and reduce in
unit prices for the Shale phase had been because of the following objects:

•Shale lease working bills had been $21 million for the 9 months ended
September 30, 2021 in comparison with $19 million for the 9 months ended
September 30, 2020. The rise in complete {dollars} and reduce in unit prices
had been primarily associated to the rise in manufacturing volumes.

•Shale manufacturing, advert valorem and different charges had been $19 million for the 9
months ended September 30, 2021 in comparison with $14 million for the 9 months
ended September 30, 2020. The will increase in complete {dollars} and unit prices had been
primarily as a consequence of elevated realized costs on pure fuel and pure fuel
liquids in addition to the change in manufacturing combine by state as new wells are
turned-in-line.

                                       49
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•Shale transportation, gathering and compression prices had been $222 million for the
9 months ended September 30, 2021 in comparison with $183 million for the 9
months ended September 30, 2020. The rise in complete {dollars} was primarily
associated to the rise in manufacturing volumes, elevated processing prices as a consequence of
a wetter manufacturing combine, and elevated agency transportation prices.

•Depreciation, depletion and amortization prices attributable to the Shale
phase had been $325 million for the 9 months ended September 30, 2021 in contrast
to $295 million for the 9 months ended September 30, 2020. The rise in
complete {dollars} was because of the improve in manufacturing volumes. These quantities
included depletion on a unit of manufacturing foundation of $0.72 per Mcfe and $0.81 per
Mcfe, respectively. The lower within the models of manufacturing depreciation,
depletion and amortization price within the present interval is primarily the results of
low-cost reserve additions from improvement in 2020 in SWPA in addition to the
addition of proved undeveloped Shale reserves in CPA. The remaining
depreciation, depletion and amortization prices had been both recorded on a
straight-line foundation or associated to asset retirement obligations.

Whole Shale different income and working revenue pertains to pure fuel gathering
providers supplied to third-parties. The Shale phase had different income and
working revenue of $57 million for the 9 months ended September 30, 2021
in comparison with $47 million for the 9 months ended September 30, 2020. The
improve within the period-to-period comparability was primarily as a consequence of momentary
manufacturing curtailments by third get together clients that occurred within the 2020
interval. These curtailments had been restored to full manufacturing within the latter half
of 2020.

COALBED METHANE (CBM) SEGMENT
The CBM phase had earnings earlier than revenue tax of $25 million for the 9
months ended September 30, 2021 in comparison with earnings earlier than revenue tax of $18
million for the 9 months ended September 30, 2020.
                                                                            

For the 9 months ended September 30,

                                                                                                                       %
                                                                  2021             2020           Variance              Change
CBM Fuel Gross sales Volumes (Bcf)                                        37.5            39.3              (1.8)                  (4.6) %

Common Gross sales Value - Fuel (per Mcf)                            $   3.32          $ 2.02          $   1.30                   64.4  %

(Loss) Acquire on Commodity Derivatives – Money Settlement – Fuel (per Mpi)

                                     $  (0.33)         $ 0.84          $  (1.17)                (139.3) %

Whole Common CBM Gross sales Value (per Mcf)                        $   2.99          $ 2.86          $   0.13                    4.5  %
Common CBM Lease Working Bills (per Mcf)                     0.25            0.29             (0.04)                 (13.8) %

Common manufacturing of CBM, Advert Valorem and different prices (per million cubic ft) 0.12

        0.10              0.02                   20.0  %

Common prices of transporting, gathering and compressing CBM (per Mpi)

                                                          0.78            0.74              0.04                    5.4  %

Common CBM Depreciation, Depletion and Depreciation Prices (per Mpi)

                                                          1.17            1.25             (0.08)                  (6.4) %
  Whole Common CBM Manufacturing Prices (per Mcf)                 $   2.32          $ 2.38          $  (0.06)                  (2.5) %
  Whole Common CBM Manufacturing Margin (per Mcf)                $   0.67          $ 0.48          $   0.19                   39.6  %


The CBM phase had pure fuel income of $124 million for the 9 months
ended September 30, 2021 in comparison with $79 million for the 9 months ended
September 30, 2020. The $45 million improve was primarily as a consequence of a 64.4%
improve within the common gross sales worth for pure fuel within the present interval. The
pure fuel worth will increase had been partially offset by the 4.6% lower in CBM
gross sales volumes as a consequence of regular manufacturing declines.

The whole common CBM gross sales worth elevated $0.13 per Mcf as a consequence of a $1.30 per Mcf
improve in common fuel gross sales worth, offset partly by a $1.17 per Mcf change in
the realized (loss) acquire on commodity by-product devices ensuing from the
Firm's hedging program. The notional quantities related to these monetary
hedges represented roughly 30.6 Bcf of the Firm's produced CBM gross sales
volumes for the 9 months ended September 30, 2021 at a median lack of $0.40
per Mcf hedged. For the 9 months ended September 30, 2020, these monetary
hedges represented roughly 37.0 Bcf at a median acquire of $0.90 per Mcf
hedged.

Whole working prices and bills for the CBM phase had been $87 million for the
9 months ended September 30, 2021 in comparison with $94 million for the 9 months
ended September 30, 2020. The decreases in complete {dollars} and unit prices for the
CBM phase had been because of the following objects:


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• The working bills of the CBM rental had been $ 9 million for the 9 months ended
September 30, 2021 in comparison with $ 11 million for the 9 months ended
September 30, 2020. Decreases in greenback complete and unit prices are primarily as a consequence of decrease restore and upkeep prices and water disposal.

•CBM transportation, gathering and compression prices had been $30 million for the
9 months ended September 30, 2021 in comparison with $29 million for the 9 months
ended September 30, 2020. The will increase in complete {dollars} and unit prices had been
primarily as a consequence of a rise in agency transportation expense.

•Depreciation, depletion and amortization prices attributable to the CBM phase
had been $44 million for the 9 months ended September 30, 2021 in comparison with $50
million for the 9 months ended September 30, 2020. These quantities included
depletion on a unit of manufacturing foundation of $0.66 per Mcfe and $0.68 per Mcfe,
respectively. The lower within the models of manufacturing depreciation, depletion
and amortization price was primarily as a consequence of an impairment within the 2020 interval that
diminished the carrying worth of the underlying CBM asset base. The remaining
depreciation, depletion and amortization prices had been both recorded on a
straight-line foundation or associated to asset retirement obligations.

OTHER SEGMENT

The Different Phase consists of nominal shallow oil and fuel manufacturing which isn't
important to the Firm. It additionally consists of the Firm's bought fuel
actions, unrealized acquire or loss on commodity by-product devices,
realized acquire on commodity by-product devices that had been monetized previous to
their contractual settlement dates, exploration and manufacturing associated different
prices, impairments, in addition to varied different bills which are managed outdoors
the Shale and CBM segments corresponding to SG&A, curiosity expense and revenue taxes.

The Different Phase had a loss earlier than revenue tax of $2,122 million for the 9
months ended September 30, 2021 in comparison with a loss earlier than revenue tax of $1,216
million for the 9 months ended September 30, 2020. The lower in complete
{dollars} is mentioned under.
                                                                   For the 

9 months ended September 30,

                                                     2021                  2020              Variance            % Change
Different Fuel Gross sales Volumes (Bcf)                             0.2                0.1                 0.1                    100.0  %


Loss on commodity derivatives and monetization

For the 9 months ended September 30, 2021, the Different Phase acknowledged an
unrealized loss on commodity by-product devices of $1,874 million. For the
9 months ended September 30, 2020, the Different Phase acknowledged an unrealized
loss on commodity by-product devices of $501 million in addition to money
settlements acquired of $85 million, $84 million of which associated to pure fuel
hedges that had been partially monetized previous to their settlement dates. The
unrealized loss on commodity by-product devices represents adjustments within the
truthful worth of all of the Firm's present commodity hedges on a mark-to-market
foundation. See Notice 11 - Spinoff Devices within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
data associated to the money settlements.

Fuel bought

Bought fuel volumes characterize volumes of pure fuel bought at market
costs from third-parties after which resold so as to fulfill contracts with
sure clients and to stability provide. Bought fuel revenues had been $67 million
for the 9 months ended September 30, 2021 in comparison with $78 million for the
9 months ended September 30, 2020. Bought fuel prices had been $61 million for
the 9 months ended September 30, 2021 in comparison with $77 million for the 9
months ended September 30, 2020. The period-to-period lower in bought fuel
income was as a consequence of a lower in bought fuel gross sales volumes, offset partly by
a rise in averages gross sales worth.
                                                                   For the 

9 months ended September 30,

                                                      2021                 2020             Variance          % Change
Bought Fuel Gross sales Volumes (in Bcf)                      20.5              48.2              (27.7)                 (57.5) %
Common Gross sales Value (per Mcf)                   $         3.25          $   1.63          $    1.62                   99.4  %
Bought Fuel Common Value (per Mcf)            $         2.99          $   1.59          $    1.40                   88.1  %







                                       51
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Different exploitation merchandise

                                                                   For the 9 Months Ended September 30,
(in hundreds of thousands)                                        2021                 2020             Variance           % Change
Fairness Earnings (Loss) from Associates           $            3          $     (1)         $        4                   400.0  %
Water Earnings                                                6                 5                   1                    20.0  %
Extra Agency Transportation Earnings                           9                 9                   -                       -  %
Different                                                       -                 1                  (1)                 (100.0) %
Whole Different Working Earnings                   $           18          $     14          $        4                    28.6  %



•Fairness revenue (loss) from associates primarily represents CNX's share of
earnings from a 50% curiosity in an influence plant positioned inside CNX's CBM discipline.
Energy generated from the power is offered into wholesale electrical energy markets
throughout occasions of peak power consumption. As a result of plant consuming coal mine
methane fuel, the plant qualifies for Pennsylvania Tier I Renewable Power
Credit.
•Extra agency transportation revenue represents income from the sale of extra
agency transportation capability to third-parties. The Firm obtains agency pipeline
transportation capability to allow fuel manufacturing to circulate uninterrupted as gross sales
volumes improve. As a way to decrease this unutilized agency transportation
expense, CNX is ready to launch (promote) unutilized agency transportation capability
to different events when potential and when helpful. The income from launched
capability helps offset the unutilized agency transportation and processing charges in
complete different working expense.

Depreciation of Exploration and manufacturing properties

Throughout the 9 months ended September 30, 2020, CNX acknowledged sure
indicators of impairments particular to our SWPA CBM asset group and decided
that the carrying worth of that asset group was not recoverable. The truthful worth
of the asset group was estimated by discounting the estimated future money flows
utilizing low cost charges and different assumptions that market individuals would use in
their estimates of truthful worth. Consequently, an impairment of $62 million was
acknowledged and is included in Impairment of Exploration and Manufacturing
Properties within the Consolidated Statements of Earnings for the 9 months ended
September 30, 2020. The impairment was associated to an financial resolution to
briefly idle sure wells and the associated processing facility in the course of the
first quarter. See Notice 5 - Property, Plant and Tools within the Notes to the
Unaudited Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for
further data. No such impairment occurred within the present interval.

Depreciation of Good will

As a part of the acquisition of Midstream which occurred in January 2018, CNX registered $ 796 million of excellent will.

Goodwill is examined for impairment yearly in the course of the fourth quarter, or extra
ceaselessly if current occasions or prevailing situations point out it's extra doubtless
than not that the truthful worth of a reporting unit is lower than its carrying
worth. Whether it is decided that it's extra doubtless than not that the truthful worth
of a reporting unit is lower than its carrying quantity utilizing the qualitative
evaluation, a quantitative impairment check is carried out. Now and again, CNX
can also bypass the qualitative evaluation and proceed on to the
quantitative impairment check.

In reference to CNX's evaluation of goodwill within the first quarter of 2020 in
relation to the deteriorating macroeconomic situations, and the decline within the
observable market worth of CNXM securities each in relation to the COVID-19
pandemic and the general decline within the MLP market area, CNX bypassed the
qualitative evaluation and carried out a quantitative check that utilized a
mixture of the revenue and market approaches to estimate the truthful worth of
the Midstream reporting unit. On account of this evaluation, CNX concluded that
the carrying worth exceed its estimated truthful worth, and because of this, an
impairment of $473 million was included in Impairment of Goodwill within the
Consolidated Statements of Earnings for the 9 months ended September 30, 2020.
See Notice 6 - Goodwill and Different Intangible Property within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
data. No such impairment occurred within the present interval.








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Different prices associated to exploration and manufacturing

                                                                    For the 9 Months Ended September 30,
(in hundreds of thousands)                                          2021                 2020             Variance          % Change

Allowing Expense                                $          1          $       2          $      (1)                 (50.0) %
Lease Expiration Prices                                       5                  5                  -                      -  %
Land Leases                                                 2                  2                  -                      -  %

Whole Exploration and Manufacturing Associated Different
Prices                                             $          8          $       9          $      (1)                 (11.1) %


• Lease expiry prices relate to leases whose major time period has expired or will expire inside the subsequent 12 months.

Gross sales, Basic and Administrative (“SG&A”)

SG&A prices embrace prices corresponding to overhead, together with worker labor and profit
prices, short-term incentive compensation, prices of sustaining our headquarters,
audit and different skilled charges, and authorized compliance bills. SG&A prices
additionally embrace non-cash long-term equity-based compensation expense.
                                                                 For the 9 Months Ended September 30,
(in hundreds of thousands)                                       2021                 2020             Variance           % Change
Lengthy-Time period Fairness-Primarily based Compensation
(Non-Money)                                    $           14          $     12          $        2                   16.7  %
Quick-Time period Incentive Compensation                          8                 7                   1                   14.3  %
Salaries, Wages and Worker Advantages                     20                23                  (3)                 (13.0) %
Different                                                     35                34                   1                    2.9  %
Whole SG&A                                    $           77          $     76          $        1                    1.3  %


• Lengthy-term stock-based compensation (non-cash) elevated in period-over-period comparability as a consequence of a rise in inventory awards. • Salaries, wages and advantages decreased within the period-over-period comparability primarily as a consequence of a lower within the variety of staff.

Different working bills

                                                                       For the 9 Months Ended September 30,
(in hundreds of thousands)                                             2021                2020             Variance          % Change

Unused agency freight and dealing with fees $ 41 $ 54 $ (13)

                  (24.1) %
Idle Tools and Service Fees                              -                 8                 (8)                 (100.0) %
Insurance coverage Expense                                               1                 2                 (1)                  (50.0) %
Water Expense                                                   1                 1                  -                       -  %
Litigation Settlements                                          6                 -                  6                   100.0  %

Different                                                           3                 6                 (3)                  (50.0) %
Whole Different Working Expense                        $         52          $     71          $     (19)                  (26.8) %



•Unutilized agency transportation and processing charges characterize pipeline
transportation capability obtained to allow fuel manufacturing to circulate uninterrupted
as gross sales volumes improve, in addition to further processing capability for NGLs.
In some cases, the Firm could have the chance to understand extra
favorable web pricing by strategically selecting to promote pure fuel right into a
market or to a buyer that doesn't require using the Firm's personal agency
transportation capability. Such gross sales would lead to a rise in unutilized
agency transportation expense. The Firm makes an attempt to attenuate this expense by
releasing (promoting) unutilized agency transportation capability to different events
when potential and when helpful. The income acquired when this capability is
launched (offered) is included in Extra Agency Transportation Earnings above. The
lower within the period-to-period comparability was primarily as a consequence of a rise in
utilization of agency transportation capability within the present yr as a consequence of
manufacturing will increase in 2021 in comparison with 2020.
•Idle tools and repair fees relate to the momentary idling of sure of
the Firm's pure fuel drilling rigs in addition to associated tools and different
providers that could be wanted within the pure fuel drilling and completions course of.
The lower within the period-to-period comparability was the results of two of CNX's
drilling rigs being idled within the prior interval.



                                       53
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Different bills

                                                                       For 

the 9 months ended September 30,

 (in hundreds of thousands)                                            2021                2020             Variance          % Change
Different Earnings

Curiosity Earnings                                      $          -          $      2          $      (2)                 (100.0) %
Proper-of-Means Gross sales                                              2                 2                  -                       -  %
Different                                                           3                 7                 (4)                  (57.1) %
Whole Different Earnings                                   $          5          $     11          $      (6)                  (54.5) %

Different Expense
Merger-Associated Prices                                 $          -          $      5          $      (5)                 (100.0) %
Skilled Companies                                           5                 6                 (1)                  (16.7) %
Financial institution Charges                                                       9                 9                  -                       -  %

Different Company Expense                                         4                 3                  1                    33.3  %
Whole Different Expense                                  $         18          $     23          $      (5)                  (21.7) %

    Whole Different Expense                              $         13          $     12          $       1                     8.3  %



•Different revenue decreased within the period-to-period comparability primarily because of the
receipt of a severance tax refund associated to a previous interval within the 9 months
ended September 30, 2020 in addition to further curiosity revenue associated to the
different minimal tax credit score refund CNX acquired (See Notice 4 - Earnings Taxes in
the Notes to the Unaudited Consolidated Monetary Statements in Merchandise 1 of this
Type 10-Q for extra data).
•Merger-related prices include transaction prices instantly attributable to the
CNXM Merger (See Notice 13 - Acquisitions and Inclinations within the Notes to the
Unaudited Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for
further data), together with monetary advisory, authorized service and different
skilled charges, which had been recorded to Different Expense within the Consolidated
Statements of Earnings.

Acquire on disposal and abandonment of property, web

A acquire on asset gross sales of $22 million associated to the sale of varied non-core
property was acknowledged in each the 9 months ended September 30, 2021 and the
9 months ended September 30, 2020.

Loss (acquire) on debt extinction

A loss on debt extinguishment of $19 million was acknowledged within the 9 months
ended September 30, 2021 in comparison with a acquire on debt extinguishment of $11
million within the 9 months ended September 30, 2020. Throughout the 9 months
ended September 30, 2021, CNXM bought a portion of the 6.50% Senior Notes due
March 2026 and repaid in full and terminated the Cardinal States Gathering
Firm LLC and CSG Holdings II LLC non-revolving credit score amenities. Throughout the
9 months ended September 30, 2020, CNX bought $531 million of its 5.875%
Senior Notes due April 2022 at a median worth equal to 97.5% of the principal
quantity. See Notice 9 - Lengthy-Time period Debt within the Notes to the Unaudited Consolidated
Monetary Statements in Merchandise 1 of this Type 10-Q for extra data.

Curiosity fees

                                                                        For the 9 Months Ended September 30,
(in hundreds of thousands)                                               2021                2020             Variance          % Change
Whole Curiosity Expense                                $         114          $    133          $     (19)                 (14.3) %



•The $19 million lower was primarily because of the buy of the remaining
$894 million of the 5.875% Senior Notes due April 2022 in the course of the yr ended
December 31, 2020, in addition to decrease borrowings on the CNX Credit score Facility and
increased unrealized features on rate of interest swap agreements. These decreases had been
offset partly by curiosity associated to the addition of $345 million of
Convertible Notes due 2026, $500 million of 6.00%  Senior Notes due 2029, and
$200 million of seven.25% Senior Notes due 2027. The amortization of debt low cost
in reference to the Convertible Notes additionally contributed to a rise. See
Notice 9 - Lengthy-Time period Debt within the Notes to the Unaudited Consolidated Monetary
Statements in Merchandise 1 of this Type 10-Q for extra data.

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Earnings taxes

                                                                   For the 9 Months Ended September 30,
(in hundreds of thousands)                                          2021                 2020             Variance          % Change
Whole Firm Loss Earlier than Earnings Tax            $       (1,543)          $   (867)         $    (676)                 (78.0) %
Earnings Tax Profit                              $         (414)          $   (243)         $    (171)                 (70.4) %
Efficient Earnings Tax Price                                 26.8   %           28.0  %            (1.2) %



The efficient revenue tax price was 26.8% for the 9 months ended September 30,
2021 in comparison with 28.0% for the 9 months ended September 30, 2020. The
efficient price for the 9 months ended September 30, 2021 differs from the
U.S. federal statutory price of 21% primarily because of the affect of federal tax
credit, fairness compensation and state revenue taxes. The efficient price for the
9 months ended September 30, 2020 differs from the U.S. federal statutory
price of 21% primarily because of the affect of noncontrolling curiosity, fairness
compensation, and state revenue taxes (See Notice 4 - Earnings Taxes within the Notes to
the Unaudited Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for
further data).

Liquidity and capital sources

CNX typically has happy its working capital necessities and funded its
capital expenditures and debt service obligations with money generated from
operations and proceeds from borrowings. CNX at present believes that money
generated from operations, asset gross sales and the Firm's borrowing capability will
be adequate to satisfy the Firm's working capital necessities, anticipated
capital expenditures (apart from main acquisitions), scheduled debt funds,
anticipated dividend funds, if any, and to offer required letters of credit score
for the present fiscal yr. Nonetheless, the flexibility of CNX to fulfill its
working capital necessities, to service its debt obligations, to fund deliberate
capital expenditures, or to pay dividends will rely upon future working
efficiency, which can be affected by prevailing financial situations within the
pure fuel business and different monetary and enterprise elements, together with the
present COVID 19 pandemic, a few of that are past CNX's management.
Now and again, CNX is required to put up monetary assurances to fulfill
contractual and different necessities generated within the regular course of enterprise.
A few of these assurances are posted to adjust to federal, state or different
authorities businesses' statutes and laws. CNX typically makes use of letters of
credit score to fulfill these necessities and these letters of credit score cut back the
Firm's borrowing facility capability.
CNX constantly evaluations its liquidity and capital sources. If market
situations had been to alter, as an example as a consequence of a big decline in
commodity costs and our income was diminished considerably or working prices
had been to extend considerably, our money flows and liquidity may very well be diminished.
As of September 30, 2021, CNX was in compliance with all of its debt covenants.
After contemplating the potential impact of a big decline in commodity
costs, CNX at present expects to stay in compliance with its debt covenants.

As a way to handle the market threat publicity of risky pure fuel costs in
the long run, CNX enters into varied bodily pure fuel provide transactions
with each fuel entrepreneurs and finish customers for phrases various in size. CNX additionally
enters into varied monetary pure fuel swap transactions to handle the market
threat publicity to in-basin and out-of-basin pricing. The truthful worth of those
contracts was a web legal responsibility of $1,756 million at September 30, 2021 and a web
asset of $118 million at December 31, 2020. The Firm has not skilled any
problems with non-performance by by-product counterparties.
CNX ceaselessly evaluates potential acquisitions. CNX has traditionally funded
acquisitions with money generated from operations and quite a lot of different sources,
relying on the dimensions of the transaction, together with debt and fairness financing.
There could be no assurance that further capital sources, together with debt and
fairness financing, can be accessible to CNX on phrases which CNX finds acceptable,
or in any respect.


                                       55
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Money circulate (in hundreds of thousands)

                                                                   For the 

9 months ended September 30,

                                                                  2021                 2020              Change
Money Offered by Working Actions                      $           673          $    634          $      39
Money Utilized in Investing Actions                          $          (325)         $   (363)         $      38
Money Utilized in Financing Actions                          $          (149) 

$ (131) $ (18)

Money circulate from working actions has modified within the period-over-period comparability primarily because of the following:

•Internet loss elevated $504 million within the period-to-period comparability.
•Changes to reconcile web loss to money supplied by working actions
primarily consisted of a $473 million impairment of goodwill and a $62 million
impairment of exploration and manufacturing properties within the prior yr, a $228
million change in deferred revenue taxes, a $1,373 million web change in
commodity by-product devices, a $29 million change in acquire/loss on debt
extinguishment, in addition to varied different adjustments in working capital.

The money flows from investing actions have modified within the period-over-period comparability primarily because of the following:

•Capital expenditures decreased $46 million within the period-to-period comparability
primarily as a consequence of decreased expenditures within the Shale phase ensuing from
decreased drilling and completions exercise in addition to decreased midstream
exercise.
•Proceeds from asset gross sales decreased $8 million primarily as a consequence of decreased gross sales of
floor and oil and fuel pursuits within the 9 months ended September 30, 2021.

The money flows from financing actions have modified within the period-over-period comparability primarily because of the following:

•Throughout the 9 months ended September 30, 2021, CNXM paid $175 million to
buy $166 million of CNXM 6.50% Senior Notes due in March 2026 at 105.4% of
the principal quantity. See Notice 9 - Lengthy-Time period Debt within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
data.
•Throughout the 9 months ended September 30, 2021, CNXM closed on $400 million
combination principal quantity of CNXM 4.75% Senior Notes due April 2030 at a worth
of 98.8% for money proceeds of $395 million. See Notice 9 - Lengthy-Time period Debt within the
Notes to the Unaudited Consolidated Monetary Statements in Merchandise 1 of this Type
10-Q for extra data.
•Throughout the 9 months ended September 30, 2020, CNX paid $519 million to
buy $531 million of senior notes due in 2022 at 97.7% of the principal
quantity. See Notice 9 - Lengthy-Time period Debt within the Notes to the Unaudited Consolidated
Monetary Statements in Merchandise 1 of this Type 10-Q for extra data.
•Within the 9 months ended September 30, 2021, there have been $145 million of web
funds on the CNXM Credit score Facility in comparison with $31 million of web proceeds
in the course of the 9 months ended September 30, 2020.
•Within the 9 months ended September 30, 2021, there have been $65 million of web
proceeds on the CNX Credit score Facility in comparison with $251 million of web funds
in the course of the 9 months ended September 30, 2020.
•Throughout the 9 months ended September 30, 2021, there have been $161 million of web
funds on the Cardinal States Facility and CSG Holdings Facility in comparison with
$164 million of web proceeds within the 9 months ended September 30, 2020. See
Notice 9 - Lengthy-Time period Debt within the Notes to the Unaudited Consolidated Monetary
Statements in Merchandise 1 of this Type 10-Q for extra data.
•Throughout the 9 months ended September 30, 2021, CNX repurchased $124 million
of its frequent inventory on the open market in comparison with no purchases within the 9
months ended September 30, 2020.
•Throughout the 9 months ended September 30, 2020, CNX closed on $200 million
combination principal quantity of its 7.25% Senior Notes due March 2027 at a worth
of 103.5% for money proceeds of $207 million. See Notice 9 - Lengthy-Time period Debt within the
Notes to the Unaudited Consolidated Monetary Statements in Merchandise 1 of this Type
10-Q for extra data.
•Throughout the 9 months ended September 30, 2020, CNX acquired proceeds of $335
million from the issuance of Convertible Notes due 2026. See Notice 9 - Lengthy-Time period
Debt within the Notes to the Unaudited Consolidated Monetary Statements in Merchandise 1
of this Type 10-Q for extra data.
•Throughout the 9 months ended September 30, 2020, CNX paid $36 million for
capped name transactions associated to the issuance of the Convertible Notes as
talked about above. See Notice 9 - Lengthy-Time period Debt within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
data.
•Throughout the 9 months ended September 30, 2020 there have been $42 million of
funds to CNXM noncontrolling curiosity holders in comparison with no funds throughout
the 9 months ended September 30, 2021 because of the Merger with

                                       56
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CNXM. See Notice 13 - Acquisitions and Inclinations within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
data.

The next is a abstract of the Firm’s materials contractual obligations as of September 30, 2021 (in 1000’s):

                                                                                      Funds due by Yr
                                                  Much less Than                                                   Extra Than
                                                    1 Yr            1-3 Years           3-5 Years            5 Years               Whole

Buy Order Agency Commitments                  $     721          $       

$ 860 – $ – $ 1,581
Transport and processing of fuel corporations

             260,453              427,490            393,544              992,713            2,074,200
Lengthy-Time period Debt                                     232,193              371,350            249,463            1,600,926            2,453,932
Curiosity on Lengthy-Time period Debt                         107,204              225,089            215,026              176,374              723,693
Finance Lease Obligations                              495                  845                241                   11                1,592
Curiosity on Finance Lease Obligations                   27                   47                 17                    -                   91
Working Lease Obligations                         35,461                7,920              7,051               19,814               70,246
Curiosity on Working Lease Obligations              2,352                3,326              2,534                2,637               10,849
Lengthy-Time period Liabilities-Worker Associated (a)           2,032                4,259              4,621               33,957               44,869
Different Lengthy-Time period Liabilities (b)                    191,486               10,000             10,000               61,029              272,515
Whole Contractual Obligations (c)                $ 832,424          $ 

1,051,186 $ 882,497 $ 2,887,461 $ 5,653,568

_________________________

(a)Worker associated long-term liabilities embrace salaried retirement
contributions and work-related accidents and sicknesses.
(b)Different long-term liabilities embrace royalties and different long-term legal responsibility
prices.
(c)The desk above doesn't embrace obligations to taxing authorities because of the
uncertainty surrounding the last word settlement of quantities and timing of those
obligations.

Debt

At September 30, 2021, CNX had complete long-term debt of $2,454 million, together with
the present portion of long-term debt of $232 million and excluding unamortized
debt issuance prices. This long-term debt consisted of:
•An combination principal quantity of $700 million of seven.25% Senior Notes due March
2027 plus $6 million of unamortized bond premium. Curiosity on the notes is
payable March 14 and September 14 of every yr. Fee of the principal and
curiosity on the notes is assured by most of CNX's subsidiaries however doesn't
embrace CNXM (or its subsidiaries or normal associate).
•An combination principal quantity of $500 million of 6.00% Senior Notes due January
2029. Curiosity on the notes is payable January 15 and July 15 of every yr.
Fee of the principal and curiosity on the notes is assured by most of
CNX's subsidiaries however doesn't embrace CNXM (or its subsidiaries or normal
associate).
•An combination principal quantity of $400 million of 4.75% Senior Notes due April
2030 issued by CNXM, much less $5 million of unamortized bond low cost. Curiosity on
the notes is payable April 15 and October 15 of every yr. Fee of the
principal and curiosity on the notes is assured by sure of CNXM's
subsidiaries. CNX is just not a guarantor of those notes.
•An combination principal quantity of $345 million of two.25% Convertible Notes due
Could 2026, until earlier redeemed, repurchased, or transformed, much less $95 million
of unamortized bond low cost and issuance prices. Curiosity on the notes is
payable Could 1 and November 1 of every yr. Fee of the principal and curiosity
on the notes is assured by most of CNX's subsidiaries however doesn't embrace
CNXM (or its subsidiaries or normal associate).
•An combination principal quantity of $234 million of 6.50% Senior Notes due March
2026 issued by CNXM, much less $2 million of unamortized bond low cost. Curiosity on
the notes is payable March 15 and September 15 of every yr. Fee of the
principal and curiosity on the notes is assured by sure of CNXM's
subsidiaries. CNX is just not a guarantor of those notes.
•An combination principal quantity of $225 million in excellent borrowings beneath
the CNX Credit score Facility. Fee of the principal and curiosity on the CNX Credit score
Facility is assured by most of CNX's subsidiaries however doesn't embrace CNXM
(or its subsidiaries or normal associate).
•An combination principal quantity of $146 million in excellent borrowings beneath
the CNXM Credit score Facility. Fee of the principal and curiosity on the CNXM
Credit score Facility is assured by sure of CNXM's subsidiaries. CNX is just not a
guarantor of the CNXM Facility.


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Whole Fairness and Dividends
CNX had complete fairness of $3,187 million at September 30, 2021 in comparison with $4,422
million at December 31, 2020. See the Consolidated Statements of Stockholders'
Fairness in Merchandise 1 of this Type 10-Q for extra particulars.
On September 28, 2020, the Merger of CNXM was accomplished (See Notice 13 -
Acquisitions and Inclinations within the Notes to the Unaudited Consolidated
Monetary Statements in Merchandise 1 of this Type 10-Q for extra data).
CNX accounted for the change in our possession curiosity in CNXM as an fairness
transaction which was mirrored as a discount of noncontrolling curiosity with
corresponding will increase to frequent inventory and capital in extra of par worth.
The declaration and fee of dividends by CNX is topic to the discretion of
CNX's Board of Administrators, and no assurance could be provided that CNX pays
dividends sooner or later. CNX suspended its quarterly dividend in March 2016 to
additional mirror the Firm's elevated emphasis on progress at the moment. The
dedication to pay dividends sooner or later will rely upon, amongst different
issues, normal enterprise situations, CNX's monetary outcomes, contractual and
authorized restrictions relating to the fee of dividends by CNX, deliberate
investments by CNX, and such different elements because the Board of Administrators deems
related. CNX's Credit score Facility limits its skill to pay dividends in extra of
an annual price of $0.10 per share when the Firm's web leverage ratio exceeds
3.00 to 1.00 and is topic to availability beneath the Credit score Facility of at
least 20% of the combination commitments and there being no borrowing base
deficiency. The online leverage ratio was 2.02 to 1.00 at September 30, 2021. The
Credit score Facility doesn't allow such dividend funds when an occasion of default
has occurred and is constant. The indentures to the 7.25% Senior Notes due
March 2027 and the 6.00% Senior Notes due January 2029 restrict dividends to $0.50
per share yearly until a number of situations are met. These situations embrace
no defaults, skill to incur further debt and different fee limitations
beneath the indentures. There have been no defaults within the 9 months ended
September 30, 2021.
Off-Steadiness Sheet Transactions

CNX doesn't keep off-balance sheet transactions, preparations, obligations
or different relationships with unconsolidated entities or others which are
moderately prone to have a cloth present or future impact on the Firm's
monetary situation, adjustments in monetary situation, revenues or bills,
outcomes of operations, liquidity, capital expenditures or capital sources
which aren't disclosed within the Notes to the Unaudited Consolidated Monetary
Statements. CNX makes use of a mix of surety bonds, company ensures and
letters of credit score to safe the Firm's monetary obligations for
employee-related, environmental, efficiency and varied different objects that are
not mirrored within the Consolidated Steadiness Sheet at September 30, 2021.
Administration believes these things will expire with out being funded. See Notice 10 -
Commitments and Contingent Liabilities within the Notes to the Unaudited
Consolidated Monetary Statements in Merchandise 1 of this Type 10-Q for extra
particulars of the assorted monetary ensures which have been issued by CNX.


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Ahead-looking statements

We're together with the next cautionary assertion on this Quarterly Report on
Type 10-Q to make relevant and reap the benefits of the protected harbor provisions of
the Personal Securities Litigation Reform Act of 1995 for any forward-looking
statements made by, or on behalf of us. Except historic
issues, the issues mentioned on this Quarterly Report on Type 10-Q are
forward-looking statements (as outlined in Part 21E of the Alternate Act) that
contain dangers and uncertainties that might trigger precise outcomes to vary
materially from projected outcomes. Accordingly, buyers mustn't place undue
reliance on forward-looking statements as a prediction of precise outcomes. The
forward-looking statements could embrace projections and estimates in regards to the
timing and success of particular initiatives and our future manufacturing, revenues,
revenue and capital spending. Once we use the phrases "consider," "intend,"
"count on," "could," "ought to," "anticipate," "might," "estimate," "plan," "predict,"
"undertaking," "will," or their negatives, or different comparable expressions, the
statements which embrace these phrases are normally forward-looking statements.
Once we describe a technique that includes dangers or uncertainties, we're making
forward-looking statements. The forward-looking statements on this Quarterly
Report on Type 10-Q converse solely as of the date of this Quarterly Report on Type
10-Q; we disclaim any obligation to replace these statements until required by
securities regulation, and we warning you to not depend on them unduly. We have now based mostly
these forward-looking statements on our present expectations and assumptions
about future occasions. Whereas our administration considers these expectations and
assumptions to be affordable, they're inherently topic to important
enterprise, financial, aggressive, regulatory and different dangers, contingencies and
uncertainties, most of that are troublesome to foretell and plenty of of that are
past our management. These dangers, contingencies and uncertainties relate to,
amongst different issues, the next:

•costs for pure fuel and pure fuel liquids are risky and might fluctuate
broadly based mostly upon quite a few elements past our management together with oversupply
relative to the demand for our merchandise, climate and the value and availability
of different fuels;
•unsuccessful drilling efforts or continued pure fuel worth decreases
requiring write downs of our proved pure fuel properties, or adjustments in
assumptions impacting administration's estimates of future monetary outcomes as properly
as different assumptions corresponding to motion in our inventory worth, weighted-average value
of capital, terminal progress charges and business multiples, might trigger goodwill
and different intangible property we maintain to turn out to be impaired and lead to materials
non-cash fees to earnings;
•a lack of our aggressive place due to the aggressive nature of the
pure fuel business, consolidation inside the business or overcapacity within the
business adversely affecting our skill to promote our merchandise and midstream
providers;
•deterioration within the financial situations in any of the industries wherein our
clients function, a home or worldwide monetary downturn, or destructive
credit score market situations;
•hedging actions could forestall us from benefiting from worth will increase and should
expose us to different dangers;
•destructive public notion relating to our Firm or business might have an
opposed impact on our operations, monetary outcomes or inventory worth;
•occasions past our management, together with a world or home well being disaster;
•dependence on gathering, processing and transportation amenities and different
midstream amenities owned by others, and disruption of, capability constraints
in, or proximity to pipeline, and any lower in availability of pipelines or
different midstream amenities;
•uncertainties in estimating our economically recoverable pure fuel reserves
and inaccuracies in our estimates;
•the high-risk nature of drilling, growing and working pure fuel wells;
•our recognized drilling areas are scheduled out over a number of years, making
them inclined to uncertainties that might materially alter the prevalence or
timing of their improvement or drilling;
•the substantial capital expenditures required for our improvement and
exploration initiatives, in addition to midstream system improvement;
•decreases within the availability of, or will increase within the worth of, required
personnel, providers, tools, components and uncooked supplies in adequate portions
or at affordable prices to assist our operations;
•our skill to seek out ample water sources for our use in shale fuel drilling
and manufacturing operations, or our skill to get rid of, transport or recycle
water used or eliminated in reference to our fuel operations at an inexpensive value
and inside relevant environmental guidelines;
•failure to efficiently estimate the speed of decline of present reserves or to
discover or purchase economically recoverable pure fuel reserves to interchange our
present pure fuel reserves;
•losses incurred on account of title defects within the properties wherein we
make investments or the lack of sure leasehold or different rights associated to our midstream
actions;
•the affect of local weather change laws, litigation and potential, in addition to
any adopted, environmental laws, together with these regarding greenhouse
fuel emissions;
•environmental laws can improve prices and introduce uncertainty that
might adversely affect the marketplace for pure fuel with potential brief and
long-term liabilities;

                                       59
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•present and future authorities legal guidelines, laws and different authorized necessities
and judicial selections that govern our enterprise could improve our prices of doing
enterprise and should limit our operations;
•important prices and liabilities could also be incurred on account of pipeline
operations and associated improve within the regulation of pure fuel gathering
pipelines;
•adjustments in federal or state revenue tax legal guidelines or charges;
•the outcomes of varied authorized proceedings, together with these that are extra absolutely
described in our experiences filed beneath the Alternate Act;
•dangers related to our present long-term debt obligations;
•a lower in our borrowing base, which might lower for quite a lot of causes
together with decrease pure fuel costs, declines in pure fuel proved reserves,
asset gross sales and lending necessities or laws;
•dangers related to our Convertible Notes due Could 2026, together with the
potential affect that the Convertible Notes could have on our reported monetary
outcomes, potential dilution, our skill to lift funds to repurchase the
Convertible Notes, and that provisions of the Convertible Notes might delay or
forestall a helpful takeover of the Firm;
•the potential affect of the capped name transaction undertaken in tandem with
the Convertible Notes issuance, together with counterparty threat;
•challenges related to strategic determinations, together with the allocation
of capital and different sources to strategic alternatives;
•acquisitions and divestitures, we anticipate could not happen or produce
anticipated advantages;
•there is no such thing as a assure that we are going to proceed to repurchase shares of our frequent
inventory beneath our present or any future share repurchase program at ranges
undertaken beforehand or in any respect;
•we could function a portion of our enterprise with a number of three way partnership
companions or in circumstances the place we aren't the operator, which can limit
our operational and company flexibility and we could not understand the advantages we
count on to understand from a three way partnership;
•CONSOL Power could not be capable of fulfill its indemnification obligations within the
future and such indemnities might not be adequate to carry us innocent from the
full quantity of liabilities for which CONSOL Power could also be allotted
duty;
•cyber-incidents might have a cloth opposed impact on our enterprise, monetary
situation or outcomes of operations;
•our success is determined by key members of our administration and our skill to draw
and retain skilled technical and different skilled personnel;
•terrorist actions might materially adversely have an effect on our enterprise and outcomes
of operations; and
•sure different elements addressed on this report and in our 2020 Type 10-Ok beneath
"Danger Elements".

Though forward-looking statements mirror our good religion beliefs on the time
they're made, they contain identified and unknown dangers, uncertainties and different
elements. For extra data regarding elements that might trigger precise outcomes
to vary materially from these conveyed within the forward-looking statements,
together with, amongst others, that our enterprise plans could change as circumstances
warrant, please seek advice from the "Danger Elements" and "Ahead-Trying Statements"
sections of our Annual Report 2020 Type 10-Ok and subsequent Quarterly Experiences on
Type 10-Q. We undertake no obligation to publicly replace or revise any
forward-looking assertion, whether or not on account of new data, future
occasions, modified circumstances or in any other case, until required by regulation.


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