CNX Resources CorpCNX
CNX Resources Corp Segments Disclosure
SEGMENT INFORMATION:
The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments.
Operating segments are components of an enterprise for which discrete financial information is available and regularly evaluated by the Chief Operating Decision Maker (CODM) for resource allocation and performance assessment. The Company's CODM is its Chief Executive Officer. The Company’s segment structure reflects the financial information and reports used by the CODM to make decisions regarding the Company’s business, including resource allocations and performance assessments, as well as the current operating focus.
CNX's principal activity is to produce pipeline quality natural gas for sale primarily to gas wholesalers, and the Company has two reportable segments that conduct those operations: Shale and Coalbed Methane. The Other Segment includes nominal shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, exploration and production related other costs, sales of environmental attributes, as well as various other expenses that are managed outside the reportable segments as discussed below.
The CODM evaluates the performance of the Company’s reportable segments using Income (Loss) Before Income Tax to assess segment performance primarily by comparing it across segments for the current period as well as for prior periods. Income (Loss) Before Income Tax for each segment is based on revenue less identifiable operating and non-operating expenses. Certain expenses are managed outside the reportable segments and therefore are not allocated. These expenses include, but are not limited to, interest expense, other operating expense, and other corporate expenses such as selling, general and administrative costs.
Reportable segment results for the year ended December 31, 2025 are:
For the year ended December 31, 2025 | ||||||||||||||||||||||||||
| Shale | Coalbed Methane | Other | Consolidated | |||||||||||||||||||||||
| Natural Gas, NGLs and Oil Revenue | $ | 1,763,961 | $ | 148,017 | $ | 1,750 | $ | 1,913,728 | (A) | |||||||||||||||||
| (Loss) Gain on Commodity Derivative Instruments | (169,598) | (11,354) | 277,613 | 96,661 | ||||||||||||||||||||||
| Purchased Gas Revenue | — | — | 45,349 | 45,349 | ||||||||||||||||||||||
| Other Revenue and Operating Income | 69,169 | — | 114,227 | 183,396 | (B) | |||||||||||||||||||||
| Total Revenue and Other Operating Income | $ | 1,663,532 | $ | 136,663 | $ | 438,939 | $ | 2,239,134 | ||||||||||||||||||
| Lease Operating Expense | 73,302 | 24,043 | 71 | 97,416 | ||||||||||||||||||||||
| Transportation, Gathering and Compression | 317,424 | 63,869 | 1,811 | 383,104 | ||||||||||||||||||||||
| Production, Ad Valorem, and Other Fees | 24,749 | 6,412 | 39 | 31,200 | ||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 488,021 | 59,188 | 26,905 | 574,114 | ||||||||||||||||||||||
| Interest Expense | — | — | 170,592 | 170,592 | ||||||||||||||||||||||
| Other Segment Items | — | — | 179,767 | 179,767 | ||||||||||||||||||||||
| Total Costs and Expenses | $ | 903,496 | $ | 153,512 | $ | 379,185 | $ | 1,436,193 | ||||||||||||||||||
| Income (Loss) Before Income Tax | $ | 760,036 | $ | (16,849) | $ | 59,754 | $ | 802,941 | ||||||||||||||||||
(A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $223,210 to NRG Business Marketing LLC, $208,775 to DTE Energy Trading, Inc, and $205,993 to Citadel Energy Marketing LLC, each of which comprises over 10% of revenue from contracts with external customers for the period. | ||||||||||||||||||||||||||
(B) Includes midstream revenue of $69,169 and equity in loss of unconsolidated affiliates of $740 for Shale and Other, respectively. Other also includes sales of environmental attributes of $77,829. | ||||||||||||||||||||||||||
| Other Segment Disclosures | For the year ended December 31, 2025 | |||||||||||||||||||||||||
| Shale | Coalbed Methane | Other | Consolidated | |||||||||||||||||||||||
| Segment Assets | $ | 7,218,019 | $ | 909,304 | $ | 967,123 | $ | 9,094,446 | (C) | |||||||||||||||||
| Capital Expenditures | $ | 443,714 | $ | 44,628 | $ | 6,646 | $ | 494,988 | ||||||||||||||||||
(C) Includes investments in unconsolidated equity affiliates of $5,709. | ||||||||||||||||||||||||||
Reportable segment results for the year ended December 31, 2024 are:
For the year ended December 31, 2024 | ||||||||||||||||||||||||||
| Shale | Coalbed Methane | Other | Consolidated | |||||||||||||||||||||||
| Natural Gas, NGLs and Oil Revenue | $ | 1,080,044 | $ | 105,119 | $ | 914 | $ | 1,186,077 | (D) | |||||||||||||||||
| Gain (Loss) on Commodity Derivative Instruments | 260,395 | 20,675 | (453,475) | (172,405) | ||||||||||||||||||||||
| Purchased Gas Revenue | — | — | 59,467 | 59,467 | ||||||||||||||||||||||
| Other Revenue and Operating Income | 68,308 | — | 125,339 | 193,647 | (E) | |||||||||||||||||||||
| Total Revenue and Other Operating Income (Loss) | $ | 1,408,747 | $ | 125,794 | $ | (267,755) | $ | 1,266,786 | ||||||||||||||||||
| Lease Operating Expense | 48,079 | 21,997 | 570 | 70,646 | ||||||||||||||||||||||
| Transportation, Gathering and Compression | 316,167 | 64,620 | 1,433 | 382,220 | ||||||||||||||||||||||
| Production, Ad Valorem, and Other Fees | 22,036 | 5,459 | 59 | 27,554 | ||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 405,292 | 59,590 | 20,872 | 485,754 | ||||||||||||||||||||||
| Interest Expense | — | — | 150,594 | 150,594 | ||||||||||||||||||||||
| Other Segment Items | — | — | 270,380 | 270,380 | ||||||||||||||||||||||
| Total Costs and Expenses | $ | 791,574 | $ | 151,666 | $ | 443,908 | $ | 1,387,148 | ||||||||||||||||||
| Income (Loss) Before Income Tax | $ | 617,173 | $ | (25,872) | $ | (711,663) | $ | (120,362) | ||||||||||||||||||
(D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $134,909 to Citadel Energy Marketing LLC and $132,935 to NRG Business Marketing LLC, each of which comprises over 10% of revenue from contracts with external customers for the period. | ||||||||||||||||||||||||||
(E) Includes midstream revenue of $68,308 and equity in loss of unconsolidated affiliates of $1,314 for Shale and Other, respectively. Other also includes sales of environmental attributes of $95,490. | ||||||||||||||||||||||||||
For the year ended December 31, 2024 | ||||||||||||||||||||||||||
| Other Segment Disclosures | Shale | Coalbed Methane | Other | Consolidated | ||||||||||||||||||||||
| Segment Assets | $ | 6,669,076 | $ | 920,742 | $ | 922,085 | $ | 8,511,903 | (F) | |||||||||||||||||
| Capital Expenditures | $ | 495,538 | $ | 29,329 | $ | 15,465 | $ | 540,332 | ||||||||||||||||||
(F) Includes investments in unconsolidated equity affiliates of $18,380. | ||||||||||||||||||||||||||
Reportable segment results for the year ended December 31, 2023 are:
For the year ended December 31, 2023 | ||||||||||||||||||||||||||
| Shale | Coalbed Methane | Other | Consolidated | |||||||||||||||||||||||
| Natural Gas, NGLs and Oil Revenue | $ | 1,170,393 | $ | 130,763 | $ | 1,062 | $ | 1,302,218 | (G) | |||||||||||||||||
| Gain on Commodity Derivative Instruments | 151,408 | 11,554 | 1,765,690 | 1,928,652 | ||||||||||||||||||||||
| Purchased Gas Revenue | — | — | 74,218 | 74,218 | ||||||||||||||||||||||
| Other Revenue and Operating Income | 66,559 | — | 63,301 | 129,860 | (H) | |||||||||||||||||||||
| Total Revenue and Other Operating Income | $ | 1,388,360 | $ | 142,317 | $ | 1,904,271 | $ | 3,434,948 | ||||||||||||||||||
| Lease Operating Expense | 43,740 | 19,942 | (349) | 63,333 | ||||||||||||||||||||||
| Transportation, Gathering and Compression | 315,653 | 65,470 | 811 | 381,934 | ||||||||||||||||||||||
| Production, Ad Valorem, and Other Fees | 21,636 | 6,244 | 66 | 27,946 | ||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 365,020 | 50,052 | 18,514 | 433,586 | ||||||||||||||||||||||
| Interest Expense | — | — | 143,278 | 143,278 | ||||||||||||||||||||||
| Other Segment Items | — | — | 161,946 | 161,946 | ||||||||||||||||||||||
| Total Costs and Expenses | $ | 746,049 | $ | 141,708 | $ | 324,266 | $ | 1,212,023 | ||||||||||||||||||
| Income Before Income Tax | $ | 642,311 | $ | 609 | $ | 1,580,005 | $ | 2,222,925 | ||||||||||||||||||
(G) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $180,039 to Citadel Energy Marketing LLC and $165,465 to NRG Business Marketing LLC, each of which comprises over 10% of revenue from contracts with external customers for the period. | ||||||||||||||||||||||||||
(H) Includes midstream revenue of $66,559 and equity in earnings of unconsolidated affiliates of $2,942 for Shale and Other, respectively. Other also includes sales of environmental attributes of $40,685. | ||||||||||||||||||||||||||
For the year ended December 31, 2023 | ||||||||||||||||||||||||||
| Other Segment Disclosures | Shale | Coalbed Methane | Other | Consolidated | ||||||||||||||||||||||
| Segment Assets | $ | 6,656,655 | $ | 948,795 | $ | 1,021,207 | $ | 8,626,657 | (I) | |||||||||||||||||
| Capital Expenditures | $ | 629,631 | $ | 36,804 | $ | 12,969 | $ | 679,404 | ||||||||||||||||||
(I) Includes investments in unconsolidated equity affiliates of $13,682. | ||||||||||||||||||||||||||
Reconciliation of Segment Information to Consolidated Amounts:
Revenue and Other Operating Income:
| For the Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Total Segment Revenue from Contracts with External Customers | $ | 2,028,246 | $ | 1,313,852 | $ | 1,442,995 | ||||||||||||||
| Gain (Loss) on Commodity Derivative Instruments | 96,661 | (172,405) | 1,928,652 | |||||||||||||||||
| Other Operating Income | 114,227 | 125,339 | 63,301 | |||||||||||||||||
Total Consolidated Revenue and Other Operating Income | $ | 2,239,134 | $ | 1,266,786 | $ | 3,434,948 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 11, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.