10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 __________________________________________________

FORM 10-Q

  __________________________________________________ 

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2019

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 001-14901

  __________________________________________________

CNX Resources Corporation

(Exact name of registrant as specified in its charter)

Delaware	51-0337383
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

CNX Center

1000 CONSOL Energy Drive Suite 400

Canonsburg, PA 15317-6506

(724) 485-4000

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock ($.01 par value)	CNX	New York Stock Exchange
Preferred Share Purchase Rights	--	New York Stock Exchange

 __________________________________________________ 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒    No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ☒    Accelerated filer ☐ Non-accelerated filer ☐ Smaller Reporting Company ☐

Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐    No  ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Shares outstanding as of October 15, 2019
Common stock, $0.01 par value	186,586,751

TABLE OF CONTENTS
		Page
PART I FINANCIAL INFORMATION
ITEM 1.	Unaudited Condensed Consolidated Financial Statements
	Consolidated Statements of Income for the three and nine months ended September 30, 2019 and 2018	4
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018	5
	Consolidated Balance Sheets at September 30, 2019 and December 31, 2018	6
	Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2019 and 2018	8
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018	9
	Notes to Unaudited Consolidated Financial Statements	10
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	62
ITEM 4.	Controls and Procedures	63
PART II OTHER INFORMATION
ITEM 1.	Legal Proceedings	64
ITEM 1A.	Risk Factors	64
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64
ITEM 6.	Exhibits	65

GLOSSARY OF CERTAIN OIL AND GAS MEASUREMENT TERMS

The following are abbreviations of certain measurement terms commonly used in the oil and gas industry and included within this Form 10-Q:

Bbl - One stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to oil or other liquid hydrocarbons.

Bcf - One billion cubic feet of natural gas.

Bcfe - One billion cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas.

Btu - One British Thermal Unit.

BBtu - One billion British Thermal Units.

Mbbls - One thousand barrels of oil or other liquid hydrocarbons.

Mcf - One thousand cubic feet of natural gas.

Mcfe - One thousand cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas.

MMbtu - One million British Thermal Units.

MMcfe - One million cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas.

Tcfe - One trillion cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas.

NGL - Natural gas liquids - those hydrocarbons in natural gas that are separated from the gas as liquids through the process.

net - “net” natural gas or “net” acres are determined by adding the fractional ownership working interests the Company has in gross wells or acres.

TIL - turn-in-line; a well turned to sales.

blending - process of mixing dry and damp gas in order to meet downstream pipeline specifications.

proved reserves - quantities of oil, natural gas, and NGLs which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.

proved developed reserves (PDPs) - proved reserves which can be expected to be recovered through existing wells with existing equipment and operating methods.

proved undeveloped reserves (PUDs) - proved reserves that can be estimated with reasonable certainty to be recovered from new wells on undrilled proved acreage or from existing wells where a relatively major expenditure is required for completion.

reservoir - a porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.

development well - a well drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic horizon known to be productive.

exploratory well - a well drilled to find a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. Generally, an exploratory well is any well that is not a development well, an extension well, a service well or a stratigraphic test well.

gob well - a well drilled or vent hole converted to a well which produces or is capable of producing coalbed methane or other natural gas from a distressed zone created above and below a mined-out coal seam by any prior full seam extraction of the coal.

service well - a well drilled or completed for the purpose of supporting production in an existing field. Specific purposes of service wells include, among other things, gas injection, water injection and salt-water disposal.

play - a proven geological formation that contains commercial amounts of hydrocarbons.

royalty interest - the land owner’s share of oil or gas production, historically 1/8.

throughput - the volume of natural gas transported or passing through a pipeline, plant, terminal, or other facility during a particular period. 

working interest - an interest that gives the owner the right to drill, produce and conduct operating activities on a property and receive a share of any production.

wet gas - natural gas that contains significant heavy hydrocarbons, such as propane, butane and other liquid hydrocarbons.

PART I : FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CNX RESOURCES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)	Three Months Ended						Nine Months Ended
(Unaudited)	September 30,						September 30,
Revenues and Other Operating Income:	2019			2018			2019			2018
Natural Gas, NGLs and Oil Revenue	$	265,051		$	344,712		$	1,043,862		$	1,084,851
Gain on Commodity Derivative Instruments	213,913			18,005			240,118			78,752
Purchased Gas Revenue	29,192			10,560			64,181			38,546
Midstream Revenue	18,525			19,946			55,863			69,684
Other Operating Income	3,316			3,903			9,436			23,146
Total Revenue and Other Operating Income	529,997			397,126			1,413,460			1,294,979
Costs and Expenses:
Operating Expense
Lease Operating Expense	14,202			16,202			52,706			78,350
Transportation, Gathering and Compression	80,193			68,907			244,217			230,935
Production, Ad Valorem, and Other Fees	6,127			7,342			20,103			24,277
Depreciation, Depletion and Amortization	120,459			119,585			374,619			363,338
Exploration and Production Related Other Costs	6,075			3,321			14,900			9,401
Purchased Gas Costs	27,490			10,602			62,476			37,404
Impairment of Other Intangible Assets	—			—			—			18,650
Selling, General, and Administrative Costs	24,307			32,435			109,016			98,693
Other Operating Expense	19,746			17,405			61,197			51,238
Total Operating Expense	298,599			275,799			939,234			912,286
Other Expense (Income)
Other Expense (Income)	3,439			1,105			2,757			(4,812		)
Gain on Asset Sales and Abandonments	(3,308		)	(134,320		)	(610		)	(148,942		)
Gain on Previously Held Equity Interest	—			—			—			(623,663		)
Loss on Debt Extinguishment	—			15,385			7,614			54,433
Interest Expense	38,405			35,723			114,328			112,712
Total Other Expense (Income)	38,536			(82,107		)	124,089			(610,272		)
Total Costs and Expenses	337,135			193,692			1,063,323			302,014
Earnings Before Income Tax	192,862			203,434			350,137			992,965
Income Tax Expense	48,902			56,678			78,133			239,269
Net Income	143,960			146,756			272,004			753,696
Less: Net Income Attributable to Noncontrolling Interest	28,422			21,727			81,325			59,090
Net Income Attributable to CNX Resources Shareholders	$	115,538		$	125,029		$	190,679		$	694,606
Earnings per Share
Basic	$	0.62		$	0.59		$	1.01		$	3.22
Diluted	$	0.61		$	0.59		$	1.01		$	3.18
Dividends Declared	$	—		$	—		$	—		$	—

The accompanying notes are an integral part of these financial statements.

4

CNX RESOURCES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30,				September 30,
(Unaudited)	2019		2018		2019		2018
Net Income	$	143,960	$	146,756	$	272,004	$	753,696
Other Comprehensive Income:
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($15), ($13), ($44), ($794))	41		22		126		2,004
Comprehensive Income	144,001		146,778		272,130		755,700
Less: Comprehensive Income Attributable to Noncontrolling Interest	28,422		21,727		81,325		59,090
Comprehensive Income Attributable to CNX Resources Shareholders	$	115,579	$	125,051	$	190,805	$	696,610

The accompanying notes are an integral part of these financial statements.

5

CNX RESOURCES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

	(Unaudited)
(Dollars in thousands)	September 30, 2019		December 31, 2018
ASSETS
Current Assets:
Cash and Cash Equivalents	$	5,484	$	17,198
Accounts and Notes Receivable:
Trade	96,997		252,424
Other Receivables	11,462		11,077
Supplies Inventories	7,527		9,715
Recoverable Income Taxes	11,184		149,481
Prepaid Expenses	213,072		61,791
Total Current Assets	345,726		501,686
Property, Plant and Equipment:
Property, Plant and Equipment	10,512,298		9,567,428
Less—Accumulated Depreciation, Depletion and Amortization	2,981,723		2,624,984
Total Property, Plant and Equipment—Net	7,530,575		6,942,444
Other Assets:
Operating Lease Right-of-Use Assets	205,647		—
Investment in Affiliates	17,110		18,663
Goodwill	796,359		796,359
Other Intangible Assets	98,285		103,200
Other	292,556		229,818
Total Other Assets	1,409,957		1,148,040
TOTAL ASSETS	$	9,286,258	$	8,592,170

The accompanying notes are an integral part of these financial statements.

6

CNX RESOURCES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	(Unaudited)
(Dollars in thousands, except per share data)	September 30, 2019			December 31, 2018
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	308,003		$	229,806
Current Portion of Finance Lease Obligations	7,203			6,997
Current Portion of Operating Lease Obligations	65,061			—
Other Accrued Liabilities	241,357			286,172
Total Current Liabilities	621,624			522,975
Non-Current Liabilities:
Long-Term Debt	2,640,234			2,378,205
Finance Lease Obligations	9,400			13,299
Deferred Income Taxes	476,968			398,682
Operating Lease Obligations	122,514			—
Asset Retirement Obligations	33,123			37,479
Other	160,577			159,787
Total Non-Current Liabilities	3,442,816			2,987,452
TOTAL LIABILITIES	4,064,440			3,510,427
Stockholders’ Equity:
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 186,586,751 Issued and Outstanding at September 30, 2019; 198,663,342 Issued and Outstanding at December 31, 2018	1,870			1,990
Capital in Excess of Par Value	2,197,783			2,264,063
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding	—			—
Retained Earnings	2,243,104			2,071,809
Accumulated Other Comprehensive Loss	(7,778		)	(7,904		)
Total CNX Resources Stockholders’ Equity	4,434,979			4,329,958
Noncontrolling Interest	786,839			751,785
TOTAL STOCKHOLDERS' EQUITY	5,221,818			5,081,743
TOTAL LIABILITIES AND EQUITY	$	9,286,258		$	8,592,170

The accompanying notes are an integral part of these financial statements.

7

CNX RESOURCES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

	Three Months Ended						Nine Months Ended
(Unaudited)	September 30,						September 30,
Dollars in Thousands	2019			2018			2019			2018
Total Stockholders’ Equity, Beginning Balance	$	5,099,995		$	5,038,923		$	5,081,743		$	3,899,899
Common Stock and Capital in Excess of Par Value:
Beginning Balance	2,205,848			2,374,788			2,266,053			2,452,564
Issuance of Common Stock	49			126			211			1,689
Purchase and Retirement of Common Stock	(7,697		)	(66,503		)	(101,687		)	(155,191		)
Amortization of Stock-Based Compensation Awards	1,453			4,737			35,076			14,086
Ending Balance	2,199,653			2,313,148			2,199,653			2,313,148
Retained Earnings:
Beginning Balance	2,127,627			1,940,507			2,071,809			1,455,811
Net Income	115,538			125,029			190,679			694,606
Purchase and Retirement of Common Stock	—			(61,512		)	(13,790		)	(141,543		)
Shares Withheld for Taxes	(61		)	(136		)	(5,594		)	(4,986		)
Ending Balance	2,243,104			2,003,888			2,243,104			2,003,888
Accumulated Other Comprehensive Loss:
Beginning Balance	(7,819		)	(6,494		)	(7,904		)	(8,476		)
Other Comprehensive Income	41			22			126			2,004
Ending Balance	(7,778		)	(6,472		)	(7,778		)	(6,472		)
Total CNX Resources Corporation Stockholders' Equity	4,434,979			4,310,564			4,434,979			4,310,564
Non-Controlling Interest:
Beginning Balance	774,339			730,122			751,785			—
Net Income	28,422			21,727			81,325			59,090
Shares Withheld for Taxes	—			(1		)	(690		)	(348		)
Amortization of Stock-Based Compensation Awards	328			506			1,481			1,775
Distributions to CNXM Noncontrolling Interest Holders	(16,250		)	(14,099		)	(47,062		)	(40,839		)
Acquisition of CNX Gathering, LLC	—			—			—			718,577
Ending Balance	786,839			738,255			786,839			738,255
Total Stockholders' Equity, Ending Balance	$	5,221,818		$	5,048,819		$	5,221,818		$	5,048,819

The accompanying notes are an integral part of these financial statements.

8

CNX RESOURCES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)	Nine Months Ended
Dollars in Thousands	September 30,
Cash Flows from Operating Activities:	2019			2018
Net Income	$	272,004		$	753,696
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	374,619			363,338
Amortization of Deferred Financing Costs	6,057			6,640
Impairment of Other Intangible Assets	—			18,650
Stock-Based Compensation	36,557			15,861
Gain on Asset Sales and Abandonments	(610		)	(148,942		)
Gain on Previously Held Equity Interest	—			(623,663		)
Loss on Debt Extinguishment	7,614			54,433
Gain on Commodity Derivative Instruments	(240,118		)	(78,752		)
Net Cash Received in Settlement of Commodity Derivative Instruments	26,331			2,518
Deferred Income Taxes	78,133			259,116
Equity in Earnings of Affiliates	(1,703		)	(4,688		)
Return on Equity Investment	3,256			—
Changes in Operating Assets:
Accounts and Notes Receivable	154,715			50,125
Recoverable Income Taxes	138,406			(8,501		)
Supplies Inventories	2,188			1,016
Prepaid Expenses	5,725			(337		)
Changes in Operating Liabilities:
Accounts Payable	55,280			2,532
Accrued Interest	2,359			5,812
Other Operating Liabilities	(31,689		)	30,418
Changes in Other Liabilities	(23,041		)	(9,736		)
Other	9			683
Net Cash Provided by Operating Activities	866,092			690,219
Cash Flows from Investing Activities:
Capital Expenditures	(964,502		)	(794,124		)
CNX Gathering LLC Acquisition, Net of Cash Acquired	—			(299,272		)
Proceeds from Asset Sales	15,276			500,811
Net Distributions from Equity Affiliates	—			7,750
Net Cash Used in Investing Activities	(949,226		)	(584,835		)
Cash Flows from Financing Activities:
Payments on Miscellaneous Borrowings	(5,322		)	(5,455		)
Payments on Long-Term Notes	(405,876		)	(935,419		)
Net Proceeds from (Payments on) CNXM Revolving Credit Facility	162,000			(105,500		)
Proceeds from CNX Revolving Credit Facility	1,200			439,000
Proceeds from Issuance of CNX Senior Notes	500,000			—
Proceeds from Issuance of CNXM Senior Notes	—			394,000
Distributions to CNXM Noncontrolling Interest Holders	(47,062		)	(40,839		)
Proceeds from Issuance of Common Stock	210			1,689
Shares Withheld for Taxes	(6,284		)	(5,335		)
Purchases of Common Stock	(117,477		)	(294,365		)
Debt Repurchase and Financing Fees	(9,969		)	(19,655		)
Net Cash Provided by (Used in) Financing Activities	71,420			(571,879		)
Net Decrease in Cash and Cash Equivalents	(11,714		)	(466,495		)
Cash and Cash Equivalents at Beginning of Period	17,198			509,167
Cash and Cash Equivalents at End of Period	$	5,484		$	42,672

The accompanying notes are an integral part of these financial statements.

9

CNX RESOURCES CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per share data)

NOTE 1—BASIS OF PRESENTATION:

The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for future periods.

The Consolidated Balance Sheet at December 31, 2018 has been derived from the Audited Consolidated Financial Statements at that date but does not include all the notes required by generally accepted accounting principles for complete financial statements. For further information, refer to the Consolidated Financial Statements and related notes for the year ended December 31, 2018 included in CNX Resources Corporation's ("CNX," "CNX Resources," the "Company," "we," "us," or "our") Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on February 7, 2019.

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

The Consolidated Balance Sheet at September 30, 2019 reflects the full consolidation of CNX Gathering LLC's assets and liabilities as a result of the acquisition by CNX Gas Company LLC ("CNX Gas"), an indirect wholly owned subsidiary of CNX, of NBL Midstream, LLC's ("Noble") 50% interest in CNX Gathering LLC on January 3, 2018 (See Note 5 - Acquisitions and Dispositions for more information).

NOTE 2—EARNINGS PER SHARE:

Basic earnings per share is computed by dividing net income attributable to CNX shareholders by the weighted average shares outstanding during the reporting period. Diluted earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from stock options, performance stock options, restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and performance share options were exercised, that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. CNX Midstream Partners LP's ("CNXM") dilutive units did not have a material impact on the Company's earnings per share calculations for the three or nine months ended September 30, 2019, the three months ended September 30, 2018, or the period from January 3, 2018 through September 30, 2018.

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be antidilutive:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2019	2018	2019	2018
Anti-dilutive Options	2,035,273	2,288,274	2,035,273	2,288,274
Anti-dilutive Restricted Stock Units	814,183	—	813,266	55,936
Anti-dilutive Performance Share Units	—	157,120	—	157,120
Anti-dilutive Performance Stock Options	927,268	927,268	927,268	927,268
	3,776,724	3,372,662	3,775,807	3,428,598

10

The table below sets forth the share-based awards that have been exercised or released:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2019	2018	2019	2018
Options	6,953	18,546	27,794	245,847
Restricted Stock Units	28,769	184,176	1,002,003	362,573
Performance Share Units	—	192,926	342,882	550,523
	35,722	395,648	1,372,679	1,158,943

Pursuant to the terms of the change in control severance agreements of certain employees and CNX officers, outstanding equity awards held by such employees vest upon a stockholder (or stockholder group) becoming the beneficial owner of more than 25% of the Company's outstanding common stock. During the nine months ended September 30, 2019, Southeastern Asset Management, Inc. and its affiliates ("SEAM") acquired shares of CNX's common stock in the open market which resulted in SEAM's aggregate share ownership exceeding more than 25% of CNX's common stock outstanding. This transaction, as such, constituted a change in control event under the severance agreements, resulting in the accelerated vesting of 473,126 restricted stock units and 903,100 performance share units held by the aforementioned employees that were issued prior to 2019. Those affected employees and officers each consented to waive the change in control vesting provision included in the change in control severance agreements with respect to their 2019 restricted stock unit and performance share unit awards. The accelerated vesting resulted in $19,654 of additional long-term equity-based compensation expense for the nine months ended September 30, 2019, and is included in Selling, General, and Administrative Costs in the Consolidated Statements of Income. The performance share unit awards that vested continue to be subject to the attainment of performance goals as determined by the Compensation Committee of CNX's Board of Directors after the end of the applicable performance period.

The computations for basic and diluted earnings per share are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Net Income	$	143,960	$	146,756	$	272,004	$	753,696
Less: Net Income Attributable to Non-Controlling Interest	28,422		21,727		81,325		59,090
Net Income Attributable to CNX Resources Shareholders	$	115,538	$	125,029	$	190,679	$	694,606
Weighted-average Shares of Common Stock Outstanding	187,448,749		210,238,509		188,012,044		216,010,561
Effect of Diluted Shares	982,210		2,469,573		1,548,899		2,288,301
Weighted-average Diluted Shares of Common Stock Outstanding	188,430,959		212,708,082		189,560,943		218,298,862
Earnings per Share:
Basic	$	0.62	$	0.59	$	1.01	$	3.22
Diluted	$	0.61	$	0.59	$	1.01	$	3.18

11

NOTE 3—CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS:

Changes in Accumulated Other Comprehensive Loss related to pension obligations, net of tax, were as follows:

	Amount
Balance at December 31, 2018	$	(7,904	)
Amounts Reclassified from Accumulated Other Comprehensive Loss, net of tax	126
Balance at September 30, 2019	$	(7,778	)

The following table shows the reclassification of adjustments out of Accumulated Other Comprehensive Loss:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Actuarially Determined Long-Term Liability Adjustments
Amortization of Prior Service Costs	$	(4	)	$	(6	)	$	(13	)	$	(186	)
Recognized Net Actuarial Loss	60			41			183			749
Total	56			35			170			563
Less: Tax Benefit	15			13			44			202
Net of Tax	$	41		$	22		$	126		$	361

NOTE 4—REVENUE FROM CONTRACTS WITH CUSTOMERS:

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company has elected to exclude all taxes from the measurement of transaction price.

For natural gas, NGLs and oil, and purchased gas revenue, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company’s efforts to satisfy the performance obligations. A portion of the contracts contain fixed consideration (i.e. fixed price contracts or contracts with a fixed differential to NYMEX or index prices). The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Revenue associated with natural gas, NGLs and oil as presented on the accompanying Consolidated Statements of Income represent the Company’s share of revenues net of royalties and excluding revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty owners or working interest owners, the Company is acting as an agent and thus reports the revenue on a net basis.

Midstream revenue consists of revenues generated from natural gas gathering activities. The gas gathering services are interruptible in nature and include charges for the volume of gas actually gathered and do not guarantee access to the system. Volumetric based fees are based on actual volumes gathered. The Company generally considers the interruptible gathering of each unit (MMBtu) of natural gas as a separate performance obligation. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are gathered.

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Disaggregation of Revenue

The following table is a disaggregation of revenue by major source:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Revenue from Contracts with Customers
Natural Gas Revenue	$	245,815	$	293,864	$	966,574	$	930,505
NGLs Revenue	18,305		46,663		72,095		137,104
Condensate Revenue	839		3,426		4,846		14,925
Oil Revenue	92		759		347		2,317
Total Natural Gas, NGLs and Oil Revenue	265,051		344,712		1,043,862		1,084,851
Purchased Gas Revenue	29,192		10,560		64,181		38,546
Midstream Revenue	18,525		19,946		55,863		69,684
Other Sources of Revenue and Other Operating Income
Gain on Commodity Derivative Instruments	213,913		18,005		240,118		78,752
Other Operating Income	3,316		3,903		9,436		23,146
Total Revenue and Other Operating Income	$	529,997	$	397,126	$	1,413,460	$	1,294,979

The disaggregated revenue corresponds with the Company’s segment reporting found in Note 17 - Segment Information.

Contract Balances

CNX invoices its customers once a performance obligation has been satisfied, at which point payment is unconditional. Accordingly, CNX's contracts with customers do not give rise to contract assets or liabilities under Accounting Standards Codification (ASC) 606. The Company has no contract assets recognized from the costs to obtain or fulfill a contract with a customer. The opening and closing balances of the Company’s receivables related to contracts with customers were $252,424 and $96,997, respectively, as of September 30, 2019.

Transaction Price Allocated to Remaining Performance Obligations

ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied. However, the guidance provides certain practical expedients that limit this requirement, including when variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a series.

A significant portion of CNX's natural gas, NGLs and oil and purchased gas revenue is short-term in nature with a contract term of one year or less. For those contracts, CNX has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

For revenue associated with contract terms greater than one year, a significant portion of the consideration in those contracts is variable in nature and the Company allocates the variable consideration in its contract entirely to each specific performance obligation to which it relates. Therefore, any remaining variable consideration in the transaction price is allocated entirely to wholly unsatisfied performance obligations. As such, the Company has not disclosed the value of unsatisfied performance obligations pursuant to the practical expedient.

For revenue associated with contract terms greater than one year with a fixed price component, the aggregate amount of the transaction price allocated to remaining performance obligations was $155,567 as of September 30, 2019. The Company expects to recognize net revenue of $43,538 in the next 12 months and $47,076 over the following 12 months, with the remainder recognized thereafter.

For revenue associated with our midstream contracts, which also have terms greater than one year, the interruptible gathering of each unit of natural gas represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.

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Prior-Period Performance Obligations

CNX records revenue in the month production is delivered to the purchaser. However, settlement statements for certain natural gas and NGL revenue may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. CNX records the differences between the estimate and the actual amount received in the month that payment is received from the purchaser. The Company has existing internal controls for its revenue estimation process and the related accruals, and any identified differences between its revenue estimates and the actual revenue received historically have not been significant. For the three and nine months ended September 30, 2019 and 2018, revenue recognized in the current reporting period related to performance obligations satisfied in a prior reporting period was not material.

NOTE 5—ACQUISITIONS AND DISPOSITIONS:

On August 31, 2018, CNX closed on the sale of substantially all of its Ohio Utica Joint Venture Assets in the wet gas Utica Shale areas of Belmont, Guernsey, Harrison, and Noble Counties, which included approximately 26,000 net undeveloped acres. The net cash proceeds of $381,214 are included in Proceeds from Asset Sales in the Consolidated Statements of Cash Flows and the net gain on the transaction of $130,849 is included in the Gain on Asset Sales and Abandonments in the Consolidated Statements of Income.

On May 2, 2018, CNX closed on an Asset Exchange Agreement (the “AEA”) with HG Energy II Appalachia, LLC (“HG Energy”), pursuant to which, among other things, HG Energy (i) paid to CNX approximately $7,000 and (ii) assigned to CNX certain undeveloped Marcellus and Utica acreage in Southwest Pennsylvania, in exchange for CNX (x) assigning its interest in certain non-core midstream assets and surface acreage to HG Energy and (y) releasing certain HG Energy oil and gas acreage from dedication under a gathering agreement that is partially held, indirectly, by CNX. In connection with the transaction, CNX also agreed to certain transactions with CNXM, including the amendment of the existing gas gathering agreement between CNX and CNXM to increase the existing well commitment by an additional forty wells. The net gain on the sale was $286 and is included in the Gain on Asset Sales and Abandonments line of the Consolidated Statements of Income.

As a result of the AEA, CNX determined that the carrying value of a portion of the customer relationship intangible assets that were acquired in connection with the Midstream Acquisition discussed below (see also Note 8 - Goodwill and Other Intangible Assets) exceeded their fair value, and recognized an impairment of approximately $18,650 which is included in the Impairment of Other Intangible Assets line of the Consolidated Statements of Income.

On March 30, 2018, CNX Gas completed the sale of substantially all of its shallow oil and gas assets and certain Coalbed Methane (CBM) assets in Pennsylvania and West Virginia for $89,296 in cash consideration. In connection with the sale, the buyer assumed approximately $196,514 of asset retirement obligations. The net gain on the sale was $4,432 and is included in Gain on Asset Sales and Abandonments in the Consolidated Statements of Income for the nine months ended September 30, 2018.

On December 14, 2017, CNX Gas entered into a purchase agreement with Noble, pursuant to which CNX Gas acquired Noble’s 50% membership interest in CONE Gathering LLC ("CNX Gathering"), for a cash purchase price of $305,000 and the mutual release of all outstanding claims (the "Midstream Acquisition"). CNX Gathering owns a 100% membership interest in CONE Midstream GP LLC (the "general partner"), which is the general partner of CONE Midstream Partners LP ("CNXM" or the "Partnership"), which is a publicly traded master limited partnership formed in May 2014 by CNX Gas and Noble. In conjunction with the Midstream Acquisition, which closed on January 3, 2018, the general partner, the Partnership and CONE Gathering LLC changed their names to CNX Midstream GP LLC, CNX Midstream Partners LP, and CNX Gathering LLC, respectively.

Prior to the Midstream Acquisition, the Company accounted for its 50% interest in CNX Gathering as an equity method investment as the Company had the ability to exercise significant influence, but not control, over the operating and financial policies of the midstream operations. In conjunction with the Midstream Acquisition, the Company obtained a controlling interest in CNX Gathering and, through CNX Gathering's ownership of the general partner, control over the Partnership. Accordingly, the Midstream Acquisition has been accounted for as a business combination using the acquisition method of accounting pursuant to ASC Topic 805, Business Combinations, or ASC 805. ASC 805 requires that, in circumstances where a business combination is achieved in stages (or step acquisition), previously held equity interests are remeasured at fair value and any difference between the fair value and the carrying value of the equity interest held be recognized as a gain or loss on the statement of income.

The fair value assigned to the previously held equity interest in CNX Gathering and CNXM for purposes of calculating the gain or loss was $799,033 and was determined using the income approach, based on a discounted cash flow methodology. The

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resulting gain on remeasurement to fair value of the previously held equity interest in CNX Gathering and CNXM of $623,663 is included in Gain on Previously Held Equity Interest in the Consolidated Statements of Income.

The fair value of the previously held equity interests was based on inputs that are not observable in the market and therefore represent Level 3 inputs (See Note 15 - Fair Value of Financial Instruments). The fair value was measured using valuation techniques that convert future cash flows into a single discounted amount. Significant inputs to the valuation included estimates of: (i) gathering volumes; (ii) future operating costs; and (iii) a market-based weighted average cost of capital. These inputs required significant judgments and estimates by management.

The fair value of midstream facilities and equipment, generally consisting of pipeline systems and compression stations, were estimated using the cost approach. Significant unobservable inputs in the valuation include management's assumptions about the replacement costs for similar assets, the relative age of the acquired assets and any potential economic or functional obsolescence associated with the acquired assets. As a result, the fair value estimates of the midstream facilities and equipment represents a Level 3 fair value measurement.

As part of the purchase price allocation, the Company identified intangible assets for customer relationships with third-party customers. The fair value of the identified intangible assets was determined using the income approach, which requires a forecast of the expected future cash flows generated and an estimated market-based weighted average cost of capital. Significant unobservable inputs in the valuation include future revenue estimates, future cost assumptions, and estimated customer retention rates. As a result, the fair value estimate of the identified intangible assets represents a Level 3 fair value measurement.

The noncontrolling interest in the acquired business is comprised of the limited partner units in CNXM, which were not acquired by the Company. The CNXM limited partner units are actively traded on the New York Stock Exchange and were valued based on observable market prices as of the transaction date and therefore represent a Level 1 fair value measurement.

Allocation of Purchase Price (Midstream Acquisition)

The following table summarizes the purchase price and the amounts of identified assets acquired and liabilities assumed based on the fair value as of January 3, 2018, with any excess of the purchase price over the fair value of the identified net assets acquired recorded as goodwill. The purchase price allocation was finalized as of December 31, 2018.

Fair Value of Consideration Transferred:

	Amount
Cash Consideration	$	305,000
CNX Gathering Cash on Hand at January 3, 2018 Distributed to Noble	2,620
Fair Value of Previously Held Equity Interest	799,033
Total Estimated Fair Value of Consideration Transferred	$	1,106,653

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The following is a summary of the fair values of the net assets acquired:

Fair Value of Assets Acquired:	Amount
Cash and Cash Equivalents	$	8,348
Accounts and Notes Receivable	21,199
Prepaid Expense	2,006
Other Current Assets	163
Property, Plant and Equipment, Net	1,043,340
Intangible Assets	128,781
Other	593
Total Assets Acquired	1,204,430
Fair Value of Liabilities Assumed:
Accounts Payable	26,059
CNXM Revolving Credit Facility	149,500
Total Liabilities Assumed	175,559
Total Identifiable Net Assets	1,028,871
Fair Value of Noncontrolling Interest in CNXM	(718,577		)
Goodwill	796,359
Net Assets Acquired	$	1,106,653

Post-Acquisition Operating Results (Midstream Acquisition)

The Midstream Acquisition contributed the following to the Company's Midstream segment:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Midstream Revenue	$	74,261	$	61,372	$	225,280	$	186,875
Earnings Before Income Tax	$	41,741	$	31,173	$	118,739	$	94,502

NOTE 6—INCOME TAXES:

The effective tax rates for the three and nine months ended September 30, 2019 were 25.4% and 22.3%, respectively. The effective tax rate for the nine months ended September 30, 2019 differs from the U.S. federal statutory rate of 21% primarily due to the impact of noncontrolling interest, equity compensation and state income taxes.

The effective tax rates for the three and nine months ended September 30, 2018 were 27.9% and 24.1%, respectively. The effective rate for the nine months ended September 30, 2018 differs from the U.S. federal statutory rate of 21% primarily due to increases for both state income taxes and state valuation allowances, offset by the benefit derived from the filing of a Federal 10-year net operating loss (“NOL”) carryback as well as non-controlling interest.

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act") which, among other things, lowered the U.S. Federal corporate income tax rate from 35% to 21%, repealed the corporate alternative minimum tax ("AMT"), and provided for a refund of previously accrued corporate AMT credits. As of December 31, 2018, the Company reclassified $102,482 from Deferred Income Taxes to Recoverable Income Taxes in the Consolidated Balance Sheets in anticipation of the AMT refund that is also included in the Recoverable Income Taxes line of the Consolidated Statements of Cash Flows in the nine months ended September 30, 2019.

The total amount of uncertain tax positions at each of September 30, 2019 and December 31, 2018 was $31,516. If these uncertain tax positions were recognized, approximately $31,516 would affect CNX's effective tax rate. There were no changes in unrecognized tax benefits during the three and nine months ended September 30, 2019.

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CNX recognizes accrued interest related to uncertain tax positions in interest expense. As of September 30, 2019 and December 31, 2018, CNX had no accrued liabilities for interest related to uncertain tax positions.

CNX recognizes penalties accrued related to uncertain tax positions in its income tax expense. As of September 30, 2019 and December 31, 2018, CNX had no accrued liabilities for tax penalties related to uncertain tax positions.

CNX and its subsidiaries file federal income tax returns with the United States and tax returns within various state jurisdictions. With few exceptions, the Company is no longer subject to United States federal, state, local, or non-U.S. income tax examinations by tax authorities for the years before 2016. The Company expects the Internal Revenue Service to conclude its audit of tax years 2016 through 2017 in the second quarter of 2020.

NOTE 7—PROPERTY, PLANT AND EQUIPMENT:

	September 30, 2019		December 31, 2018
Property, Plant and Equipment
Intangible Drilling Cost	$	4,566,206	$	4,120,283
Gas Gathering Equipment	2,399,883		2,126,895
Proved Gas Properties	1,157,361		1,135,411
Gas Wells and Related Equipment	1,047,139		859,359
Unproved Gas Properties	949,529		927,667
Surface Land and Other Equipment	233,812		238,487
Other	158,368		159,326
Total Property, Plant and Equipment	10,512,298		9,567,428
Less: Accumulated Depreciation, Depletion and Amortization	2,981,723		2,624,984
Total Property, Plant and Equipment - Net	$	7,530,575	$	6,942,444

NOTE 8—GOODWILL AND OTHER INTANGIBLE ASSETS:

In connection with the Midstream Acquisition that closed on January 3, 2018 (See Note 5 - Acquisitions and Dispositions for more information), CNX recorded $796,359 of goodwill and $128,781 of other intangible assets which are comprised of customer relationships.

All goodwill is attributed to the Midstream reportable segment.

The carrying amount and accumulated amortization of other intangible assets consist of the following:

	September 30, 2019		December 31, 2018
Other Intangible Assets
Gross Amortizable Asset - Customer Relationships	$	109,752	$	109,752
Less: Accumulated Amortization - Customer Relationships	11,467		6,552
Total Other Intangible Assets, net	$	98,285	$	103,200

During the second quarter of 2018, CNX determined that the carrying value of a portion of the customer relationship intangible assets exceeded their fair value as a result of an Asset Exchange Agreement with HG Energy. Accordingly, CNX recognized an impairment on this intangible asset of $18,650. There were no such impairments in the current period.

The customer relationship intangible asset is being amortized on a straight-line basis over approximately 17 years. Amortization expense related to other intangible assets for the three and nine months ended September 30, 2019 was $1,638 and $4,915, respectively. Amortization expense related to other intangible assets was $1,638 and $5,293 for the three and nine months ended September 30, 2018, respectively. The estimated annual amortization expense is expected to approximate $6,552 per year for each of the next five years.

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NOTE 9—REVOLVING CREDIT FACILITIES:

CNX Resources Corporation (CNX)

In April 2019, CNX amended its senior secured revolving credit facility ("Credit Facility") and extended its maturity to April 2024. The lenders' commitments remained unchanged at $2,100,000, with an accordion feature that allows the Company to increase the commitments to $3,000,000. The borrowing base was reaffirmed at $2,100,000, including a $650,000 letters of credit aggregate sub-limit. In addition, the Cumulative Credit Basket for dividends and distributions was replaced with a basket for dividends and distributions subject to a pro forma net leverage ratio of at least 3.00 to 1.00 and availability under the credit facility of at least 15% of the aggregate commitments. If the aggregate principal amount of the existing 5.875% Senior Notes due in April 2022 and certain other publicly traded debt securities outstanding 91 days prior to the earliest maturity of such debt (the "Springing Maturity Date") is greater than $500,000, then the Credit Facility will mature on the Springing Maturity Date. In October 2019, as part of the semi-annual borrowing base redetermination the lenders' increased CNX's borrowing base to $2,300,000.

Under the terms of the amended agreement, borrowings under the revolving credit facility will bear interest at CNX's option at either:

• the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.25% to 1.25%; or

•the LIBOR rate, which is the LIBOR rate plus a margin ranging from 1.25% to 2.25%.

The CNX Credit Facility is secured by substantially all of the assets of CNX and certain of its subsidiaries (excluding the Excluded Subsidiaries, which includes CNX Midstream GP LLC and its subsidiaries). Fees and interest rate spreads are based on the percentage of facility utilization, measured quarterly. Availability under the Credit Facility is limited to a borrowing base, which is determined by the lenders' syndication agent and approved by the required number of lenders in good faith by calculating a value of CNX's proved natural gas reserves.

The CNX Credit Facility contains a number of affirmative and negative covenants including those that, except in certain circumstances, limit the Company and the subsidiary guarantors' ability to create, incur, assume or suffer to exist indebtedness, create or permit to exist liens on properties, dispose of assets, make investments, purchase or redeem CNX common stock, pay dividends, merge with another corporation and amend the senior unsecured notes. The Company must also mortgage 80% of the value of its proved reserves and 80% of the value of its proved developed producing reserves, in each case, which are included in the borrowing base, maintain applicable deposit, securities and commodities accounts with the lenders or affiliates thereof, and enter into control agreements with respect to such applicable accounts.

The CNX Credit Facility contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants.

The CNX Credit Facility also requires that CNX maintain a maximum net leverage ratio of no greater than 4.00 to 1.00, which is calculated as the ratio of debt less cash on hand to consolidated EBITDA, measured quarterly. CNX must also maintain a minimum current ratio of no less than 1.00 to 1.00, which is calculated as the ratio of current assets, plus revolver availability, to current liabilities, excluding borrowings under the revolver, measured quarterly. The calculation of all of the ratios exclude CNXM. CNX was in compliance with all financial covenants as of September 30, 2019.

At September 30, 2019, the CNX Credit Facility had $613,200 of borrowings outstanding and $199,066 of letters of credit outstanding, leaving $1,287,734 of unused capacity. At December 31, 2018, the CNX Credit Facility had $612,000 of borrowings outstanding and $198,396 of letters of credit outstanding, leaving $1,289,604 of unused capacity.

CNX Midstream Partners LP (CNXM)

In April 2019, CNXM amended its senior secured revolving credit facility and extended its maturity to April 2024. The lenders’ commitments remained unchanged at $600,000, with an accordion feature that allows CNXM to increase the available borrowings by up to an additional $250,000 under certain terms and conditions. Among other things, the revolving credit facility now includes (i) the addition of a restricted payment basket permitting cash repurchases of Incentive Distribution Rights (IDRs) subject to a pro forma secured leverage ratio of 3.00 to 1.00, a pro forma total leverage ratio of 4.00 to 1.00 and pro forma availability of 20% of commitments and (ii) a restricted payment basket for the repurchase of LP units not to exceed Available Cash (as defined in the partnership agreement) in any quarter, of up to $150,000 per year and up to $200,000 during the life of the facility.

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Under the terms of the amended agreement, borrowings under the revolving credit facility will bear interest at CNXM's option at either:

• the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.50% to 1.50%; or

• the LIBOR rate, plus a margin ranging from 1.50% to 2.50%.

Fees and interest rate spreads under the CNXM credit facility are based on the total leverage ratio, measured quarterly. The CNXM credit facility includes the ability to issue letters of credit up to $100,000 in the aggregate.

The CNXM revolving credit facility contains a number of affirmative and negative covenants that include, among others, covenants that, except in certain circumstances, restrict the ability of CNXM, its subsidiary guarantors and certain of its non-guarantor, non-wholly-owned subsidiaries, except in certain circumstances, to: (i) create, incur, assume or suffer to exist indebtedness; (ii) create or permit to exist liens on their properties; (iii) prepay certain indebtedness unless there is no default or event of default under the revolving facility; (iv) make or pay any dividends or distributions in excess of certain amounts; (v) merge with or into another person, liquidate or dissolve; or acquire all or substantially all of the assets of any going concern or going line of business or acquire all or a substantial portion of another person’s assets; (vi) make particular investments and loans; (vii) sell, transfer, convey, assign or dispose of its assets or properties other than in the ordinary course of business and other select instances; (viii) deal with any affiliate except in the ordinary course of business on terms no less favorable to CNXM than it would otherwise receive in an arm’s length transaction; and (ix) amend in any material manner its certificate of incorporation, bylaws, or other organizational documents without giving prior notice to the lenders and, in some cases, obtaining the consent of the lenders.

In addition, CNXM is obligated to maintain at the end of each fiscal quarter (w) for so long as at least $150,000 of the CNXM senior notes are outstanding, a maximum total leverage ratio of no greater than 5.25 to 1.00 (which increases to no greater than 5.50 to 1.00 during qualifying acquisition periods); (x) if less than $150,000 of the CNXM senior notes are outstanding, a maximum total leverage ratio of no greater than 4.75 to 1.00 (which increases to no greater than 5.25 to 1.00 during qualifying acquisition periods); (y) a maximum secured leverage ratio of no greater than 3.50 to 1.00 and (z) a minimum interest coverage ratio of no less than 2.50 to 1.00. CNXM was in compliance with all financial covenants as of September 30, 2019.

The CNXM revolving credit facility also contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants. The obligations under the revolving credit facility are secured by substantially all of the assets of CNXM and its wholly-owned subsidiaries. CNX is not a guarantor under the revolving credit facility.

At September 30, 2019, the CNXM credit facility had $246,000 of borrowings outstanding. CNXM had the maximum amount of revolving credit available for borrowing at September 30, 2019, or $354,000. At December 31, 2018, the CNXM credit facility had $84,000 of borrowings outstanding.

NOTE 10—OTHER ACCRUED LIABILITIES:

	September 30, 2019		December 31, 2018
Royalties	$	64,245	$	92,005
Gas Derivatives	44,826		61,661
Accrued Interest	28,692		26,333
Transportation Charges	19,925		19,661
Deferred Revenue	11,614		17,693
Short-Term Incentive Compensation	9,774		20,482
Accrued Other Taxes	8,788		7,300
Accrued Payroll & Benefits	5,909		6,533
Other	40,862		31,851
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	5,076		1,075
Salary Retirement	1,646		1,578
Total Other Accrued Liabilities	$	241,357	$	286,172

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NOTE 11—LONG-TERM DEBT:

	September 30, 2019		December 31, 2018
Senior Notes due April 2022 at 5.875% (Principal of $894,307 and $1,294,307 plus Unamortized Premium of $1,108 and $2,069, respectively)	$	895,415	$	1,296,376
CNX Credit Facility	613,200		612,000
Senior Notes due March 2027 at 7.25%, Issued at Par Value	500,000		—
CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,813 and $5,375, respectively)	395,187		394,625
CNX Midstream Partners LP Revolving Credit Facility	246,000		84,000
Less: Unamortized Debt Issuance Costs	9,568		8,796
Long-Term Debt	$	2,640,234	$	2,378,205

During the nine months ended September 30, 2019, CNX completed a private offering of $500,000 of 7.25% senior notes due in March 2027. The notes are guaranteed by most of CNX's subsidiaries but do not include CNXM's general partner or CNXM.

During the nine months ended September 30, 2019, CNX purchased $400,000 of its outstanding 5.875% senior notes due in April 2022. As part of this transaction, a loss of $7,614 was included in Loss on Debt Extinguishment in the Consolidated Statements of Income.

During the nine months ended September 30, 2018, CNXM completed a private offering of $400,000 of 6.50% senior notes due in March 2026 less $6,000 of unamortized bond discount. CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility.

During the nine months ended September 30, 2018, CNX purchased $391,375 of its outstanding 5.875% senior notes due in April 2022. As part of this transaction, a loss of $15,635 was included in Loss on Debt Extinguishment in the Consolidated Statements of Income.

During the three and nine months ended September 30, 2018, CNX purchased $200,000 and $500,000, respectively, of its outstanding 8.00% senior notes due in April 2023. As part of these transactions, a loss of $15,385 and $38,798, respectively, was included in Loss on Debt Extinguishment in the Consolidated Statements of Income.

NOTE 12—LEASES:

On January 1, 2019, the Company adopted Accounting Standard Update (ASU) 2016-02, and all related amendments, using the transition method, which allows for a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. CNX elected the transition relief package of practical expedients by applying previous accounting conclusions under ASC 840 to all leases that existed prior to the transition date. As a result, CNX did not reassess 1) whether existing or expired contracts contain leases, 2) lease classification for any existing or expired leases or 3) whether lease origination costs qualified as initial direct costs. Additionally, the Company elected the short-term practical expedient for all asset classes by establishing an accounting policy to exclude leases with a term of 12 months or less. CNX will not separate lease components from non-lease components for any asset class. Lastly, CNX adopted the easement practical expedient, which allows the Company to apply ASC 842 prospectively to land easements after the adoption date. Easements that existed or expired prior to the adoption date that were not previously assessed under ASC 840 will not be reassessed.

CNX's leasing activities primarily consist of operating and finance leases for electric fracturing equipment, natural gas drilling rigs, CNX's corporate headquarters as well as field offices, a natural gas gathering pipeline and commercial vehicles. Some leases include options to renew ranging from a period of 1 to 10 years, which are not recognized as part of the lease right-of-use (ROU) assets or liabilities as they are not reasonably certain to be exercised.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. As most of CNX's leases do not provide an implicit rate, an incremental borrowing rate is used to determine the present value of lease payments.

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The components of lease cost were as follows:

	For the Three Months Ended		For the Nine Months Ended
	September 30, 2019		September 30, 2019
Operating Lease Cost	$	21,723	$	53,080
Finance Lease Cost:
Amortization of Right-of-Use Assets	1,310		3,936
Interest on Lease Liabilities	298		974
Short-term Lease Cost	555		4,922
Variable Lease Cost*	5,015		16,554
Total Lease Cost	$	28,901	$	79,466

*Amounts recognized on the balance sheet for natural gas drilling rigs are measured using the rates that would be paid if the rigs were idle, as this represents the minimum payment that could be made under the contract. Variable lease cost represents amounts paid for natural gas drilling rigs above this minimum when the rigs are in use. Amounts recognized on the balance sheet for electric fracturing equipment are measured using minimum pumping hours under the contract; however, pumping hours may exceed the minimum and vary period to period. Any such amounts paid related to pumping hours in excess of the minimum represent variable lease cost.

Amounts recognized in the Consolidated Balance Sheet are as follows:

	September 30,
	2019
Operating Leases:
Operating Lease Right-of-Use Asset	$	205,647
Current Portion of Operating Lease Obligations	65,061
Operating Lease Obligations	122,514
Total Operating Lease Liabilities	$	187,575
Finance Leases:
Property, Plant and Equipment	$	73,363
Less—Accumulated Depreciation, Depletion and Amortization	62,191
Property, Plant and Equipment—Net	$	11,172
Current Portion of Finance Lease Obligations	$	7,203
Finance Lease Obligations	9,400
Total Finance Lease Liabilities	$	16,603

Supplemental cash flow information related to leases was as follows:

	For the Nine Months Ended
	September 30, 2019
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows from Operating Leases	$	48,308
Operating Cash Flows from Finance Leases	$	974
Financing Cash Flows from Finance Leases	$	5,322
Right-of-Use Assets Obtained in Exchange for Lease Obligations:
Operating Leases	$	15,347
Finance Leases	$	1,722

21

Maturities of lease liabilities are as follows:

	Operating		Finance
	Leases		Leases
Twelve months ended September 30,
2020	$	72,775	$	8,136
2021	57,943		7,794
2022	37,534		1,584
2023	5,460		413
2024	5,440		201
Thereafter	32,034		—
Total Lease Payments	211,186		18,128
Less: Interest	23,611		1,525
Present Value of Lease Liabilities	$	187,575	$	16,603

Lease terms and discount rates are as follows:

	September 30,
	2019
Weighted Average Remaining Lease Term (years):
Operating Leases	4.46
Finance Leases	2.35
Weighted Average Discount Rate:
Operating Leases	4.95	%
Finance Leases	6.96	%

NOTE 13—COMMITMENTS AND CONTINGENT LIABILITIES:

CNX and its subsidiaries are subject to various lawsuits and claims with respect to such matters as personal injury, royalty accounting, damage to property, climate change, governmental regulations including environmental violations and remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. CNX accrues the estimated loss for these lawsuits and claims when the loss is probable and can be estimated. The Company's current estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of CNX. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the financial position, results of operations or cash flows of CNX; however, such amounts cannot be reasonably estimated.

At September 30, 2019, CNX has provided the following financial guarantees, unconditional purchase obligations, and letters of credit to certain third-parties as described by major category in the following tables. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these unconditional purchase obligations and letters of credit are recorded as liabilities in the financial statements. CNX management believes that the commitments in the following table will expire without being funded, and therefore will not have a material adverse effect on financial condition.

22

	Amount of Commitment Expiration Per Period
	Total Amounts Committed		Less Than 1  Year		1-3 Years		3-5 Years		Beyond 5  Years
Letters of Credit:
Firm Transportation	$	198,316	$	80,244	$	118,072	$	—	$	—
Other	750		750		—		—		—
Total Letters of Credit	199,066		80,994		118,072		—		—
Surety Bonds:
Employee-Related	1,850		—		1,850		—		—
Environmental	11,283		11,073		210		—		—
Financial Guarantees	81,670		26,400		55,270		—		—
Other	9,306		8,433		873		—		—
Total Surety Bonds	104,109		45,906		58,203		—		—
Total Commitments	$	303,175	$	126,900	$	176,275	$	—	$	—

Excluded from the above table are commitments and guarantees entered into in conjunction with the spin-off of the Company's coal business (See CNX's 2018 Annual Report on Form 10-K as filed with the SEC on February 7, 2019 for further information). Although CONSOL Energy has agreed to indemnify CNX to the extent that CNX would be called upon to pay any of these liabilities, there is no assurance that CONSOL Energy will satisfy its obligations to indemnify CNX in the event that CNX is so called upon.

CNX enters into long-term unconditional purchase obligations to procure major equipment purchases, natural gas firm transportation, gas drilling services and other operating goods and services. These purchase obligations are not recorded in the Consolidated Balance Sheets. As of September 30, 2019, the purchase obligations for each of the next five years and beyond were as follows:

Obligations Due	Amount
Less than 1 year	$	252,535
1 - 3 years	489,023
3 - 5 years	412,960
More than 5 years	1,113,008
Total Purchase Obligations	$	2,267,526

NOTE 14—DERIVATIVE INSTRUMENTS:

In June 2019, CNX entered into an interest rate swap agreement to manage its exposure to interest rate volatility. The interest rate swap agreement relates to $160,000 of borrowings under CNX’s senior secured revolving credit facility (See Note 9 - Revolving Credit Facilities) and has the economic effect of modifying the variable-interest obligation into a fixed-interest obligation over a three-year period.

The change in fair value of the interest rate swap agreement is accounted for on a mark-to-market basis with changes in fair value recorded in current period earnings. The fair value at September 30, 2019 and the corresponding change in fair value from inception through September 30, 2019 was nominal.

CNX enters into financial derivative instruments to manage its exposure to commodity price volatility. These natural gas commodity hedges are accounted for on a mark-to-market basis with changes in fair value recorded in current period earnings.

CNX is exposed to credit risk in the event of non-performance by counterparties. The creditworthiness of counterparties is subject to continuing review. The Company has not experienced any issues of non-performance by derivative counterparties.

None of the Company's counterparty master agreements currently require CNX to post collateral for any of its positions. However, as stated in the counterparty master agreements, if CNX's obligations with one of its counterparties cease to be secured on the same basis as similar obligations with the other lenders under the credit facility, CNX would have to post collateral for instruments in a liability position in excess of defined thresholds. All of the Company's derivative instruments are subject to master netting arrangements with our counterparties. CNX recognizes all financial derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets on a gross basis.

23

Each of the Company's counterparty master agreements allows, in the event of default, the ability to elect early termination of outstanding contracts. If early termination is elected, CNX and the applicable counterparty would net settle all open hedge positions.

The total notional amounts of production of CNX's derivative instruments were as follows:

	September 30,	December 31,	Forecasted to
	2019	2018	Settle Through
Natural Gas Commodity Swaps (Bcf)	1,502.4	1,484.4	2024
Natural Gas Basis Swaps (Bcf)	1,240.5	1,056.6	2024

The gross fair value of CNX's derivative instruments was as follows:

Asset Derivative Instruments					Liability Derivative Instruments
	September 30,		December 31,			September 30,		December 31,
	2019		2018			2019		2018
Commodity Swaps:
Prepaid Expense	$	172,836	$	28,612	Other Accrued Liabilities	$	1,389	$	34,640
Other Assets	254,967		164,310		Other Liabilities	17,440		52,011
Total Asset	$	427,803	$	192,922	Total Liability	$	18,829	$	86,651
Basis Only Swaps:
Prepaid Expense	$	25,420	$	11,628	Other Accrued Liabilities	$	43,437	$	27,021
Other Assets	20,925		48,788		Other Liabilities	98,638		40,210
Total Asset	$	46,345	$	60,416	Total Liability	$	142,075	$	67,231

The effect of derivative instruments on the Company's Consolidated Statements of Income was as follows:

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Cash Received (Paid) in Settlement of Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	$	61,441		$	6,916		$	53,058		$	23,540
Basis Swaps	(4,400		)	(4,091		)	(26,727		)	(21,022		)
Total Cash Received in Settlement of Commodity Derivative Instruments	57,041			2,825			26,331			2,518
Unrealized Gain (Loss) on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	126,617			27,749			302,701			76,999
Basis Swaps	30,255			(12,569		)	(88,914		)	(765		)
Total Unrealized Gain on Commodity Derivative Instruments	156,872			15,180			213,787			76,234
Gain (Loss) on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	188,058			34,665			355,759			100,539
Basis Swaps	25,855			(16,660		)	(115,641		)	(21,787		)
Total Gain on Commodity Derivative Instruments	$	213,913		$	18,005		$	240,118		$	78,752

24

The Company also enters into fixed price natural gas sales agreements that are satisfied by physical delivery. These physical commodity contracts qualify for the normal purchases and normal sales exception and are not subject to derivative instrument accounting.

NOTE 15—FAIR VALUE OF FINANCIAL INSTRUMENTS:

CNX determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including NYMEX forward curves, LIBOR-based discount rates and basis forward curves), while unobservable inputs reflect the Company's own assumptions of what market participants would use.

The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below:

Level 1 - Quoted prices for identical instruments in active markets.

Level 2 - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including NYMEX forward curves, LIBOR-based discount rates and basis forward curves.

Level 3 - Unobservable inputs significant to the fair value measurement supported by little or no market activity.

In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy.

The financial instrument measured at fair value on a recurring basis is summarized below:

	Fair Value Measurements at September 30, 2019						Fair Value Measurements at December 31, 2018
Description	(Level 1)		(Level 2)		(Level 3)		(Level 1)		(Level 2)		(Level 3)
Gas Derivatives	$	—	$	313,244	$	—	$	—	$	99,456	$	—

The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows:

	September 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and Cash Equivalents	$	5,484	$	5,484	$	17,198	$	17,198
Long-Term Debt (Excluding Debt Issuance Costs)	$	2,649,802	$	2,505,114	$	2,387,001	$	2,290,537

Cash and cash equivalents represent highly- liquid instruments and constitute Level 1 fair value measurements. Certain of the Company’s debt is actively traded on a public market and, as a result, constitute Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements.

NOTE 16—VARIABLE INTEREST ENTITIES:

The Company determined CNXM, of which the Company owns an approximately 34% limited partner interest and 100% of the general partner interest, to be a variable interest entity. As a result of the Midstream Acquisition (see Note 5 - Acquisitions and Dispositions), the Company has the power through the Company's ownership and control of CNXM's general partner (CNX Midstream GP LLC) to direct the activities that most significantly impact CNXM's economic performance. In addition, through its limited partner interest and incentive distribution rights, or IDRs, in CNXM, the Company has the obligation to absorb the losses of CNXM and the right to receive benefits in accordance with such interests. As the Company has a controlling financial interest and is the primary beneficiary of CNXM, the Company consolidated CNXM commencing January 3, 2018.

The risks associated with the operations of CNXM are discussed in its Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 7, 2019 and its other periodic reports filed after that date.

25

The following table presents amounts included in the Company's Consolidated Balance Sheets that were for the use or obligation of CNXM:

	September 30,		December 31,
	2019		2018
Assets:
Cash	$	1,735	$	3,966
Receivables - Related Party	17,845		17,073
Receivables - Third Party	6,074		7,028
Other Current Assets	1,646		2,383
Property, Plant and Equipment, net	1,144,177		891,775
Operating Lease ROU Asset	6,281		—
Other Assets	3,508		3,203
Total Assets	$	1,181,266	$	925,428
Liabilities:
Accounts Payable and Accrued Liabilities	$	99,118	$	43,919
Accounts Payable - Related Party	3,788		4,980
Revolving Credit Facility	246,000		84,000
Long-Term Debt	393,925		393,215
Long-Term Operating Lease Liabilities	40		—
Total Liabilities	$	742,871	$	526,114

The following table summarizes CNXM's Consolidated Statements of Operations and Cash Flows, inclusive of affiliate amounts:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Revenue
Gathering Revenue - Related Party	$	55,453		$	41,022		$	168,434		$	116,328
Gathering Revenue - Third Party	18,523			19,946			55,862			69,523
Total Revenue	73,976			60,968			224,296			185,851
Expenses
Operating Expense - Related Party	6,105			5,131			18,167			14,645
Operating Expense - Third Party	5,612			4,870			17,774			20,744
General and Administrative Expense - Related Party	3,573			3,060			11,567			10,292
General and Administrative Expense - Third Party	1,236			1,771			4,136			6,639
Loss on Asset Sales and Abandonments	—			—			7,229			2,501
Depreciation Expense	6,184			5,306			17,694			16,605
Interest Expense	7,601			7,255			22,625			16,863
Total Expense	30,311			27,393			99,192			88,289
Net Income	$	43,665		$	33,575		$	125,104		$	97,562
Net Cash Provided by Operating Activities	$	51,014		$	35,666		$	175,680		$	131,207
Net Cash Used in Investing Activities	$	(68,289	)	$	(44,241	)	$	(251,156	)	$	(79,366	)
Net Cash Provided by (Used in) Financing Activities	$	7,333		$	8,818		$	73,245		$	(54,085	)

In March 2018, CNXM closed on its acquisition of CNX's remaining 95% interest in the gathering system and related assets commonly referred to as the Shirley-Penns System, in exchange for cash consideration in the amount of $265,000. CNXM funded the cash consideration with proceeds from the issuance of its 6.50% senior notes due 2026 (See Note 11 - Long-Term Debt).

At September 30, 2019 and December 31, 2018, CNX had a net payable of $14,085 and $12,202 respectively, due to CNX Gathering and CNXM, primarily for accrued but unpaid gathering services.

26

NOTE 17—SEGMENT INFORMATION:

CNX consists of two principal business divisions: Exploration and Production (E&P) and Midstream. The principal activity of the E&P Division, which includes four reportable segments, is to produce pipeline quality natural gas for sale primarily to gas wholesalers. The E&P Division's reportable segments are Marcellus Shale, Utica Shale, Coalbed Methane, and Other Gas. The Other Gas Segment is primarily related to shallow oil and gas production which is not significant to the Company due to the sale of substantially all of CNX's shallow oil and gas assets in the 2018 period (See Note 5 - Acquisitions and Dispositions for more information). It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, exploration and production related other costs, as well as various other operating activities assigned to the E&P Division but not allocated to each individual segment.

CNX's Midstream Division's principal activity is the ownership, operation, development and acquisition of natural gas gathering and other midstream energy assets of CNX Gathering and CNXM, which provide natural gas gathering services for the Company's produced gas, as well as for other independent third-parties in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. Excluded from the Midstream Division are the gathering assets and operations of CNX that have not been contributed to CNX Gathering and CNXM. As a result of the Midstream Acquisition (See Note 5 - Acquisitions and Dispositions for more information), CNX owns and controls 100% of CNX Gathering, making CNXM a single-sponsor master limited partnership and thus the Company began consolidating CNXM on January 3, 2018.

The Company's unallocated expenses include other expense, gain on asset sales related to non-core assets, gain on previously held equity interest, loss on debt extinguishment, impairment of other intangible assets and income taxes.

In the preparation of the following information, intersegment sales have been recorded at amounts approximating market prices. Operating profit for each segment is based on sales less identifiable operating and non-operating expenses. Assets are reflected at the division level for E&P and are not allocated between each individual E&P segment. These assets are not allocated to each individual segment due to the diverse asset base controlled by CNX, whereby each individual asset may service more than one segment within the division. An allocation of such asset base would not be meaningful or representative on a segment by segment basis.

27

Industry segment results for the three months ended September 30, 2019:

	Marcellus Shale		Utica Shale		Coalbed Methane		Other Gas		Total E&P		Midstream		Unallocated			Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	179,142	$	50,042	$	35,621	$	246	$	265,051	$	—	$	—		$	—		$	265,051	(A)
Purchased Gas Revenue	—		—		—		29,192		29,192		—		—			—			29,192
Midstream Revenue	—		—		—		—		—		74,261		—			(55,736		)	18,525
Gain on Commodity Derivative Instruments	38,354		12,628		6,036		156,895		213,913		—		—			—			213,913
Other Operating Income	—		—		—		3,375		3,375		—		—			(59		)	3,316		(B)
Total Revenue and Other Operating Income	$	217,496	$	62,670	$	41,657	$	189,708	$	511,531	$	74,261	$	—		$	(55,795	)	$	529,997
Earnings Before Income Tax	$	41,014	$	18,220	$	8,717	$	83,279	$	151,230	$	41,741	$	(109	)	$	—		$	192,862
Segment Assets									$	7,087,782	$	2,178,073	$	16,668		$	3,735		$	9,286,258	(C)
Depreciation, Depletion and Amortization									$	111,839	$	8,620	$	—		$	—		$	120,459
Capital Expenditures									$	267,689	$	68,448	$	—		$	—		$	336,137

(A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $39,092 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period.

(B) Includes equity in earnings of unconsolidated affiliates of $673 for Total E&P.

(C) Includes investments in unconsolidated equity affiliates of $17,110 for Total E&P.

Industry segment results for the three months ended September 30, 2018:

	Marcellus Shale		Utica Shale			Coalbed Methane		Other Gas			Total E&P		Midstream		Unallocated		Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	207,407	$	88,039		$	48,471	$	795		$	344,712	$	—	$	—	$	—		$	344,712	(D)
Purchased Gas Revenue	—		—			—		10,560			10,560		—		—		—			10,560
Midstream Revenue	—		—			—		—			—		61,372		—		(41,426		)	19,946
Gain (Loss) on Commodity Derivative Instruments	1,796		(151		)	605		15,755			18,005		—		—		—			18,005
Other Operating Income	—		—			—		3,969			3,969		—		—		(66		)	3,903		(E)
Total Revenue and Other Operating Income	$	209,203	$	87,888		$	49,076	$	31,079		$	377,246	$	61,372	$	—	$	(41,492	)	$	397,126
Earnings (Loss) Before Income Tax	$	64,408	$	41,237		$	9,642	$	(60,856	)	$	54,431	$	31,173	$	117,830	$	—		$	203,434
Segment Assets											$	6,256,132	$	1,883,134	$	82,696	$	(12,926	)	$	8,209,036	(F)
Depreciation, Depletion and Amortization											$	111,844	$	7,741	$	—	$	—		$	119,585
Capital Expenditures											$	253,263	$	44,202	$	—	$	—		$	297,465

(D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $42,901 to NJR Energy Services Company, which comprises over 10% of revenue from contracts with external customers for the period.

(E) Includes equity in earnings of unconsolidated affiliates of $1,241 for Total E&P.

(F) Includes investments in unconsolidated equity affiliates of $19,488 for Total E&P.

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Industry segment results for the nine months ended September 30, 2019:

	Marcellus Shale		Utica Shale		Coalbed Methane		Other Gas			Total E&P		Midstream		Unallocated			Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	709,656	$	208,206	$	125,094	$	906		$	1,043,862	$	—	$	—		$	—		$	1,043,862	(A)
Purchased Gas Revenue	—		—		—		64,181			64,181		—		—			—			64,181
Midstream Revenue	—		—		—		—			—		225,280		—			(169,417		)	55,863
Gain on Commodity Derivative Instruments	17,727		5,774		2,819		213,798			240,118		—		—			—			240,118
Other Operating Income	—		—		—		9,671			9,671		—		—			(235		)	9,436		(B)
Total Revenue and Other Operating Income	$	727,383	$	213,980	$	127,913	$	288,556		$	1,357,832	$	225,280	$	—		$	(169,652	)	$	1,413,460
Earnings (Loss) Before Income Tax	$	178,326	$	68,165	$	29,219	$	(42,650	)	$	233,060	$	118,739	$	(1,662	)	$	—		$	350,137
Segment Assets										$	7,087,782	$	2,178,073	$	16,668		$	3,735		$	9,286,258	(C)
Depreciation, Depletion and Amortization										$	349,620	$	24,999	$	—		$	—		$	374,619
Capital Expenditures										$	716,164	$	248,338	$	—		$	—		$	964,502

(A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $155,337 to Direct Energy Business Marketing LLC and $114,440 to NJR Energy Services Company, each of which comprise over 10% of revenue from contracts with external customers for the period.

(B) Includes equity in earnings of unconsolidated affiliates of $1,703 for Total E&P.

(C) Includes investments in unconsolidated equity affiliates of $17,110 for Total E&P.

Industry segment results for the nine months ended September 30, 2018:

	Marcellus Shale		Utica Shale		Coalbed Methane		Other Gas			Total E&P		Midstream		Unallocated		Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	590,728	$	326,119	$	152,854	$	15,150		$	1,084,851	$	—	$	—	$	—		$	1,084,851	(D)
Purchased Gas Revenue	—		—		—		38,546			38,546		—		—		—			38,546
Midstream Revenue	—		—		—		—			—		186,875		—		(117,191		)	69,684
Gain on Commodity Derivative Instruments	1,411		746		330		76,265			78,752		—		—		—			78,752
Other Operating Income	—		—		—		23,355			23,355		—		—		(209		)	23,146		(E)
Total Revenue and Other Operating Income	$	592,139	$	326,865	$	153,184	$	153,316		$	1,225,504	$	186,875	$	—	$	(117,400	)	$	1,294,979
Earnings (Loss) Before Income Tax	$	155,923	$	143,830	$	35,164	$	(138,551	)	$	196,366	$	94,502	$	702,097	$	—		$	992,965
Segment Assets										$	6,256,132	$	1,883,134	$	82,696	$	(12,926	)	$	8,209,036	(F)
Depreciation, Depletion and Amortization										$	338,834	$	24,504	$	—	$	—		$	363,338
Capital Expenditures										$	708,660	$	85,464	$	—	$	—		$	794,124

(D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $158,746 to NJR Energy Services Company, which comprises over 10% of revenue from contracts with external customers for the period.

(E) Includes equity in earnings of unconsolidated affiliates of $4,688 for Total E&P.

(F) Includes investments in unconsolidated equity affiliates of $19,488 for Total E&P.

29

Reconciliation of Segment Information to Consolidated Amounts:

Revenue and Other Operating Income

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Total Segment Revenue from Contracts with External Customers	$	312,768	$	375,218	$	1,163,906	$	1,193,081
Gain on Commodity Derivative Instruments	213,913		18,005		240,118		78,752
Other Operating Income	3,316		3,903		9,436		23,146
Total Consolidated Revenue and Other Operating Income	$	529,997	$	397,126	$	1,413,460	$	1,294,979

Earnings Before Income Tax: 

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Segment Income Before Income Taxes for Reportable Business Segments:
Total E&P	$	151,230		$	54,431		$	233,060		$	196,366
Midstream	41,741			31,173			118,739			94,502
Total Segment Income Before Income Taxes for Reportable Business Segments	$	192,971		$	85,604		$	351,799		$	290,868
Unallocated Expenses:
Other (Expense) Income	(3,109		)	(1,105		)	(1,578		)	4,811
Gain on Certain Asset Sales	3,000			134,320			7,530			146,706
Gain on Previously Held Equity Interest	—			—			—			623,663
Loss on Debt Extinguishment	—			(15,385		)	(7,614		)	(54,433		)
Impairment of Other Intangible Assets	—			—			—			(18,650		)
Earnings Before Income Tax	$	192,862		$	203,434		$	350,137		$	992,965

Total Assets:

	September 30,
	2019		2018
Segment Assets for Total Reportable Business Segments:
E&P	$	7,087,782	$	6,256,132
Midstream	2,178,073		1,883,134
Intercompany Eliminations	3,735		(12,926		)
Items Excluded from Segment Assets:
Cash and Cash Equivalents	5,484		42,672
Recoverable Income Taxes	11,184		40,024
Total Consolidated Assets	$	9,286,258	$	8,209,036

30

NOTE 18—STOCK REPURCHASE:

Since the October 30, 2017 inception of the current stock repurchase program, CNX's Board of Directors has approved in total a $750,000 stock repurchase program, which is not subject to an expiration date. The repurchases may be affected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, block trades, derivative contracts or otherwise in compliance with Rule 10b-18. The timing of any repurchases will be based on a number of factors, including available liquidity, the Company's stock price, the Company's financial outlook, and alternative investment options. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares and the Board may modify, suspend, or discontinue its authorization of the program at any time. The Board of Directors will continue to evaluate the size of the stock repurchase program based on CNX's free cash flow position, leverage ratio, and capital plans. During the nine months ended September 30, 2019, 12,929,487 shares were repurchased and retired at an average price of $8.91 per share for a total cost of $115,477.

NOTE 19—RECENT ACCOUNTING PRONOUNCEMENTS:

In May 2019, the FASB issued ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326), which provides optional targeted transition relief to entities adopting ASU 2016-13. ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2019-05 provides the option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. The amendments in this ASU will be applied using the modified-retrospective approach and, for public entities, are effective for fiscal years beginning after December 15, 2019 and interim periods within those annual periods. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's financial statements.

31

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General

During the third quarter of 2019, CNX sold 128.3 Bcfe of produced natural gas, an increase of 7.8% from the 119.0 Bcfe sold in the year-earlier quarter, primarily due to an increase in Marcellus Shale volumes. The increase was offset, in part, by a decrease in Utica Shale volumes due to the sale of substantially all of CNX's Ohio Utica joint venture ("JV") assets in the third quarter of 2018. Total quarterly production costs increased to $1.99 per Mcfe, compared to the year-earlier quarter of $1.97 per Mcfe, driven primarily by increases in transportation, gathering and compression, offset, in part, by reductions in depreciation, depletion and amortization and lease operating expense. Capital expenditures increased to $336 million in the third quarter of 2019, compared to $297 million of spend in the third quarter of 2018.

Marketing Update:

For the third quarter of 2019, CNX's average sales price for natural gas, natural gas liquids (NGLs), oil, and condensate was $2.51 per Mcfe. The average realized price for all liquids for the third quarter of 2019 was $14.26 per barrel.

CNX's weighted average differential from NYMEX in the third quarter of 2019 was negative $0.33 per MMBtu. CNX's average sales price for natural gas before hedging decreased 18.7% to $2.04 per Mcf compared with the average sales price of $2.51 per Mcf in the second quarter of 2019. This decrease resulted primarily from a lower Henry Hub price reflecting current general market conditions coupled with a wider differential. Including the impact of cash settlements from hedging, CNX's average sales price for natural gas was $0.08 per Mcf, or 3.1%, lower than the three months ended June 30, 2019, and $0.23 per Mcf, or 8.4%, lower than the three months ended September 30, 2018.

CNX Guidance:

CNX updates 2019 production volumes to 530-540 Bcfe, compared to the previous guidance of 510-530 Bcfe. CNX updates 2020 production volumes to 535-565 Bcfe, compared to the previous guidance of 570-595 Bcfe. The updated 2020 guidance equates to an approximately 3% increase over 2019's updated midpoint.

Third quarter 2019 capital expenditure came in lower than expected, and the company is reducing its full-year 2019 capital guidance, while increasing production volumes. For 2020, the company is reducing its full-year capital guidance and production volumes, primarily due to plan changes and associated timing.

For 2019 and 2020 combined, the company expects to spend approximately $80 million less capital than previously announced, resulting in 17.5 Bcfe less production in 2020, after accounting for 15 Bcfe of production accelerated from 2020 into 2019.

Total hedged natural gas production in the 2019 fourth quarter is 115.7 Bcf. The annual gas hedge position is shown in the table below:

	2019	2020
Volumes Hedged (Bcf), as of 10/9/19	405.2*	489.6

^*Includes actual settlements of 312.5 Bcf.

CNX's hedged gas volumes include a combination of NYMEX financial hedges, index (NYMEX and basis) financial hedges, and physical fixed price sales. In addition, to protect the NYMEX hedge volumes from basis exposure, CNX enters into basis-only financial hedges and physical sales with fixed basis at certain sales points.

32

Results of Operations - Three Months Ended September 30, 2019 Compared with Three Months Ended September 30, 2018

Net Income Attributable to CNX Resources Shareholders

CNX reported net income attributable to CNX Resources shareholders of $116 million, or earnings per diluted share of $0.61, for the three months ended September 30, 2019, compared to net income attributable to CNX Resources shareholders of $125 million, or earnings per diluted share of $0.59, for the three months ended September 30, 2018.

	For the Three Months Ended September 30,
(Dollars in thousands)	2019		2018		Variance
Net Income	$	143,960	$	146,756	$	(2,796	)
Less: Net Income Attributable to Noncontrolling Interest	28,422		21,727		6,695
Net Income Attributable to CNX Resources Shareholders	$	115,538	$	125,029	$	(9,491	)

CNX consists of two principal business divisions: Exploration and Production (E&P) and Midstream.

The principal activity of the E&P Division is to produce pipeline quality natural gas for sale primarily to gas wholesalers. The E&P Division's reportable segments are Marcellus Shale, Utica Shale, Coalbed Methane, and Other Gas.

CNX's E&P Division had earnings before income tax of $151 million for the three months ended September 30, 2019, compared to earnings before income tax of $54 million for the three months ended September 30, 2018. Included in the earnings for the three months ended September 30, 2019 and 2018 were unrealized gains on commodity derivative instruments of $157 million and $15 million, respectively.

CNX's Midstream Division's principal activity is the ownership, operation, development and acquisition of natural gas gathering and other midstream energy assets, through CNX Gathering and CNXM, which provide natural gas gathering services for the Company's produced gas, as well as for other independent third-parties in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. Excluded from the Midstream Division are the gathering assets and operations of CNX that have not been contributed to CNX Gathering and CNXM.

As a result of the Midstream Acquisition (See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q), CNX owns and controls 100% of CNX Gathering, making CNXM a single-sponsor master limited partnership and thus the Company began consolidating CNXM on January 3, 2018. Prior to the acquisition, CNX accounted for its interests in CNX Gathering and CNXM as an equity-method investment.

CNX's Midstream Division had earnings before income tax of $42 million for the three months ended September 30, 2019, compared to earnings before income tax of $31 million for the three months ended September 30, 2018.

E&P Division Summary

Sales volumes, average sales price (including the effects of settled derivative instruments), and average costs for the E&P Division were as follows: 

	For the Three Months Ended September 30,
	2019		2018		Variance			Percent Change
Sales Volumes (Bcfe)	128.3		119.0		9.3			7.8	%
Average Sales Price (per Mcfe)	$	2.51	$	2.92	$	(0.41	)	(14.0	)%
Lease Operating Expense (per Mcfe)	0.11		0.14		(0.03		)	(21.4	)%
Production, Ad Valorem, and Other Fees (per Mcfe)	0.05		0.06		(0.01		)	(16.7	)%
Transportation, Gathering and Compression (per Mcfe)	0.97		0.84		0.13			15.5	%
Depreciation, Depletion and Amortization (DD&A) (per Mcfe)	0.86		0.93		(0.07		)	(7.5	)%
Average Costs (per Mcfe)	1.99		1.97		0.02			1.0	%
Average Margin (per Mcfe)	$	0.52	$	0.95	$	(0.43	)	(45.3	)%

33

Natural gas, NGLs, and oil revenue was $265 million for the three months ended September 30, 2019, compared to $345 million for the three months ended September 30, 2018. The decrease was primarily due to the decrease in in natural gas and NGL pricing offset, in-part by the 7.8% increase in total sales volumes.

The decrease in average sales price per Mcfe was the result of the $0.67 per Mcf decrease in general natural gas prices, when excluding the impact of hedging, in the markets in which CNX sells its natural gas. There was also a $0.16 per Mcfe decrease in the uplift from NGLs and condensate sales volumes. Both decreases were offset, in-part by a $0.44 per Mcf increase in the realized gain on commodity derivative instruments related to the Company's hedging program during the current period.

Changes in the average costs per Mcfe were primarily related to the following items:

• Transportation, gathering, and compression expense increased on a per unit basis primarily due to an increase in CNXM gathering fees related to an increase in our Marcellus production and an increase in firm transportation expense, primarily as a result of new contracts that give CNX the ability to move and sell natural gas outside of the Appalachian basin. The decrease in production from CNX's lower cost dry Utica volumes also contributed to the increase on a per unit basis.

• Lease operating expense decreased on a per unit basis primarily due to a reduction in the number of employees and the associated costs in the period-to-period comparison.

• Depreciation, depletion, and amortization expense decreased on a per unit basis primarily due to a reduction in Marcellus rates as a result of an increase in the Company's associated reserves.

The following table presents a breakout of net liquid and natural gas sales information to assist in the understanding of the Company’s natural gas production and sales portfolio.

	For the Three Months Ended September 30,
in thousands (unless noted)	2019		2018		Variance			Percent Change
LIQUIDS
NGLs:
Sales Volume (MMcfe)	8,019		9,972		(1,953		)	(19.6	)%
Sales Volume (Mbbls)	1,337		1,662		(325		)	(19.6	)%
Gross Price ($/Bbl)	$	13.68	$	28.08	$	(14.40	)	(51.3	)%
Gross Revenue	$	18,305	$	46,663	$	(28,358	)	(60.8	)%
Oil:
Sales Volume (MMcfe)	9		72		(63		)	(87.5	)%
Sales Volume (Mbbls)	2		12		(10		)	(83.3	)%
Gross Price ($/Bbl)	$	56.64	$	63.00	$	(6.36	)	(10.1	)%
Gross Revenue	$	92	$	759	$	(667	)	(87.9	)%
Condensate:
Sales Volume (MMcfe)	67		351		(284		)	(80.9	)%
Sales Volume (Mbbls)	11		58		(47		)	(81.0	)%
Gross Price ($/Bbl)	$	75.54	$	58.56	$	16.98		29.0	%
Gross Revenue	$	839	$	3,426	$	(2,587	)	(75.5	)%
GAS
Sales Volume (MMcf)	120,208		108,565		11,643			10.7	%
Sales Price ($/Mcf)	$	2.04	$	2.71	$	(0.67	)	(24.7	)%
Gross Revenue	$	245,815	$	293,864	$	(48,049	)	(16.4	)%
Hedging Impact ($/Mcf)	$	0.47	$	0.03	$	0.44		1,466.7	%
Gain on Commodity Derivative Instruments - Cash Settlement	57,041		2,825		54,216			1,919.2	%

34

Selling, General and Administrative (SG&A) - Total Company

SG&A costs include costs such as overhead, including employee labor and benefit costs, short-term incentive compensation, costs of maintaining our headquarters, audit and other professional fees, and legal compliance expenses. SG&A costs also include non-cash long-term equity-based compensation expense.

	For the Three Months Ended September 30,
(in millions)	2019		2018		Variance			Percent Change
SG&A
Short-Term Incentive Compensation	$	2	$	6	$	(4	)	(66.7	)%
Long-Term Equity-Based Compensation (Non-Cash)	2		5		(3		)	(60.0	)%
Salaries and Wages	10		9		1			11.1	%
Other	10		12		(2		)	(16.7	)%
Total SG&A	$	24	$	32	$	(8	)	(25.0	)%

• Short-term incentive compensation decreased $4 million due to lower projected payouts in the current period.

Unallocated Expense

Certain costs and expenses, such as other expense, gain on asset sales and abandonments related to non-core assets, loss on debt extinguishment and income taxes are unallocated expenses and therefore are excluded from the per unit costs above as well as segment reporting. Below is a summary of these costs and expenses:

Other Expense

	For the Three Months Ended September 30,
(in millions)	2019		2018		Variance			Percent Change
Other Income
Royalty Income	$	—	$	2	$	(2	)	(100.0	)%
Right of Way Sales	—		1		(1		)	(100.0	)%
Interest Income	1		—		1			100.0	%
Other	—		1		(1		)	(100.0	)%
Total Other Income	$	1	$	4	$	(3	)	(75.0	)%
Other Expense
Professional Services	$	1	$	1	$	—		—	%
Bank Fees	3		3		—			—	%
Other Corporate Expense	—		1		(1		)	(100.0	)%
Total Other Expense	$	4	$	5	$	(1	)	(20.0	)%
Total Other Expense	$	3	$	1	$	2		200.0	%

Gain on Asset Sales and Abandonments

A gain on asset sales of $3 million related to non-core assets was recognized in the three months ended September 30, 2019 compared to a gain of $134 million in the three months ended September 30, 2018, primarily related to the Ohio Utica JV asset sale. See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

Loss on Debt Extinguishment

Loss on debt extinguishment of $15 million was recognized in the three months ended September 30, 2018 due to the $200 million redemption of the 8.00% Senior notes due in April 2023 at an average price equal to 106.0% of the principal amount. No such transactions occurred in the current period. See Note 11 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

35

Income Taxes

The effective income tax rate was 25.4% for the three months ended September 30, 2019 compared to 27.9% for the three months ended September 30, 2018. The effective rate for the three months ended September 30, 2019 differs from the U.S. federal statutory rate of 21% primarily due to the impact of noncontrolling interest, equity compensation and state income taxes. The effective rate for the three months ended September 30, 2018 differs from the U.S. federal statutory rate of 21% primarily due to the impact of noncontrolling interest, equity compensation, and state income taxes.

See Note 6 - Income Taxes in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

	For the Three Months Ended September 30,
(in millions)	2019			2018			Variance			Percent Change
Total Company Earnings Before Income Tax	$	193		$	203		$	(10	)	(4.9	)%
Income Tax Expense	$	49		$	57		$	(8	)	(14.0	)%
Effective Income Tax Rate	25.4		%	27.9		%	(2.5		)%

36

TOTAL E&P DIVISION ANALYSIS for the three months ended September 30, 2019 compared to the three months ended September 30, 2018:

The E&P division had earnings before income tax of $151 million for the three months ended September 30, 2019 compared to earnings before income tax of $54 million for the three months ended September 30, 2018. Variances by individual E&P segment are discussed below.

	For the Three Months Ended										Difference to Three Months Ended
	September 30, 2019										September 30, 2018
(in millions)	Marcellus		Utica		CBM		Other Gas		Total E&P		Marcellus			Utica			CBM			Other Gas			Total E&P
Natural Gas, NGLs and Oil Revenue	$	179	$	50	$	36	$	—	$	265	$	(28	)	$	(38	)	$	(12	)	$	(2	)	$	(80	)
Gain on Commodity Derivative Instruments	38		13		6		157		214		36			13			5			142			196
Purchased Gas Revenue	—		—		—		29		29		—			—			—			18			18
Other Operating Income	—		—		—		4		4		—			—			—			1			1
Total Revenue and Other Operating Income	217		63		42		190		512		8			(25		)	(7		)	159			135
Lease Operating Expense	6		4		4		—		14		(1		)	(1		)	(1		)	1			(2		)
Production, Ad Valorem, and Other Fees	3		1		2		—		6		—			(1		)	—			—			(1		)
Transportation, Gathering and Compression	106		8		10		—		124		29			(4		)	(1		)	—			24
Depreciation, Depletion and Amortization	61		32		17		2		112		3			4			(4		)	(3		)	—
Exploration and Production Related Other Costs	—		—		—		6		6		—			—			—			3			3
Purchased Gas Costs	—		—		—		27		27		—			—			—			16			16
Other Operating Expense	—		—		—		21		21		—			—			—			3			3
Selling, General and Administrative Costs	—		—		—		20		20		—			—			—			(7		)	(7		)
Total Operating Costs and Expenses	176		45		33		76		330		31			(2		)	(6		)	13			36
Interest Expense	—		—		—		31		31		—			—			—			2			2
Total E&P Division Costs	176		45		33		107		361		31			(2		)	(6		)	15			38
Earnings Before Income Tax	$	41	$	18	$	9	$	83	$	151	$	(23	)	$	(23	)	$	(1	)	$	144		$	97

37

MARCELLUS SEGMENT

The Marcellus segment had earnings before income tax of $41 million for the three months ended September 30, 2019 compared to earnings before income tax of $64 million for the three months ended September 30, 2018.

	For the Three Months Ended September 30,
	2019		2018		Variance			Percent Change
Marcellus Gas Sales Volumes (Bcf)	79.2		61.9		17.3			27.9	%
NGLs Sales Volumes (Bcfe)*	8.0		8.4		(0.4		)	(4.8	)%
Condensate Sales Volumes (Bcfe)*	0.1		0.3		(0.2		)	(66.7	)%
Total Marcellus Sales Volumes (Bcfe)*	87.3		70.6		16.7			23.7	%
Average Sales Price - Gas (per Mcf)	$	2.02	$	2.66	$	(0.64	)	(24.1	)%
Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf)	$	0.48	$	0.03	$	0.45		1,500.0	%
Average Sales Price - NGLs (per Mcfe)*	$	2.28	$	4.80	$	(2.52	)	(52.5	)%
Average Sales Price - Condensate (per Mcfe)*	$	14.09	$	9.66	$	4.43		45.9	%
Total Average Marcellus Sales Price (per Mcfe)	$	2.49	$	2.96	$	(0.47	)	(15.9	)%
Average Marcellus Lease Operating Expenses (per Mcfe)	0.07		0.10		(0.03		)	(30.0	)%
Average Marcellus Production, Ad Valorem, and Other Fees (per Mcfe)	0.04		0.05		(0.01		)	(20.0	)%
Average Marcellus Transportation, Gathering and Compression Costs (per Mcfe)	1.22		1.10		0.12			10.9	%
Average Marcellus Depreciation, Depletion and Amortization Costs (per Mcfe)	0.69		0.80		(0.11		)	(13.8	)%
Total Average Marcellus Costs (per Mcfe)	$	2.02	$	2.05	$	(0.03	)	(1.5	)%
Average Margin for Marcellus (per Mcfe)	$	0.47	$	0.91	$	(0.44	)	(48.4	)%

* NGLs and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.

The Marcellus segment had natural gas, NGLs and oil revenue of $179 million for the three months ended September 30, 2019 compared to $207 million for the three months ended September 30, 2018. The $28 million decrease was primarily due to the 24.1% decrease in the average gas sales price and the 52.5% decrease in the average NGL sales price, offset in part by the 23.7% increase in total Marcellus sales volumes. The increase in sales volumes was primarily due to additional wells being turned in-line throughout 2018 and the first nine months of 2019 as part of the Company's ongoing drilling and completions program.

The decrease in the total average Marcellus sales price was primarily due to a $0.64 per Mcf decrease in the average gas sales price and a $2.52 per Mcfe decrease in the average NGL sales price, offset in part by a $0.45 per Mcf increase in the realized gain on commodity derivative instruments resulting from the Company's hedging program. The notional amounts associated with these financial hedges represented approximately 68.7 Bcf of the Company's produced Marcellus gas sales volumes for the three months ended September 30, 2019 at an average gain of $0.56 per Mcf. For the three months ended September 30, 2018, these financial hedges represented approximately 53.9 Bcf at an average gain of $0.03 per Mcf. There was a $0.25 per Mcfe decrease in the uplift from NGLs and condensate sales volumes when excluding the impact of hedging.

Total operating costs and expenses for the Marcellus segment were $176 million for the three months ended September 30, 2019 compared to $145 million for the three months ended September 30, 2018. The increase in total dollars and decrease in unit costs for the Marcellus segment were due to the following items:

•Marcellus lease operating expense was $6 million for the three months ended September 30, 2019 compared to $7 million for the three months ended September 30, 2018. The decrease in unit costs was driven by the decreased total dollars, along with the 23.7% increase in total Marcellus sales volumes.

•Marcellus production, ad valorem, and other fees were consistent at $3 million for the three months ended September 30, 2019 and September 30, 2018. The decrease in unit costs was driven by the 23.7% increase in total Marcellus sales volumes and the 24.1% decrease in the average gas sales price.

38

•Marcellus transportation, gathering and compression costs were $106 million for the three months ended September 30, 2019 compared to $77 million for the three months ended September 30, 2018. The increase in total dollars was primarily related to the increase in production which resulted in an increase in both CNX Midstream fees as well as an increase in utilized firm transportation expense. The increase in firm transportation total dollars was also related to new contracts that give CNX the ability to move and sell natural gas outside of the Appalachian basin. The increase in unit costs was driven by the increased total dollars described above.

•Depreciation, depletion and amortization costs attributable to the Marcellus segment were $61 million for the three months ended September 30, 2019 compared to $58 million for the three months ended September 30, 2018. These amounts included depletion on a unit of production basis of $0.68 per Mcfe and $0.79 per Mcfe, respectively. The decrease in units of production depreciation, depletion and amortization rate is the result of positive reserve revisions within our core development area. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

UTICA SEGMENT

The Utica segment had earnings before income tax of $18 million for the three months ended September 30, 2019 compared to earnings before income tax of $41 million for the three months ended September 30, 2018.

	For the Three Months Ended September 30,
	2019		2018		Variance			Percent Change
Utica Gas Sales Volumes (Bcf)	26.8		31.9		(5.1		)	(16.0	)%
NGLs Sales Volumes (Bcfe)*	—		1.6		(1.6		)	(100.0	)%
Condensate Sales Volumes (Bcfe)*	—		0.1		(0.1		)	(100.0	)%
Total Utica Sales Volumes (Bcfe)*	26.8		33.6		(6.8		)	(20.2	)%
Average Sales Price - Gas (per Mcf)	$	1.86	$	2.53	$	(0.67	)	(26.5	)%
Gain on Commodity Derivative Instruments - Cash Settlement- Gas (per Mcf)	$	0.47	$	—	$	0.47		100.0	%
Average Sales Price - NGLs (per Mcfe)*	$	—	$	4.00	$	(4.00	)	(100.0	)%
Average Sales Price - Condensate (per Mcfe)*	$	—	$	10.01	$	(10.01	)	(100.0	)%
Total Average Utica Sales Price (per Mcfe)	$	2.34	$	2.62	$	(0.28	)	(10.7	)%
Average Utica Lease Operating Expenses (per Mcfe)	0.15		0.14		0.01			7.1	%
Average Utica Production, Ad Valorem, and Other Fees (per Mcfe)	0.04		0.07		(0.03		)	(42.9	)%
Average Utica Transportation, Gathering and Compression Costs (per Mcfe)	0.29		0.35		(0.06		)	(17.1	)%
Average Utica Depreciation, Depletion and Amortization Costs (per Mcfe)	1.18		0.83		0.35			42.2	%
Total Average Utica Costs (per Mcfe)	$	1.66	$	1.39	$	0.27		19.4	%
Average Margin for Utica (per Mcfe)	$	0.68	$	1.23	$	(0.55	)	(44.7	)%

*NGLs and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.

The Utica segment had natural gas, NGLs and oil revenue of $50 million for the three months ended September 30, 2019 compared to $88 million for the three months ended September 30, 2018. The $38 million decrease was primarily due to the 20.2% decrease in total Utica sales volumes, along with the 26.5% decrease in the average gas sales price. The decrease in total Utica sales volumes was primarily due to the sale of substantially all of CNX's Ohio Utica JV assets in the third quarter of 2018 as well as normal production declines in the remaining dry Utica wells.

The decrease in total average Utica sales price was primarily due to a $0.67 per Mcf decrease in the average gas sales price, offset in part by a $0.47 per Mcf increase in the realized gain on commodity derivative instruments. The notional amounts associated with these financial hedges represented approximately 21.6 Bcf of the Company's produced Utica gas sales volumes for the three months ended September 30, 2019 at an average gain of $0.58 per Mcf. For the three months ended September 30, 2018, these financial hedges represented approximately 23.1 Bcf at an average gain of $0.04 per Mcf. Additionally, there was a $0.08 per

39

Mcfe decrease in the uplift from NGLs and condensate sales volumes when excluding the impact of hedging due to the sale of the previously-mentioned JV assets in the third quarter of 2018, which consisted primarily of wet gas production.

Total operating costs and expenses for the Utica segment were $45 million for the three months ended September 30, 2019 compared to $47 million for the three months ended September 30, 2018. The decrease in total dollars and increase in unit costs for the Utica segment were due to the following items:

•Utica lease operating expense was $4 million for the three months ended September 30, 2019 compared to $5 million for the three months ended September 30, 2018. The decrease in total dollars was primarily due to a reduction in repairs and maintenance costs due to the sale of the Ohio JV assets in 2018, along with a reduction in the number of employees and the associated costs in the period-to-period comparison. The increase in unit costs was driven by the decrease in production volumes.

•Utica transportation, gathering and compression costs were $8 million for the three months ended September 30, 2019 compared to $12 million for the three months ended September 30, 2018. The $4 million decrease in total dollars and $0.06 per Mcfe decrease in unit costs were both due to the overall decrease in Utica volumes as well as the shift to lower cost dry Utica production.

•Depreciation, depletion and amortization costs attributable to the Utica segment were $32 million for the three months ended September 30, 2019 compared to $28 million for the three months ended September 30, 2018. These amounts included depletion on a unit of production basis of $1.17 per Mcfe and $0.83 per Mcfe, respectively. The increase in the units of production depreciation, depletion and amortization rate was due to negative reserve revisions, an increase in capital expenditures and a higher depreciation, depletion and amortization rate on deep dry Utica wells compared to the lower capital cost Utica wells which were part of the Ohio JV asset sale in 2018. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

COALBED METHANE (CBM) SEGMENT

The CBM segment had earnings before income tax of $9 million for the three months ended September 30, 2019 compared to earnings before income tax of $10 million for the three months ended September 30, 2018.

	For the Three Months Ended September 30,
	2019		2018		Variance			Percent Change
CBM Gas Sales Volumes (Bcf)	14.1		14.7		(0.6		)	(4.1	)%
Average Sales Price - Gas (per Mcf)	$	2.52	$	3.29	$	(0.77	)	(23.4	)%
Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf)	$	0.43	$	0.04	$	0.39		975.0	%
Total Average CBM Sales Price (per Mcf)	$	2.95	$	3.33	$	(0.38	)	(11.4	)%
Average CBM Lease Operating Expenses (per Mcf)	0.28		0.32		(0.04		)	(12.5	)%
Average CBM Production, Ad Valorem, and Other Fees (per Mcf)	0.10		0.12		(0.02		)	(16.7	)%
Average CBM Transportation, Gathering and Compression Costs (per Mcf)	0.71		0.77		(0.06		)	(7.8	)%
Average CBM Depreciation, Depletion and Amortization Costs (per Mcf)	1.24		1.47		(0.23		)	(15.6	)%
Total Average CBM Costs (per Mcf)	$	2.33	$	2.68	$	(0.35	)	(13.1	)%
Average Margin for CBM (per Mcf)	$	0.62	$	0.65	$	(0.03	)	(4.6	)%

The CBM segment had natural gas revenue of $36 million for the three months ended September 30, 2019 compared to $48 million for the three months ended September 30, 2018. The $12 million decrease was primarily due to the 4.1% decrease in total CBM sales volumes and the 23.4% decrease in the average gas sales price. The decrease in CBM sales volumes was primarily due to normal well declines.

The total average CBM sales price decreased $0.38 per Mcf due to a $0.77 decrease in the average gas sales price, offset in part by a $0.39 per Mcf increase in the gain on commodity derivative instruments resulting from the Company's hedging program. The notional amounts associated with these financial hedges represented approximately 11.3 Bcf of the Company's produced CBM sales volumes for the three months ended September 30, 2019 at an average gain of $0.53 per Mcf. For the three months ended September 30, 2018, these financial hedges represented approximately 11.7 Bcf at an average gain of $0.03 per Mcf.

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Total operating costs and expenses for the CBM segment were $33 million for the three months ended September 30, 2019 compared to $39 million for the three months ended September 30, 2018. The decrease in total dollars and decrease in unit costs for the CBM segment were due to the following items:

•CBM lease operating expense was $4 million for the three months ended September 30, 2019 compared to $5 million for the three months ended September 30, 2018. The $1 million decrease was primarily due to reductions in contractor services and a decrease in repairs and maintenance costs. The decrease in unit costs was also due to the decrease in total dollars.

•CBM transportation, gathering and compression costs were $10 million for the three months ended September 30, 2019 compared to $11 million for the three months ended September 30, 2018. The $1 million decrease in total dollars as well as the $0.06 per Mcf decrease in unit costs were primarily related to a decrease in electrical power expense as well as a decrease in contractor services.

•Depreciation, depletion and amortization costs attributable to the CBM segment were $17 million for the three months ended September 30, 2019 compared to $21 million for the three months ended September 30, 2018. These amounts included depletion on a unit of production basis of $0.68 per Mcfe and $0.70 per Mcfe, respectively. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

OTHER GAS SEGMENT

The Other Gas segment had earnings before income tax of $83 million for the three months ended September 30, 2019 compared to a loss before income tax of $61 million for the three months ended September 30, 2018.

	For the Three Months Ended September 30,
	2019	2018	Variance		Percent Change
Other Gas Sales Volumes (Bcf)	0.1	—	0.1		100.0	%
Oil Sales Volumes (Bcfe)*	—	0.1	(0.1	)	(100.0	)%
Total Other Sales Volumes (Bcfe)*	0.1	0.1	—		—	%

*Oil is converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil and natural gas prices.

The Other Gas segment includes activity not assigned to the Marcellus, Utica, or CBM segments. This segment also includes purchased gas activity, unrealized gain on commodity derivative instruments, exploration and production related other costs and other operational activity not assigned to a specific segment.

Other Gas sales volumes are primarily related to shallow oil and gas production. CNX sold substantially all of these assets on March 30, 2018 (See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). There was nominal natural gas and oil revenue related to the Other Gas segment for both the three months ended September 30, 2019 and 2018. Total operating costs and expenses related to these other gas sales volumes were $2 million for the three months ended September 30, 2019 compared to $4 million for the three months ended September 30, 2018.

The Other Gas segment recognized an unrealized gain on commodity derivative instruments of $157 million for the three months ended September 30, 2019 compared to $15 million for the three months ended September 30, 2018. The unrealized gain on commodity derivative instruments represents changes in the fair value of all of the Company's existing commodity hedges on a mark-to-market basis.

Purchased Gas

Purchased gas volumes represent volumes of gas purchased at market prices from third-parties and then resold in order to fulfill contracts with certain customers and to balance supply. Purchased gas revenues were $29 million for the three months ended September 30, 2019 compared to $11 million for the three months ended September 30, 2018. Purchased gas costs were $27 million for the three months ended September 30, 2019 compared to $11 million for the three months ended September 30, 2018. The period-to-period increase in purchased gas revenue was due to the increase in purchased gas sales volumes, offset in part by a decrease in the average sales price.

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	For the Three Months Ended September 30,
	2019		2018		Variance			Percent Change
Purchased Gas Sales Volumes (in Bcf)	13.6		4.1		9.5			231.7	%
Average Sales Price (per Mcf)	$	2.14	$	2.55	$	(0.41	)	(16.1	)%
Average Cost (per Mcf)	$	2.02	$	2.56	$	(0.54	)	(21.1	)%

Other Operating Income

Other operating income was $4 million for the three months ended September 30, 2019 compared to $3 million for the three months ended September 30, 2018. The $1 million increase was due to the following items:

	For the Three Months Ended September 30,
(in millions)	2019		2018		Variance		Percent Change
Equity in Earnings of Affiliates	$	1	$	1	$	—	—	%
Gathering Income	2		2		—		—	%
Other	1		—		1		100.0	%
Total Other Operating Income	$	4	$	3	$	1	33.3	%

Exploration and Production Related Other Costs

Exploration and production related other costs were $6 million for the three months ended September 30, 2019 compared to $3 million for the three months ended September 30, 2018. The $3 million increase was due to the following items:

	For the Three Months Ended September 30,
(in millions)	2019		2018		Variance			Percent Change
Seismic Activity	$	5	$	—	$	5		100.0	%
Lease Expiration Costs	1		1		—			—	%
Land Rentals	—		1		(1		)	(100.0	)%
Other	—		1		(1		)	(100.0	)%
Total Exploration and Production Other Costs	$	6	$	3	$	3		100.0	%

• Seismic activity increased in the period-to-period comparison due to additional geophysical research in the current period related to the Utica segment.

Other Operating Expense

Other operating expense was $21 million for the three months ended September 30, 2019 compared to $18 million for the three months ended September 30, 2018. The $3 million increase was due to the following items:

	For the Three Months Ended September 30,
	2019		2018		Variance			Percent Change
Unutilized Firm Transportation and Processing Fees	$	15	$	11	$	4		36.4	%
Insurance Expense	1		—		1			100.0	%
Consulting and Professional Services	—		1		(1		)	(100.0	)%
Litigation Expense	—		2		(2		)	(100.0	)%
Other	5		4		1			25.0	%
Total Other Operating Expense	$	21	$	18	$	3		16.7	%

• Unutilized Firm Transportation and Processing Fees represent pipeline transportation capacity obtained to enable gas production to flow uninterrupted as sales volumes increase, as well as additional processing capacity for NGLs. The increase in the period-to-period comparison was primarily due to previously-acquired capacity which was not utilized during the current period to transport the Company’s flowing production. The Company attempts to minimize this expense by releasing (selling) unutilized firm transportation capacity to other parties when possible and when beneficial. The

42

revenue received when this capacity is released (sold) is included in Gathering Income in Total Other Operating Income above.

Selling, General and Administrative

SG&A costs represent direct charges for the management and operation of CNX's E&P division. SG&A costs were $20 million for the three months ended September 30, 2019 compared to $27 million for the three months ended September 30, 2018. Refer to the discussion of total company SG&A costs contained in the section "Net Income Attributable to CNX Resources Shareholders" of this Form 10-Q for a detailed cost explanation.

Interest Expense

Interest expense of $31 million was recognized in the three months ended September 30, 2019 compared to $29 million in the three months ended September 30, 2018. The $2 million increase was primarily due to additional borrowings on the CNX credit facility, offset, in part, by the reduction in higher-cost long-term debt resulting from the $500 million purchase, in the 2018 period, of the outstanding 8.00% senior notes due in April 2023, $200 million of which was purchased during the three months ended September 30, 2018. See Note 11 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

TOTAL MIDSTREAM DIVISION ANALYSIS for the three months ended September 30, 2019 compared to the three months ended September 30, 2018:

CNX's Midstream Division's principal activity is the ownership, operation, development and acquisition of natural gas gathering and other midstream energy assets of CNX Gathering and CNXM, which provide natural gas gathering services for the Company's produced gas, as well as for other independent third-parties in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. Excluded from the Midstream Division are the gathering assets and operations of CNX that have not been contributed to CNX Gathering and CNXM.

On January 3, 2018, CNX completed the Midstream Acquisition (See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). CNX Gathering holds all of the interests in CNX Midstream GP LLC, which holds the general partner interest and incentive distribution rights in CNXM. As a result of this transaction, CNX owns and controls 100% of CNX Gathering, making CNXM a single-sponsor master limited partnership and thus the Company began consolidating CNXM on January 3, 2018.

	For the Three Months Ended September 30,
(in millions)	2019		2018		Variance
Midstream Revenue - Related Party	$	56	$	41	$	15
Midstream Revenue - Third Party	19		20		(1		)
Total Revenue	$	75	$	61	$	14
Transportation, Gathering and Compression	$	12	$	10	$	2
Depreciation, Depletion and Amortization	9		8		1
Selling, General, and Administrative Costs	4		5		(1		)
Total Operating Costs and Expenses	25		23		2
Interest Expense	8		7		1
Total Midstream Division Costs	33		30		3
Earnings Before Income Tax	$	42	$	31	$	11

Midstream Revenue

Midstream revenue consists of revenue related to volumes gathered on behalf of CNX and other third-party natural gas producers. CNXM charges a higher fee for natural gas that is shipped on its wet system compared to gas shipped through its dry system. CNXM revenue can also be impacted by the relative mix of gathered volumes by area, which may vary depending upon delivery point and may change dynamically depending on commodity prices at time of shipment.

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The table below summarizes volumes gathered by gas type:

	For the Three Months Ended September 30,
	2019	2018	Variance
Dry Gas (BBtu/d) (*)	857	702	155
Wet Gas (BBtu/d) (*)	685	705	(20	)
Other (BBtu/d) (*)(**)	273	3	270
Total Gathered Volumes	1,815	1,410	405

(*) Classification as dry or wet is based upon the shipping destination of the related volumes. Because CNXM's customers have the option to ship a portion of their natural gas to destinations associated with either our wet system or our dry system, due to any number of factors, volumes may be classified as “wet” in one period and as “dry” in the comparative period.

(**) Includes condensate handling and third-party volumes under high-pressure short-haul agreements.

Transportation, Gathering and Compression 

Transportation, Gathering and Compression costs were $12 million for the three months ended September 30, 2019 compared to $10 million for the three months ended September 30, 2018, and are comprised of items directly related to the cost of gathering natural gas at the wellhead and transporting it to interstate pipelines or other local sales points. These costs include items such as electrically-powered compression, compressor rental, repairs and maintenance, supplies, treating and contract services.

Selling, General and Administrative Expense    

SG&A expense is comprised of direct charges for the management and operation of CNXM assets. SG&A costs were $4 million for the three months ended September 30, 2019 compared to $5 million for the three months ended September 30, 2018. Refer to the discussion of total Company SG&A costs contained in the section "Net Income Attributable to CNX Resources Shareholders" of this Form 10-Q for a detailed cost explanation.

Depreciation, Depletion and Amortization Expense   

Depreciation expense is recognized on gathering and other equipment on a straight-line basis, with useful lives ranging from 25 years to 40 years.

Interest Expense

Interest expense is comprised of interest on the outstanding balance under CNXM's senior notes due 2026 and its revolving credit facility. Interest expense was $8 million for the three months ended September 30, 2019 compared to $7 million for the three months ended September 30, 2018.

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Results of Operations - Nine Months Ended September 30, 2019 Compared with Nine Months Ended September 30, 2018

Net Income Attributable to CNX Resources Shareholders

CNX reported net income attributable to CNX Resources shareholders of $191 million, or earnings per diluted share of $1.01, for the nine months ended September 30, 2019, compared to net income attributable to CNX Resources shareholders of $695 million, or earnings per diluted share of $3.18, for the nine months ended September 30, 2018.

	For the Nine Months Ended September 30,
(Dollars in thousands)	2019		2018		Variance
Net Income	$	272,004	$	753,696	$	(481,692	)
Less: Net Income Attributable to Noncontrolling Interest	81,325		59,090		22,235
Net Income Attributable to CNX Resources Shareholders	$	190,679	$	694,606	$	(503,927	)

CNX consists of two principal business divisions: Exploration and Production (E&P) and Midstream.

The principal activity of the E&P Division is to produce pipeline quality natural gas for sale primarily to gas wholesalers. The E&P Division's reportable segments are Marcellus Shale, Utica Shale, Coalbed Methane, and Other Gas.

CNX's E&P Division had earnings before income tax of $233 million for the nine months ended September 30, 2019, compared to earnings before income tax of $196 million for the nine months ended September 30, 2018. Included in the earnings for the nine months ended September 30, 2019 and 2018 were unrealized gains on commodity derivative instruments of $214 million and $76 million, respectively.

CNX's Midstream Division's principal activity is the ownership, operation, development and acquisition of natural gas gathering and other midstream energy assets, through CNX Gathering and CNXM, which provide natural gas gathering services for the Company's produced gas, as well as for other independent third-parties in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. Excluded from the Midstream Division are the gathering assets and operations of CNX that have not been contributed to CNX Gathering and CNXM.

As a result of the Midstream Acquisition (See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q), CNX owns and controls 100% of CNX Gathering, making CNXM a single-sponsor master limited partnership and thus the Company began consolidating CNXM on January 3, 2018. The resulting gain on remeasurement to fair value of the previously held equity interest in CNX Gathering and CNXM of $624 million was included in the Gain on Previously Held Equity Interest line of the Consolidated Statements of Income in the 2018 period and was part of CNX's unallocated expenses. No such transactions occurred in the current period. Prior to the acquisition, CNX accounted for its interests in CNX Gathering and CNXM as an equity-method investment.

CNX's Midstream Division had earnings before income tax of $119 million for the nine months ended September 30, 2019, compared to earnings before income tax of $95 million for the period from January 3, 2018 through September 30, 2018.

E&P Division Summary

Sales volumes, average sales price (including the effects of settled derivative instruments), and average costs for the E&P Division were as follows: 

	For the Nine Months Ended September 30,
	2019		2018		Variance			Percent Change
Sales Volumes (Bcfe)	395.8		371.0		24.8			6.7	%
Average Sales Price (per Mcfe)	$	2.70	$	2.93	$	(0.23	)	(7.8	)%
Lease Operating Expense (per Mcfe)	0.13		0.21		(0.08		)	(38.1	)%
Production, Ad Valorem, and Other Fees (per Mcfe)	0.05		0.07		(0.02		)	(28.6	)%
Transportation, Gathering and Compression (per Mcfe)	0.96		0.84		0.12			14.3	%
Depreciation, Depletion and Amortization (DD&A) (per Mcfe)	0.87		0.90		(0.03		)	(3.3	)%
Average Costs (per Mcfe)	2.01		2.02		(0.01		)	(0.5	)%
Average Margin (per Mcfe)	$	0.69	$	0.91	$	(0.22	)	(24.2	)%

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Excluding the effects of settled derivative instruments, natural gas, NGLs, and oil revenue was $1,044 million for the nine months ended September 30, 2019, compared to $1,085 million for the nine months ended September 30, 2018. The decrease was primarily due to a decrease in natural gas and NGL pricing, offset in-part by a 6.7% increase in total sales volumes.

The decrease in average sales price per Mcfe was the result of the $0.15 per Mcf decrease in general natural gas prices, when excluding the impact of hedging, in the markets in which CNX sells its natural gas. There was also a $0.13 per Mcfe decrease in the uplift from NGLs and condensate sales volumes. Both decreases were offset, in-part by the $0.06 per Mcf increase in the realized gain on commodity derivative instruments related to the Company's hedging program during the current period.

Changes in the average costs per Mcfe were primarily related to the following items:

• Lease operating expense decreased on a per unit basis primarily due to a decrease in water disposal costs in the period-to-period comparison due to an increase in the reuse of produced water in well completions in the current period, and also due to the sale of the majority of CNX's shallow oil and gas assets and the sale of substantially all of CNX's Ohio Utica JV assets in 2018.

• Transportation, gathering, and compression expense increased on a per unit basis primarily due to an increase in CNXM gathering fees related to an increase in our Marcellus production and an increase in firm transportation expense, primarily as a result of new contracts that give CNX the ability to move and sell natural gas outside of the Appalachian basin. The decrease in production from CNX's lower cost dry Utica volumes as well as the third quarter 2018 sale of CNX's Ohio JV assets also contributed to the increase on a per unit basis.

The following table presents a breakout of net liquid and natural gas sales information to assist in the understanding of the Company’s natural gas production and sales portfolio.

	For the Nine Months Ended September 30,
in thousands (unless noted)	2019		2018		Variance			Percent Change
LIQUIDS
NGLs:
Sales Volume (MMcfe)	22,556		29,445		(6,889		)	(23.4	)%
Sales Volume (Mbbls)	3,759		4,908		(1,149		)	(23.4	)%
Gross Price ($/Bbl)	$	19.20	$	27.96	$	(8.76	)	(31.3	)%
Gross Revenue	$	72,095	$	137,104	$	(65,009	)	(47.4	)%
Oil:
Sales Volume (MMcfe)	43		236		(193		)	(81.8	)%
Sales Volume (Mbbls)	7		39		(32		)	(82.1	)%
Gross Price ($/Bbl)	$	48.24	$	58.98	$	(10.74	)	(18.2	)%
Gross Revenue	$	347	$	2,317	$	(1,970	)	(85.0	)%
Condensate:
Sales Volume (MMcfe)	647		1,670		(1,023		)	(61.3	)%
Sales Volume (Mbbls)	108		278		(170		)	(61.2	)%
Gross Price ($/Bbl)	$	44.94	$	53.64	$	(8.70	)	(16.2	)%
Gross Revenue	$	4,846	$	14,925	$	(10,079	)	(67.5	)%
GAS
Sales Volume (MMcf)	372,524		339,679		32,845			9.7	%
Sales Price ($/Mcf)	$	2.59	$	2.74	$	(0.15	)	(5.5	)%
Gross Revenue	$	966,574	$	930,505	$	36,069		3.9	%
Hedging Impact ($/Mcf)	$	0.07	$	0.01	$	0.06		600.0	%
Gain on Commodity Derivative Instruments - Cash Settlement	26,331		2,518		23,813			945.7	%

Selling, General and Administrative (SG&A) - Total Company

SG&A costs include costs such as overhead, including employee labor and benefit costs, short-term incentive compensation, costs of maintaining our headquarters, audit and other professional fees, and legal compliance expenses. SG&A costs also include non-cash long-term equity-based compensation expense.

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	For the Nine Months Ended September 30,
(in millions)	2019		2018		Variance			Percent Change
SG&A
Long-Term Equity-Based Compensation (Non-Cash)	$	37	$	16	$	21		131.3	%
Salaries and Wages	31		30		1			3.3	%
Short-Term Incentive Compensation	9		17		(8		)	(47.1	)%
Other	32		36		(4		)	(11.1	)%
Total SG&A	$	109	$	99	$	10		10.1	%

• Long-term equity-based compensation increased $21 million in the period-to-period comparison due to the Company incurring an additional $20 million of long-term equity-based compensation (non-cash) expense during the nine months ended September 30, 2019. The additional expense was a result of the acceleration of vesting of certain restricted stock units and performance share units held by certain employees related to a change in control event (See Note 2 - Earnings Per Share in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). 

• Short-term incentive compensation decreased $8 million due to lower projected payouts in the current period.

Unallocated Expense

Certain costs and expenses, such as other expense (income), gain on asset sales and abandonments related to non-core assets, gain on previously held equity interest, loss on debt extinguishment, impairment of other intangible assets and income taxes are unallocated expenses and therefore are excluded from the per unit costs above as well as segment reporting. Below is a summary of these costs and expenses:

Other Expense (Income)

	For the Nine Months Ended September 30,
(in millions)	2019		2018			Variance			Percent Change
Other Income
Royalty Income	$	4	$	12		$	(8	)	(66.7	)%
Right of Way Sales	4		5			(1		)	(20.0	)%
Interest Income	2		—			2			100.0	%
Other	—		5			(5		)	(100.0	)%
Total Other Income	$	10	$	22		$	(12	)	(54.5	)%
Other Expense
Professional Services	$	2	$	6		$	(4	)	(66.7	)%
Bank Fees	9		8			1			12.5	%
Other Corporate Expense	2		3			(1		)	(33.3	)%
Total Other Expense	$	13	$	17		$	(4	)	(23.5	)%
Total Other Expense (Income)	$	3	$	(5	)	$	8		(160.0	)%

Gain on Asset Sales and Abandonments

A gain on asset sales of $8 million related to non-core assets was recognized in the nine months ended September 30, 2019 compared to a gain of $147 million in the nine months ended September 30, 2018, primarily due to the sale of substantially all of CNX's Ohio Utica JV assets. See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

Also refer to the discussion of Loss (Gain) on Asset Sales and Abandonments contained in the section "Total Midstream Division Analysis" of this Form 10-Q for additional items that are not part of Unallocated Expense.

47

Gain on Previously Held Equity Interest

CNX recognized a gain on previously held equity interest of $624 million in the nine months ended September 30, 2018 due to the Midstream Acquisition in January 2018. No such transactions occurred in the current period. See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

Loss on Debt Extinguishment

Loss on debt extinguishment of $8 million was recognized in the nine months ended September 30, 2019 compared to a loss on debt extinguishment of $54 million in the nine months ended September 30, 2018. During the nine months ended September 30, 2019, CNX purchased $400 million of its 5.875% Senior notes due in April 2022 at an average price equal to 101.5% of the principal amount. During the nine months end September 30, 2018 CNX purchased $391 million of its 5.875% Senior notes due in April 2022 at an average price equal to 103.8% of the principal amount and redeemed the $500 million 8.00% Senior notes due in April 2023 at an average price equal to 106.0% of the principal amount. See Note 11 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

Impairment of Other Intangible Assets

Intangible assets are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when the carrying amount of the asset exceeds the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. The impairment loss to be recorded would be the excess of the asset's carrying value over its fair value.

In connection with the AEA with HG Energy (See Note 5 - Acquisition and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information) that occurred during the nine months ended September 30, 2018, CNX determined that the carrying value of the other intangible asset - customer relationships exceeded its fair value, and an impairment of $19 million was included in Impairment of Other Intangible Assets in the Consolidated Statement of Income. No such transactions occurred in the current period.

Income Taxes

The effective income tax rate was 22.3% for the nine months ended September 30, 2019 compared to 24.1% for the nine months ended September 30, 2018. The effective rate for the nine months ended September 30, 2019 differs from the U.S. federal statutory rate of 21% primarily due to the impact of noncontrolling interest, equity compensation and state income taxes. The effective rate for the nine months ended September 30, 2018 differs from the U.S. federal statutory 21% primarily due to a benefit from the filing of a Federal 10-year net operating loss (“NOL”) carryback which resulted in the Company being able to utilize previously valued tax attributes at a tax rate differential of 14%, as well as non-controlling interest. The benefits were offset by increases for both state income taxes and state valuation allowances.

See Note 6 - Income Taxes in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

	For the Nine Months Ended September 30,
(in millions)	2019			2018			Variance			Percent Change
Total Company Earnings Before Income Tax	$	350		$	993		$	(643	)	(64.8	)%
Income Tax Expense	$	78		$	239		$	(161	)	(67.4	)%
Effective Income Tax Rate	22.3		%	24.1		%	(1.8		)%

48

TOTAL E&P DIVISION ANALYSIS for the nine months ended September 30, 2019 compared to the nine months ended September 30, 2018:

The E&P division had earnings before income tax of $233 million for the nine months ended September 30, 2019 compared to earnings before income tax of $196 million for the nine months ended September 30, 2018. Variances by individual E&P segment are discussed below.

	For the Nine Months Ended											Difference to Nine Months Ended
	September 30, 2019											September 30, 2018
(in millions)	Marcellus		Utica		CBM		Other Gas			Total E&P		Marcellus			Utica			CBM			Other Gas			Total E&P
Natural Gas, NGLs and Oil Revenue	$	709	$	208	$	125	$	2		$	1,044	$	118		$	(118	)	$	(28	)	$	(13	)	$	(41	)
Gain on Commodity Derivative Instruments	18		6		3		213			240		17			5			3			136			161
Purchased Gas Revenue	—		—		—		64			64		—			—			—			25			25
Other Operating Income	—		—		—		10			10		—			—			—			(12		)	(12		)
Total Revenue and Other Operating Income	727		214		128		289			1,358		135			(113		)	(25		)	136			133
Lease Operating Expense	27		13		13		—			53		(7		)	(13		)	(4		)	(1		)	(25		)
Production, Ad Valorem, and Other Fees	11		4		5		—			20		(2		)	(1		)	—			(1		)	(4		)
Transportation, Gathering and Compression	325		24		29		—			378		97			(20		)	(8		)	(4		)	65
Depreciation, Depletion and Amortization	186		105		52		7			350		25			(3		)	(7		)	(4		)	11
Exploration and Production Related Other Costs	—		—		—		15			15		—			—			—			6			6
Purchased Gas Costs	—		—		—		62			62		—			—			—			25			25
Other Operating Expense	—		—		—		60			60		—			—			—			9			9
Selling, General and Administrative Costs	—		—		—		95			95		—			—			—			13			13
Total Operating Costs and Expenses	549		146		99		239			1,033		113			(37		)	(19		)	43			100
Interest Expense	—		—		—		92			92		—			—			—			(4		)	(4		)
Total E&P Division Costs	549		146		99		331			1,125		113			(37		)	(19		)	39			96
Earnings (Loss) Before Income Tax	$	178	$	68	$	29	$	(42	)	$	233	$	22		$	(76	)	$	(6	)	$	97		$	37

49

MARCELLUS SEGMENT

The Marcellus segment had earnings before income tax of $178 million for the nine months ended September 30, 2019 compared to earnings before income tax of $156 million for the nine months ended September 30, 2018.

	For the Nine Months Ended September 30,
	2019		2018		Variance			Percent Change
Marcellus Gas Sales Volumes (Bcf)	245.3		176.0		69.3			39.4	%
NGLs Sales Volumes (Bcfe)*	22.5		23.9		(1.4		)	(5.9	)%
Condensate Sales Volumes (Bcfe)*	0.6		1.3		(0.7		)	(53.8	)%
Total Marcellus Sales Volumes (Bcfe)*	268.4		201.2		67.2			33.4	%
Average Sales Price - Gas (per Mcf)	$	2.58	$	2.66	$	(0.08	)	(3.0	)%
Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf)	$	0.07	$	0.01	$	0.06		600.0	%
Average Sales Price - NGLs (per Mcfe)*	$	3.20	$	4.67	$	(1.47	)	(31.5	)%
Average Sales Price - Condensate (per Mcfe)*	$	7.43	$	8.91	$	(1.48	)	(16.6	)%
Total Average Marcellus Sales Price (per Mcfe)	$	2.71	$	2.94	$	(0.23	)	(7.8	)%
Average Marcellus Lease Operating Expenses (per Mcfe)	0.10		0.17		(0.07		)	(41.2	)%
Average Marcellus Production, Ad Valorem, and Other Fees (per Mcfe)	0.04		0.06		(0.02		)	(33.3	)%
Average Marcellus Transportation, Gathering and Compression Costs (per Mcfe)	1.21		1.13		0.08			7.1	%
Average Marcellus Depreciation, Depletion and Amortization Costs (per Mcfe)	0.70		0.81		(0.11		)	(13.6	)%
Total Average Marcellus Costs (per Mcfe)	$	2.05	$	2.17	$	(0.12	)	(5.5	)%
Average Margin for Marcellus (per Mcfe)	$	0.66	$	0.77	$	(0.11	)	(14.3	)%

* NGLs and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.

The Marcellus segment had natural gas, NGLs and oil revenue of $709 million for the nine months ended September 30, 2019 compared to $591 million for the nine months ended September 30, 2018. The $118 million increase was due to a 33.4% increase in total Marcellus sales volumes. The increase in sales volumes was primarily due to additional wells being turned in-line throughout 2018 and the first nine months of 2019 as part of the Company's ongoing drilling and completions program.

The decrease in the total average Marcellus sales price was primarily due to an $0.08 per Mcf decrease in the average sales price for natural gas and a $1.47 per Mcfe decrease in the average NGL sales price, offset in part by a $0.06 per Mcf increase in the realized gain on commodity derivative instruments resulting from the Company's hedging program. The notional amounts associated with these financial hedges represented approximately 185.9 Bcf of the Company's produced Marcellus gas sales volumes for the nine months ended September 30, 2019 at an average gain of $0.10 per Mcf. For the nine months ended September 30, 2018, these financial hedges represented approximately 148.9 Bcf at an average gain of $0.01 per Mcf.

Total operating costs and expenses for the Marcellus segment were $549 million for the nine months ended September 30, 2019 compared to $436 million for the nine months ended September 30, 2018. The increase in total dollars and decrease in unit costs for the Marcellus segment were due to the following items:

•Marcellus lease operating expenses were $27 million for the nine months ended September 30, 2019 compared to $34 million for the nine months ended September 30, 2018. The decrease in total dollars was primarily due to a decrease in water disposal costs in the current period due to an increase in the reuse of produced water in well completions activity, as well as a reduction in employee costs. The decrease in unit costs was driven by the decrease in total dollars, along with the 33.4% increase in total Marcellus sales volumes.

•Marcellus production, ad valorem, and other fees were $11 million for the nine months ended September 30, 2019 compared to $13 million for the nine months ended September 30, 2018. The decrease in total dollars was primarily related to a decrease in CNX's severance tax liability due to the production mix by state and lower natural gas prices. The decrease in unit costs was driven by the decreased total dollars, along with the 33.4% increase in total Marcellus sales volumes.

50

•Marcellus transportation, gathering and compression costs were $325 million for the nine months ended September 30, 2019 compared to $228 million for the nine months ended September 30, 2018. The increase in total dollars was primarily related to the increase in production which resulted in an increase in both CNX Midstream fees as well as an increase in utilized firm transportation expense. The increase in firm transportation total dollars was also related to new contracts, which began during the 2019 period, that give CNX the ability to move and sell natural gas outside of the Appalachian basin. These increases were offset by lower processing costs from a drier production mix. The increase in unit costs was driven by the increased total dollars described above.

•Depreciation, depletion and amortization costs attributable to the Marcellus segment were $186 million for the nine months ended September 30, 2019 compared to $161 million for the nine months ended September 30, 2018. These amounts included depletion on a unit of production basis of $0.68 per Mcfe and $0.79 per Mcfe, respectively. The decrease in units of production depreciation, depletion and amortization rate is the result of positive reserve revisions within our core development area in the current period. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

UTICA SEGMENT

The Utica segment had earnings before income tax of $68 million for the nine months ended September 30, 2019 compared to earnings before income tax of $144 million for the nine months ended September 30, 2018.

	For the Nine Months Ended September 30,
	2019		2018		Variance			Percent Change
Utica Gas Sales Volumes (Bcf)	85.4		113.7		(28.3		)	(24.9	)%
NGLs Sales Volumes (Bcfe)*	—		5.5		(5.5		)	(100.0	)%
Condensate Sales Volumes (Bcfe)*	—		0.4		(0.4		)	(100.0	)%
Total Utica Sales Volumes (Bcfe)*	85.4		119.7		(34.3		)	(28.7	)%
Average Sales Price - Gas (per Mcf)	$	2.43	$	2.61	$	(0.18	)	(6.9	)%
Gain on Commodity Derivative Instruments - Cash Settlement- Gas (per Mcf)	$	0.07	$	0.01	$	0.06		600.0	%
Average Sales Price - NGLs (per Mcfe)*	$	—	$	4.60	$	(4.60	)	(100.0	)%
Average Sales Price - Condensate (per Mcfe)*	$	—	$	9.03	$	(9.03	)	(100.0	)%
Total Average Utica Sales Price (per Mcfe)	$	2.50	$	2.73	$	(0.23	)	(8.4	)%
Average Utica Lease Operating Expenses (per Mcfe)	0.15		0.22		(0.07		)	(31.8	)%
Average Utica Production, Ad Valorem, and Other Fees (per Mcfe)	0.04		0.04		—			—	%
Average Utica Transportation, Gathering and Compression Costs (per Mcfe)	0.28		0.37		(0.09		)	(24.3	)%
Average Utica Depreciation, Depletion and Amortization Costs (per Mcfe)	1.23		0.90		0.33			36.7	%
Total Average Utica Costs (per Mcfe)	$	1.70	$	1.53	$	0.17		11.1	%
Average Margin for Utica (per Mcfe)	$	0.80	$	1.20	$	(0.40	)	(33.3	)%

*NGLs and Condensate are converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil, NGLs, condensate, and natural gas prices.

The Utica segment had natural gas, NGLs and oil revenue of $208 million for the nine months ended September 30, 2019 compared to $326 million for the nine months ended September 30, 2018. The $118 million decrease was due to the 28.7% decrease in total Utica sales volumes and a 6.9% decrease in the average sales price for natural gas. The decrease in total Utica sales volumes was primarily due to the sale of substantially all of CNX's Ohio Utica JV assets in the third quarter of 2018 as well as normal production declines in the remaining dry Utica wells.

The decrease in total average Utica sales price was primarily due to a $0.18 per Mcf decrease in average gas sales price. Additionally, there was a $0.11 per Mcfe decrease in the uplift from NGLs and condensate sales volumes when excluding the impact of hedging due to the sale of the previously mentioned Ohio JV assets in the third quarter of 2018 which consisted primarily of wet Utica production. The decreases were partially offset by a $0.06 per Mcf increase in the realized gain on commodity derivative instruments. The notional amounts associated with these financial hedges represented approximately 60.6 Bcf of the

51

Company's produced Utica gas sales volumes for the nine months ended September 30, 2019 at an average gain of $0.10 per Mcf. For the nine months ended September 30, 2018, these financial hedges represented approximately 78.7 Bcf at an average gain of $0.01 per Mcf.

Total operating costs and expenses for the Utica segment were $146 million for the nine months ended September 30, 2019 compared to $183 million for the nine months ended September 30, 2018. The decrease in total dollars and increase in unit costs for the Utica segment were due to the following items:

•Utica lease operating expense was $13 million for the nine months ended September 30, 2019 compared to $26 million for the nine months ended September 30, 2018. The decrease in total dollars was primarily due to a decrease in water disposal costs due to lower production volumes, an increase in reuse of produced water in well completions and a reduction in well operating costs due to the overall decrease in Utica volumes described above. The decrease in unit costs was driven by the decrease in total dollars.

•Utica transportation, gathering and compression costs were $24 million for the nine months ended September 30, 2019 compared to $44 million for the nine months ended September 30, 2018. The $20 million decrease in total dollars and $0.09 per Mcfe decrease in unit costs were both due to the overall decrease in Utica volumes as well as the shift to lower cost dry Utica production.

•Depreciation, depletion and amortization costs attributable to the Utica segment were $105 million for the nine months ended September 30, 2019 compared to $108 million for the nine months ended September 30, 2018. These amounts included depletion on a unit of production basis of $1.17 per Mcfe and $0.90 per Mcfe, respectively. The increase in the units of production depreciation, depletion and amortization rate was due to negative reserve revisions, an increase in capital expenditures and a higher depreciation, depletion and amortization rate on deep dry Utica wells compared to the lower capital cost Utica wells which were part of the Ohio JV asset sale in 2018. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

COALBED METHANE (CBM) SEGMENT

The CBM segment had earnings before income tax of $29 million for the nine months ended September 30, 2019 compared to earnings before income tax of $35 million for the nine months ended September 30, 2018.

	For the Nine Months Ended September 30,
	2019		2018		Variance			Percent Change
CBM Gas Sales Volumes (Bcf)	41.7		45.4		(3.7		)	(8.1	)%
Average Sales Price - Gas (per Mcf)	$	3.00	$	3.37	$	(0.37	)	(11.0	)%
Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf)	$	0.07	$	0.01	$	0.06		600.0	%
Total Average CBM Sales Price (per Mcf)	$	3.07	$	3.37	$	(0.30	)	(8.9	)%
Average CBM Lease Operating Expenses (per Mcf)	0.30		0.37		(0.07		)	(18.9	)%
Average CBM Production, Ad Valorem, and Other Fees (per Mcf)	0.13		0.12		0.01			8.3	%
Average CBM Transportation, Gathering and Compression Costs (per Mcf)	0.70		0.82		(0.12		)	(14.6	)%
Average CBM Depreciation, Depletion and Amortization Costs (per Mcf)	1.24		1.29		(0.05		)	(3.9	)%
Total Average CBM Costs (per Mcf)	$	2.37	$	2.60	$	(0.23	)	(8.8	)%
Average Margin for CBM (per Mcf)	$	0.70	$	0.77	$	(0.07	)	(9.1	)%

The CBM segment had natural gas revenue of $125 million for the nine months ended September 30, 2019 compared to $153 million for the nine months ended September 30, 2018. The $28 million decrease was due to the 8.1% decrease in total CBM sales volumes and the 11.0% decrease in the average gas sales price. The decrease in CBM sales volumes was primarily due to normal well declines, as well as the sale of certain CBM assets that were sold along with the majority of CNX's shallow oil and gas assets in 2018 (See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information).

52

The total average CBM sales price decreased $0.30 per Mcf due to a $0.37 decrease in average gas sales price, offset in part by a $0.06 per Mcf increase in the gain on commodity derivative instruments resulting from the Company's hedging program. The notional amounts associated with these financial hedges represented approximately 29.6 Bcf of the Company's produced CBM sales volumes for the nine months ended September 30, 2019 at an average gain of $0.10 per Mcf. For the nine months ended September 30, 2018, these financial hedges represented approximately 34.8 Bcf at an average gain of $0.01 per Mcf.

Total operating costs and expenses for the CBM segment were $99 million for the nine months ended September 30, 2019 compared to $118 million for the nine months ended September 30, 2018. The decrease in total dollars and decrease in unit costs for the CBM segment were due to the following items:

•CBM lease operating expense was $13 million for the nine months ended September 30, 2019 compared to $17 million for the nine months ended September 30, 2018. The $4 million decrease was primarily due to reductions in contractor services, a decrease in repairs and maintenance costs, and a reduction in employee costs. The decrease in unit costs was also due to the decrease in total dollars.

•CBM transportation, gathering and compression costs were $29 million for the nine months ended September 30, 2019 compared to $37 million for the nine months ended September 30, 2018. The $8 million decrease in total dollars as well as the $0.12 per Mcf decrease in unit costs were primarily related to a decrease in electrical power expense as well as a decrease in contractor services.

•Depreciation, depletion and amortization costs attributable to the CBM segment were $52 million for the nine months ended September 30, 2019 compared to $59 million for the nine months ended September 30, 2018. These amounts included depletion on a unit of production basis of $0.68 per Mcfe and $0.70 per Mcfe, respectively. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

OTHER GAS SEGMENT

The Other Gas segment had a loss before income tax of $42 million for the nine months ended September 30, 2019 compared to a loss before income tax of $139 million for the nine months ended September 30, 2018.

	For the Nine Months Ended September 30,
	2019	2018	Variance		Percent Change
Other Gas Sales Volumes (Bcf)	0.3	4.6	(4.3	)	(93.5	)%
Oil Sales Volumes (Bcfe)*	—	0.1	(0.1	)	(100.0	)%
Total Other Sales Volumes (Bcfe)*	0.3	4.7	(4.4	)	(93.6	)%

*Oil is converted to Mcfe at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not indicative of the relationship of oil and natural gas prices.

The Other Gas segment includes activity not assigned to the Marcellus, Utica, or CBM segments. This segment also includes purchased gas activity, unrealized gain on commodity derivative instruments, exploration and production related other costs and other operational activity not assigned to a specific segment.

Other Gas sales volumes were primarily related to shallow oil and gas production. CNX sold substantially all of these assets on March 30, 2018 (See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). There was $2 million of natural gas and oil revenue related to the Other Gas segment for the nine months ended September 30, 2019 compared to $15 million for the nine months ended September 30, 2018. The decrease in natural gas and oil revenue was due to the asset sale. Total operating costs and expenses related to these other gas sales volumes were $5 million for the nine months ended September 30, 2019 compared to $17 million for the nine months ended September 30, 2018.

The Other Gas segment recognized an unrealized gain on commodity derivative instruments of $214 million as well as cash settlements paid of $1 million for the nine months ended September 30, 2019. For the nine months ended September 30, 2018, the Other Gas segment recognized an unrealized gain on commodity derivative instruments of $76 million as well as cash settlements received of $1 million. The unrealized gain on commodity derivative instruments represents changes in the fair value of all of the Company's existing commodity hedges on a mark-to-market basis.

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Purchased Gas

Purchased gas volumes represent volumes of gas purchased at market prices from third-parties and then resold in order to fulfill contracts with certain customers and to balance supply. Purchased gas revenues were $64 million for the nine months ended September 30, 2019 compared to $39 million for the nine months ended September 30, 2018. Purchased gas costs were $62 million for the nine months ended September 30, 2019 compared to $37 million for the nine months ended September 30, 2018. The period-to-period increase in purchased gas revenue was due to an increase in purchased gas sales volumes, offset in part by a decrease in averages sales price.

	For the Nine Months Ended September 30,
	2019		2018		Variance			Percent Change
Purchased Gas Sales Volumes (in Bcf)	26.9		12.9		14.0			108.5	%
Average Sales Price (per Mcf)	$	2.39	$	2.98	$	(0.59	)	(19.8	)%
Average Cost (per Mcf)	$	2.33	$	2.89	$	(0.56	)	(19.4	)%

Other Operating Income

Other operating income was $10 million for the nine months ended September 30, 2019 compared to $22 million for the nine months ended September 30, 2018. The $12 million decrease was due to the following items:

	For the Nine Months Ended September 30,
(in millions)	2019		2018		Variance			Percent Change
Water Income	$	1	$	11	$	(10	)	(90.9	)%
Equity in Earnings of Affiliates	2		4		(2		)	(50.0	)%
Gathering Income	7		7		—			—	%
Total Other Operating Income	$	10	$	22	$	(12	)	(54.5	)%

• Water income decreased $10 million due to nominal sales of freshwater to third-parties for hydraulic fracturing in the 2019 period compared to the 2018 period.

Exploration and Production Related Other Costs

Exploration and production related other costs were $15 million for the nine months ended September 30, 2019 compared to $9 million for the nine months ended September 30, 2018. The $6 million increase was due to the following items:

	For the Nine Months Ended September 30,
(in millions)	2019		2018		Variance			Percent Change
Seismic Activity	$	6	$	—	$	6		100.0	%
Lease Expiration Costs	5		4		1			25.0	%
Land Rentals	2		3		(1		)	(33.3	)%
Other	2		2		—			—	%
Total Exploration and Production Other Costs	$	15	$	9	$	6		66.7	%

• Seismic activity increased in the period-to-period comparison due to additional geophysical research in the current period related to the Utica segment.

54

Other Operating Expense

Other operating expense was $60 million for the nine months ended September 30, 2019 compared to $51 million for the nine months ended September 30, 2018. The $9 million increase was due to the following items:

	For the Nine Months Ended September 30,
	2019		2018		Variance			Percent Change
Unutilized Firm Transportation and Processing Fees	$	43	$	29	$	14		48.3	%
Idle Equipment and Service Charges	8		5		3			60.0	%
Insurance Expense	2		2		—			—	%
Severance Expense	1		1		—			—	%
Litigation Expense	—		3		(3		)	(100.0	)%
Water Expense	1		5		(4		)	(80.0	)%
Other	5		6		(1		)	(16.7	)%
Total Other Operating Expense	$	60	$	51	$	9		17.6	%

• Unutilized Firm Transportation and Processing Fees represent pipeline transportation capacity obtained to enable gas production to flow uninterrupted as sales volumes increase, as well as additional processing capacity for NGLs. The increase in the period-to-period comparison was primarily due to previously-acquired capacity which was not utilized during the current period to transport the Company’s flowing production. The Company attempts to minimize this expense by releasing (selling) unutilized firm transportation capacity to other parties when possible and when beneficial. The revenue received when this capacity is released (sold) is included in Gathering Income in Total Other Operating Income above.

• Idle Equipment and Service Charges primarily relate to the temporary idling of some of the Company's natural gas drilling rigs as well as related equipment and other services that may be needed in the natural gas drilling and completions process. The increase of $3 million in the period-to-period comparison was primarily the result of the acceleration of five months of idle rig expense due to CNX terminating one of its drilling rig contacts early, as well as additional idle service expense related to the Shaw 1G Utica Shale well that occurred in the first quarter of 2019.

• Water Expense decreased $4 million due to the associated costs related to the sales of freshwater to third-parties for hydraulic fracturing in the 2018 period in Total Other Operating Income above. There were nominal sales in the 2019 period.

Selling, General and Administrative

SG&A costs represent direct charges for the management and operation of CNX's E&P division. SG&A costs were $95 million for the nine months ended September 30, 2019 compared to $82 million for the nine months ended September 30, 2018. Refer to the discussion of total company SG&A costs contained in the section "Net Income Attributable to CNX Resources Shareholders" of this Form 10-Q for a detailed cost explanation.

Interest Expense

Interest expense of $92 million was recognized in the nine months ended September 30, 2019 compared to $96 million in the nine months ended September 30, 2018. The $4 million decrease was primarily due to the reduction in higher cost long-term debt, resulting from the $500 million purchase of the outstanding 8.00% senior notes due in April 2023 and the $391 million purchase of the outstanding 5.875% senior notes due in April 2022 during the nine months ended September 30, 2018. Additionally, the Company purchased $400 million of its outstanding 5.875% senior notes due in April 2022 during the nine months ended September 30, 2019. These decreases were partially offset by a completed private offering of $500 million of 7.25% senior notes due March 2027 during the nine months ended September 30, 2019, as well as additional borrowings on the CNX credit facility. See Note 11 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

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TOTAL MIDSTREAM DIVISION ANALYSIS for the nine months ended September 30, 2019 compared to the period January 3, 2018 through September 30, 2018:

CNX's Midstream Division's principal activity is the ownership, operation, development and acquisition of natural gas gathering and other midstream energy assets of CNX Gathering and CNXM, which provide natural gas gathering services for the Company's produced gas, as well as for other independent third-parties in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. Excluded from the Midstream Division are the gathering assets and operations of CNX that have not been contributed to CNX Gathering and CNXM.

On January 3, 2018, CNX completed the Midstream Acquisition (See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). CNX Gathering holds all of the interests in CNX Midstream GP LLC, which holds the general partner interest and incentive distribution rights in CNXM. As a result of this transaction, CNX owns and controls 100% of CNX Gathering, making CNXM a single-sponsor master limited partnership and thus the Company began consolidating CNXM on January 3, 2018.

(in millions)	For the nine months ended September 30, 2019		For the period January 3, 2018 through September 30, 2018			Variance
Midstream Revenue - Related Party	$	169	$	117		$	52
Midstream Revenue - Third Party	56		70			(14		)
Total Revenue	$	225	$	187		$	38
Transportation, Gathering and Compression	$	36	$	36		$	—
Depreciation, Depletion and Amortization	25		24			1
Selling, General, and Administrative Costs	14		17			(3		)
Total Operating Costs and Expenses	75		77			(2		)
Other Expense	1		—			1
Loss (Gain) on Asset Sales and Abandonments	7		(2		)	9
Interest Expense	23		17			6
Total Midstream Division Costs	106		92			14
Earnings Before Income Tax	$	119	$	95		$	24

Midstream Revenue

Midstream revenue consists of revenue related to volumes gathered on behalf of CNX and other third-party natural gas producers. CNXM charges a higher fee for natural gas that is shipped on its wet system compared to gas shipped through its dry system. CNXM revenue can also be impacted by the relative mix of gathered volumes by area, which may vary depending upon delivery point and may change dynamically depending on commodity prices at time of shipment.

The table below summarizes volumes gathered by gas type:

	For the nine months ended September 30, 2019	For the period January 3, 2018 through September 30, 2018	Variance
Dry Gas (BBtu/d) (*)	862	702	160
Wet Gas (BBtu/d) (*)	705	690	15
Other (BBtu/d) (*)(**)	196	12	184
Total Gathered Volumes	1,763	1,404	359

(*) Classification as dry or wet is based upon the shipping destination of the related volumes. Because CNXM's customers have the option to ship a portion of their natural gas to destinations associated with either our wet system or our dry system, due to any number of factors, volumes may be classified as “wet” in one period and as “dry” in the comparative period.

(**) Includes condensate handling and third-party volumes under high-pressure short-haul agreements.

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Transportation, Gathering and Compression 

Transportation, Gathering and Compression costs were $36 million for both the nine months ended September 30, 2019 and the period January 3, 2018 through September 30, 2018, and are comprised of items directly related to the cost of gathering natural gas at the wellhead and transporting it to interstate pipelines or other local sales points. These costs include items such as electrically-powered compression, compressor rental, repairs and maintenance, supplies, treating and contract services.

Selling, General and Administrative Expense    

SG&A expense is comprised of direct charges for the management and operation of CNXM assets. SG&A costs were $14 million for the nine months ended September 30, 2019 compared to $17 million for the period January 3, 2018 through September 30, 2018. Refer to the discussion of total Company SG&A costs contained in the section "Net Income Attributable to CNX Resources Shareholders" of this Form 10-Q for a detailed cost explanation.

Depreciation, Depletion and Amortization Expense   

Depreciation expense is recognized on gathering and other equipment on a straight-line basis, with useful lives ranging from 25 years to 40 years.

Loss (Gain) on Asset Sales and Abandonments

During the nine months ended September 30, 2019, CNXM abandoned the construction of a compressor station that was designed to support additional production within certain areas of what is referred to as their "Anchor Systems," incurring a loss of $7 million that is included in Gain on Asset Sales and Abandonments in the Consolidated Statements of Income. CNXM continues to evaluate projects as CNX's and third-party customer development plans change in order to optimize system design and to actively manage capital investments. During the period January 3, 2018 through September 30, 2018, CNXM sold property and equipment to an unrelated third-party for $6 million in cash proceeds resulting in a gain of $2 million.

Interest Expense

Interest expense is comprised of interest on the outstanding balance under CNXM's senior notes due 2026 and its revolving credit facility. Interest expense was $23 million for the nine months ended September 30, 2019 compared to $17 million for the period January 3, 2018 through September 30, 2018.

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Liquidity and Capital Resources

CNX generally has satisfied its working capital requirements and funded its capital expenditures and debt service obligations with cash generated from operations and proceeds from borrowings. CNX believes that cash generated from operations, asset sales and the Company's borrowing capacity will be sufficient to meet the Company's working capital requirements, anticipated capital expenditures (other than major acquisitions), scheduled debt payments, anticipated dividend payments and to provide required letters of credit. Nevertheless, the ability of CNX to satisfy its working capital requirements, to service its debt obligations, to fund planned capital expenditures, or to pay dividends will depend upon future operating performance, which will be affected by prevailing economic conditions in the natural gas industry and other financial and business factors, some of which are beyond CNX’s control.

From time to time, CNX is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies' statutes and regulations. CNX sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company's borrowing facility capacity.

Uncertainty in the financial markets brings additional potential risks to CNX. These risks include declines in the Company's stock price, less availability and higher costs of additional credit, potential counterparty defaults, and commercial bank failures. Financial market disruptions may impact the Company's collection of trade receivables. As a result, CNX regularly monitors the creditworthiness of its customers and counterparties and manages credit exposure through payment terms, credit limits, prepayments and security. CNX believes that its current group of customers is financially sound and represents no abnormal business risk.

In order to manage the market risk exposure of volatile natural gas prices in the future, CNX enters into various physical natural gas supply transactions with both gas marketers and end users for terms varying in length. CNX has also entered into various natural gas swap and option transactions, which exist parallel to the underlying physical transactions. The fair value of these contracts was a net asset of $313 million at September 30, 2019 and a net asset of $99 million at December 31, 2018. The Company has not experienced any issues of non-performance by derivative counterparties.

CNX frequently evaluates potential acquisitions. CNX has funded acquisitions with cash generated from operations and a variety of other sources, depending on the size of the transaction, including debt and equity financing. There can be no assurance that additional capital resources, including debt and equity financing, will be available to CNX on terms which CNX finds acceptable, or at all.

Cash Flows (in millions)

	For the Nine Months Ended September 30,
	2019			2018			Change
Cash Provided by Operating Activities	$	866		$	690		$	176
Cash Used in Investing Activities	$	(949	)	$	(585	)	$	(364	)
Cash Provided by (Used in) Financing Activities	$	71		$	(572	)	$	643

Cash flows from operating activities changed in the period-to-period comparison primarily due to the following items:

• Net income decreased $482 million in the period-to-period comparison.

• Adjustments to reconcile net income to cash provided by operating activities primarily consisted of a $181 million change in deferred income taxes, a $624 million decrease in gain on previously held equity interest, a $148 million decrease in gain on asset sales and abandonments, a $138 million net change in commodity derivative instruments, a $21 million increase in stock-based compensation, a $19 million decrease in impairment of other intangible assets, and a $47 million decrease in the loss on debt extinguishment.

Cash flows from investing activities changed in the period-to-period comparison primarily due to the following items:

• Capital expenditures increased $170 million in the period-to-period comparison primarily due to increased expenditures in the Utica and Marcellus Shale plays resulting from increased drilling and completions activity as well as additional water expenditures due to the installation of new water pipelines. CNXM's capital expenditures increased due to additional spend in order to support both CNX's and third-party customer development plans.

• Proceeds from asset sales decreased $486 million primarily due to the 2018 sale of substantially all of the Ohio Utica Joint Venture Assets in the wet gas Utica Shale areas of Belmont, Guernsey, Harrison, and Noble counties along with the 2018 sale of our shallow oil and gas and CBM assets in Pennsylvania and West Virginia. See Note 5 - Acquisitions

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and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

• In January 2018, CNX completed the Midstream Acquisition for a net payment of $299 million. See Note 5 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

Cash flows from financing activities changed in the period-to-period comparison primarily due to the following items:

• During the nine months ended September 30, 2019, CNX paid $406 million to repurchase $400 million of the senior notes due in 2022 at 101.5% of the principal amount. During the nine months ended September 30, 2018, CNX paid $530 million to repurchase all of the remaining senior notes due in 2023 at 106.0% of the principal amount as well as $405 million to repurchase $391 million of the senior notes due in 2022 at 103.8% of the principal amount. See Note 11 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

• During the nine months ended September 30, 2019, CNX received proceeds of $500 million from the issuance of senior notes due in 2027. During the nine months ended September 30, 2018, CNX received proceeds of $394 million from the issuance of CNXM's senior notes due in 2026. See Note 11 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

• In the nine months ended September 30, 2019, CNX repurchased $117 million of its common stock on the open market compared to $294 million in the nine months ended September 30, 2018.

• In the nine months ended September 30, 2019, there was $1 million of net proceeds from the CNX credit facility and $439 million of proceeds in the 2018 period.

• In the nine months ended September 30, 2019, there were $162 million of net proceeds from the CNXM credit facility compared to $106 million of net payments during the nine months ended September 30, 2018.

• In the nine months ended September 30, 2019, there were $10 million in debt issuance and financing fees compared to $20 million during the nine months ended September 30, 2018.

• In the nine months ended September 30, 2019, there were $47 million in distributions to CNXM unitholders, compared to $41 million during the nine months ended September 30, 2018.

The following is a summary of the Company's significant contractual obligations at September 30, 2019 (in thousands):

	Payments due by Year
	Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years		Total
Purchase Order Firm Commitments	$	7,670	$	2,185	$	485	$	—	$	10,340
Gas Firm Transportation and Processing	244,865		486,838		412,475		1,113,008		2,257,186
Long-Term Debt	—		895,415		859,200		895,187		2,649,802
Interest on Long-Term Debt	147,753		297,695		173,943		129,626		749,017
Finance Lease Obligations	7,203		8,881		519		—		16,603
Interest on Finance Lease Obligations	933		498		94		—		1,525
Operating Lease Obligations	65,061		88,077		7,574		26,863		187,575
Interest on Operating Lease Obligations	7,714		7,400		3,326		5,171		23,611
Long-Term Liabilities—Employee Related (a)	1,841		3,934		4,399		25,344		35,518
Other Long-Term Liabilities (b)	207,067		7,625		8,325		18,173		241,190
Total Contractual Obligations (c)	$	690,107	$	1,798,548	$	1,470,340	$	2,213,372	$	6,172,367

 _________________________

(a) Employee related long-term liabilities include salaried retirement contributions and work-related injuries and illnesses.

(b) Other long-term liabilities include royalties and other long-term liability costs.

(c) The significant obligation table does not include obligations to taxing authorities due to the uncertainty surrounding the ultimate settlement of amounts and timing of these obligations.

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Debt

At September 30, 2019, CNX had total long-term debt of $2,650 million, excluding unamortized debt issuance costs. This long-term debt consisted of:

• An aggregate principal amount of $895 million of 5.875% Senior Notes due in April 2022 plus $1 million of unamortized bond premium. Interest on the notes is payable April 15 and October 15 of each year. Payment of the principal and interest on the notes is guaranteed by most of CNX's subsidiaries but does not include CNXM.

• An aggregate principal amount of $613 million in outstanding borrowings under the CNX credit facility.

• An aggregate principal amount of $500 million of 7.25% Senior Notes due in March 2027. Interest on the notes is payable March 14 and September 14 of each year. Payment of the principal and interest on the notes is guaranteed by most of CNX's subsidiaries but does not include CNXM.

• An aggregate principal amount of $400 million of 6.50% Senior Notes due in March 2026 issued by CNXM, less $5 million of unamortized bond discount. Interest on the notes is payable March 15 and September 15 of each year. Payment of the principal and interest on the notes is guaranteed by certain of CNXM's subsidiaries. CNX is not a guarantor of these notes.

• An aggregate principal amount of $246 million in outstanding borrowings under the CNXM revolver. CNX is not a guarantor of CNXM's revolving credit facility.

Total Equity and Dividends

CNX had total equity of $5,222 million at September 30, 2019 compared to $5,082 million at December 31, 2018. See the Consolidated Statements of Stockholders' Equity in Item 1 of this Form 10-Q for additional details.

The declaration and payment of dividends by CNX is subject to the discretion of CNX's Board of Directors, and no assurance can be given that CNX will pay dividends in the future. CNX's Board of Directors determines whether dividends will be paid quarterly. CNX suspended its quarterly dividend in March 2016 to further reflect the Company's increased emphasis on growth. The determination to pay dividends in the future will depend upon, among other things, general business conditions, CNX's financial results, contractual and legal restrictions regarding the payment of dividends by CNX, planned investments by CNX, and such other factors as the Board of Directors deems relevant. The Company's Credit Facility limits CNX's ability to pay dividends in excess of an annual rate of $0.10 per share when the Company's net leverage ratio exceeds 3.00 to 1.00 and is subject to availability under the Credit Facility of at least 15% of the aggregate commitments. The net leverage ratio was 2.45 to 1.00 at September 30, 2019. The Credit Facility does not permit dividend payments in the event of default. The indentures to the 5.875% Senior Notes due in April 2022 and the 7.25% Senior Notes due in March 2027 limit dividends to $0.50 per share annually unless several conditions are met. These conditions include no defaults, ability to incur additional debt and other payment limitations under the indentures. There were no defaults in the nine months ended September 30, 2019.

On October 16, 2019 the Board of Directors of CNX Midstream GP LLC, the general partner of CNX Midstream Partners LP, announced the declaration of a cash distribution of $0.4001 per unit with respect to the third quarter of 2019. The distribution will be made on November 12, 2019 to unitholders of record as of the close of business on November 5, 2019. The distribution, which equates to an annual rate of $1.6004 per unit, represents an increase of 3.5% over the prior quarter, and an increase of 15% over the distribution paid with respect to the third quarter of 2018.

Off-Balance Sheet Transactions

CNX does not maintain off-balance sheet transactions, arrangements, obligations or other relationships with unconsolidated entities or others that are reasonably likely to have a material current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources which are not disclosed in the Notes to the Unaudited Consolidated Financial Statements. CNX uses a combination of surety bonds, corporate guarantees and letters of credit to secure the Company's financial obligations for employee-related, environmental, performance and various other items which are not reflected in the Consolidated Balance Sheet at September 30, 2019. Management believes these items will expire without being funded. See Note 13 - Commitments and Contingent Liabilities in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional details of the various financial guarantees that have been issued by CNX.

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Forward-Looking Statements

We are including the following cautionary statement in this Quarterly Report on Form 10-Q to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of us. With the exception of historical matters, the matters discussed in this Quarterly Report on Form 10-Q are forward-looking statements (as defined in Section 21E of the Exchange Act) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words “believe,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project,” "will," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this Quarterly Report on Form 10-Q; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the following:

• prices for natural gas and natural gas liquids are volatile and can fluctuate widely based upon a number of factors beyond our control including oversupply relative to the demand for our products, weather and the price and availability of alternative fuels;

• our dependence on gathering, processing and transportation facilities and other midstream facilities owned by CNX Midstream Partners LP (NYSE: CNXM) (CNXM) and others;

• uncertainties in estimating our economically recoverable natural gas reserves, and inaccuracies in our estimates;

• the high-risk nature of drilling and developing natural gas wells;

• our identified drilling locations are scheduled out over multiple years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their drilling;

• challenges associated with strategic determinations, including the allocation of capital and other resources to strategic opportunities;

• our development and exploration projects, as well as CNXM’s midstream system development, require substantial capital expenditures;

• the impact of potential, as well as any adopted environmental regulations including any relating to greenhouse gas emissions on our operating costs as well as on the market for natural gas and for our securities;

• environmental regulations can increase costs and introduce uncertainty that could adversely impact the market for natural gas with potential short and long-term liabilities;

• our operations are subject to operating risks that could increase our operating expenses and decrease our production levels which could adversely affect our results of operation and our operations are also subject to hazards and any losses or liabilities we suffer from hazards, which occur in our operations may not be fully covered by our insurance policies;

• decreases in the availability of, or increases in the price of, required personnel, services, equipment, parts and raw materials in sufficient quantities or at reasonable costs to support our operations;

• if natural gas prices decrease or drilling efforts are unsuccessful, we may be required to record write-downs of our proved natural gas properties;

• changes in assumptions impacting management’s estimates of future financial results as well as other assumptions such as movement in our stock price, weighted-average cost of capital, terminal growth rates and industry multiples, could cause goodwill and other intangible assets we hold to become impaired and result in material non-cash charges to earnings;

• a loss of our competitive position because of the competitive nature of the natural gas industry, consolidation within the industry or overcapacity in the industry adversely affecting our ability to sell our products and midstream services, which could impair our profitability;

• deterioration in the economic conditions in any of the industries in which our customers operate, a domestic or worldwide financial downturn, or negative credit market conditions;

• hedging activities may prevent us from benefiting from price increases and may expose us to other risks;

• existing and future government laws, regulations and other legal requirements and judicial decisions that govern our business may increase our costs of doing business and may restrict our operations;

• significant costs and liabilities may be incurred as a result of pipeline operations and related increase in the regulation of gas gathering pipelines;

• our ability to find adequate water sources for our use in shale gas drilling and production operations, or our ability to dispose of, transport or recycle water used or removed in connection with our gas operations at a reasonable cost and within applicable environmental rules;

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• failure to find or acquire economically recoverable natural gas reserves to replace our current natural gas reserves;

• risks associated with our debt;

• a decrease in our borrowing base, which could decrease for a variety of reasons including lower natural gas prices, declines in natural gas proved reserves, asset sales and lending requirements or regulations;

• changes in federal or state income tax laws;

• cyber-incidents could have a material adverse effect on our business, financial condition or results of operations;

• construction of new gathering, compression, dehydration, treating or other midstream assets by CNXM may not result in revenue increases and may be subject to regulatory, environmental, political, legal and economic risks;

• our success depends on key members of our management and our ability to attract and retain experienced technical and other professional personnel;

• terrorist activities could materially and adversely affect our business and results of operations;

• we may operate a portion of our business with one or more joint venture partners or in circumstances where we are not the operator, which may restrict our operational and corporate flexibility and we may not realize the benefits we expect to realize from a joint venture;

• acquisitions and divestitures we anticipate may not occur or produce anticipated benefits;

• the outcomes of various legal proceedings, including those which are more fully described in our reports filed under the Exchange Act;

• there is no guarantee that we will continue to repurchase shares of our common stock under our current or any future share repurchase program at levels undertaken previously or at all;

• negative public perception regarding our industry could have an adverse effect on our operations;

• CONSOL Energy may not be able to satisfy its indemnification obligations in the future and such indemnities may not be sufficient to hold us harmless from the full amount of liabilities for which CONSOL Energy will be allocated responsibility;

• the separation of CONSOL Energy could result in substantial tax liability; and

• other factors discussed in the Company's 2018 Annual Report on Form 10-K under “Risk Factors,” as updated by any subsequent Forms 10-Q, which are on file at the Securities and Exchange Commission.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In addition to the risks inherent in operations, CNX is exposed to financial, market, political and economic risks. The following discussion provides additional detail regarding CNX's exposure to the risks of changing commodity prices, interest rates and foreign exchange rates.

CNX is exposed to market price risk in the normal course of selling natural gas. CNX uses fixed-price contracts, options and derivative commodity instruments to minimize exposure to market price volatility in the sale of natural gas. Under our risk management policy, it is not our intent to engage in derivative activities for speculative purposes.

CNX has established risk management policies and procedures to strengthen the internal control environment of the marketing of commodities produced from its asset base. All of the derivative instruments without other risk assessment procedures are held for purposes other than trading. They are used primarily to mitigate uncertainty and volatility and cover underlying exposures. The Company's market risk strategy incorporates fundamental risk management tools to assess market price risk and establish a framework in which management can maintain a portfolio of transactions within pre-defined risk parameters.

CNX believes that the use of derivative instruments, along with our risk assessment procedures and internal controls, mitigates our exposure to material risks. The use of derivative instruments without other risk assessment procedures could materially affect the Company's results of operations depending on market prices; however, we believe that use of these instruments will not have a material adverse effect on our financial position or liquidity due to our risk assessment procedures and internal controls.

For a summary of accounting policies related to derivative instruments, see Note 1—Significant Accounting Policies in the Notes to the Audited Consolidated Financial Statements in Item 8 of CNX's 2018 Annual Report on Form 10-K.

At September 30, 2019 and December 31, 2018, our open gas derivative instruments were in a net asset position with a fair value of $313 million and $99 million, respectively. A sensitivity analysis has been performed to determine the incremental effect on future earnings related to open derivative instruments at September 30, 2019 and December 31, 2018. A hypothetical 10 percent increase in future natural gas prices would have decreased the fair value by $411 million and $427 million at September 30, 2019 and December 31, 2018, respectively. A hypothetical 10 percent decrease in future natural gas prices would have increased the fair value by $428 million and $453 million at September 30, 2019 and December 31, 2018, respectively.

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CNX's interest expense is sensitive to changes in the general level of interest rates in the United States. At September 30, 2019 and December 31, 2018, CNX had $1,798 million and $1,703 million, respectively, aggregate principal amount of debt outstanding under fixed-rate instruments, including unamortized debt issuance costs of $10 million and $9 million, respectively. At September 30, 2019 and December 31, 2018, CNX had $859 million and $696 million, respectively, of debt outstanding under variable-rate instruments. CNX’s primary exposure to market risk for changes in interest rates relates to our Credit Facility, under which there were $613 million of borrowings at September 30, 2019 and $612 million at December 31, 2018, and CNXM's revolving credit facility, under which there were $246 million of borrowings at September 30, 2019 and $84 million at December 31, 2018. A hypothetical 100 basis-point increase in the average rate for CNX's and CNXM's revolving credit facilities would decrease pre-tax future earnings as of September 30, 2019 and December 31, 2018 by $9 million and $7 million, respectively, on an annualized basis.

All of the Company’s transactions are denominated in U.S. dollars and, as a result, it does not have material exposure to currency exchange-rate risks.

Natural Gas Hedging Volumes

As of October 9, 2019, our hedged volumes for the periods indicated are as follows:

	For the Three Months Ended
	March 31,		June 30,		September 30,		December 31,		Total Year
2019 Fixed Price Volumes
Hedged Bcf	N/A		N/A		N/A		115.8		115.8
Weighted Average Hedge Price per Mcf	N/A		N/A		N/A		$	2.66	$	2.66
2020 Fixed Price Volumes
Hedged Bcf	121.3		123.6		126.4		121.5		489.6*
Weighted Average Hedge Price per Mcf	$	2.68	$	2.49	$	2.49	$	2.52	$	2.54
2021 Fixed Price Volumes
Hedged Bcf	104.5		105.7		106.9		105.2		422.3
Weighted Average Hedge Price per Mcf	$	2.40	$	2.40	$	2.40	$	2.39	$	2.40
2022 Fixed Price Volumes
Hedged Bcf	68.6		69.3		70.1		70.1		278.1
Weighted Average Hedge Price per Mcf	$	2.45	$	2.45	$	2.45	$	2.43	$	2.44
2023 Fixed Price Volumes
Hedged Bcf	35.7		36.1		36.4		36.4		144.6
Weighted Average Hedge Price per Mcf	$	2.28	$	2.28	$	2.28	$	2.28	$	2.28
2024 Fixed Price Volumes
Hedged Bcf	30.5		30.6		30.9		30.9		122.9
Weighted Average Hedge Price per Mcf	$	2.45	$	2.45	$	2.45	$	2.45	$	2.45

*Quarterly volumes do not add to annual volumes inasmuch as a discrete condition in individual quarters, where basis hedge volumes exceed NYMEX hedge volumes, does not exist for the year taken as a whole.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure controls and procedures. CNX, under the supervision and with the participation of its management, including CNX’s principal executive officer and principal financial officer, evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, CNX’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures are effective as of September 30, 2019 to ensure that information required to be disclosed by CNX in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and includes controls and procedures designed to ensure that information required to be disclosed by CNX in such reports is accumulated and communicated to CNX’s management, including CNX’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

63

Changes in internal controls over financial reporting. There were no changes in the Company's internal controls over financial reporting that occurred during the fiscal quarter covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II: OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The first paragraph of Note 13—Commitments and Contingent Liabilities in the Notes to the Unaudited Consolidated Financial Statements included in Item 1 of this Form 10-Q is incorporated herein by reference.

ITEM 1A.     RISK FACTORS

CNX is subject to certain risks and hazards due to the nature of the business activities it conducts. For a discussion of these risks, see “Item 1A. Risk Factors” in CNX's 2018 Annual Report on Form 10-K as filed with the SEC on February 7, 2019 ("2018 Form 10-K"). The risks described in the 2018 Form 10-K could materially and adversely affect CNX's business, financial condition, cash flows, and results of operations. There have been no material changes to the risks described in the 2018 Form 10-K. CNX may experience additional risks and uncertainties not currently known; or, as a result of developments occurring in the future, conditions that are currently deemed to be immaterial may also materially and adversely affect CNX's business, financial condition, cash flows, and results of operations.

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth repurchases of our common stock during the three months ended September 30, 2019:

ISSUER PURCHASES OF EQUITY SECURITIES
	(a)	(b)		(c)	(d)
Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (000's omitted)
July 1, 2019- July 31, 2019	—	$	—	—	$	156,143
August 1, 2019- August 31, 2019	—	$	—	—	$	156,143
September 1, 2019- September 30, 2019	1,000,000	$	7.68	1,000,000	$	148,466
Total	1,000,000

(1) Includes shares withheld from employees to satisfy minimum tax withholding obligations associated with the vesting of restricted stock during the period.

(2) Shares repurchased as part of the Company’s current $750 million share repurchase program authorized by the Board of Directors on October 30, 2017 and subsequently amended from time to time (See Note 18 - Stock Repurchase in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for more information), which is not subject to an expiration date.

64

ITEM 6. EXHIBITS

10.1*	Change in Control Severance Agreement, dated October 28, 2019, between the Company and Chad A. Griffith.
10.2*	Change in Control Severance Agreement, dated October 28, 2019, between the Company and Olayemi Akinkugbe.
31.1*	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.

* Filed herewith

In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: October 29, 2019

CNX RESOURCES CORPORATION
	By:	/s/    NICHOLAS J. DEIULIIS
		Nicholas J. DeIuliis
		Director, Chief Executive Officer and President (Duly Authorized Officer and Principal Executive Officer)
	By:	/S/    DONALD W. RUSH
		Donald W. Rush
		Chief Financial Officer and Executive Vice President (Duly Authorized Officer and Principal Financial Officer)
	By:	/S/    JASON L. MUMFORD
		Jason L. Mumford
		Chief Accounting Officer and Vice President (Duly Authorized Officer and Principal Accounting Officer)

65

EX-10.1

CHANGE IN CONTROL SEVERANCE AGREEMENT

THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (this "Agreement"), dated as of October 28, 2019 (the "Effective Date"), is made between CNX Resources Corporation, CNX Center, 1000 CONSOL Energy Drive, Canonsburg, Pennsylvania 15317, a Delaware corporation (the "Company"), and Chad A. Griffith (the "Executive").

WITNESSETH:

WHEREAS, the Executive is a senior executive of the Company and has made and is expected to continue to make major contributions to the short- and long-term profitability, growth and financial strength of the Company;

WHEREAS, the Board of Directors of the Company (the "Board") recognizes that, as is the case with many publicly held corporations, the possibility of a Change in Control (as defined below) exists and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction of key management personnel to the detriment of the Company and its stockholders;

WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Company's management, including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a Change in Control;

WHEREAS, in consideration of the Executive's continued employment with the Company and the Executive's agreement to waive certain rights he may have to receive severance compensation and benefits under any applicable Company severance plan or policy, as set forth below, the Company desires to provide the Executive with certain compensation and benefits set forth in this Agreement in order to ameliorate the financial and career impact on the Executive in the event the Executive's employment with the Company is terminated for a reason related to a Change in Control; and

WHEREAS, the Executive agrees to waive any rights he may have under any Company severance plan, policy or other agreement with respect to severance compensation and benefits in the event the Executive's employment with the Company is terminated as the result of an Involuntary Termination Associated With a Change in Control (as defined below).

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the Company and the Executive agree as follows:

1.Certain Defined Terms. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial capital letters:

(a)"Base Pay" means the greater of (i) the Executive's annual base salary rate, exclusive of bonuses, commissions and other Incentive Pay, as in effect immediately preceding the Executive's Termination Date, or (ii) the Executive's annual base salary rate, exclusive of bonuses, commissions and other Incentive Pay, as in effect immediately prior to the Change in Control.

(b)"Board" means the Board of Directors of the Company.If the Executive is also a member of the Board, then in the case of any provision hereof that requires action by, or a determination of, the Board in connection with this Agreement, it is understood that such provision refers to the members of the Board other than the Executive.

(c)"Cause" means a determination by the Board that the Executive has committed any of the following acts:

(i)the Executive has been convicted of, or the Executive has pleaded guilty or nolo contendere to, (A) any felony, or (B) any misdemeanor involving fraud, embezzlement or theft; or

(ii)the Executive has wrongfully disclosed material confidential information of the Company or any Subsidiary, has intentionally violated any material express provision of the Company's code of conduct for executives and management employees (as in effect on the date of the Change in Control), or has intentionally failed or refused to perform any of his material assigned duties for the Company; and any such failure or refusal has been demonstrably and materially harmful to the Company.

Notwithstanding the foregoing, the Executive will not be deemed to have been terminated for "Cause" under this subsection (ii) unless and until there has been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than the majority of the members of the Board plus one member, finding that, in the good faith opinion of the Board, the Executive has committed an act constituting "Cause," as herein defined, and specifying the particulars thereof in detail. Prior to any such determination, the Executive shall be provided with reasonable notice of such pending determination and the Executive, together with his counsel (if the Executive chooses to have counsel present at such meeting), shall be provided with the opportunity to be heard before the Board makes any such determination. Nothing herein will limit the right of the Executive or his beneficiaries to contest the validity or propriety of any such determination.

(d)"Change in Control" means the occurrence of any of the following events:

(i)the acquisition after the date hereof by any individual, entity or group (within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 25% of the combined voting power of the then outstanding Voting Stock of the Company; provided, however, that for purposes of this Section 1(d)(i), the following acquisitions will not constitute a Change in Control: (A) any issuance of Voting Stock of the Company directly from the Company that is approved by the Incumbent Board (as defined in Section 1(d)(ii), below), (B) any acquisition by the Company of Voting Stock of the Company, (C) any acquisition of Voting Stock of the Company by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (D) any acquisition of Voting Stock of the Company by an underwriter holding securities of the Company in connection with a public offering thereof, or (E) any acquisition of Voting Stock of the Company by any Person pursuant to a Business Combination that complies with clauses (A), (B) and (C) of Section 1(d)(iii), below; or

(ii)individuals who constitute the Board as of the Effective Date (the "Incumbent Board," as modified by this Section 1(d)(ii)), cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to such date whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least two-thirds of the Directors then comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination) will be deemed to have then been a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

(iii)consummation of a reorganization, merger or consolidation of the Company or a direct or indirect wholly owned subsidiary thereof, a sale or other disposition (whether by sale, taxable or nontaxable exchange, formation of a joint venture or otherwise) of all or substantially all of the assets of the Company, or other transaction involving the Company (each, a "Business Combination"), unless, in each case, immediately following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners of Voting Stock of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding shares of Voting Stock of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries), (B) no Person other than the Company beneficially owns 25% or more of the combined voting power of the then outstanding shares of Voting Stock of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof (disregarding all "acquisitions" described in subsections (A) - (C) of Section 1 (d)(i)), and (C) at least a majority of the members of the Board of Directors of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or

(iv)approval by the stockholders of the Company of a complete liquidation or dissolution of the Company, except pursuant to a Business Combination that complies with clauses (A), (B) and (C) of Section 1(d)(iii).

(e)"COBRA" means the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended.

(f)"Code" means the Internal Revenue Code of 1986, as amended.

(g)"Consultancy Period" and "Consultancy Position" shall have the respective meanings assigned to those terms in Section 2(d) hereof.

(h)"Constructive Termination Associated With a Change in Control" means the termination of the Executive's employment with the Company by the Executive as a result of the occurrence without the Executive's written consent of one of the following events:

(i)a material adverse change in the Executive's position with the Company and/or a Subsidiary (or any successor thereto by operation of law or otherwise) (but excluding any loss of any position with a Subsidiary with respect to which the Executive is not separately compensated) as compared to the Executive's position with the Company (and/or a Subsidiary) immediately prior to the Change in Control;

(ii)(A) a material reduction in the Executive's annual base salary rate, exclusive of bonuses, commissions and other Incentive Pay, as in effect immediately prior to the Change in Control; (B) a material reduction in the Executive's Target Bonus opportunity in effect immediately prior to the Change in Control; or (C) a material reduction in the level of Employee Benefits provided to the Executive immediately prior to the Change in Control (excluding any reduction that is generally applicable to all or substantially all salaried Company employees);

(iii) a material adverse change in circumstances has occurred following a Change in Control, including, without limitation, a material change in the scope of the business or other activities for which the Executive was responsible immediately prior to the Change in Control, which has rendered the Executive unable to carry out, has materially hindered the Executive's performance of, or has caused the Executive to suffer a material reduction in, any of the authorities, powers, functions, responsibilities or duties attached to the position held by the Executive immediately prior to the Change in Control; a good faith determination by the Executive (that a material adverse change has occurred) will be conclusive and binding upon the parties hereto unless otherwise shown by the Company to be not in good faith);

(iv)in connection with the liquidation, dissolution, merger, consolidation or reorganization of the Company or transfer of all or substantially all of its business and/or assets, the Company breached this Agreement by not requiring the successor or successors (by liquidation, merger, consolidation, reorganization, transfer or otherwise) to which all or substantially all of its business and/or assets have been transferred (by operation of law or otherwise) to assume all duties and obligations of the Company under this Agreement pursuant to Section 14(a); or

(v)the relocation of the Executive's principal work location (other than in connection with a relocation contemplated by the Company as of the date hereof or pursuant to organizational changes in accordance with past practice) to a location that increases the Executive's normal work commute by fifty (50) miles or more as compared to the Executive's normal work commute immediately prior to the Change in Control, or that the Executive's required travel away from his office in the course of discharging his responsibilities or duties of his job is materially increased as compared to that which was required of the Executive in any of the three (3) full years immediately prior to the Change in Control.

Without limiting the generality or effect of the foregoing, the Executive shall have no right to terminate employment in a Constructive Termination Associated With a Change in Control in connection with an event described above unless (A) the Executive provides written notice to the Company within one month of the occurrence of such event that identifies such event with particularity, and (B) the Company fails to correct such event within thirty (30) days after receipt of such notice from the Executive, and (C) such termination must occur within sixty (60) days after the expiration of the failure of the Company to correct the event.

In no event shall the termination of the Executive's employment with the Company on account of the Executive's death or Disability or because the Executive engaged in conduct constituting Cause be deemed to be a Constructive Termination Associated With a Change in Control.

(i)"Disability" means the Executive becomes permanently disabled within the meaning of, and begins actually to receive disability benefits pursuant to, the long-term disability plan in effect for, or applicable to, the Executive.

(j)"Employee Benefits" means the perquisites, benefits and service credit for benefits as provided under any and all employee retirement income and welfare benefit policies, plans, programs or arrangements in which the Executive is entitled to participate, including, without limitation, any stock option, performance share, performance unit, stock purchase, stock appreciation, savings, pension, supplemental executive retirement, or other retirement income or welfare benefit, deferred compensation, incentive compensation, group or other life, health, medical/hospital or other insurance (whether funded by actual insurance or self-insured by the Company or a Subsidiary), disability, salary continuation, expense reimbursement and other employee benefit policies that may exist as of a Change in Control or any successor policies, plans or arrangements that provide substantially similar perquisites or benefits.

(k)"Exchange Act" means the Securities Exchange Act of 1934, as amended.

(l)"Incentive Pay" means the greater of: (i) the Executive's Target Bonus for which the Executive was eligible during the period that includes the Termination Date, or (ii) the average of the annual bonuses paid by the Company to the Executive for the three years prior to the year that includes the Termination Date. For purposes of this definition, "Target Bonus" means 100% of the amount established under the CNX Resources Corporation Executive Annual Incentive Plan, and any other annual bonus, applicable incentive, commission or other sales incentive compensation, or comparable incentive payment opportunity which, in the sole discretion of the Company, is deemed to constitute a Target Bonus, in addition to Base Pay, for which the Executive was eligible to receive, but did not receive prior to his Termination Date, in regard to services rendered in the year covered by the Executive's Termination Date and which is to be made pursuant to any bonus, incentive, profit-sharing, performance, discretionary pay or similar agreement, policy, plan, program or arrangement (whether or not funded) of the Company or a Subsidiary, or any successor thereto. For purposes of this definition, "Incentive Pay" does not include any stock option, stock appreciation, stock purchase, restricted stock, the CNX Resources Corporation Long-Term Incentive Programs or similar plan, program, arrangement or grant, one time bonus or payment (including, but not limited to, any sign-on bonus), any amounts contributed by the Company for the benefit of the Executive to any qualified or nonqualified deferred compensation plan, whether or not provided under an arrangement described in the prior sentence, or any amounts designated by the parties as amounts other than Incentive Pay.

(m)"Involuntary Termination Associated With a Change in Control" means the termination of the Executive's employment related to a Change in Control: (i) involuntarily by the Company for any reason other than Cause, the Executive's death or the Executive's Disability, or (ii) on account of a Constructive Termination Associated With a Change in Control.

(n)"Restricted Business" means any business function with a direct competitor of the Company that is substantially similar to the business function performed by the Executive with the Company immediately prior to his Termination Date.

(o)"Restricted Territory" means the counties, towns, cities or states of any country in which the Company operates or does business.

(p)"Subsidiary" means any Company controlled affiliate.

(q)"Termination Date" means the last day of the Executive's employment with the Company.

(r)"Termination of Employment" means, except as provided in the following sentence and subject to the provisions of Section 19(b), the termination of the Executive's active employment relationship with the Company on account of an Involuntary Termination Associated With a Change in Control. For purposes of the non-solicitation provision of Section 10 of this Agreement, the term "Termination of Employment" shall mean the termination of the Executive's employment relationship with the Company for any reason.

(s)"Voting Stock" means securities entitled to vote generally in the election of directors.

2.Termination Associated With a Change in Control.

(a)Involuntary Termination Associated With a Change in Control. In the event the Executive's employment is terminated after, or in connection with, a Change in Control, on account of (i) an Involuntary Termination Associated With a Change in Control within the two year period after the Change in Control, or (ii) an involuntary termination by the Company (other than for Cause or due to the Executive's death or Disability) that (A) occurs not more than three (3) months prior to the date on which a Change in Control occurs, or (B) is requested by a third party who initiates a Change in Control, the Executive shall be entitled to the benefits provided in subsection (b) of this Section 2. For purposes of subsection 2(a)(ii)(B) above, to be eligible to receive amounts described in Section 2(b) below, a Change in Control must be consummated within the twelve (12) month period following the Executive's Termination Date, except in circumstances pursuant to which the consummation of the Change in Control is delayed, through no failure of the Company or the third person, by a governmental or regulatory authority or agency with jurisdiction over the matter, or as a result of other similar circumstances where a third party approval is necessary and is delayed. In such a circumstance, the remainder of the twelve (12) month period shall be tolled and shall recommence upon termination of the delaying event.

(b)Compensation and Benefits Upon Involuntary Termination Associated With a Change in Control. In the event a termination described in subsection (a) of this Section 2 occurs, and subject to the Executive’s compliance with the provisions of Section 4 hereof, the Company shall pay and provide to the Executive after his Termination Date:

(i)A lump sum cash payment equal to (A) one and one-half (1.5) times Base Pay, plus(B) one and one-half (1.5) timesIncentive Pay.

(ii)The Executive shall receive a pro rated payment of his Incentive Pay for the year in which his Termination of Employment occurs. The pro rated payment shall be based on the Executive's Incentive Pay as of the Executive's Termination Date, multiplied by a fraction, the numerator of which is the number of days during which the Executive was employed by the Company in the year of his termination and the denominator of which is 365.

(iii)For the18 month period immediately following the Date of Termination or, if later, the closing dates for the Change in Control:

(A)    If the Executive elects COBRA Continuation Coverage, the Executive shall continue to participate in all medical, dental and vision insurance plans he was participating in on the Termination Date, and the Company shall pay the applicable premium. During the applicable period of coverage described in the foregoing sentences, the Executive shall be entitled to benefits on substantially the same basis and cost as would have otherwise been provided had the Executive not separated from service. To the extent that such benefits are available under the above-referenced benefit plans and the Executive had such coverage immediately prior to termination of employment, such continuation of benefits for the Executive shall also cover the Executive's dependents for so long as the Executive is receiving benefits under this paragraph (iii). The COBRA Continuation Period for medical and dental insurance under this paragraph (iii) shall be deemed to run concurrent with the continuation period federally mandated by COBRA (generally 18 months), or any other legally mandated and applicable federal, state, or local coverage period for benefits provided to terminated employees under the health care plan. For purposes of this Agreement, "COBRA" means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; and "COBRA Continuation Period" shall mean the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and generally shall continue for an 18 month period.

(iv)If the Executive would have been eligible for post-retirement medical and dental coverage had he retired from employment during the period of 18 months following his Termination Date, but is not so eligible as the result of his termination, then, at the conclusion of the benefit continuation period described in (iii) above, the Company shall take all commercially reasonable efforts to provide the Executive with additional continued group medical and dental coverage comparable to that which would have been available to him from time to time under the Company's post-retirement medical and dental benefit program, for as long as such coverage would have been available under such program. It is specifically acknowledged by the Executive that if such coverage is provided under a Company sponsored self insured plan, it will be provided on an after-tax basis and the Executive will have income imputed to him annually equal to the fair market value of the premium. If this coverage cannot be provided by the Company, (or where such continuation would adversely affect the tax status of the plan pursuant to which the coverage is provided), then as an alternative, the Company will reimburse the Executive in lieu of such coverage an amount equal to the Executive's actual and reasonable after-tax cost of continuing comparable coverage.

Reimbursement to the Executive pursuant to subsections (iii) or (iv) above will be available only to the extent that (1) such expense is actually incurred for any particular calendar year and reasonably substantiated; (2) reimbursement shall be made no later than the end of the calendar year following the year in which such expense is incurred by the Executive; (3) no reimbursement provided for any expense incurred in one taxable year will affect the amount available in another taxable year; and (4) the right to this reimbursement is not subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, under subsection (iii), no reimbursement will be provided for any expense incurred following the 18 months or for any expense which relates to coverage after such date.

(v)A lump sum cash payment equal to the total amount that the Executive would have received under the Company's 401(k) plan as a Company match if the Executive was eligible to participate in the Company's 401(k) plan for the 18 month period after his Termination Date and he contributed the maximum amount to the plan for the match. Such amount shall be determined based on the assumption that the Executive would have received annual Base Pay plus Incentive Pay during such period in the amounts set forth in Sections 2(b)(i) and (ii) above.

(vi)A lump sum cash payment equal to the difference between the present value of the Executive's accrued pension benefits at his Termination Date under the Company's qualified defined benefit plan and (if eligible) any plan or plans sponsored by the Company providing nonqualified retirement benefits (which currently includes the CNX Resources Corporation Defined Contribution Restoration Plan) (the qualified and nonqualified plans together being referred to as the "pension plans") and the present value of the accrued pension benefits to which the Executive would have been entitled under the pension plans if the Executive had continued participation in those plans for the 18 month period after his Termination Date. Such amount shall be determined based on the assumption that the Executive would have received annual Base Pay plus Incentive Pay during such period in the amounts set forth in Sections 2(b)(i) and (ii) above.

(vii)A lump sum cash payment of $25,000 in order to cover the cost of outplacement assistance services for the Executive and other expenses associated with seeking another employment position.

(viii)The Executive shall receive any amounts earned, accrued or owing but not yet paid to the Executive as of his Termination Date, payable in a lump sum, and any benefits accrued or earned in accordance with the terms of any applicable benefit plans and programs of the Company.

(ix)All payments under this subsection 2(b) will be made in a lump sum no later than 60 days after the date of termination (or, if later, the closing date of the Change in Control, as applicable); provided, however, that the benefits due under subsections (iii) and (iv) shall be provided as specified thereunder.

(c)Vesting of Equity Rights. Notwithstanding any provision to the contrary in any applicable plan, program or agreement, upon the occurrence of a Change in Control, all stock options, stock appreciation rights, restricted stock, restricted stock units and other equity rights held by the Executive will become fully vested and/or exercisable, as the case may be, on the date on which the Change in Control occurs, and all stock options or stock appreciation rights held by the Executive shall remain exercisable for the period set forth in the award agreement covering the options or rights.

(d)Consultancy Period Option. In the case of any Involuntary Termination Associated With a Change in Control, the Company may, in its sole discretion, elect to require reasonable cooperation from the Executive following the Executive's Termination Date for a period (the "Consultancy Period") not to exceed 18 months. In the event that the Company so elects, the Executive shall, during the pendency of the Consultancy Period, be available from time to time, at the request of the Company's Chairman of the Board or Chief Executive Officer, to provide advice and assistance concerning (i) the transition of the Executive's duties and responsibilities to any successor to his position, and (ii) any other matters concerning the Company's corporate, business and financial affairs which are consistent with the Executive's expertise and experience. Such advice and assistance may, at the Executive's option, be provided either in person or by telephone or videoconference. In no event shall the Company request, nor shall the Executive be required to provide more than five (5) hours of consulting services per work week, nor to provide such services other than during normal Company business hours. The Executive shall be reimbursed by the Company for any reasonable expenses incurred in connection with the performance of such services, subject to compliance with the Company's standard policies and procedures regarding reimbursement of expenses. The Executive shall be permitted, during the Consultancy Period, to engage in other business and personal activities; provided, that such activities are not inconsistent with the Executive's duties under Sections 9 and 10 hereof.

3.Termination of Employment on Account of Disability, Cause or Death. Notwithstanding anything in this Agreement to the contrary, if the Executive's employment terminates on account of Disability, the Executive shall be entitled to receive disability benefits under any disability program maintained by the Company that covers the Executive, and the Executive shall not be considered to have terminated employment under this Agreement and shall not receive benefits pursuant to Section 2 hereof. If the Executive's employment terminates on account of Cause or because of his death, the Executive shall not be considered to have terminated employment under this Agreement and shall not receive benefits pursuant to Section 2 hereof.

4.Release. To receive the consideration described in Sections 2(b) of this Agreement, the Executive must sign a Separation of Employment and General Release Agreement, substantially in the form attached hereto as Annex A (the "Release"), deliver the signed Release to the Company’s General Counsel within thirty (30) days after the Termination Date (unless a longer period is required by law), and not revoke the Release within the seven-day revocation period provided for in the Release.

5.Enforcement. Without limiting the rights of the Executive at law or in equity, if the Company fails to make any payment or provide any benefit required to be made or provided hereunder on a timely basis, the Company will pay interest on the amount or value thereof at an annualized rate of interest equal to the so-called composite "prime rate" as quoted from time to time during the relevant period in the Eastern Edition of The Wall Street Journal. Such interest will be payable as it accrues on demand. Any change in such prime rate will be effective on and as of the date of such change.

6.Limit on Payments by the Company.

(a)The provisions of this Section 6 shall apply notwithstanding anything in this Agreement or any other agreement to the contrary. In the event that it shall be determined that any payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a "Payment"), would constitute an "excess parachute payment" within the meaning of Section 280G of the Code, Company will apply a limitation on the Payment amount as set forth below (a "Parachute Cap") as follows: The aggregate present value of the Payments under Section 2(b) of this Agreement ("Agreement Payments") shall be reduced (but not below zero) to the Reduced Amount; provided, however, that any such reduction shall be applied to Agreement Payments that do not constitute deferred compensation and are exempt or otherwise excepted from coverage under Section 409A (but excluding stock options or other stock rights). The "Reduced Amount" shall be an amount expressed in present value which maximizes the aggregate present value of Agreement Payments without causing any Payment to be subject to the limitation of deduction under Section 280G of the Code. For purposes of this Section 6, "present value" shall be determined in accordance with Section 280G(d)(4) of the Code.

(b)Except as set forth in the next sentence, all determinations to be made under this Section 6 shall be made by the nationally recognized independent public accounting firm used by the Company immediately prior to the Change in Control ("Accounting Firm"), which Accounting Firm shall provide its determinations and any supporting calculations to the Company and the Executive within ten (10) days of the Executive's Termination Date. The value of the Executive's non-competition covenant under Section 10(a) of this Agreement shall be determined by independent appraisal by a nationally-recognized business valuation firm acceptable to both the Executive and the Company, and a portion of the Agreement Payments shall, to the extent of that appraised value, be specifically allocated as reasonable compensation for such non-competition covenant and shall not be treated as a parachute payment. Any such determination by the Accounting Firm shall be binding upon the Company and the Executive.

(c)All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section 6 shall be borne solely by the Company.

7.No Mitigation Obligation. The Company hereby acknowledges that it will be difficult and may be impossible for the Executive to find reasonably comparable employment following the Termination Date. Accordingly, the payment of the severance compensation by the Company to the Executive in accordance with the terms of this Agreement is hereby acknowledged by the Company to be reasonable, and the Executive will not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive hereunder or otherwise. Notwithstanding anything to the contrary contained herein, as a condition to accepting benefits provided hereunder, the Executive will be required to waive, and will be deemed to have waived, any other right or entitlement to severance or termination benefits from the Company or its Subsidiaries.

8.Legal Fees and Expenses. In the event of a Change in Control, it is the intent of the Company that the Executive not be required to incur legal fees and the related expenses associated with the interpretation, enforcement or defense of the Executive's rights under this Agreement by litigation or otherwise because the cost and expense thereof would detract from the benefits intended to be extended to the Executive hereunder. Accordingly, if a Change in Control occurs and it should appear to the Executive that the Company has failed to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, the Executive the benefits provided or intended to be provided to the Executive under Section 2 of this Agreement, the Company irrevocably authorizes the Executive from time to time to retain counsel of the Executive's choice, at the expense of the Company as hereafter provided, to advise and represent the Executive in connection with any such interpretation, enforcement or defense, including without limitation the initiation or defense of any litigation or other legal action, whether by or against the Company or any Director, officer or employee of the Company, in any jurisdiction. Notwithstanding any existing or prior attorney-client relationship between the Company and such counsel, the Company irrevocably consents to the Executive's entering into an attorney-client relationship with such counsel, and in that connection, the Company and the Executive agree that a confidential relationship will exist between the Executive and such counsel. Without respect to whether the Executive prevails, in whole or in part, in connection with any of the foregoing, the Company will pay and be solely financially responsible for any and all reasonable attorneys' and related fees and expenses incurred by the Executive in connection with any of the foregoing; provided that, in regard to such matters, the Executive has not acted frivolously, in bad faith or with no colorable claim of success. Such fees and expenses will be paid by the Company as they are incurred by the Executive, but in no event later than the end of the Executive's taxable year following the Executive's taxable year in which the Executive incurs the fees and expenses. In addition, no reimbursement provided for any expense incurred in one taxable year will affect the amount available in another taxable year, and the right to this reimbursement is not subject to liquidation or exchange for another benefit.

9.Confidentiality. The Executive hereby covenants and agrees that, except as specifically requested or directed by the Company, he will not disclose to any person not employed by the Company, or use in connection with engaging in competition with the Company, any confidential or proprietary information (as defined below) of the Company. For purposes of this Agreement, the term "confidential or proprietary information" will include all information of any nature and in any form that is owned by the Company and that is not publicly available (other than by the Executive's breach of this Section 9) or generally known to persons engaged in businesses similar or related to those of the Company. Confidential or proprietary information will include, without limitation, the Company's financial matters, customers, employees, industry contracts, strategic business plans, product development (or other proprietary product data), marketing plans, consulting solutions and processes, and all other secrets and all other information of a confidential or proprietary nature which is protected by the Uniform Trade Secrets Act. For purposes of the preceding two sentences, the term "Company" will also include any Subsidiary (collectively, the "Restricted Group"). The foregoing obligations imposed by this Section 9 will not apply (i) in the course of the business of and for the benefit of the Company, (ii) if such confidential or proprietary information has become, through no fault of the Executive, generally known to the public, or (iii) if the Executive is required by law to make disclosure (after giving the Company notice and an opportunity to contest such requirement).

Notwithstanding the foregoing, nothing in this Agreement restricts or prohibits the Executive from reporting possible violations of law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or from making other disclosures that are protected under state or federal law or regulation. The Executive does not need the prior authorization of the Company to make such reports or disclosures. The Executive is not required to notify the Company that the Executive has made any such reports or disclosures.

10.Covenants Not to Compete and Not to Solicit. In the event of the Executive's Termination of Employment, the Company's obligations to provide the payments and benefits set forth in Section 2 shall be expressly conditioned upon the Executive's compliance with the covenants not to compete and not to solicit as provided herein. In the event the Executive breaches his obligations to the Company as provided herein, the Company's obligations to provide the payments and benefits set forth in Section 2 shall cease, without prejudice to any other remedies that may be available to the Company.

(a)Covenant Not to Compete. If the Executive is receiving payments and benefits under Section 2 above (or subsequently becomes entitled thereto because of a termination described in Section 2(a)(ii)), then, for a period of one (1) year following the Executive's Termination Date, the Executive shall not directly or indirectly engage in (whether as an employee, consultant, proprietor, partner, director or otherwise), or have any ownership interest in, or participate in a financing, operation, management or control of, any person, firm, corporation or business that is a Restricted Business in a Restricted Territory without the prior written consent of the Board. For this purpose, ownership of no more than 5% of the outstanding Voting Stock of a publicly traded corporation shall not constitute a violation of this provision.

(b)Covenant Not to Solicit. If the Executive is receiving payments and benefits under Section 2 above (or subsequently becomes entitled thereto because of a termination described in Section 2(a)(ii)), then, for a period of two (2) years following the Executive's Termination Date, the Executive shall not: (i) solicit, encourage or take any other action which is intended to induce any other employee of the Company to terminate his employment with the Company; or (ii) interfere in any manner with the contractual or employment relationship between the Company and any such employee of the Company. The foregoing shall not prohibit the Executive or any entity with which the Executive may be affiliated from hiring a former employee of the Company; provided, that such hiring results exclusively from such former employee's affirmative response to a general recruitment effort.

(c)Interpretation. The covenants contained herein are intended to be construed as a series of separate covenants, one for each county, town, city and state or other political subdivision of a Restricted Territory. Except for geographic coverage, each such separate covenant shall be deemed identical in terms to the covenant contained in the preceding subsections. If, in any judicial proceeding, the court shall refuse to enforce any of the separate covenants (or any part thereof) deemed included in such subsections, then such unenforceable covenant (or such part) shall be deemed to be eliminated from this Agreement for the purpose of those proceedings to the extent necessary to permit the remaining separate covenants (or portions thereof) to be enforced.

(d)Reasonableness. In the event that the provisions of this Section 10 shall ever be deemed to exceed the time, scope or geographic limitations permitted by applicable laws, then such provisions shall be reformed to the maximum time, scope or geographic limitations, as the case may be, permitted by applicable laws.

11.Employment Rights. Nothing expressed or implied in this Agreement will create any right or duty on the part of the Company or the Executive to have the Executive remain in the employment of the Company or any Subsidiary prior to or following any Change in Control.

12.Withholding of Taxes. The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling.

13.Term of Agreement. The term of this Agreement shall commence on the Effective Date hereof and shall continue until December 31, 2019; provided, however, that commencing on January 1, 2020, and each January 1 thereafter, the term of this Agreement shall automatically be extended until the following December 31, unless the Company gives notice not later than October 31 of the preceding year that it does not wish to extend this Agreement; and provided, further, that regardless of any such notice by the Company, this Agreement shall continue in effect for a period of 18 months beyond the term provided herein if a Change in Control occurs during the period that this Agreement is in effect.

14.Successors and Binding Agreement.

(a)The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance reasonably satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the "Company" for the purposes of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company.

(b)This Agreement will inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees. This Agreement will supersede the provisions of any employment or other agreement between the Executive and the Company that relate to any matter that is also the subject of this Agreement, and such provisions in such other agreements will be null and void.

(c)This Agreement is personal in nature and neither of the parties hereto will, without the consent of the other, assign, transfer or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 14(a) and (b). Without limiting the generality or effect of the foregoing, the Executive's right to receive payments hereunder will not be assignable, transferable or delegable, whether by pledge, creation of a security interest, or otherwise, other than by a transfer by the Executive's will or by the laws of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 14(c), the Company will have no liability to pay any amount so attempted to be assigned, transferred or delegated.

15.Notices. For all purposes of this Agreement, all communications, including without limitation, notices, consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed by the recipient), or five (5) business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three (3) business days after having been sent by a nationally recognized courier service for overnight/next-day delivery, such as FedEx, UPS, or the United States Postal Service, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive office and to the Executive at his principal residence, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.

16.Governing Law. The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the Commonwealth of Pennsylvania, without giving effect to the principles of conflict of laws of such Commonwealth.

17.Validity. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances will not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal will be reformed to the extent (and only to the extent) necessary to make it enforceable, valid or legal.

18.Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing signed by the Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. References to Sections are to references to Sections of this Agreement. Any reference in this Agreement to a provision of a statute, rule or regulation will also include any successor provision thereto. Whenever used herein, the masculine includes the feminine.

19.Code Section 409A.

(a)    If any benefit provided under this Agreement is subject to the provisions of Section 409A of the Code and the regulations issued thereunder, the provisions of the Agreement shall be administered, interpreted and construed in a manner necessary to comply with Section 409A and the regulations issued thereunder (or disregarded to the extent such provision cannot be so administered, interpreted, or construed).

(b)    Severance benefits are payable only if the Executive is involuntarily terminated by the Company as provided under this Agreement. For purposes of the Agreement, the Executive shall be considered to have experienced a termination of employment only if the Executive has terminated employment with the Company and all of its controlled group members within the meaning of Section 409A of the Code. For purposes hereof, the determination of controlled group members shall be made pursuant to the provisions of Section 414(b) and 414(c) of the Code; provided that the language "at least 50 percent" shall be used instead of "at least 80 percent" in each place it appears in Section 1563(a)(1), (2) and (3) of the Code and Treas. Reg. § 1.414(c)-2. Whether the Executive has terminated employment will be determined based on all of the facts and circumstances and in accordance with the guidance issued under Section 409A of the Code.

(c)    For purposes of Section 409A, each severance benefit payment shall be treated as a separate payment. Each payment under this Agreement is intended to be excepted from Section 409A to the maximum extent provided under Section 409A as follows: (i) each payment that is scheduled to be made on or before March 15th of the calendar year following the calendar year containing the Executive's termination date (or, if later, the closing date of the Change in Control) is intended to be excepted under the short-term deferral exception as specified in Treas. Reg. § 1.409A-1(b)(4); (ii) post-termination medical benefits are intended to be excepted under the medical benefits exceptions as specified in Treas. Reg. § 1.409A-1(b)(9)(v)(B); and (iii) each payment that is not otherwise excepted under the short-term deferral exception or medical benefits exception is intended to be excepted under the involuntary pay exception as specified in Treas. Reg. § 1.409A-1(b)(9)(iii). The Executive shall have no right to designate the date of any payment under this Agreement.

With respect to payments subject to Section 409A of the Code (and not excepted therefrom), if any, it is intended that each payment is paid on permissible distribution event and at a specified time consistent with Section 409A of the Code. The Company reserves the right to accelerate and/or defer any payment to the extent permitted and consistent with Section 409A.  Notwithstanding any provision of this Agreement to the contrary, to the extent that a payment hereunder is subject to Section 409A of the Code (and not excepted therefrom) and payable on account or a termination of employment, such payment shall be delayed for a period of six months after the date of termination (or, if earlier, the death of the Executive)if the Executive is a "specified employee" (as defined in Section 409A of the Code and determined in accordance with the procedures established by the Company). Any payment that would otherwise have been due or owing during such six-month period will be paid immediately following the end of the six-month period in the month following the month containing the six (6)-month anniversary of the date of termination.

20.Survival. Notwithstanding any provision of this Agreement to the contrary, the parties' respective rights and obligations under Sections 2, 6, 8, 9, and 10 will survive any termination or expiration of this Agreement or the termination of the Executive's employment for any reason whatsoever.

21.Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same agreement.

[Remainder of Page Intentionally Left Blank]

[Signature Page for Change In Control Agreement]

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered October 28, 2019, but effective as of the date first above written.

CNX Resources Corporation

By:

/s/ Nicholas J. DeIuliis    

Name:    Nicholas J. DeIuliis

Title:    President and Chief Executive Officer

Executive

/s/ Chad A. Griffith    

Chad A. Griffith

Annex A

SEPARATION OF EMPLOYMENT AND GENERAL RELEASE AGREEMENT

THIS SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE (the “Agreement”) is made as of this _____ day of __________, _____, by and between CNX Resources Corporation (the “Company”) and _________________________ (the “Executive”).

WHEREAS, the Executive formerly was employed by the Company as ________; and

WHEREAS, the Executive and Company entered into a Change in Control Severance Agreement, dated __________ ___, 20__, (the “Severance Agreement”) which provides for certain payments and benefits in the event that the Executive’s employment is terminated on account of a reason set forth in the Severance Agreement; and

WHEREAS, the Executive’s employment with the Company was terminated for reasons that qualify the Executive to receive certain payments and benefits, as set forth in Section 2(b) of the Severance Agreement, subject to, among other things, the Executive’s execution of this Agreement.

NOW, THEREFORE, for and in consideration of the Company’s commitments in Section 2(b) of the Severance Agreement, the Executive and the Company hereby agree as follows:

1. %2)    The Executive does hereby REMISE, RELEASE AND FOREVER DISCHARGE the Company, its affiliates, subsidiaries and parents, and its and their respective officers, directors, employees, and agents, and its and their respective successors and assigns, heirs, executors, and administrators, as well as the current and former fiduciaries of any pension, welfare, or other benefit plans applicable to the employees or former employees of the Company, and the current and former welfare and other benefit plans sponsored by the Company (collectively, “Releasees”) from all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which the Executive ever had, now has, or hereafter may have, whether known or unknown, or which the Executive’s heirs, executors, or administrators may have, by reason of any matter, cause or thing whatsoever, from the beginning of time to the date the Executive signs this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to the Executive’s employment relationship with the Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to, any claims arising under the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Worker Readjustment and Retraining Notification Act, the Consolidated Omnibus Budget Reconciliation Act, the Employee Retirement Income Security Act of 1974, the Pennsylvania Human Relations Act, and any other claims under any federal, state or local common law, statutory, or regulatory provision, now or hereafter recognized, and any claims for attorneys’ fees and costs. This Agreement is effective without regard to the legal nature of the claims raised and without regard to whether any such claims are based upon tort, equity, implied or express contract or discrimination of any sort.

(a)Although Paragraph 1(a) is intended to be a general release, it is understood and agreed that Paragraph 1(a) excludes claims related to the Executive’s right to receive the payments and benefits described in Section 2(b) of the Severance Agreement, as well as claims under any statute or common law that the Executive is legally barred from releasing, such as the Executive’s entitlement to vested pension benefits.

(b)Nothing herein is intended to or shall preclude the Executive from filing a charge with the Equal Employment Opportunity Commission (“EEOC”), or similar state or local fair employment practices agency and/or cooperating with said agency in its investigation. The Executive, however, explicitly waives any right to file a personal lawsuit or receive monetary damages that the agency may recover against the Releasees resulting from such charge, without regard as to who brought any said complaint or charge. Employee further agrees that to the extent any relief, including monetary relief, is awarded against the Releasees in favor of Executive in any such proceeding, all amounts paid as consideration under Section 2(b) of the Separation Agreement shall be a setoff and credit against any such award to the fullest extent permitted by law.

(c)The Executive represents and agrees by signing below that the Executive has not been denied any leave or benefit requested, has received the appropriate pay for all hours worked for the Company, and has no known workplace injuries or occupational diseases.

(d)To the fullest extent permitted by law, the Executive represents and affirms that [other than _________________________,] the Executive has not filed or caused to be filed on the Executive’s behalf any claim for relief covered by the general release in Paragraph 1(a) against any Releasee and, to the best of the Executive’s knowledge and belief, no outstanding claims for relief covered by the general release in Paragraph 1(a) have been filed or asserted against the Company or any Releasee on the Executive’s behalf.

2.The Company, for and in consideration of the commitments of the Executive as set forth in this Agreement, and intending to be legally bound, does hereby REMISE, RELEASE AND FOREVER DISCHARGE the Executive from all claims, demands or causes of action arising out of facts or occurrences prior to the date of this Agreement, but only to the extent the Company knows or reasonably should know of such facts or occurrence and only to the extent such claim, demand or cause of action relates to a violation of applicable law or the performance of the Executive’s duties with the Company; provided, however, that this release of claims shall not in any case be effective with respect to any claim by the Company alleging a breach of the Executive’s obligations under this Agreement. [Note: The Company and the Executive may, but shall not be required to mutually agree on a case-by-case basis at the time of the signing of this release to include the foregoing provision, or a substantially similar provision, to this Agreement.

3.The Executive further agrees and recognizes that the Executive’s employment relationship with the Company has been permanently severed, that the Executive shall not seek employment with the Company or any affiliated entity at any time in the future, and that the Company has no obligation to employ the Executive in the future.

4.Subject to the provisions of Paragraph 9, the Executive further agrees that the Executive will not disparage or subvert the Company, or make any statement reflecting negatively on the Releasees including, but not limited to, statements relating to the operation or management of the Company, the Executive’s employment and the termination of the Executive’s employment, irrespective of the truthfulness or falsity of such statement.

5.The Executive acknowledges that if the Executive had not executed this Agreement containing a release of all claims, the Executive would not have been entitled to the payments and benefits set forth in Section 2(b) of the Severance Agreement.

6.This Agreement contains the entire agreement between the Company and the Executive relating to the subject matter hereof. No prior or contemporaneous oral or written agreements or representations may be offered to alter the terms of this Agreement. To the extent Employee has entered into other agreements with the Company that are not in conflict with this Agreement, including, but not limited to the Severance Agreement, the terms of this Agreement shall not supersede, but shall be in addition to such other agreements.

7.Subject to the provisions of Paragraph 9, the Executive agrees not to disclose the terms of this Agreement or the Severance Agreement to anyone, except the Executive’s spouse, attorney and, as necessary, tax/financial advisor, or the Internal Revenue Service or other taxing authority. Likewise, the Company agrees that the terms of this Agreement will not be disclosed except as may be necessary to obtain approval or authorization to fulfill its obligations hereunder or as required by law. It is expressly understood that any violation of the confidentiality obligation imposed hereunder constitutes a material breach of this Agreement.

8.The Executive represents that the Executive has returned to the Company and does not presently have in the Executive’s possession or control any records and business documents, whether on computer or hard copy, and other materials (including but not limited to computer disks and tapes, computer programs and software, office keys, correspondence, files, customer lists, technical information, customer information, pricing information, business strategies and plans, sales records and all copies thereof) (collectively, the “Corporate Records”) provided by the Company and/or its predecessors, subsidiaries or affiliates or obtained as a result of the Executive’s prior employment with the Company and/or its predecessors, subsidiaries or affiliates, or created by the Executive while employed by or rendering services to the Company and/or its predecessors, subsidiaries or affiliates. In addition, the Executive has or will promptly return in good condition any other Company owned equipment or property, including, but not limited to, automobiles, personal data assistants, facsimile machines, copy machines, pagers, credit cards, cellular telephone equipment, business cards, laptops and computers. At the Executive’s request, the Company will make reasonable arrangements to transfer cellular phone numbers and personal fax numbers to the Executive.

9.Nothing in this Agreement shall prohibit or restrict the Executive from: (i) making any disclosure of information required or protected by law; or (ii) initiating communications directly with, cooperating with, providing information to, testifying, participating in, responding to any inquiry from, or otherwise assisting in any investigation or proceeding brought by any federal regulatory or law enforcement agency or legislative body, including but not limited to the Securities and Exchange Commission (SEC), any self-regulatory organization, or the Company’s designated legal, compliance or human resources officers, relating to a possible violation of any applicable law, rule or regulation. Further, nothing in this Agreement requires Executive to notify the Company of any activity protected by this paragraph, and nothing in this Agreement is intended to or shall prevent, impede or interfere with Executive’s non-waivable right to receive and fully retain a monetary award from a government-administered whistleblower award program for providing information directly to a government agency.

10.The parties agree and acknowledge that the agreement by the Company described herein, and the release of any asserted or unasserted claims against the Releasees, are not and shall not be construed to be an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by any of the Releasees to the Executive.

11.The Executive agrees and recognizes that should the Executive breach any of the obligations or covenants set forth in Sections 9 and 10 of the Severance Agreement, the Company will have no further obligation to provide the Executive with the consideration set in Section 2(b) of the Severance Agreement, and will have the right to seek repayment of all consideration paid up to the time of any such breach. Notwithstanding the foregoing, the Executive acknowledges that if the Executive breaches Section 10 of the Severance Agreement, and if the Company’s terminates or recovers any of the payments or benefits provided under Section 2(b) of the Severance Agreement (as provided for in Section 10 of the Severance Agreement), the release provided by Section 1 of this Agreement shall remain valid and enforceable.

12.The Executive further agrees that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages, as well as to an equitable accounting of all earnings, profits and other benefits arising from any violations of this Agreement, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled.

13.This Agreement and the obligations of the parties hereunder shall be construed, interpreted and enforced in accordance with the laws of the Commonwealth of Pennsylvania.

14.The Executive certifies and acknowledges as follows:

(a)That the Executive has read the terms of this Agreement, and that the Executive understands its terms and effects, including the fact that the Executive has agreed to RELEASE AND FOREVER DISCHARGE the Releasees from any legal action arising out of the Executive’s employment relationship with the Company and the termination of that employment relationship; and

(b)That the Executive has signed this Agreement voluntarily and knowingly in exchange for the consideration described herein, which the Executive acknowledges is adequate and satisfactory to him and which the Executive acknowledges is in addition to any other benefits to which the Executive is otherwise entitled; and

(c)That the Executive has been and is hereby advised in writing to consult with an attorney prior to signing this Agreement; and

(d)That the Executive does not waive rights or claims that may arise after the date this Agreement is executed; and

(e)That the Company has provided the Executive with a period of [twenty-one (21)] or [forty-five (45)] days within which to consider this Agreement, and that the Executive has signed on the date indicated below after concluding that this Separation of Employment Agreement and General Release is satisfactory; and

(f)The Executive acknowledges that this Agreement may be revoked by within seven (7) days after execution, and it shall not become effective until the expiration of such seven (7) day revocation period. In the event of a timely revocation by the Executive, this Agreement will be deemed null and void and the Company will have no obligations hereunder or under Section 2(b) of the Separation Agreement.

[SIGNATURE PAGE FOLLOWS]

Intending to be legally bound hereby, the Executive and the Company executed the foregoing Separation of Employment Agreement and General Release this _____ day of __________, _____.

Executive	Witness:
By:
Name:   Title:
CNX Resources Corporation
By:	Witness:
Name:   Title:

EX-10.2

CHANGE IN CONTROL SEVERANCE AGREEMENT

THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (this "Agreement"), dated as of October 28, 2019 (the "Effective Date"), is made between CNX Resources Corporation, CNX Center, 1000 CONSOL Energy Drive, Canonsburg, Pennsylvania 15317, a Delaware corporation (the "Company"), and Olayemi Akinkugbe (the "Executive").

WITNESSETH:

WHEREAS, the Executive is a senior executive of the Company and has made and is expected to continue to make major contributions to the short- and long-term profitability, growth and financial strength of the Company;

WHEREAS, the Board of Directors of the Company (the "Board") recognizes that, as is the case with many publicly held corporations, the possibility of a Change in Control (as defined below) exists and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction of key management personnel to the detriment of the Company and its stockholders;

WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Company's management, including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a Change in Control;

WHEREAS, in consideration of the Executive's continued employment with the Company and the Executive's agreement to waive certain rights he may have to receive severance compensation and benefits under any applicable Company severance plan or policy, as set forth below, the Company desires to provide the Executive with certain compensation and benefits set forth in this Agreement in order to ameliorate the financial and career impact on the Executive in the event the Executive's employment with the Company is terminated for a reason related to a Change in Control; and

WHEREAS, the Executive agrees to waive any rights he may have under any Company severance plan, policy or other agreement with respect to severance compensation and benefits in the event the Executive's employment with the Company is terminated as the result of an Involuntary Termination Associated With a Change in Control (as defined below).

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the Company and the Executive agree as follows:

1.Certain Defined Terms. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial capital letters:

(a)"Base Pay" means the greater of (i) the Executive's annual base salary rate, exclusive of bonuses, commissions and other Incentive Pay, as in effect immediately preceding the Executive's Termination Date, or (ii) the Executive's annual base salary rate, exclusive of bonuses, commissions and other Incentive Pay, as in effect immediately prior to the Change in Control.

(b)"Board" means the Board of Directors of the Company.If the Executive is also a member of the Board, then in the case of any provision hereof that requires action by, or a determination of, the Board in connection with this Agreement, it is understood that such provision refers to the members of the Board other than the Executive.

(c)"Cause" means a determination by the Board that the Executive has committed any of the following acts:

(i)the Executive has been convicted of, or the Executive has pleaded guilty or nolo contendere to, (A) any felony, or (B) any misdemeanor involving fraud, embezzlement or theft; or

(ii)the Executive has wrongfully disclosed material confidential information of the Company or any Subsidiary, has intentionally violated any material express provision of the Company's code of conduct for executives and management employees (as in effect on the date of the Change in Control), or has intentionally failed or refused to perform any of his material assigned duties for the Company; and any such failure or refusal has been demonstrably and materially harmful to the Company.

Notwithstanding the foregoing, the Executive will not be deemed to have been terminated for "Cause" under this subsection (ii) unless and until there has been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than the majority of the members of the Board plus one member, finding that, in the good faith opinion of the Board, the Executive has committed an act constituting "Cause," as herein defined, and specifying the particulars thereof in detail. Prior to any such determination, the Executive shall be provided with reasonable notice of such pending determination and the Executive, together with his counsel (if the Executive chooses to have counsel present at such meeting), shall be provided with the opportunity to be heard before the Board makes any such determination. Nothing herein will limit the right of the Executive or his beneficiaries to contest the validity or propriety of any such determination.

(d)"Change in Control" means the occurrence of any of the following events:

(i)the acquisition after the date hereof by any individual, entity or group (within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 25% of the combined voting power of the then outstanding Voting Stock of the Company; provided, however, that for purposes of this Section 1(d)(i), the following acquisitions will not constitute a Change in Control: (A) any issuance of Voting Stock of the Company directly from the Company that is approved by the Incumbent Board (as defined in Section 1(d)(ii), below), (B) any acquisition by the Company of Voting Stock of the Company, (C) any acquisition of Voting Stock of the Company by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (D) any acquisition of Voting Stock of the Company by an underwriter holding securities of the Company in connection with a public offering thereof, or (E) any acquisition of Voting Stock of the Company by any Person pursuant to a Business Combination that complies with clauses (A), (B) and (C) of Section 1(d)(iii), below; or

(ii)individuals who constitute the Board as of the Effective Date (the "Incumbent Board," as modified by this Section 1(d)(ii)), cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to such date whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least two-thirds of the Directors then comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination) will be deemed to have then been a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

(iii)consummation of a reorganization, merger or consolidation of the Company or a direct or indirect wholly owned subsidiary thereof, a sale or other disposition (whether by sale, taxable or nontaxable exchange, formation of a joint venture or otherwise) of all or substantially all of the assets of the Company, or other transaction involving the Company (each, a "Business Combination"), unless, in each case, immediately following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners of Voting Stock of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding shares of Voting Stock of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries), (B) no Person other than the Company beneficially owns 25% or more of the combined voting power of the then outstanding shares of Voting Stock of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof (disregarding all "acquisitions" described in subsections (A) - (C) of Section 1 (d)(i)), and (C) at least a majority of the members of the Board of Directors of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or

(iv)approval by the stockholders of the Company of a complete liquidation or dissolution of the Company, except pursuant to a Business Combination that complies with clauses (A), (B) and (C) of Section 1(d)(iii).

(e)"COBRA" means the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended.

(f)"Code" means the Internal Revenue Code of 1986, as amended.

(g)"Consultancy Period" and "Consultancy Position" shall have the respective meanings assigned to those terms in Section 2(d) hereof.

(h)"Constructive Termination Associated With a Change in Control" means the termination of the Executive's employment with the Company by the Executive as a result of the occurrence without the Executive's written consent of one of the following events:

(i)a material adverse change in the Executive's position with the Company and/or a Subsidiary (or any successor thereto by operation of law or otherwise) (but excluding any loss of any position with a Subsidiary with respect to which the Executive is not separately compensated) as compared to the Executive's position with the Company (and/or a Subsidiary) immediately prior to the Change in Control;

(ii)(A) a material reduction in the Executive's annual base salary rate, exclusive of bonuses, commissions and other Incentive Pay, as in effect immediately prior to the Change in Control; (B) a material reduction in the Executive's Target Bonus opportunity in effect immediately prior to the Change in Control; or (C) a material reduction in the level of Employee Benefits provided to the Executive immediately prior to the Change in Control (excluding any reduction that is generally applicable to all or substantially all salaried Company employees);

(iii) a material adverse change in circumstances has occurred following a Change in Control, including, without limitation, a material change in the scope of the business or other activities for which the Executive was responsible immediately prior to the Change in Control, which has rendered the Executive unable to carry out, has materially hindered the Executive's performance of, or has caused the Executive to suffer a material reduction in, any of the authorities, powers, functions, responsibilities or duties attached to the position held by the Executive immediately prior to the Change in Control; a good faith determination by the Executive (that a material adverse change has occurred) will be conclusive and binding upon the parties hereto unless otherwise shown by the Company to be not in good faith);

(iv)in connection with the liquidation, dissolution, merger, consolidation or reorganization of the Company or transfer of all or substantially all of its business and/or assets, the Company breached this Agreement by not requiring the successor or successors (by liquidation, merger, consolidation, reorganization, transfer or otherwise) to which all or substantially all of its business and/or assets have been transferred (by operation of law or otherwise) to assume all duties and obligations of the Company under this Agreement pursuant to Section 14(a); or

(v)the relocation of the Executive's principal work location (other than in connection with a relocation contemplated by the Company as of the date hereof or pursuant to organizational changes in accordance with past practice) to a location that increases the Executive's normal work commute by fifty (50) miles or more as compared to the Executive's normal work commute immediately prior to the Change in Control, or that the Executive's required travel away from his office in the course of discharging his responsibilities or duties of his job is materially increased as compared to that which was required of the Executive in any of the three (3) full years immediately prior to the Change in Control.

Without limiting the generality or effect of the foregoing, the Executive shall have no right to terminate employment in a Constructive Termination Associated With a Change in Control in connection with an event described above unless (A) the Executive provides written notice to the Company within one month of the occurrence of such event that identifies such event with particularity, and (B) the Company fails to correct such event within thirty (30) days after receipt of such notice from the Executive, and (C) such termination must occur within sixty (60) days after the expiration of the failure of the Company to correct the event.

In no event shall the termination of the Executive's employment with the Company on account of the Executive's death or Disability or because the Executive engaged in conduct constituting Cause be deemed to be a Constructive Termination Associated With a Change in Control.

(i)"Disability" means the Executive becomes permanently disabled within the meaning of, and begins actually to receive disability benefits pursuant to, the long-term disability plan in effect for, or applicable to, the Executive.

(j)"Employee Benefits" means the perquisites, benefits and service credit for benefits as provided under any and all employee retirement income and welfare benefit policies, plans, programs or arrangements in which the Executive is entitled to participate, including, without limitation, any stock option, performance share, performance unit, stock purchase, stock appreciation, savings, pension, supplemental executive retirement, or other retirement income or welfare benefit, deferred compensation, incentive compensation, group or other life, health, medical/hospital or other insurance (whether funded by actual insurance or self-insured by the Company or a Subsidiary), disability, salary continuation, expense reimbursement and other employee benefit policies that may exist as of a Change in Control or any successor policies, plans or arrangements that provide substantially similar perquisites or benefits.

(k)"Exchange Act" means the Securities Exchange Act of 1934, as amended.

(l)"Incentive Pay" means the greater of: (i) the Executive's Target Bonus for which the Executive was eligible during the period that includes the Termination Date, or (ii) the average of the annual bonuses paid by the Company to the Executive for the three years prior to the year that includes the Termination Date. For purposes of this definition, "Target Bonus" means 100% of the amount established under the CNX Resources Corporation Executive Annual Incentive Plan, and any other annual bonus, applicable incentive, commission or other sales incentive compensation, or comparable incentive payment opportunity which, in the sole discretion of the Company, is deemed to constitute a Target Bonus, in addition to Base Pay, for which the Executive was eligible to receive, but did not receive prior to his Termination Date, in regard to services rendered in the year covered by the Executive's Termination Date and which is to be made pursuant to any bonus, incentive, profit-sharing, performance, discretionary pay or similar agreement, policy, plan, program or arrangement (whether or not funded) of the Company or a Subsidiary, or any successor thereto. For purposes of this definition, "Incentive Pay" does not include any stock option, stock appreciation, stock purchase, restricted stock, the CNX Resources Corporation Long-Term Incentive Programs or similar plan, program, arrangement or grant, one time bonus or payment (including, but not limited to, any sign-on bonus), any amounts contributed by the Company for the benefit of the Executive to any qualified or nonqualified deferred compensation plan, whether or not provided under an arrangement described in the prior sentence, or any amounts designated by the parties as amounts other than Incentive Pay.

(m)"Involuntary Termination Associated With a Change in Control" means the termination of the Executive's employment related to a Change in Control: (i) involuntarily by the Company for any reason other than Cause, the Executive's death or the Executive's Disability, or (ii) on account of a Constructive Termination Associated With a Change in Control.

(n)"Restricted Business" means any business function with a direct competitor of the Company that is substantially similar to the business function performed by the Executive with the Company immediately prior to his Termination Date.

(o)"Restricted Territory" means the counties, towns, cities or states of any country in which the Company operates or does business.

(p)"Subsidiary" means any Company controlled affiliate.

(q)"Termination Date" means the last day of the Executive's employment with the Company.

(r)"Termination of Employment" means, except as provided in the following sentence and subject to the provisions of Section 19(b), the termination of the Executive's active employment relationship with the Company on account of an Involuntary Termination Associated With a Change in Control. For purposes of the non-solicitation provision of Section 10 of this Agreement, the term "Termination of Employment" shall mean the termination of the Executive's employment relationship with the Company for any reason.

(s)"Voting Stock" means securities entitled to vote generally in the election of directors.

2.Termination Associated With a Change in Control.

(a)Involuntary Termination Associated With a Change in Control. In the event the Executive's employment is terminated after, or in connection with, a Change in Control, on account of (i) an Involuntary Termination Associated With a Change in Control within the two year period after the Change in Control, or (ii) an involuntary termination by the Company (other than for Cause or due to the Executive's death or Disability) that (A) occurs not more than three (3) months prior to the date on which a Change in Control occurs, or (B) is requested by a third party who initiates a Change in Control, the Executive shall be entitled to the benefits provided in subsection (b) of this Section 2. For purposes of subsection 2(a)(ii)(B) above, to be eligible to receive amounts described in Section 2(b) below, a Change in Control must be consummated within the twelve (12) month period following the Executive's Termination Date, except in circumstances pursuant to which the consummation of the Change in Control is delayed, through no failure of the Company or the third person, by a governmental or regulatory authority or agency with jurisdiction over the matter, or as a result of other similar circumstances where a third party approval is necessary and is delayed. In such a circumstance, the remainder of the twelve (12) month period shall be tolled and shall recommence upon termination of the delaying event.

(b)Compensation and Benefits Upon Involuntary Termination Associated With a Change in Control. In the event a termination described in subsection (a) of this Section 2 occurs, and subject to the Executive’s compliance with the provisions of Section 4 hereof, the Company shall pay and provide to the Executive after his Termination Date:

(i)A lump sum cash payment equal to (A) one and one-half (1.5) times Base Pay, plus(B) one and one-half (1.5) timesIncentive Pay.

(ii)The Executive shall receive a pro rated payment of his Incentive Pay for the year in which his Termination of Employment occurs. The pro rated payment shall be based on the Executive's Incentive Pay as of the Executive's Termination Date, multiplied by a fraction, the numerator of which is the number of days during which the Executive was employed by the Company in the year of his termination and the denominator of which is 365.

(iii)For the18 month period immediately following the Date of Termination or, if later, the closing dates for the Change in Control:

(A)    If the Executive elects COBRA Continuation Coverage, the Executive shall continue to participate in all medical, dental and vision insurance plans he was participating in on the Termination Date, and the Company shall pay the applicable premium. During the applicable period of coverage described in the foregoing sentences, the Executive shall be entitled to benefits on substantially the same basis and cost as would have otherwise been provided had the Executive not separated from service. To the extent that such benefits are available under the above-referenced benefit plans and the Executive had such coverage immediately prior to termination of employment, such continuation of benefits for the Executive shall also cover the Executive's dependents for so long as the Executive is receiving benefits under this paragraph (iii). The COBRA Continuation Period for medical and dental insurance under this paragraph (iii) shall be deemed to run concurrent with the continuation period federally mandated by COBRA (generally 18 months), or any other legally mandated and applicable federal, state, or local coverage period for benefits provided to terminated employees under the health care plan. For purposes of this Agreement, "COBRA" means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; and "COBRA Continuation Period" shall mean the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and generally shall continue for an 18 month period.

(iv)If the Executive would have been eligible for post-retirement medical and dental coverage had he retired from employment during the period of 18 months following his Termination Date, but is not so eligible as the result of his termination, then, at the conclusion of the benefit continuation period described in (iii) above, the Company shall take all commercially reasonable efforts to provide the Executive with additional continued group medical and dental coverage comparable to that which would have been available to him from time to time under the Company's post-retirement medical and dental benefit program, for as long as such coverage would have been available under such program. It is specifically acknowledged by the Executive that if such coverage is provided under a Company sponsored self insured plan, it will be provided on an after-tax basis and the Executive will have income imputed to him annually equal to the fair market value of the premium. If this coverage cannot be provided by the Company, (or where such continuation would adversely affect the tax status of the plan pursuant to which the coverage is provided), then as an alternative, the Company will reimburse the Executive in lieu of such coverage an amount equal to the Executive's actual and reasonable after-tax cost of continuing comparable coverage.

Reimbursement to the Executive pursuant to subsections (iii) or (iv) above will be available only to the extent that (1) such expense is actually incurred for any particular calendar year and reasonably substantiated; (2) reimbursement shall be made no later than the end of the calendar year following the year in which such expense is incurred by the Executive; (3) no reimbursement provided for any expense incurred in one taxable year will affect the amount available in another taxable year; and (4) the right to this reimbursement is not subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, under subsection (iii), no reimbursement will be provided for any expense incurred following the 18 months or for any expense which relates to coverage after such date.

(v)A lump sum cash payment equal to the total amount that the Executive would have received under the Company's 401(k) plan as a Company match if the Executive was eligible to participate in the Company's 401(k) plan for the 18 month period after his Termination Date and he contributed the maximum amount to the plan for the match. Such amount shall be determined based on the assumption that the Executive would have received annual Base Pay plus Incentive Pay during such period in the amounts set forth in Sections 2(b)(i) and (ii) above.

(vi)A lump sum cash payment equal to the difference between the present value of the Executive's accrued pension benefits at his Termination Date under the Company's qualified defined benefit plan and (if eligible) any plan or plans sponsored by the Company providing nonqualified retirement benefits (which currently includes the CNX Resources Corporation Defined Contribution Restoration Plan) (the qualified and nonqualified plans together being referred to as the "pension plans") and the present value of the accrued pension benefits to which the Executive would have been entitled under the pension plans if the Executive had continued participation in those plans for the 18 month period after his Termination Date. Such amount shall be determined based on the assumption that the Executive would have received annual Base Pay plus Incentive Pay during such period in the amounts set forth in Sections 2(b)(i) and (ii) above.

(vii)A lump sum cash payment of $25,000 in order to cover the cost of outplacement assistance services for the Executive and other expenses associated with seeking another employment position.

(viii)The Executive shall receive any amounts earned, accrued or owing but not yet paid to the Executive as of his Termination Date, payable in a lump sum, and any benefits accrued or earned in accordance with the terms of any applicable benefit plans and programs of the Company.

(ix)All payments under this subsection 2(b) will be made in a lump sum no later than 60 days after the date of termination (or, if later, the closing date of the Change in Control, as applicable); provided, however, that the benefits due under subsections (iii) and (iv) shall be provided as specified thereunder.

(c)Vesting of Equity Rights. Notwithstanding any provision to the contrary in any applicable plan, program or agreement, upon the occurrence of a Change in Control, all stock options, stock appreciation rights, restricted stock, restricted stock units and other equity rights held by the Executive will become fully vested and/or exercisable, as the case may be, on the date on which the Change in Control occurs, and all stock options or stock appreciation rights held by the Executive shall remain exercisable for the period set forth in the award agreement covering the options or rights.

(d)Consultancy Period Option. In the case of any Involuntary Termination Associated With a Change in Control, the Company may, in its sole discretion, elect to require reasonable cooperation from the Executive following the Executive's Termination Date for a period (the "Consultancy Period") not to exceed 18 months. In the event that the Company so elects, the Executive shall, during the pendency of the Consultancy Period, be available from time to time, at the request of the Company's Chairman of the Board or Chief Executive Officer, to provide advice and assistance concerning (i) the transition of the Executive's duties and responsibilities to any successor to his position, and (ii) any other matters concerning the Company's corporate, business and financial affairs which are consistent with the Executive's expertise and experience. Such advice and assistance may, at the Executive's option, be provided either in person or by telephone or videoconference. In no event shall the Company request, nor shall the Executive be required to provide more than five (5) hours of consulting services per work week, nor to provide such services other than during normal Company business hours. The Executive shall be reimbursed by the Company for any reasonable expenses incurred in connection with the performance of such services, subject to compliance with the Company's standard policies and procedures regarding reimbursement of expenses. The Executive shall be permitted, during the Consultancy Period, to engage in other business and personal activities; provided, that such activities are not inconsistent with the Executive's duties under Sections 9 and 10 hereof.

3.Termination of Employment on Account of Disability, Cause or Death. Notwithstanding anything in this Agreement to the contrary, if the Executive's employment terminates on account of Disability, the Executive shall be entitled to receive disability benefits under any disability program maintained by the Company that covers the Executive, and the Executive shall not be considered to have terminated employment under this Agreement and shall not receive benefits pursuant to Section 2 hereof. If the Executive's employment terminates on account of Cause or because of his death, the Executive shall not be considered to have terminated employment under this Agreement and shall not receive benefits pursuant to Section 2 hereof.

4.Release. To receive the consideration described in Sections 2(b) of this Agreement, the Executive must sign a Separation of Employment and General Release Agreement, substantially in the form attached hereto as Annex A (the "Release"), deliver the signed Release to the Company’s General Counsel within thirty (30) days after the Termination Date (unless a longer period is required by law), and not revoke the Release within the seven-day revocation period provided for in the Release.

5.Enforcement. Without limiting the rights of the Executive at law or in equity, if the Company fails to make any payment or provide any benefit required to be made or provided hereunder on a timely basis, the Company will pay interest on the amount or value thereof at an annualized rate of interest equal to the so-called composite "prime rate" as quoted from time to time during the relevant period in the Eastern Edition of The Wall Street Journal. Such interest will be payable as it accrues on demand. Any change in such prime rate will be effective on and as of the date of such change.

6.Limit on Payments by the Company.

(a)The provisions of this Section 6 shall apply notwithstanding anything in this Agreement or any other agreement to the contrary. In the event that it shall be determined that any payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a "Payment"), would constitute an "excess parachute payment" within the meaning of Section 280G of the Code, Company will apply a limitation on the Payment amount as set forth below (a "Parachute Cap") as follows: The aggregate present value of the Payments under Section 2(b) of this Agreement ("Agreement Payments") shall be reduced (but not below zero) to the Reduced Amount; provided, however, that any such reduction shall be applied to Agreement Payments that do not constitute deferred compensation and are exempt or otherwise excepted from coverage under Section 409A (but excluding stock options or other stock rights). The "Reduced Amount" shall be an amount expressed in present value which maximizes the aggregate present value of Agreement Payments without causing any Payment to be subject to the limitation of deduction under Section 280G of the Code. For purposes of this Section 6, "present value" shall be determined in accordance with Section 280G(d)(4) of the Code.

(b)Except as set forth in the next sentence, all determinations to be made under this Section 6 shall be made by the nationally recognized independent public accounting firm used by the Company immediately prior to the Change in Control ("Accounting Firm"), which Accounting Firm shall provide its determinations and any supporting calculations to the Company and the Executive within ten (10) days of the Executive's Termination Date. The value of the Executive's non-competition covenant under Section 10(a) of this Agreement shall be determined by independent appraisal by a nationally-recognized business valuation firm acceptable to both the Executive and the Company, and a portion of the Agreement Payments shall, to the extent of that appraised value, be specifically allocated as reasonable compensation for such non-competition covenant and shall not be treated as a parachute payment. Any such determination by the Accounting Firm shall be binding upon the Company and the Executive.

(c)All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section 6 shall be borne solely by the Company.

7.No Mitigation Obligation. The Company hereby acknowledges that it will be difficult and may be impossible for the Executive to find reasonably comparable employment following the Termination Date. Accordingly, the payment of the severance compensation by the Company to the Executive in accordance with the terms of this Agreement is hereby acknowledged by the Company to be reasonable, and the Executive will not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive hereunder or otherwise. Notwithstanding anything to the contrary contained herein, as a condition to accepting benefits provided hereunder, the Executive will be required to waive, and will be deemed to have waived, any other right or entitlement to severance or termination benefits from the Company or its Subsidiaries.

8.Legal Fees and Expenses. In the event of a Change in Control, it is the intent of the Company that the Executive not be required to incur legal fees and the related expenses associated with the interpretation, enforcement or defense of the Executive's rights under this Agreement by litigation or otherwise because the cost and expense thereof would detract from the benefits intended to be extended to the Executive hereunder. Accordingly, if a Change in Control occurs and it should appear to the Executive that the Company has failed to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, the Executive the benefits provided or intended to be provided to the Executive under Section 2 of this Agreement, the Company irrevocably authorizes the Executive from time to time to retain counsel of the Executive's choice, at the expense of the Company as hereafter provided, to advise and represent the Executive in connection with any such interpretation, enforcement or defense, including without limitation the initiation or defense of any litigation or other legal action, whether by or against the Company or any Director, officer or employee of the Company, in any jurisdiction. Notwithstanding any existing or prior attorney-client relationship between the Company and such counsel, the Company irrevocably consents to the Executive's entering into an attorney-client relationship with such counsel, and in that connection, the Company and the Executive agree that a confidential relationship will exist between the Executive and such counsel. Without respect to whether the Executive prevails, in whole or in part, in connection with any of the foregoing, the Company will pay and be solely financially responsible for any and all reasonable attorneys' and related fees and expenses incurred by the Executive in connection with any of the foregoing; provided that, in regard to such matters, the Executive has not acted frivolously, in bad faith or with no colorable claim of success. Such fees and expenses will be paid by the Company as they are incurred by the Executive, but in no event later than the end of the Executive's taxable year following the Executive's taxable year in which the Executive incurs the fees and expenses. In addition, no reimbursement provided for any expense incurred in one taxable year will affect the amount available in another taxable year, and the right to this reimbursement is not subject to liquidation or exchange for another benefit.

9.Confidentiality. The Executive hereby covenants and agrees that, except as specifically requested or directed by the Company, he will not disclose to any person not employed by the Company, or use in connection with engaging in competition with the Company, any confidential or proprietary information (as defined below) of the Company. For purposes of this Agreement, the term "confidential or proprietary information" will include all information of any nature and in any form that is owned by the Company and that is not publicly available (other than by the Executive's breach of this Section 9) or generally known to persons engaged in businesses similar or related to those of the Company. Confidential or proprietary information will include, without limitation, the Company's financial matters, customers, employees, industry contracts, strategic business plans, product development (or other proprietary product data), marketing plans, consulting solutions and processes, and all other secrets and all other information of a confidential or proprietary nature which is protected by the Uniform Trade Secrets Act. For purposes of the preceding two sentences, the term "Company" will also include any Subsidiary (collectively, the "Restricted Group"). The foregoing obligations imposed by this Section 9 will not apply (i) in the course of the business of and for the benefit of the Company, (ii) if such confidential or proprietary information has become, through no fault of the Executive, generally known to the public, or (iii) if the Executive is required by law to make disclosure (after giving the Company notice and an opportunity to contest such requirement).

Notwithstanding the foregoing, nothing in this Agreement restricts or prohibits the Executive from reporting possible violations of law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or from making other disclosures that are protected under state or federal law or regulation. The Executive does not need the prior authorization of the Company to make such reports or disclosures. The Executive is not required to notify the Company that the Executive has made any such reports or disclosures.

10.Covenants Not to Compete and Not to Solicit. In the event of the Executive's Termination of Employment, the Company's obligations to provide the payments and benefits set forth in Section 2 shall be expressly conditioned upon the Executive's compliance with the covenants not to compete and not to solicit as provided herein. In the event the Executive breaches his obligations to the Company as provided herein, the Company's obligations to provide the payments and benefits set forth in Section 2 shall cease, without prejudice to any other remedies that may be available to the Company.

(a)Covenant Not to Compete. If the Executive is receiving payments and benefits under Section 2 above (or subsequently becomes entitled thereto because of a termination described in Section 2(a)(ii)), then, for a period of one (1) year following the Executive's Termination Date, the Executive shall not directly or indirectly engage in (whether as an employee, consultant, proprietor, partner, director or otherwise), or have any ownership interest in, or participate in a financing, operation, management or control of, any person, firm, corporation or business that is a Restricted Business in a Restricted Territory without the prior written consent of the Board. For this purpose, ownership of no more than 5% of the outstanding Voting Stock of a publicly traded corporation shall not constitute a violation of this provision.

(b)Covenant Not to Solicit. If the Executive is receiving payments and benefits under Section 2 above (or subsequently becomes entitled thereto because of a termination described in Section 2(a)(ii)), then, for a period of two (2) years following the Executive's Termination Date, the Executive shall not: (i) solicit, encourage or take any other action which is intended to induce any other employee of the Company to terminate his employment with the Company; or (ii) interfere in any manner with the contractual or employment relationship between the Company and any such employee of the Company. The foregoing shall not prohibit the Executive or any entity with which the Executive may be affiliated from hiring a former employee of the Company; provided, that such hiring results exclusively from such former employee's affirmative response to a general recruitment effort.

(c)Interpretation. The covenants contained herein are intended to be construed as a series of separate covenants, one for each county, town, city and state or other political subdivision of a Restricted Territory. Except for geographic coverage, each such separate covenant shall be deemed identical in terms to the covenant contained in the preceding subsections. If, in any judicial proceeding, the court shall refuse to enforce any of the separate covenants (or any part thereof) deemed included in such subsections, then such unenforceable covenant (or such part) shall be deemed to be eliminated from this Agreement for the purpose of those proceedings to the extent necessary to permit the remaining separate covenants (or portions thereof) to be enforced.

(d)Reasonableness. In the event that the provisions of this Section 10 shall ever be deemed to exceed the time, scope or geographic limitations permitted by applicable laws, then such provisions shall be reformed to the maximum time, scope or geographic limitations, as the case may be, permitted by applicable laws.

11.Employment Rights. Nothing expressed or implied in this Agreement will create any right or duty on the part of the Company or the Executive to have the Executive remain in the employment of the Company or any Subsidiary prior to or following any Change in Control.

12.Withholding of Taxes. The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling.

13.Term of Agreement. The term of this Agreement shall commence on the Effective Date hereof and shall continue until December 31, 2019; provided, however, that commencing on January 1, 2020, and each January 1 thereafter, the term of this Agreement shall automatically be extended until the following December 31, unless the Company gives notice not later than October 31 of the preceding year that it does not wish to extend this Agreement; and provided, further, that regardless of any such notice by the Company, this Agreement shall continue in effect for a period of 18 months beyond the term provided herein if a Change in Control occurs during the period that this Agreement is in effect.

14.Successors and Binding Agreement.

(a)The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance reasonably satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the "Company" for the purposes of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company.

(b)This Agreement will inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees. This Agreement will supersede the provisions of any employment or other agreement between the Executive and the Company that relate to any matter that is also the subject of this Agreement, and such provisions in such other agreements will be null and void.

(c)This Agreement is personal in nature and neither of the parties hereto will, without the consent of the other, assign, transfer or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 14(a) and (b). Without limiting the generality or effect of the foregoing, the Executive's right to receive payments hereunder will not be assignable, transferable or delegable, whether by pledge, creation of a security interest, or otherwise, other than by a transfer by the Executive's will or by the laws of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 14(c), the Company will have no liability to pay any amount so attempted to be assigned, transferred or delegated.

15.Notices. For all purposes of this Agreement, all communications, including without limitation, notices, consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed by the recipient), or five (5) business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three (3) business days after having been sent by a nationally recognized courier service for overnight/next-day delivery, such as FedEx, UPS, or the United States Postal Service, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive office and to the Executive at his principal residence, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.

16.Governing Law. The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the Commonwealth of Pennsylvania, without giving effect to the principles of conflict of laws of such Commonwealth.

17.Validity. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances will not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal will be reformed to the extent (and only to the extent) necessary to make it enforceable, valid or legal.

18.Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing signed by the Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. References to Sections are to references to Sections of this Agreement. Any reference in this Agreement to a provision of a statute, rule or regulation will also include any successor provision thereto. Whenever used herein, the masculine includes the feminine.

19.Code Section 409A.

(a)    If any benefit provided under this Agreement is subject to the provisions of Section 409A of the Code and the regulations issued thereunder, the provisions of the Agreement shall be administered, interpreted and construed in a manner necessary to comply with Section 409A and the regulations issued thereunder (or disregarded to the extent such provision cannot be so administered, interpreted, or construed).

(b)    Severance benefits are payable only if the Executive is involuntarily terminated by the Company as provided under this Agreement. For purposes of the Agreement, the Executive shall be considered to have experienced a termination of employment only if the Executive has terminated employment with the Company and all of its controlled group members within the meaning of Section 409A of the Code. For purposes hereof, the determination of controlled group members shall be made pursuant to the provisions of Section 414(b) and 414(c) of the Code; provided that the language "at least 50 percent" shall be used instead of "at least 80 percent" in each place it appears in Section 1563(a)(1), (2) and (3) of the Code and Treas. Reg. § 1.414(c)-2. Whether the Executive has terminated employment will be determined based on all of the facts and circumstances and in accordance with the guidance issued under Section 409A of the Code.

(c)    For purposes of Section 409A, each severance benefit payment shall be treated as a separate payment. Each payment under this Agreement is intended to be excepted from Section 409A to the maximum extent provided under Section 409A as follows: (i) each payment that is scheduled to be made on or before March 15th of the calendar year following the calendar year containing the Executive's termination date (or, if later, the closing date of the Change in Control) is intended to be excepted under the short-term deferral exception as specified in Treas. Reg. § 1.409A-1(b)(4); (ii) post-termination medical benefits are intended to be excepted under the medical benefits exceptions as specified in Treas. Reg. § 1.409A-1(b)(9)(v)(B); and (iii) each payment that is not otherwise excepted under the short-term deferral exception or medical benefits exception is intended to be excepted under the involuntary pay exception as specified in Treas. Reg. § 1.409A-1(b)(9)(iii). The Executive shall have no right to designate the date of any payment under this Agreement.

With respect to payments subject to Section 409A of the Code (and not excepted therefrom), if any, it is intended that each payment is paid on permissible distribution event and at a specified time consistent with Section 409A of the Code. The Company reserves the right to accelerate and/or defer any payment to the extent permitted and consistent with Section 409A.  Notwithstanding any provision of this Agreement to the contrary, to the extent that a payment hereunder is subject to Section 409A of the Code (and not excepted therefrom) and payable on account or a termination of employment, such payment shall be delayed for a period of six months after the date of termination (or, if earlier, the death of the Executive)if the Executive is a "specified employee" (as defined in Section 409A of the Code and determined in accordance with the procedures established by the Company). Any payment that would otherwise have been due or owing during such six-month period will be paid immediately following the end of the six-month period in the month following the month containing the six (6)-month anniversary of the date of termination.

20.Survival. Notwithstanding any provision of this Agreement to the contrary, the parties' respective rights and obligations under Sections 2, 6, 8, 9, and 10 will survive any termination or expiration of this Agreement or the termination of the Executive's employment for any reason whatsoever.

21.Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same agreement.

[Remainder of Page Intentionally Left Blank]

[Signature Page for Change In Control Agreement]

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered October 28, 2019, but effective as of the date first above written.

CNX Resources Corporation

By:

/s/ Nicholas J. DeIuliis    

Name:    Nicholas J. DeIuliis

Title:    President and Chief Executive Officer

Executive

/s/ Olayemi Akinkugbe    

Olayemi Akinkugbe

Annex A

SEPARATION OF EMPLOYMENT AND GENERAL RELEASE AGREEMENT

THIS SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE (the “Agreement”) is made as of this _____ day of __________, _____, by and between CNX Resources Corporation (the “Company”) and _________________________ (the “Executive”).

WHEREAS, the Executive formerly was employed by the Company as ________; and

WHEREAS, the Executive and Company entered into a Change in Control Severance Agreement, dated __________ ___, 20__, (the “Severance Agreement”) which provides for certain payments and benefits in the event that the Executive’s employment is terminated on account of a reason set forth in the Severance Agreement; and

WHEREAS, the Executive’s employment with the Company was terminated for reasons that qualify the Executive to receive certain payments and benefits, as set forth in Section 2(b) of the Severance Agreement, subject to, among other things, the Executive’s execution of this Agreement.

NOW, THEREFORE, for and in consideration of the Company’s commitments in Section 2(b) of the Severance Agreement, the Executive and the Company hereby agree as follows:

1. %2)    The Executive does hereby REMISE, RELEASE AND FOREVER DISCHARGE the Company, its affiliates, subsidiaries and parents, and its and their respective officers, directors, employees, and agents, and its and their respective successors and assigns, heirs, executors, and administrators, as well as the current and former fiduciaries of any pension, welfare, or other benefit plans applicable to the employees or former employees of the Company, and the current and former welfare and other benefit plans sponsored by the Company (collectively, “Releasees”) from all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which the Executive ever had, now has, or hereafter may have, whether known or unknown, or which the Executive’s heirs, executors, or administrators may have, by reason of any matter, cause or thing whatsoever, from the beginning of time to the date the Executive signs this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to the Executive’s employment relationship with the Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to, any claims arising under the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Worker Readjustment and Retraining Notification Act, the Consolidated Omnibus Budget Reconciliation Act, the Employee Retirement Income Security Act of 1974, the Pennsylvania Human Relations Act, and any other claims under any federal, state or local common law, statutory, or regulatory provision, now or hereafter recognized, and any claims for attorneys’ fees and costs. This Agreement is effective without regard to the legal nature of the claims raised and without regard to whether any such claims are based upon tort, equity, implied or express contract or discrimination of any sort.

(a)Although Paragraph 1(a) is intended to be a general release, it is understood and agreed that Paragraph 1(a) excludes claims related to the Executive’s right to receive the payments and benefits described in Section 2(b) of the Severance Agreement, as well as claims under any statute or common law that the Executive is legally barred from releasing, such as the Executive’s entitlement to vested pension benefits.

(b)Nothing herein is intended to or shall preclude the Executive from filing a charge with the Equal Employment Opportunity Commission (“EEOC”), or similar state or local fair employment practices agency and/or cooperating with said agency in its investigation. The Executive, however, explicitly waives any right to file a personal lawsuit or receive monetary damages that the agency may recover against the Releasees resulting from such charge, without regard as to who brought any said complaint or charge. Employee further agrees that to the extent any relief, including monetary relief, is awarded against the Releasees in favor of Executive in any such proceeding, all amounts paid as consideration under Section 2(b) of the Separation Agreement shall be a setoff and credit against any such award to the fullest extent permitted by law.

(c)The Executive represents and agrees by signing below that the Executive has not been denied any leave or benefit requested, has received the appropriate pay for all hours worked for the Company, and has no known workplace injuries or occupational diseases.

(d)To the fullest extent permitted by law, the Executive represents and affirms that [other than _________________________,] the Executive has not filed or caused to be filed on the Executive’s behalf any claim for relief covered by the general release in Paragraph 1(a) against any Releasee and, to the best of the Executive’s knowledge and belief, no outstanding claims for relief covered by the general release in Paragraph 1(a) have been filed or asserted against the Company or any Releasee on the Executive’s behalf.

2.The Company, for and in consideration of the commitments of the Executive as set forth in this Agreement, and intending to be legally bound, does hereby REMISE, RELEASE AND FOREVER DISCHARGE the Executive from all claims, demands or causes of action arising out of facts or occurrences prior to the date of this Agreement, but only to the extent the Company knows or reasonably should know of such facts or occurrence and only to the extent such claim, demand or cause of action relates to a violation of applicable law or the performance of the Executive’s duties with the Company; provided, however, that this release of claims shall not in any case be effective with respect to any claim by the Company alleging a breach of the Executive’s obligations under this Agreement. [Note: The Company and the Executive may, but shall not be required to mutually agree on a case-by-case basis at the time of the signing of this release to include the foregoing provision, or a substantially similar provision, to this Agreement.

3.The Executive further agrees and recognizes that the Executive’s employment relationship with the Company has been permanently severed, that the Executive shall not seek employment with the Company or any affiliated entity at any time in the future, and that the Company has no obligation to employ the Executive in the future.

4.Subject to the provisions of Paragraph 9, the Executive further agrees that the Executive will not disparage or subvert the Company, or make any statement reflecting negatively on the Releasees including, but not limited to, statements relating to the operation or management of the Company, the Executive’s employment and the termination of the Executive’s employment, irrespective of the truthfulness or falsity of such statement.

5.The Executive acknowledges that if the Executive had not executed this Agreement containing a release of all claims, the Executive would not have been entitled to the payments and benefits set forth in Section 2(b) of the Severance Agreement.

6.This Agreement contains the entire agreement between the Company and the Executive relating to the subject matter hereof. No prior or contemporaneous oral or written agreements or representations may be offered to alter the terms of this Agreement. To the extent Employee has entered into other agreements with the Company that are not in conflict with this Agreement, including, but not limited to the Severance Agreement, the terms of this Agreement shall not supersede, but shall be in addition to such other agreements.

7.Subject to the provisions of Paragraph 9, the Executive agrees not to disclose the terms of this Agreement or the Severance Agreement to anyone, except the Executive’s spouse, attorney and, as necessary, tax/financial advisor, or the Internal Revenue Service or other taxing authority. Likewise, the Company agrees that the terms of this Agreement will not be disclosed except as may be necessary to obtain approval or authorization to fulfill its obligations hereunder or as required by law. It is expressly understood that any violation of the confidentiality obligation imposed hereunder constitutes a material breach of this Agreement.

8.The Executive represents that the Executive has returned to the Company and does not presently have in the Executive’s possession or control any records and business documents, whether on computer or hard copy, and other materials (including but not limited to computer disks and tapes, computer programs and software, office keys, correspondence, files, customer lists, technical information, customer information, pricing information, business strategies and plans, sales records and all copies thereof) (collectively, the “Corporate Records”) provided by the Company and/or its predecessors, subsidiaries or affiliates or obtained as a result of the Executive’s prior employment with the Company and/or its predecessors, subsidiaries or affiliates, or created by the Executive while employed by or rendering services to the Company and/or its predecessors, subsidiaries or affiliates. In addition, the Executive has or will promptly return in good condition any other Company owned equipment or property, including, but not limited to, automobiles, personal data assistants, facsimile machines, copy machines, pagers, credit cards, cellular telephone equipment, business cards, laptops and computers. At the Executive’s request, the Company will make reasonable arrangements to transfer cellular phone numbers and personal fax numbers to the Executive.

9.Nothing in this Agreement shall prohibit or restrict the Executive from: (i) making any disclosure of information required or protected by law; or (ii) initiating communications directly with, cooperating with, providing information to, testifying, participating in, responding to any inquiry from, or otherwise assisting in any investigation or proceeding brought by any federal regulatory or law enforcement agency or legislative body, including but not limited to the Securities and Exchange Commission (SEC), any self-regulatory organization, or the Company’s designated legal, compliance or human resources officers, relating to a possible violation of any applicable law, rule or regulation. Further, nothing in this Agreement requires Executive to notify the Company of any activity protected by this paragraph, and nothing in this Agreement is intended to or shall prevent, impede or interfere with Executive’s non-waivable right to receive and fully retain a monetary award from a government-administered whistleblower award program for providing information directly to a government agency.

10.The parties agree and acknowledge that the agreement by the Company described herein, and the release of any asserted or unasserted claims against the Releasees, are not and shall not be construed to be an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by any of the Releasees to the Executive.

11.The Executive agrees and recognizes that should the Executive breach any of the obligations or covenants set forth in Sections 9 and 10 of the Severance Agreement, the Company will have no further obligation to provide the Executive with the consideration set in Section 2(b) of the Severance Agreement, and will have the right to seek repayment of all consideration paid up to the time of any such breach. Notwithstanding the foregoing, the Executive acknowledges that if the Executive breaches Section 10 of the Severance Agreement, and if the Company’s terminates or recovers any of the payments or benefits provided under Section 2(b) of the Severance Agreement (as provided for in Section 10 of the Severance Agreement), the release provided by Section 1 of this Agreement shall remain valid and enforceable.

12.The Executive further agrees that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages, as well as to an equitable accounting of all earnings, profits and other benefits arising from any violations of this Agreement, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled.

13.This Agreement and the obligations of the parties hereunder shall be construed, interpreted and enforced in accordance with the laws of the Commonwealth of Pennsylvania.

14.The Executive certifies and acknowledges as follows:

(a)That the Executive has read the terms of this Agreement, and that the Executive understands its terms and effects, including the fact that the Executive has agreed to RELEASE AND FOREVER DISCHARGE the Releasees from any legal action arising out of the Executive’s employment relationship with the Company and the termination of that employment relationship; and

(b)That the Executive has signed this Agreement voluntarily and knowingly in exchange for the consideration described herein, which the Executive acknowledges is adequate and satisfactory to him and which the Executive acknowledges is in addition to any other benefits to which the Executive is otherwise entitled; and

(c)That the Executive has been and is hereby advised in writing to consult with an attorney prior to signing this Agreement; and

(d)That the Executive does not waive rights or claims that may arise after the date this Agreement is executed; and

(e)That the Company has provided the Executive with a period of [twenty-one (21)] or [forty-five (45)] days within which to consider this Agreement, and that the Executive has signed on the date indicated below after concluding that this Separation of Employment Agreement and General Release is satisfactory; and

(f)The Executive acknowledges that this Agreement may be revoked by within seven (7) days after execution, and it shall not become effective until the expiration of such seven (7) day revocation period. In the event of a timely revocation by the Executive, this Agreement will be deemed null and void and the Company will have no obligations hereunder or under Section 2(b) of the Separation Agreement.

[SIGNATURE PAGE FOLLOWS]

Intending to be legally bound hereby, the Executive and the Company executed the foregoing Separation of Employment Agreement and General Release this _____ day of __________, _____.

Executive	Witness:
By:
Name:   Title:
CNX Resources Corporation
By:	Witness:
Name:   Title:

1

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Nicholas J. DeIuliis, certify that:

1. I have reviewed this report on Form 10-Q of CNX Resources Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	October 29, 2019
/s/    Nicholas J. DeIuliis
Nicholas J. DeIuliis
Chief Executive Officer and President and Director (Duly Authorized Officer and Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Donald W. Rush, certify that:

1. I have reviewed this report on Form 10-Q of CNX Resources Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	October 29, 2019
/s/ Donald W. Rush
Donald W. Rush
Chief Financial Officer and Executive Vice President (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,

18 U.S.C. Section 1350

I, Nicholas J. DeIuliis, President and Chief Executive Officer (principal executive officer) of CNX Resources Corporation (the “Registrant”), certify that to my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended September 30, 2019, of the Registrant (the “Report”):

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	October 29, 2019
/s/    Nicholas J. DeIuliis
Nicholas J. DeIuliis
Chief Executive Officer and President and Director (Duly Authorized Officer and Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,

18 U.S.C. Section 1350

I, Donald W. Rush, Chief Financial Officer (principal financial officer) of CNX Resources Corporation (the “Registrant”), certify that to my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended September 30, 2019, of the Registrant (the “Report”):

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	October 29, 2019
/s/ Donald W. Rush
Donald W. Rush
Chief Financial Officer and Executive Vice President

XML

Segment Information (Details)	9 Months Ended
	Sep. 30, 2019 segment
Segment Reporting Information [Line Items]
Number of divisions	2
E&P Division
Segment Reporting Information [Line Items]
Number of reportable segments	4

XML

Commitments and Contingent Liabilities - Unrecorded Unconditional Purchase Obligation (Details) - Purchase Commitment $ in Thousands	Sep. 30, 2019 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	$ 252,535
1 - 3 years	489,023
3 - 5 years	412,960
More than 5 years	1,113,008
Total Purchase Obligations	$ 2,267,526

XML

Derivative Instruments - The Effect of Derivative Instruments on the Consolidated Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Cash Received (Paid) in Settlement of Commodity Derivative Instruments:	$ 57,041	$ 2,825	$ 26,331	$ 2,518
Unrealized Gain (Loss) on Commodity Derivative Instruments:	156,872	15,180	213,787	76,234
Gain (Loss) on Commodity Derivative Instruments:	213,913	18,005	240,118	78,752
Natural Gas | Commodity Member
Derivative [Line Items]
Cash Received (Paid) in Settlement of Commodity Derivative Instruments:	61,441	6,916	53,058	23,540
Unrealized Gain (Loss) on Commodity Derivative Instruments:	126,617	27,749	302,701	76,999
Gain (Loss) on Commodity Derivative Instruments:	188,058	34,665	355,759	100,539
Natural Gas | Basis Swap
Derivative [Line Items]
Cash Received (Paid) in Settlement of Commodity Derivative Instruments:	(4,400)	(4,091)	(26,727)	(21,022)
Unrealized Gain (Loss) on Commodity Derivative Instruments:	30,255	(12,569)	(88,914)	(765)
Gain (Loss) on Commodity Derivative Instruments:	$ 25,855	$ (16,660)	$ (115,641)	$ (21,787)

XML

Segment Information - Reconciliation of Segment Information, Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
ASSETS
Segment Assets for Total Reportable Business Segments:	$ 9,286,258	$ 8,592,170	$ 8,209,036
Items Excluded from Segment Assets:
Recoverable Income Taxes	11,184	149,481
Total Consolidated Assets	9,286,258	$ 8,592,170	8,209,036
Intersegment Eliminations
ASSETS
Segment Assets for Total Reportable Business Segments:	3,735		(12,926)
Items Excluded from Segment Assets:
Total Consolidated Assets	3,735		(12,926)
Segment Reconciling Items
Items Excluded from Segment Assets:
Cash and Cash Equivalents	5,484		42,672
Recoverable Income Taxes	11,184		40,024
E&P | Operating Segments
ASSETS
Segment Assets for Total Reportable Business Segments:	7,087,782		6,256,132
Items Excluded from Segment Assets:
Total Consolidated Assets	7,087,782		6,256,132
Midstream | Operating Segments
ASSETS
Segment Assets for Total Reportable Business Segments:	2,178,073		1,883,134
Items Excluded from Segment Assets:
Total Consolidated Assets	$ 2,178,073		$ 1,883,134

XML

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Intangible Drilling Cost	$ 4,566,206	$ 4,120,283
Gas Gathering Equipment	2,399,883	2,126,895
Proved Gas Properties	1,157,361	1,135,411
Gas Wells and Related Equipment	1,047,139	859,359
Unproved Gas Properties	949,529	927,667
Surface Land and Other Equipment	233,812	238,487
Other	158,368	159,326
Total Property, Plant and Equipment	10,512,298	9,567,428
Less: Accumulated Depreciation, Depletion and Amortization	2,981,723	2,624,984
Total Property, Plant and Equipment—Net	$ 7,530,575	$ 6,942,444

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Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and Cash Equivalents	$ 5,484	$ 17,198
Accounts and Notes Receivable:
Trade	96,997	252,424
Other Receivables	11,462	11,077
Supplies Inventories	7,527	9,715
Recoverable Income Taxes	11,184	149,481
Prepaid Expenses	213,072	61,791
Total Current Assets	345,726	501,686
Property, Plant and Equipment:
Property, Plant and Equipment	10,512,298	9,567,428
Less—Accumulated Depreciation, Depletion and Amortization	2,981,723	2,624,984
Total Property, Plant and Equipment—Net	7,530,575	6,942,444
Other Assets:
Operating Lease Right-of-Use Asset	205,647	0
Investment in Affiliates	17,110	18,663
Goodwill	796,359	796,359
Other Intangible Assets	98,285	103,200
Other	292,556	229,818
Total Other Assets	1,409,957	1,148,040
TOTAL ASSETS	9,286,258	8,592,170
Current Liabilities:
Accounts Payable	308,003	229,806
Current Portion of Finance Lease Obligations	7,203
Current Portion of Finance Lease Obligations		6,997
Current Portion of Operating Lease Obligations	65,061	0
Other Accrued Liabilities	241,357	286,172
Total Current Liabilities	621,624	522,975
Non-Current Liabilities:
Long-Term Debt	2,640,234	2,378,205
Finance Lease Obligations	9,400
Finance Lease Obligations		13,299
Deferred Income Taxes	476,968	398,682
Operating Lease Obligations	122,514	0
Asset Retirement Obligations	33,123	37,479
Other	160,577	159,787
Total Non-Current Liabilities	3,442,816	2,987,452
TOTAL LIABILITIES	4,064,440	3,510,427
Stockholders’ Equity:
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 186,586,751 Issued and Outstanding at September 30, 2019; 198,663,342 Issued and Outstanding at December 31, 2018	1,870	1,990
Capital in Excess of Par Value	2,197,783	2,264,063
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding	0	0
Retained Earnings	2,243,104	2,071,809
Accumulated Other Comprehensive Loss	(7,778)	(7,904)
Total CNX Resources Stockholders’ Equity	4,434,979	4,329,958
Noncontrolling Interest	786,839	751,785
TOTAL STOCKHOLDERS' EQUITY	5,221,818	5,081,743
TOTAL LIABILITIES AND EQUITY	$ 9,286,258	$ 8,592,170

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Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 15, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-14901
Entity Registration Name	CNX Resources Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0337383
Entity Address, Address Line One	CNX Center
Entity Address, Address Line Two	1000 CONSOL Energy Drive Suite 400
Entity Address, City or Town	Canonsburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15317-6506
City Area Code	724
Local Phone Number	485-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		186,586,751
Entity Central Index Key	0001070412
Current Fiscal Year End	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Common Stock ($.01 par value)
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($.01 par value)
Trading Symbol	CNX
Security Exchange Name	NYSE
Preferred Share Purchase Rights
Entity Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true

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Basis of Presentation

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION:

The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for future periods.

The Consolidated Balance Sheet at December 31, 2018 has been derived from the Audited Consolidated Financial Statements at that date but does not include all the notes required by generally accepted accounting principles for complete financial statements. For further information, refer to the Consolidated Financial Statements and related notes for the year ended December 31, 2018 included in CNX Resources Corporation's ("CNX," "CNX Resources," the "Company," "we," "us," or "our") Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on February 7, 2019.

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

The Consolidated Balance Sheet at September 30, 2019 reflects the full consolidation of CNX Gathering LLC's assets and liabilities as a result of the acquisition by CNX Gas Company LLC ("CNX Gas"), an indirect wholly owned subsidiary of CNX, of NBL Midstream, LLC's ("Noble") 50% interest in CNX Gathering LLC on January 3, 2018 (See Note 5 - Acquisitions and Dispositions for more information).

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Acquisitions and Dispositions - Consideration Given In Acquisition (Details) - Midstream Acquisition - USD ($) $ in Thousands	Jan. 03, 2018	Dec. 14, 2017
Business Acquisition [Line Items]
Cash Consideration	$ 305,000	$ 305,000
CNX Gathering Cash on Hand at January 3, 2018 Distributed to Noble	2,620
Fair Value of Previously Held Equity Interest	799,033
Total Estimated Fair Value of Consideration Transferred	$ 1,106,653

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Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Gain on Commodity Derivative Instruments	$ 213,913	$ 18,005	$ 240,118	$ 78,752
Other Operating Income	3,316	3,903	9,436	23,146
Total Revenue	529,997	397,126	1,413,460	1,294,979
Natural Gas Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	245,815	293,864	966,574	930,505
NGLs Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	18,305	46,663	72,095	137,104
Condensate Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	839	3,426	4,846	14,925
Oil Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	92	759	347	2,317
Total Natural Gas, NGLs and Oil Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	265,051	344,712	1,043,862	1,084,851
Purchased Gas Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,192	10,560	64,181	38,546
Midstream Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 18,525	$ 19,946	$ 55,863	$ 69,684

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Revenue From Contracts With Customers (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table is a disaggregation of revenue by major source:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Revenue from Contracts with Customers
Natural Gas Revenue	$	245,815	$	293,864	$	966,574	$	930,505
NGLs Revenue	18,305		46,663		72,095		137,104
Condensate Revenue	839		3,426		4,846		14,925
Oil Revenue	92		759		347		2,317
Total Natural Gas, NGLs and Oil Revenue	265,051		344,712		1,043,862		1,084,851
Purchased Gas Revenue	29,192		10,560		64,181		38,546
Midstream Revenue	18,525		19,946		55,863		69,684
Other Sources of Revenue and Other Operating Income
Gain on Commodity Derivative Instruments	213,913		18,005		240,118		78,752
Other Operating Income	3,316		3,903		9,436		23,146
Total Revenue and Other Operating Income	$	529,997	$	397,126	$	1,413,460	$	1,294,979

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Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2019

Long-term Debt, Other Disclosures [Abstract]

Schedule of Long-term Debt

	September 30, 2019		December 31, 2018
Senior Notes due April 2022 at 5.875% (Principal of $894,307 and $1,294,307 plus Unamortized Premium of $1,108 and $2,069, respectively)	$	895,415	$	1,296,376
CNX Credit Facility	613,200		612,000
Senior Notes due March 2027 at 7.25%, Issued at Par Value	500,000		—
CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,813 and $5,375, respectively)	395,187		394,625
CNX Midstream Partners LP Revolving Credit Facility	246,000		84,000
Less: Unamortized Debt Issuance Costs	9,568		8,796
Long-Term Debt	$	2,640,234	$	2,378,205

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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Derivative Instruments

The total notional amounts of production of CNX's derivative instruments were as follows:

	September 30,	December 31,	Forecasted to
	2019	2018	Settle Through
Natural Gas Commodity Swaps (Bcf)	1,502.4	1,484.4	2024
Natural Gas Basis Swaps (Bcf)	1,240.5	1,056.6	2024

Schedule of Derivative Assets at Fair Value

The gross fair value of CNX's derivative instruments was as follows:

Asset Derivative Instruments					Liability Derivative Instruments
	September 30,		December 31,			September 30,		December 31,
	2019		2018			2019		2018
Commodity Swaps:
Prepaid Expense	$	172,836	$	28,612	Other Accrued Liabilities	$	1,389	$	34,640
Other Assets	254,967		164,310		Other Liabilities	17,440		52,011
Total Asset	$	427,803	$	192,922	Total Liability	$	18,829	$	86,651
Basis Only Swaps:
Prepaid Expense	$	25,420	$	11,628	Other Accrued Liabilities	$	43,437	$	27,021
Other Assets	20,925		48,788		Other Liabilities	98,638		40,210
Total Asset	$	46,345	$	60,416	Total Liability	$	142,075	$	67,231

Schedule of Derivative Liabilities at Fair Value

The gross fair value of CNX's derivative instruments was as follows:

Asset Derivative Instruments					Liability Derivative Instruments
	September 30,		December 31,			September 30,		December 31,
	2019		2018			2019		2018
Commodity Swaps:
Prepaid Expense	$	172,836	$	28,612	Other Accrued Liabilities	$	1,389	$	34,640
Other Assets	254,967		164,310		Other Liabilities	17,440		52,011
Total Asset	$	427,803	$	192,922	Total Liability	$	18,829	$	86,651
Basis Only Swaps:
Prepaid Expense	$	25,420	$	11,628	Other Accrued Liabilities	$	43,437	$	27,021
Other Assets	20,925		48,788		Other Liabilities	98,638		40,210
Total Asset	$	46,345	$	60,416	Total Liability	$	142,075	$	67,231

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The effect of derivative instruments on the Company's Consolidated Statements of Income was as follows:

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Cash Received (Paid) in Settlement of Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	$	61,441		$	6,916		$	53,058		$	23,540
Basis Swaps	(4,400		)	(4,091		)	(26,727		)	(21,022		)
Total Cash Received in Settlement of Commodity Derivative Instruments	57,041			2,825			26,331			2,518
Unrealized Gain (Loss) on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	126,617			27,749			302,701			76,999
Basis Swaps	30,255			(12,569		)	(88,914		)	(765		)
Total Unrealized Gain on Commodity Derivative Instruments	156,872			15,180			213,787			76,234
Gain (Loss) on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	188,058			34,665			355,759			100,539
Basis Swaps	25,855			(16,660		)	(115,641		)	(21,787		)
Total Gain on Commodity Derivative Instruments	$	213,913		$	18,005		$	240,118		$	78,752

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Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS:

In connection with the Midstream Acquisition that closed on January 3, 2018 (See Note 5 - Acquisitions and Dispositions for more information), CNX recorded $796,359 of goodwill and $128,781 of other intangible assets which are comprised of customer relationships.

All goodwill is attributed to the Midstream reportable segment.

The carrying amount and accumulated amortization of other intangible assets consist of the following:

	September 30, 2019		December 31, 2018
Other Intangible Assets
Gross Amortizable Asset - Customer Relationships	$	109,752	$	109,752
Less: Accumulated Amortization - Customer Relationships	11,467		6,552
Total Other Intangible Assets, net	$	98,285	$	103,200

During the second quarter of 2018, CNX determined that the carrying value of a portion of the customer relationship intangible assets exceeded their fair value as a result of an Asset Exchange Agreement with HG Energy. Accordingly, CNX recognized an impairment on this intangible asset of $18,650. There were no such impairments in the current period.

The customer relationship intangible asset is being amortized on a straight-line basis over approximately 17 years. Amortization expense related to other intangible assets for the three and nine months ended September 30, 2019 was $1,638 and $4,915, respectively. Amortization expense related to other intangible assets was $1,638 and $5,293 for the three and nine months ended September 30, 2018, respectively. The estimated annual amortization expense is expected to approximate $6,552 per year for each of the next five years.

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Revenue From Contracts With Customers

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS:

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company has elected to exclude all taxes from the measurement of transaction price.

For natural gas, NGLs and oil, and purchased gas revenue, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company’s efforts to satisfy the performance obligations. A portion of the contracts contain fixed consideration (i.e. fixed price contracts or contracts with a fixed differential to NYMEX or index prices). The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Revenue associated with natural gas, NGLs and oil as presented on the accompanying Consolidated Statements of Income represent the Company’s share of revenues net of royalties and excluding revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty owners or working interest owners, the Company is acting as an agent and thus reports the revenue on a net basis.

Midstream revenue consists of revenues generated from natural gas gathering activities. The gas gathering services are interruptible in nature and include charges for the volume of gas actually gathered and do not guarantee access to the system. Volumetric based fees are based on actual volumes gathered. The Company generally considers the interruptible gathering of each unit (MMBtu) of natural gas as a separate performance obligation. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are gathered.

Disaggregation of Revenue

The following table is a disaggregation of revenue by major source:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Revenue from Contracts with Customers
Natural Gas Revenue	$	245,815	$	293,864	$	966,574	$	930,505
NGLs Revenue	18,305		46,663		72,095		137,104
Condensate Revenue	839		3,426		4,846		14,925
Oil Revenue	92		759		347		2,317
Total Natural Gas, NGLs and Oil Revenue	265,051		344,712		1,043,862		1,084,851
Purchased Gas Revenue	29,192		10,560		64,181		38,546
Midstream Revenue	18,525		19,946		55,863		69,684
Other Sources of Revenue and Other Operating Income
Gain on Commodity Derivative Instruments	213,913		18,005		240,118		78,752
Other Operating Income	3,316		3,903		9,436		23,146
Total Revenue and Other Operating Income	$	529,997	$	397,126	$	1,413,460	$	1,294,979

The disaggregated revenue corresponds with the Company’s segment reporting found in Note 17 - Segment Information.

Contract Balances

CNX invoices its customers once a performance obligation has been satisfied, at which point payment is unconditional. Accordingly, CNX's contracts with customers do not give rise to contract assets or liabilities under Accounting Standards Codification (ASC) 606. The Company has no contract assets recognized from the costs to obtain or fulfill a contract with a customer. The opening and closing balances of the Company’s receivables related to contracts with customers were $252,424 and $96,997, respectively, as of September 30, 2019.

Transaction Price Allocated to Remaining Performance Obligations

ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied. However, the guidance provides certain practical expedients that limit this requirement, including when variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a series.

A significant portion of CNX's natural gas, NGLs and oil and purchased gas revenue is short-term in nature with a contract term of one year or less. For those contracts, CNX has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

For revenue associated with contract terms greater than one year, a significant portion of the consideration in those contracts is variable in nature and the Company allocates the variable consideration in its contract entirely to each specific performance obligation to which it relates. Therefore, any remaining variable consideration in the transaction price is allocated entirely to wholly unsatisfied performance obligations. As such, the Company has not disclosed the value of unsatisfied performance obligations pursuant to the practical expedient.

For revenue associated with contract terms greater than one year with a fixed price component, the aggregate amount of the transaction price allocated to remaining performance obligations was $155,567 as of September 30, 2019. The Company expects to recognize net revenue of $43,538 in the next 12 months and $47,076 over the following 12 months, with the remainder recognized thereafter.

For revenue associated with our midstream contracts, which also have terms greater than one year, the interruptible gathering of each unit of natural gas represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.

Prior-Period Performance Obligations

CNX records revenue in the month production is delivered to the purchaser. However, settlement statements for certain natural gas and NGL revenue may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. CNX records the differences between the estimate and the actual amount received in the month that payment is received from the purchaser. The Company has existing internal controls for its revenue estimation process and the related accruals, and any identified differences between its revenue estimates and the actual revenue received historically have not been significant. For the three and nine months ended September 30, 2019 and 2018, revenue recognized in the current reporting period related to performance obligations satisfied in a prior reporting period was not material.

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Recent Accounting Pronouncements (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

In May 2019, the FASB issued ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326), which provides optional targeted transition relief to entities adopting ASU 2016-13. ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2019-05 provides the option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. The amendments in this ASU will be applied using the modified-retrospective approach and, for public entities, are effective for fiscal years beginning after December 15, 2019 and interim periods within those annual periods. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's financial statements.

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Variable Interest Entities

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES:

The Company determined CNXM, of which the Company owns an approximately 34% limited partner interest and 100% of the general partner interest, to be a variable interest entity. As a result of the Midstream Acquisition (see Note 5 - Acquisitions and Dispositions), the Company has the power through the Company's ownership and control of CNXM's general partner (CNX Midstream GP LLC) to direct the activities that most significantly impact CNXM's economic performance. In addition, through its limited partner interest and incentive distribution rights, or IDRs, in CNXM, the Company has the obligation to absorb the losses of CNXM and the right to receive benefits in accordance with such interests. As the Company has a controlling financial interest and is the primary beneficiary of CNXM, the Company consolidated CNXM commencing January 3, 2018.

The risks associated with the operations of CNXM are discussed in its Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 7, 2019 and its other periodic reports filed after that date.

The following table presents amounts included in the Company's Consolidated Balance Sheets that were for the use or obligation of CNXM:

	September 30,		December 31,
	2019		2018
Assets:
Cash	$	1,735	$	3,966
Receivables - Related Party	17,845		17,073
Receivables - Third Party	6,074		7,028
Other Current Assets	1,646		2,383
Property, Plant and Equipment, net	1,144,177		891,775
Operating Lease ROU Asset	6,281		—
Other Assets	3,508		3,203
Total Assets	$	1,181,266	$	925,428
Liabilities:
Accounts Payable and Accrued Liabilities	$	99,118	$	43,919
Accounts Payable - Related Party	3,788		4,980
Revolving Credit Facility	246,000		84,000
Long-Term Debt	393,925		393,215
Long-Term Operating Lease Liabilities	40		—
Total Liabilities	$	742,871	$	526,114

The following table summarizes CNXM's Consolidated Statements of Operations and Cash Flows, inclusive of affiliate amounts:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Revenue
Gathering Revenue - Related Party	$	55,453		$	41,022		$	168,434		$	116,328
Gathering Revenue - Third Party	18,523			19,946			55,862			69,523
Total Revenue	73,976			60,968			224,296			185,851
Expenses
Operating Expense - Related Party	6,105			5,131			18,167			14,645
Operating Expense - Third Party	5,612			4,870			17,774			20,744
General and Administrative Expense - Related Party	3,573			3,060			11,567			10,292
General and Administrative Expense - Third Party	1,236			1,771			4,136			6,639
Loss on Asset Sales and Abandonments	—			—			7,229			2,501
Depreciation Expense	6,184			5,306			17,694			16,605
Interest Expense	7,601			7,255			22,625			16,863
Total Expense	30,311			27,393			99,192			88,289
Net Income	$	43,665		$	33,575		$	125,104		$	97,562
Net Cash Provided by Operating Activities	$	51,014		$	35,666		$	175,680		$	131,207
Net Cash Used in Investing Activities	$	(68,289	)	$	(44,241	)	$	(251,156	)	$	(79,366	)
Net Cash Provided by (Used in) Financing Activities	$	7,333		$	8,818		$	73,245		$	(54,085	)

In March 2018, CNXM closed on its acquisition of CNX's remaining 95% interest in the gathering system and related assets commonly referred to as the Shirley-Penns System, in exchange for cash consideration in the amount of $265,000. CNXM funded the cash consideration with proceeds from the issuance of its 6.50% senior notes due 2026 (See Note 11 - Long-Term Debt).

At September 30, 2019 and December 31, 2018, CNX had a net payable of $14,085 and $12,202 respectively, due to CNX Gathering and CNXM, primarily for accrued but unpaid gathering services.

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Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

LEASES:

On January 1, 2019, the Company adopted Accounting Standard Update (ASU) 2016-02, and all related amendments, using the transition method, which allows for a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. CNX elected the transition relief package of practical expedients by applying previous accounting conclusions under ASC 840 to all leases that existed prior to the transition date. As a result, CNX did not reassess 1) whether existing or expired contracts contain leases, 2) lease classification for any existing or expired leases or 3) whether lease origination costs qualified as initial direct costs. Additionally, the Company elected the short-term practical expedient for all asset classes by establishing an accounting policy to exclude leases with a term of 12 months or less. CNX will not separate lease components from non-lease components for any asset class. Lastly, CNX adopted the easement practical expedient, which allows the Company to apply ASC 842 prospectively to land easements after the adoption date. Easements that existed or expired prior to the adoption date that were not previously assessed under ASC 840 will not be reassessed.

CNX's leasing activities primarily consist of operating and finance leases for electric fracturing equipment, natural gas drilling rigs, CNX's corporate headquarters as well as field offices, a natural gas gathering pipeline and commercial vehicles. Some leases include options to renew ranging from a period of 1 to 10 years, which are not recognized as part of the lease right-of-use (ROU) assets or liabilities as they are not reasonably certain to be exercised.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. As most of CNX's leases do not provide an implicit rate, an incremental borrowing rate is used to determine the present value of lease payments.

The components of lease cost were as follows:

	For the Three Months Ended		For the Nine Months Ended
	September 30, 2019		September 30, 2019
Operating Lease Cost	$	21,723	$	53,080
Finance Lease Cost:
Amortization of Right-of-Use Assets	1,310		3,936
Interest on Lease Liabilities	298		974
Short-term Lease Cost	555		4,922
Variable Lease Cost*	5,015		16,554
Total Lease Cost	$	28,901	$	79,466

*Amounts recognized on the balance sheet for natural gas drilling rigs are measured using the rates that would be paid if the rigs were idle, as this represents the minimum payment that could be made under the contract. Variable lease cost represents amounts paid for natural gas drilling rigs above this minimum when the rigs are in use. Amounts recognized on the balance sheet for electric fracturing equipment are measured using minimum pumping hours under the contract; however, pumping hours may exceed the minimum and vary period to period. Any such amounts paid related to pumping hours in excess of the minimum represent variable lease cost.

Amounts recognized in the Consolidated Balance Sheet are as follows:

	September 30,
	2019
Operating Leases:
Operating Lease Right-of-Use Asset	$	205,647
Current Portion of Operating Lease Obligations	65,061
Operating Lease Obligations	122,514
Total Operating Lease Liabilities	$	187,575
Finance Leases:
Property, Plant and Equipment	$	73,363
Less—Accumulated Depreciation, Depletion and Amortization	62,191
Property, Plant and Equipment—Net	$	11,172
Current Portion of Finance Lease Obligations	$	7,203
Finance Lease Obligations	9,400
Total Finance Lease Liabilities	$	16,603

Supplemental cash flow information related to leases was as follows:

	For the Nine Months Ended
	September 30, 2019
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows from Operating Leases	$	48,308
Operating Cash Flows from Finance Leases	$	974
Financing Cash Flows from Finance Leases	$	5,322
Right-of-Use Assets Obtained in Exchange for Lease Obligations:
Operating Leases	$	15,347
Finance Leases	$	1,722

Maturities of lease liabilities are as follows:

	Operating		Finance
	Leases		Leases
Twelve months ended September 30,
2020	$	72,775	$	8,136
2021	57,943		7,794
2022	37,534		1,584
2023	5,460		413
2024	5,440		201
Thereafter	32,034		—
Total Lease Payments	211,186		18,128
Less: Interest	23,611		1,525
Present Value of Lease Liabilities	$	187,575	$	16,603

Lease terms and discount rates are as follows:

	September 30,
	2019
Weighted Average Remaining Lease Term (years):
Operating Leases	4.46
Finance Leases	2.35
Weighted Average Discount Rate:
Operating Leases	4.95	%
Finance Leases	6.96	%

Leases

LEASES:

On January 1, 2019, the Company adopted Accounting Standard Update (ASU) 2016-02, and all related amendments, using the transition method, which allows for a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. CNX elected the transition relief package of practical expedients by applying previous accounting conclusions under ASC 840 to all leases that existed prior to the transition date. As a result, CNX did not reassess 1) whether existing or expired contracts contain leases, 2) lease classification for any existing or expired leases or 3) whether lease origination costs qualified as initial direct costs. Additionally, the Company elected the short-term practical expedient for all asset classes by establishing an accounting policy to exclude leases with a term of 12 months or less. CNX will not separate lease components from non-lease components for any asset class. Lastly, CNX adopted the easement practical expedient, which allows the Company to apply ASC 842 prospectively to land easements after the adoption date. Easements that existed or expired prior to the adoption date that were not previously assessed under ASC 840 will not be reassessed.

CNX's leasing activities primarily consist of operating and finance leases for electric fracturing equipment, natural gas drilling rigs, CNX's corporate headquarters as well as field offices, a natural gas gathering pipeline and commercial vehicles. Some leases include options to renew ranging from a period of 1 to 10 years, which are not recognized as part of the lease right-of-use (ROU) assets or liabilities as they are not reasonably certain to be exercised.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. As most of CNX's leases do not provide an implicit rate, an incremental borrowing rate is used to determine the present value of lease payments.

The components of lease cost were as follows:

	For the Three Months Ended		For the Nine Months Ended
	September 30, 2019		September 30, 2019
Operating Lease Cost	$	21,723	$	53,080
Finance Lease Cost:
Amortization of Right-of-Use Assets	1,310		3,936
Interest on Lease Liabilities	298		974
Short-term Lease Cost	555		4,922
Variable Lease Cost*	5,015		16,554
Total Lease Cost	$	28,901	$	79,466

*Amounts recognized on the balance sheet for natural gas drilling rigs are measured using the rates that would be paid if the rigs were idle, as this represents the minimum payment that could be made under the contract. Variable lease cost represents amounts paid for natural gas drilling rigs above this minimum when the rigs are in use. Amounts recognized on the balance sheet for electric fracturing equipment are measured using minimum pumping hours under the contract; however, pumping hours may exceed the minimum and vary period to period. Any such amounts paid related to pumping hours in excess of the minimum represent variable lease cost.

Amounts recognized in the Consolidated Balance Sheet are as follows:

	September 30,
	2019
Operating Leases:
Operating Lease Right-of-Use Asset	$	205,647
Current Portion of Operating Lease Obligations	65,061
Operating Lease Obligations	122,514
Total Operating Lease Liabilities	$	187,575
Finance Leases:
Property, Plant and Equipment	$	73,363
Less—Accumulated Depreciation, Depletion and Amortization	62,191
Property, Plant and Equipment—Net	$	11,172
Current Portion of Finance Lease Obligations	$	7,203
Finance Lease Obligations	9,400
Total Finance Lease Liabilities	$	16,603

Supplemental cash flow information related to leases was as follows:

	For the Nine Months Ended
	September 30, 2019
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows from Operating Leases	$	48,308
Operating Cash Flows from Finance Leases	$	974
Financing Cash Flows from Finance Leases	$	5,322
Right-of-Use Assets Obtained in Exchange for Lease Obligations:
Operating Leases	$	15,347
Finance Leases	$	1,722

Maturities of lease liabilities are as follows:

	Operating		Finance
	Leases		Leases
Twelve months ended September 30,
2020	$	72,775	$	8,136
2021	57,943		7,794
2022	37,534		1,584
2023	5,460		413
2024	5,440		201
Thereafter	32,034		—
Total Lease Payments	211,186		18,128
Less: Interest	23,611		1,525
Present Value of Lease Liabilities	$	187,575	$	16,603

Lease terms and discount rates are as follows:

	September 30,
	2019
Weighted Average Remaining Lease Term (years):
Operating Leases	4.46
Finance Leases	2.35
Weighted Average Discount Rate:
Operating Leases	4.95	%
Finance Leases	6.96	%

XML

Leases (Details)	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Lease term (in months)	12 months
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	10 years

XML

Revolving Credit Facilities (Details)	1 Months Ended	9 Months Ended
	Apr. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)	Oct. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)
Short-term Debt [Line Items]
Number of days outstanding, prior to springing maturity date		91 days
Value of proved reserves, percentage to mortgage		80.00%
Value of proved developing producing reserves, percentage to mortgage		80.00%
Revolving Credit Facility
Short-term Debt [Line Items]
Debt instrument, face amount	$ 2,100,000,000	$ 160,000
Accordion feature, increased commitment	3,000,000,000
Initial borrowing base	2,100,000,000
Letters of credit aggregate sub-limit	$ 650,000,000
Net leverage ratio	3.00
Percentage of aggregate commitments available under credit facility	15.00%
Minimum threshold to activate springing maturity date		$ 500,000,000
Minimum current ratio		1.00
Borrowings outstanding		$ 613,200,000		$ 612,000,000
Letters of credit outstanding		199,066,000		198,396,000
Borrowings and issuance of letters of credit remaining capacity		$ 1,287,734,000		1,289,604,000
Maximum | Revolving Credit Facility
Short-term Debt [Line Items]
Net leverage ratio		4.00
5.875% Senior Notes due 2022
Short-term Debt [Line Items]
Stated rate, debt instrument		5.875%
CNXM | Revolving Credit Facility
Short-term Debt [Line Items]
Letters of credit aggregate sub-limit	$ 600,000,000
Increase in available borrowings	$ 250,000,000
Borrowings outstanding		$ 246,000,000		$ 84,000,000
Borrowings and issuance of letters of credit remaining capacity		$ 354,000,000
Secured leverage ratio		3.00
Total leverage ratio		4.00
Pro forma availability of commitments, percentage		20.00%
Basket for repurchase of LP units tied to Available Cash, annual limit		$ 150,000
Basket for repurchase of LP units tied to Available Cash, lifetime limit		200,000
Maximum borrowing capacity, letters of credit		$ 100,000,000
Interest coverage ratio		2.50
CNXM | Minimum | Revolving Credit Facility
Short-term Debt [Line Items]
Total leverage ratio		4.75
Maximum net leverage ratio		5.25
CNXM | Maximum | Revolving Credit Facility
Short-term Debt [Line Items]
Secured leverage ratio		3.50
Total leverage ratio		5.25
Maximum net leverage ratio		5.50
CNXM | 5.875% Senior Notes due 2022 | Minimum
Short-term Debt [Line Items]
Debt instrument, face amount		$ 150,000,000
CNXM | 5.875% Senior Notes due 2022 | Maximum
Short-term Debt [Line Items]
Debt instrument, face amount					$ 150,000,000
Federal Funds Open Rate
Short-term Debt [Line Items]
Basis spread on variable rate		0.50%
Federal Funds Open Rate | CNXM
Short-term Debt [Line Items]
Basis spread on variable rate		0.50%
One-Month LIBOR
Short-term Debt [Line Items]
Basis spread on variable rate		1.00%
One-Month LIBOR | Minimum
Short-term Debt [Line Items]
Basis spread on variable rate		0.25%
One-Month LIBOR | Maximum
Short-term Debt [Line Items]
Basis spread on variable rate		1.25%
One-Month LIBOR | CNXM
Short-term Debt [Line Items]
Basis spread on variable rate		1.00%
One-Month LIBOR | CNXM | Minimum
Short-term Debt [Line Items]
Basis spread on variable rate		0.50%
One-Month LIBOR | CNXM | Maximum
Short-term Debt [Line Items]
Basis spread on variable rate		1.50%
London Interbank Offered Rate (LIBOR) | Minimum
Short-term Debt [Line Items]
Basis spread on variable rate		1.25%
London Interbank Offered Rate (LIBOR) | Maximum
Short-term Debt [Line Items]
Basis spread on variable rate		2.25%
London Interbank Offered Rate (LIBOR) | CNXM | Minimum
Short-term Debt [Line Items]
Basis spread on variable rate		1.50%
London Interbank Offered Rate (LIBOR) | CNXM | Maximum
Short-term Debt [Line Items]
Basis spread on variable rate		2.50%
Subsequent Event | Revolving Credit Facility
Short-term Debt [Line Items]
Initial borrowing base			$ 2,300,000,000

XML

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table presents amounts included in the Company's Consolidated Balance Sheets that were for the use or obligation of CNXM:

	September 30,		December 31,
	2019		2018
Assets:
Cash	$	1,735	$	3,966
Receivables - Related Party	17,845		17,073
Receivables - Third Party	6,074		7,028
Other Current Assets	1,646		2,383
Property, Plant and Equipment, net	1,144,177		891,775
Operating Lease ROU Asset	6,281		—
Other Assets	3,508		3,203
Total Assets	$	1,181,266	$	925,428
Liabilities:
Accounts Payable and Accrued Liabilities	$	99,118	$	43,919
Accounts Payable - Related Party	3,788		4,980
Revolving Credit Facility	246,000		84,000
Long-Term Debt	393,925		393,215
Long-Term Operating Lease Liabilities	40		—
Total Liabilities	$	742,871	$	526,114

The following table summarizes CNXM's Consolidated Statements of Operations and Cash Flows, inclusive of affiliate amounts:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Revenue
Gathering Revenue - Related Party	$	55,453		$	41,022		$	168,434		$	116,328
Gathering Revenue - Third Party	18,523			19,946			55,862			69,523
Total Revenue	73,976			60,968			224,296			185,851
Expenses
Operating Expense - Related Party	6,105			5,131			18,167			14,645
Operating Expense - Third Party	5,612			4,870			17,774			20,744
General and Administrative Expense - Related Party	3,573			3,060			11,567			10,292
General and Administrative Expense - Third Party	1,236			1,771			4,136			6,639
Loss on Asset Sales and Abandonments	—			—			7,229			2,501
Depreciation Expense	6,184			5,306			17,694			16,605
Interest Expense	7,601			7,255			22,625			16,863
Total Expense	30,311			27,393			99,192			88,289
Net Income	$	43,665		$	33,575		$	125,104		$	97,562
Net Cash Provided by Operating Activities	$	51,014		$	35,666		$	175,680		$	131,207
Net Cash Used in Investing Activities	$	(68,289	)	$	(44,241	)	$	(251,156	)	$	(79,366	)
Net Cash Provided by (Used in) Financing Activities	$	7,333		$	8,818		$	73,245		$	(54,085	)

XML

Earnings Per Share - Share-based Compensation (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based awards, exercised or released (in shares)	35,722	395,648	1,372,679	1,158,943
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)	6,953	18,546	27,794	245,847
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)	28,769	184,176	1,002,003	362,573
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)	0	192,926	342,882	550,523

XML

Changes in Accumulated Other Comprehensive Loss - Reclassification of Adjustments out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Amortization of Prior Service Costs	$ (4)	$ (6)	$ (13)	$ (186)
Recognized Net Actuarial Loss	60	41	183	749
Total	56	35	170	563
Less: Tax Benefit	15	13	44	202
Net of Tax	$ 41	$ 22	$ 126	$ 361

XML

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION:

CNX consists of two principal business divisions: Exploration and Production (E&P) and Midstream. The principal activity of the E&P Division, which includes four reportable segments, is to produce pipeline quality natural gas for sale primarily to gas wholesalers. The E&P Division's reportable segments are Marcellus Shale, Utica Shale, Coalbed Methane, and Other Gas. The Other Gas Segment is primarily related to shallow oil and gas production which is not significant to the Company due to the sale of substantially all of CNX's shallow oil and gas assets in the 2018 period (See Note 5 - Acquisitions and Dispositions for more information). It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, exploration and production related other costs, as well as various other operating activities assigned to the E&P Division but not allocated to each individual segment.

CNX's Midstream Division's principal activity is the ownership, operation, development and acquisition of natural gas gathering and other midstream energy assets of CNX Gathering and CNXM, which provide natural gas gathering services for the Company's produced gas, as well as for other independent third-parties in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. Excluded from the Midstream Division are the gathering assets and operations of CNX that have not been contributed to CNX Gathering and CNXM. As a result of the Midstream Acquisition (See Note 5 - Acquisitions and Dispositions for more information), CNX owns and controls 100% of CNX Gathering, making CNXM a single-sponsor master limited partnership and thus the Company began consolidating CNXM on January 3, 2018.

The Company's unallocated expenses include other expense, gain on asset sales related to non-core assets, gain on previously held equity interest, loss on debt extinguishment, impairment of other intangible assets and income taxes.

In the preparation of the following information, intersegment sales have been recorded at amounts approximating market prices. Operating profit for each segment is based on sales less identifiable operating and non-operating expenses. Assets are reflected at the division level for E&P and are not allocated between each individual E&P segment. These assets are not allocated to each individual segment due to the diverse asset base controlled by CNX, whereby each individual asset may service more than one segment within the division. An allocation of such asset base would not be meaningful or representative on a segment by segment basis.

Industry segment results for the three months ended September 30, 2019:

	Marcellus Shale		Utica Shale		Coalbed Methane		Other Gas		Total E&P		Midstream		Unallocated			Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	179,142	$	50,042	$	35,621	$	246	$	265,051	$	—	$	—		$	—		$	265,051	(A)
Purchased Gas Revenue	—		—		—		29,192		29,192		—		—			—			29,192
Midstream Revenue	—		—		—		—		—		74,261		—			(55,736		)	18,525
Gain on Commodity Derivative Instruments	38,354		12,628		6,036		156,895		213,913		—		—			—			213,913
Other Operating Income	—		—		—		3,375		3,375		—		—			(59		)	3,316		(B)
Total Revenue and Other Operating Income	$	217,496	$	62,670	$	41,657	$	189,708	$	511,531	$	74,261	$	—		$	(55,795	)	$	529,997
Earnings Before Income Tax	$	41,014	$	18,220	$	8,717	$	83,279	$	151,230	$	41,741	$	(109	)	$	—		$	192,862
Segment Assets									$	7,087,782	$	2,178,073	$	16,668		$	3,735		$	9,286,258	(C)
Depreciation, Depletion and Amortization									$	111,839	$	8,620	$	—		$	—		$	120,459
Capital Expenditures									$	267,689	$	68,448	$	—		$	—		$	336,137

(A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $39,092 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period.

(B) Includes equity in earnings of unconsolidated affiliates of $673 for Total E&P.

(C) Includes investments in unconsolidated equity affiliates of $17,110 for Total E&P.

Industry segment results for the three months ended September 30, 2018:

	Marcellus Shale		Utica Shale			Coalbed Methane		Other Gas			Total E&P		Midstream		Unallocated		Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	207,407	$	88,039		$	48,471	$	795		$	344,712	$	—	$	—	$	—		$	344,712	(D)
Purchased Gas Revenue	—		—			—		10,560			10,560		—		—		—			10,560
Midstream Revenue	—		—			—		—			—		61,372		—		(41,426		)	19,946
Gain (Loss) on Commodity Derivative Instruments	1,796		(151		)	605		15,755			18,005		—		—		—			18,005
Other Operating Income	—		—			—		3,969			3,969		—		—		(66		)	3,903		(E)
Total Revenue and Other Operating Income	$	209,203	$	87,888		$	49,076	$	31,079		$	377,246	$	61,372	$	—	$	(41,492	)	$	397,126
Earnings (Loss) Before Income Tax	$	64,408	$	41,237		$	9,642	$	(60,856	)	$	54,431	$	31,173	$	117,830	$	—		$	203,434
Segment Assets											$	6,256,132	$	1,883,134	$	82,696	$	(12,926	)	$	8,209,036	(F)
Depreciation, Depletion and Amortization											$	111,844	$	7,741	$	—	$	—		$	119,585
Capital Expenditures											$	253,263	$	44,202	$	—	$	—		$	297,465

(D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $42,901 to NJR Energy Services Company, which comprises over 10% of revenue from contracts with external customers for the period.

(E) Includes equity in earnings of unconsolidated affiliates of $1,241 for Total E&P.

(F) Includes investments in unconsolidated equity affiliates of $19,488 for Total E&P.

Industry segment results for the nine months ended September 30, 2019:

	Marcellus Shale		Utica Shale		Coalbed Methane		Other Gas			Total E&P		Midstream		Unallocated			Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	709,656	$	208,206	$	125,094	$	906		$	1,043,862	$	—	$	—		$	—		$	1,043,862	(A)
Purchased Gas Revenue	—		—		—		64,181			64,181		—		—			—			64,181
Midstream Revenue	—		—		—		—			—		225,280		—			(169,417		)	55,863
Gain on Commodity Derivative Instruments	17,727		5,774		2,819		213,798			240,118		—		—			—			240,118
Other Operating Income	—		—		—		9,671			9,671		—		—			(235		)	9,436		(B)
Total Revenue and Other Operating Income	$	727,383	$	213,980	$	127,913	$	288,556		$	1,357,832	$	225,280	$	—		$	(169,652	)	$	1,413,460
Earnings (Loss) Before Income Tax	$	178,326	$	68,165	$	29,219	$	(42,650	)	$	233,060	$	118,739	$	(1,662	)	$	—		$	350,137
Segment Assets										$	7,087,782	$	2,178,073	$	16,668		$	3,735		$	9,286,258	(C)
Depreciation, Depletion and Amortization										$	349,620	$	24,999	$	—		$	—		$	374,619
Capital Expenditures										$	716,164	$	248,338	$	—		$	—		$	964,502

(A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $155,337 to Direct Energy Business Marketing LLC and $114,440 to NJR Energy Services Company, each of which comprise over 10% of revenue from contracts with external customers for the period.

(B) Includes equity in earnings of unconsolidated affiliates of $1,703 for Total E&P.

(C) Includes investments in unconsolidated equity affiliates of $17,110 for Total E&P.

Industry segment results for the nine months ended September 30, 2018:

	Marcellus Shale		Utica Shale		Coalbed Methane		Other Gas			Total E&P		Midstream		Unallocated		Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	590,728	$	326,119	$	152,854	$	15,150		$	1,084,851	$	—	$	—	$	—		$	1,084,851	(D)
Purchased Gas Revenue	—		—		—		38,546			38,546		—		—		—			38,546
Midstream Revenue	—		—		—		—			—		186,875		—		(117,191		)	69,684
Gain on Commodity Derivative Instruments	1,411		746		330		76,265			78,752		—		—		—			78,752
Other Operating Income	—		—		—		23,355			23,355		—		—		(209		)	23,146		(E)
Total Revenue and Other Operating Income	$	592,139	$	326,865	$	153,184	$	153,316		$	1,225,504	$	186,875	$	—	$	(117,400	)	$	1,294,979
Earnings (Loss) Before Income Tax	$	155,923	$	143,830	$	35,164	$	(138,551	)	$	196,366	$	94,502	$	702,097	$	—		$	992,965
Segment Assets										$	6,256,132	$	1,883,134	$	82,696	$	(12,926	)	$	8,209,036	(F)
Depreciation, Depletion and Amortization										$	338,834	$	24,504	$	—	$	—		$	363,338
Capital Expenditures										$	708,660	$	85,464	$	—	$	—		$	794,124

(D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $158,746 to NJR Energy Services Company, which comprises over 10% of revenue from contracts with external customers for the period.

(E) Includes equity in earnings of unconsolidated affiliates of $4,688 for Total E&P.

(F)

Includes investments in unconsolidated equity affiliates of $19,488 for Total E&P.

Reconciliation of Segment Information to Consolidated Amounts:

Revenue and Other Operating Income

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Total Segment Revenue from Contracts with External Customers	$	312,768	$	375,218	$	1,163,906	$	1,193,081
Gain on Commodity Derivative Instruments	213,913		18,005		240,118		78,752
Other Operating Income	3,316		3,903		9,436		23,146
Total Consolidated Revenue and Other Operating Income	$	529,997	$	397,126	$	1,413,460	$	1,294,979

Earnings Before Income Tax: 

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Segment Income Before Income Taxes for Reportable Business Segments:
Total E&P	$	151,230		$	54,431		$	233,060		$	196,366
Midstream	41,741			31,173			118,739			94,502
Total Segment Income Before Income Taxes for Reportable Business Segments	$	192,971		$	85,604		$	351,799		$	290,868
Unallocated Expenses:
Other (Expense) Income	(3,109		)	(1,105		)	(1,578		)	4,811
Gain on Certain Asset Sales	3,000			134,320			7,530			146,706
Gain on Previously Held Equity Interest	—			—			—			623,663
Loss on Debt Extinguishment	—			(15,385		)	(7,614		)	(54,433		)
Impairment of Other Intangible Assets	—			—			—			(18,650		)
Earnings Before Income Tax	$	192,862		$	203,434		$	350,137		$	992,965

Total Assets:

	September 30,
	2019		2018
Segment Assets for Total Reportable Business Segments:
E&P	$	7,087,782	$	6,256,132
Midstream	2,178,073		1,883,134
Intercompany Eliminations	3,735		(12,926		)
Items Excluded from Segment Assets:
Cash and Cash Equivalents	5,484		42,672
Recoverable Income Taxes	11,184		40,024
Total Consolidated Assets	$	9,286,258	$	8,209,036

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Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

COMMITMENTS AND CONTINGENT LIABILITIES:

CNX and its subsidiaries are subject to various lawsuits and claims with respect to such matters as personal injury, royalty accounting, damage to property, climate change, governmental regulations including environmental violations and remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. CNX accrues the estimated loss for these lawsuits and claims when the loss is probable and can be estimated. The Company's current estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of CNX. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the financial position, results of operations or cash flows of CNX; however, such amounts cannot be reasonably estimated.

At September 30, 2019, CNX has provided the following financial guarantees, unconditional purchase obligations, and letters of credit to certain third-parties as described by major category in the following tables. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these unconditional purchase obligations and letters of credit are recorded as liabilities in the financial statements. CNX management believes that the commitments in the following table will expire without being funded, and therefore will not have a material adverse effect on financial condition.

	Amount of Commitment Expiration Per Period
	Total Amounts Committed		Less Than 1  Year		1-3 Years		3-5 Years		Beyond 5  Years
Letters of Credit:
Firm Transportation	$	198,316	$	80,244	$	118,072	$	—	$	—
Other	750		750		—		—		—
Total Letters of Credit	199,066		80,994		118,072		—		—
Surety Bonds:
Employee-Related	1,850		—		1,850		—		—
Environmental	11,283		11,073		210		—		—
Financial Guarantees	81,670		26,400		55,270		—		—
Other	9,306		8,433		873		—		—
Total Surety Bonds	104,109		45,906		58,203		—		—
Total Commitments	$	303,175	$	126,900	$	176,275	$	—	$	—

Excluded from the above table are commitments and guarantees entered into in conjunction with the spin-off of the Company's coal business (See CNX's 2018 Annual Report on Form 10-K as filed with the SEC on February 7, 2019 for further information). Although CONSOL Energy has agreed to indemnify CNX to the extent that CNX would be called upon to pay any of these liabilities, there is no assurance that CONSOL Energy will satisfy its obligations to indemnify CNX in the event that CNX is so called upon.

CNX enters into long-term unconditional purchase obligations to procure major equipment purchases, natural gas firm transportation, gas drilling services and other operating goods and services. These purchase obligations are not recorded in the Consolidated Balance Sheets. As of September 30, 2019, the purchase obligations for each of the next five years and beyond were as follows:

Obligations Due	Amount
Less than 1 year	$	252,535
1 - 3 years	489,023
3 - 5 years	412,960
More than 5 years	1,113,008
Total Purchase Obligations	$	2,267,526

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be antidilutive:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2019	2018	2019	2018
Anti-dilutive Options	2,035,273	2,288,274	2,035,273	2,288,274
Anti-dilutive Restricted Stock Units	814,183	—	813,266	55,936
Anti-dilutive Performance Share Units	—	157,120	—	157,120
Anti-dilutive Performance Stock Options	927,268	927,268	927,268	927,268
	3,776,724	3,372,662	3,775,807	3,428,598

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The table below sets forth the share-based awards that have been exercised or released:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2019	2018	2019	2018
Options	6,953	18,546	27,794	245,847
Restricted Stock Units	28,769	184,176	1,002,003	362,573
Performance Share Units	—	192,926	342,882	550,523
	35,722	395,648	1,372,679	1,158,943

Schedule of Earnings Per Share, Basic and Diluted

The computations for basic and diluted earnings per share are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Net Income	$	143,960	$	146,756	$	272,004	$	753,696
Less: Net Income Attributable to Non-Controlling Interest	28,422		21,727		81,325		59,090
Net Income Attributable to CNX Resources Shareholders	$	115,538	$	125,029	$	190,679	$	694,606
Weighted-average Shares of Common Stock Outstanding	187,448,749		210,238,509		188,012,044		216,010,561
Effect of Diluted Shares	982,210		2,469,573		1,548,899		2,288,301
Weighted-average Diluted Shares of Common Stock Outstanding	188,430,959		212,708,082		189,560,943		218,298,862
Earnings per Share:
Basic	$	0.62	$	0.59	$	1.01	$	3.22
Diluted	$	0.61	$	0.59	$	1.01	$	3.18

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Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating Lease Cost	$ 21,723	$ 53,080
Finance Lease Cost:
Amortization of Right-of-Use Assets	1,310	3,936
Interest on Lease Liabilities	298	974
Short-term Lease Cost	555	4,922
Variable Lease Cost	5,015	16,554
Total Lease Cost	$ 28,901	$ 79,466

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Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Debt Instrument [Line Items]
Less: Unamortized Debt Issuance Costs	$ 9,568,000	$ 8,796,000
Long-Term Debt	$ 2,640,234,000	2,378,205,000
Senior Notes due April 2022
Debt Instrument [Line Items]
Stated rate, debt instrument	5.875%		5.875%
Debt instrument, face amount	$ 894,307,000	1,294,307,000
Debt instrument, unamortized premium	1,108,000	2,069,000
Long-term debt, gross	$ 895,415,000	1,296,376,000
Senior Notes due March 2027
Debt Instrument [Line Items]
Stated rate, debt instrument	7.25%
Debt instrument, face amount	$ 500,000,000
Long-term debt, gross	500,000,000	0
Senior Notes due March 2026
Debt Instrument [Line Items]
Stated rate, debt instrument			6.50%
Debt instrument, face amount	400,000,000	400,000,000
Debt instrument, unamortized discount	4,813,000	5,375,000
Long-term debt, gross	395,187,000	394,625,000
CNX Revolving Credit Facility | Revolving Credit Facility - CNXM
Debt Instrument [Line Items]
Long-term debt, gross	613,200,000	612,000,000
CNX Midstream Partners LP Revolving Credit Facility | Revolving Credit Facility - CNXM
Debt Instrument [Line Items]
Long-term debt, gross	$ 246,000,000	$ 84,000,000

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Changes in Accumulated Other Comprehensive Loss - Components (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at December 31, 2018	$ (7,904)
Amounts Reclassified from Accumulated Other Comprehensive Loss, net of tax	126
Balance at September 30, 2019	$ (7,778)

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The financial instrument measured at fair value on a recurring basis is summarized below:

	Fair Value Measurements at September 30, 2019						Fair Value Measurements at December 31, 2018
Description	(Level 1)		(Level 2)		(Level 3)		(Level 1)		(Level 2)		(Level 3)
Gas Derivatives	$	—	$	313,244	$	—	$	—	$	99,456	$	—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows:

	September 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and Cash Equivalents	$	5,484	$	5,484	$	17,198	$	17,198
Long-Term Debt (Excluding Debt Issuance Costs)	$	2,649,802	$	2,505,114	$	2,387,001	$	2,290,537

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Earnings Per Share - Anti-Dilutive Options and Units Excluded from Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	3,776,724	3,372,662	3,775,807	3,428,598
Anti-dilutive Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	2,035,273	2,288,274	2,035,273	2,288,274
Anti-dilutive Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	814,183	0	813,266	55,936
Anti-dilutive Performance Share Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	0	157,120	0	157,120
Anti-dilutive Performance Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	927,268	927,268	927,268	927,268

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Variable Interest Entities Statement of Operations and Cash Flows (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	May 02, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Variable Interest Entity [Line Items]
Total Revenue		$ 529,997	$ 397,126	$ 1,413,460	$ 1,294,979
Loss on Asset Sales and Abandonments	$ (286)	(3,308)	(134,320)	(610)	(148,942)
Interest Expense		38,405	35,723	114,328	112,712
Total Costs and Expenses		337,135	193,692	1,063,323	302,014
Net Income Attributable to CNX Resources Shareholders		115,538	125,029	190,679	694,606
Net Cash Provided by Operating Activities				866,092	690,219
Net Cash Used in Investing Activities				(949,226)	(584,835)
Net Cash Provided by (Used in) Financing Activities				71,420	(571,879)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Gathering Revenue - Related Party		55,453	41,022	168,434	116,328
Gathering Revenue - Third Party		18,523	19,946	55,862	69,523
Total Revenue		73,976	60,968	224,296	185,851
Operating Expense - Related Party		6,105	5,131	18,167	14,645
Operating Expense - Third Party		5,612	4,870	17,774	20,744
General and Administrative Expense - Related Party		3,573	3,060	11,567	10,292
General and Administrative Expense - Third Party		1,236	1,771	4,136	6,639
Loss on Asset Sales and Abandonments		0	0	7,229	2,501
Depreciation Expense		6,184	5,306	17,694	16,605
Interest Expense		7,601	7,255	22,625	16,863
Total Costs and Expenses		30,311	27,393	99,192	88,289
Net Income Attributable to CNX Resources Shareholders		43,665	33,575	125,104	97,562
Net Cash Provided by Operating Activities		51,014	35,666	175,680	131,207
Net Cash Used in Investing Activities		(68,289)	(44,241)	(251,156)	(79,366)
Net Cash Provided by (Used in) Financing Activities		$ 7,333	$ 8,818	$ 73,245	$ (54,085)

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Commitments and Contingent Liabilities - Amount of Commitment Expiration Per Period (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	$ 303,175
Less Than 1 Year
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	126,900
1-3 Years
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	176,275
3-5 Years
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Beyond 5 Years
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Standby Letters of Credit | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	198,316
Standby Letters of Credit | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	750
Standby Letters of Credit | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	199,066
Standby Letters of Credit | Less Than 1 Year | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	80,244
Standby Letters of Credit | Less Than 1 Year | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	750
Standby Letters of Credit | Less Than 1 Year | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	80,994
Standby Letters of Credit | 1-3 Years | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	118,072
Standby Letters of Credit | 1-3 Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Standby Letters of Credit | 1-3 Years | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	118,072
Standby Letters of Credit | 3-5 Years | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Standby Letters of Credit | 3-5 Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Standby Letters of Credit | 3-5 Years | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Standby Letters of Credit | Beyond 5 Years | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Standby Letters of Credit | Beyond 5 Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Standby Letters of Credit | Beyond 5 Years | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	9,306
Surety Bond | Employee-Related
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	1,850
Surety Bond | Environmental
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	11,283
Surety Bond | Financial Guarantees
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	81,670
Surety Bond | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	104,109
Surety Bond | Less Than 1 Year | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	8,433
Surety Bond | Less Than 1 Year | Employee-Related
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | Less Than 1 Year | Environmental
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	11,073
Surety Bond | Less Than 1 Year | Financial Guarantees
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	26,400
Surety Bond | Less Than 1 Year | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	45,906
Surety Bond | 1-3 Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	873
Surety Bond | 1-3 Years | Employee-Related
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	1,850
Surety Bond | 1-3 Years | Environmental
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	210
Surety Bond | 1-3 Years | Financial Guarantees
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	55,270
Surety Bond | 1-3 Years | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	58,203
Surety Bond | 3-5 Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | 3-5 Years | Employee-Related
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | 3-5 Years | Environmental
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | 3-5 Years | Financial Guarantees
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | 3-5 Years | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | Beyond 5 Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | Beyond 5 Years | Employee-Related
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | Beyond 5 Years | Environmental
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | Beyond 5 Years | Financial Guarantees
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Surety Bond | Beyond 5 Years | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	$ 0

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Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Commodity Swaps
Asset Derivative Instruments
Prepaid Expense	$ 172,836	$ 28,612
Other Assets	254,967	164,310
Total Asset	427,803	192,922
Liability Derivative Instruments
Other Accrued Liabilities	1,389	34,640
Other Liabilities	17,440	52,011
Total Liability	18,829	86,651
Basis Swap
Asset Derivative Instruments
Prepaid Expense	25,420	11,628
Other Assets	20,925	48,788
Total Asset	46,345	60,416
Liability Derivative Instruments
Other Accrued Liabilities	43,437	27,021
Other Liabilities	98,638	40,210
Total Liability	$ 142,075	$ 67,231

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Segment Information - Reconciliation of Segment Information, (Loss) Earnings Before Income Tax (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	May 02, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Income Before Income Taxes for Reportable Business Segments		$ 192,862	$ 203,434	$ 350,137	$ 992,965
Other (Expense) Income		(3,439)	(1,105)	(2,757)	4,812
Gain on Certain Asset Sales	$ 286	3,308	134,320	610	148,942
Loss on Debt Extinguishment		0	(15,385)	(7,614)	(54,433)
Impairment of Other Intangible Assets		0	0	0	(18,650)
Earnings Before Income Tax		192,862	203,434	350,137	992,965
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Income Before Income Taxes for Reportable Business Segments		192,971	85,604	351,799	290,868
Earnings Before Income Tax		192,971	85,604	351,799	290,868
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Income Before Income Taxes for Reportable Business Segments		(109)	117,830	(1,662)	702,097
Other (Expense) Income		(3,109)	(1,105)	(1,578)	4,811
Gain on Certain Asset Sales		3,000	134,320	7,530	146,706
Gain on Previously Held Equity Interest		0	0	0	623,663
Loss on Debt Extinguishment		0	(15,385)	(7,614)	(54,433)
Impairment of Other Intangible Assets		0	0	0	(18,650)
Earnings Before Income Tax		(109)	117,830	(1,662)	702,097
Total E&P | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Income Before Income Taxes for Reportable Business Segments		151,230	54,431	233,060	196,366
Earnings Before Income Tax		151,230	54,431	233,060	196,366
Midstream | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Income Before Income Taxes for Reportable Business Segments		41,741	31,173	118,739	94,502
Earnings Before Income Tax		41,741	31,173	118,739	94,502
Midstream Acquisition | Midstream | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Income Before Income Taxes for Reportable Business Segments		41,741	31,173	118,739	94,502
Earnings Before Income Tax		$ 41,741	$ 31,173	$ 118,739	$ 94,502

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net Income	$ 272,004	$ 753,696
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	374,619	363,338
Amortization of Deferred Financing Costs	6,057	6,640
Impairment of Other Intangible Assets	0	18,650
Stock-Based Compensation	36,557	15,861
Gain on Asset Sales and Abandonments	(610)	(148,942)
Gain on Previously Held Equity Interest	0	(623,663)
Loss on Debt Extinguishment	7,614	54,433
Gain on Commodity Derivative Instruments	(240,118)	(78,752)
Net Cash Received in Settlement of Commodity Derivative Instruments	26,331	2,518
Deferred Income Taxes	78,133	259,116
Equity in Earnings of Affiliates	(1,703)	(4,688)
Return on Equity Investment	3,256	0
Changes in Operating Assets:
Accounts and Notes Receivable	154,715	50,125
Recoverable Income Taxes	138,406	(8,501)
Supplies Inventories	2,188	1,016
Prepaid Expenses	5,725	(337)
Changes in Operating Liabilities:
Accounts Payable	55,280	2,532
Accrued Interest	2,359	5,812
Other Operating Liabilities	(31,689)	30,418
Changes in Other Liabilities	(23,041)	(9,736)
Other	9	683
Net Cash Provided by Operating Activities	866,092	690,219
Cash Flows from Investing Activities:
Capital Expenditures	(964,502)	(794,124)
CNX Gathering LLC Acquisition, Net of Cash Acquired	0	(299,272)
Proceeds from Asset Sales	15,276	500,811
Net Distributions from Equity Affiliates	0	7,750
Net Cash Used in Investing Activities	(949,226)	(584,835)
Cash Flows from Financing Activities:
Payments on Miscellaneous Borrowings	(5,322)	(5,455)
Payments on Long-Term Notes	(405,876)	(935,419)
Net Proceeds from (Payments on) CNXM Revolving Credit Facility	162,000	(105,500)
Proceeds from CNX Revolving Credit Facility	1,200	439,000
Distributions to CNXM Noncontrolling Interest Holders	(47,062)	(40,839)
Proceeds from Issuance of Common Stock	210	1,689
Shares Withheld for Taxes	(6,284)	(5,335)
Purchases of Common Stock	(117,477)	(294,365)
Debt Repurchase and Financing Fees	(9,969)	(19,655)
Net Cash Provided by (Used in) Financing Activities	71,420	(571,879)
Net Decrease in Cash and Cash Equivalents	(11,714)	(466,495)
Cash and Cash Equivalents at Beginning of Period	17,198	509,167
Cash and Cash Equivalents at End of Period	5,484	42,672
CNX Senior Notes
Cash Flows from Financing Activities:
Proceeds from Issuance of Senior Notes	500,000	0
CNXM Senior Notes
Cash Flows from Financing Activities:
Proceeds from Issuance of Senior Notes	$ 0	$ 394,000

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Acquisitions and Dispositions - Fair Value of Net Assets Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Jan. 03, 2018
Total Identifiable Net Assets
Goodwill	$ 796,359	$ 796,359
Midstream Acquisition
Fair Value of Assets Acquired:
Cash and Cash Equivalents			$ 8,348
Accounts and Notes Receivable			21,199
Prepaid Expense			2,006
Other Current Assets			163
Property, Plant and Equipment, Net			1,043,340
Intangible Assets			128,781
Other			593
Total Assets Acquired			1,204,430
Fair Value of Liabilities Assumed:
Accounts Payable			26,059
CNXM Revolving Credit Facility			149,500
Total Liabilities Assumed			175,559
Total Identifiable Net Assets
Total Identifiable Net Assets			1,028,871
Fair Value of Noncontrolling Interest in CNXM			(718,577)
Goodwill			796,359
Net Assets Acquired			$ 1,106,653

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Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Payment terms for contract with customers	25 days
Receivables related to contracts with customers	$ 96,997	$ 252,424

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jan. 03, 2018
Goodwill [Line Items]
Goodwill	$ 796,359,000			$ 796,359,000		$ 796,359,000
Impairment of intangible asset	0	$ 0		0	$ 18,650,000
Amortization expense	1,638,000	$ 1,638,000		$ 4,915,000	5,293,000
Useful life, customer relationship intangible assets				17 years
Estimated annual amortization expense	6,552,000			$ 6,552,000
Midstream Acquisition
Goodwill [Line Items]
Goodwill							$ 796,359,000
Other intangible assets							$ 128,781,000
Customer Relationships
Goodwill [Line Items]
Impairment of intangible asset					$ 18,650,000
Customer Relationships | Midstream Acquisition
Goodwill [Line Items]
Impairment of intangible asset	$ 0		$ 18,650,000

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Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Adjustment For Actuarially Determined Liabilities
Other comprehensive income, tax expense	$ (15)	$ (13)	$ (44)	$ (794)

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Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Long-term Purchase Commitment

At September 30, 2019, CNX has provided the following financial guarantees, unconditional purchase obligations, and letters of credit to certain third-parties as described by major category in the following tables. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these unconditional purchase obligations and letters of credit are recorded as liabilities in the financial statements. CNX management believes that the commitments in the following table will expire without being funded, and therefore will not have a material adverse effect on financial condition.

	Amount of Commitment Expiration Per Period
	Total Amounts Committed		Less Than 1  Year		1-3 Years		3-5 Years		Beyond 5  Years
Letters of Credit:
Firm Transportation	$	198,316	$	80,244	$	118,072	$	—	$	—
Other	750		750		—		—		—
Total Letters of Credit	199,066		80,994		118,072		—		—
Surety Bonds:
Employee-Related	1,850		—		1,850		—		—
Environmental	11,283		11,073		210		—		—
Financial Guarantees	81,670		26,400		55,270		—		—
Other	9,306		8,433		873		—		—
Total Surety Bonds	104,109		45,906		58,203		—		—
Total Commitments	$	303,175	$	126,900	$	176,275	$	—	$	—

Unrecorded Unconditional Purchase Obligations Disclosure

As of September 30, 2019, the purchase obligations for each of the next five years and beyond were as follows:

Obligations Due	Amount
Less than 1 year	$	252,535
1 - 3 years	489,023
3 - 5 years	412,960
More than 5 years	1,113,008
Total Purchase Obligations	$	2,267,526

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Changes in Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income/(Loss) by Component

Changes in Accumulated Other Comprehensive Loss related to pension obligations, net of tax, were as follows:

	Amount
Balance at December 31, 2018	$	(7,904	)
Amounts Reclassified from Accumulated Other Comprehensive Loss, net of tax	126
Balance at September 30, 2019	$	(7,778	)

Schedule of Reclassification of Adjustments to Accumulated Other Comprehensive Income

The following table shows the reclassification of adjustments out of Accumulated Other Comprehensive Loss:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Actuarially Determined Long-Term Liability Adjustments
Amortization of Prior Service Costs	$	(4	)	$	(6	)	$	(13	)	$	(186	)
Recognized Net Actuarial Loss	60			41			183			749
Total	56			35			170			563
Less: Tax Benefit	15			13			44			202
Net of Tax	$	41		$	22		$	126		$	361

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Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The carrying amount and accumulated amortization of other intangible assets consist of the following:

	September 30, 2019		December 31, 2018
Other Intangible Assets
Gross Amortizable Asset - Customer Relationships	$	109,752	$	109,752
Less: Accumulated Amortization - Customer Relationships	11,467		6,552
Total Other Intangible Assets, net	$	98,285	$	103,200

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Revolving Credit Facilities

9 Months Ended

Sep. 30, 2019

Short-term Debt, Other Disclosures [Abstract]

Revolving Credit Facilities

REVOLVING CREDIT FACILITIES:

CNX Resources Corporation (CNX)

In April 2019, CNX amended its senior secured revolving credit facility ("Credit Facility") and extended its maturity to April 2024. The lenders' commitments remained unchanged at $2,100,000, with an accordion feature that allows the Company to increase the commitments to $3,000,000. The borrowing base was reaffirmed at $2,100,000, including a $650,000 letters of credit aggregate sub-limit. In addition, the Cumulative Credit Basket for dividends and distributions was replaced with a basket for dividends and distributions subject to a pro forma net leverage ratio of at least 3.00 to 1.00 and availability under the credit facility of at least 15% of the aggregate commitments. If the aggregate principal amount of the existing 5.875% Senior Notes due in April 2022 and certain other publicly traded debt securities outstanding 91 days prior to the earliest maturity of such debt (the "Springing Maturity Date") is greater than $500,000, then the Credit Facility will mature on the Springing Maturity Date. In October 2019, as part of the semi-annual borrowing base redetermination the lenders' increased CNX's borrowing base to $2,300,000.

Under the terms of the amended agreement, borrowings under the revolving credit facility will bear interest at CNX's option at either:

• the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.25% to 1.25%; or

•the LIBOR rate, which is the LIBOR rate plus a margin ranging from 1.25% to 2.25%.

The CNX Credit Facility is secured by substantially all of the assets of CNX and certain of its subsidiaries (excluding the Excluded Subsidiaries, which includes CNX Midstream GP LLC and its subsidiaries). Fees and interest rate spreads are based on the percentage of facility utilization, measured quarterly. Availability under the Credit Facility is limited to a borrowing base, which is determined by the lenders' syndication agent and approved by the required number of lenders in good faith by calculating a value of CNX's proved natural gas reserves.

The CNX Credit Facility contains a number of affirmative and negative covenants including those that, except in certain circumstances, limit the Company and the subsidiary guarantors' ability to create, incur, assume or suffer to exist indebtedness, create or permit to exist liens on properties, dispose of assets, make investments, purchase or redeem CNX common stock, pay dividends, merge with another corporation and amend the senior unsecured notes. The Company must also mortgage 80% of the value of its proved reserves and 80% of the value of its proved developed producing reserves, in each case, which are included in the borrowing base, maintain applicable deposit, securities and commodities accounts with the lenders or affiliates thereof, and enter into control agreements with respect to such applicable accounts.

The CNX Credit Facility contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants.

The CNX Credit Facility also requires that CNX maintain a maximum net leverage ratio of no greater than 4.00 to 1.00, which is calculated as the ratio of debt less cash on hand to consolidated EBITDA, measured quarterly. CNX must also maintain a minimum current ratio of no less than 1.00 to 1.00, which is calculated as the ratio of current assets, plus revolver availability, to current liabilities, excluding borrowings under the revolver, measured quarterly. The calculation of all of the ratios exclude CNXM. CNX was in compliance with all financial covenants as of September 30, 2019.

At September 30, 2019, the CNX Credit Facility had $613,200 of borrowings outstanding and $199,066 of letters of credit outstanding, leaving $1,287,734 of unused capacity. At December 31, 2018, the CNX Credit Facility had $612,000 of borrowings outstanding and $198,396 of letters of credit outstanding, leaving $1,289,604 of unused capacity.

CNX Midstream Partners LP (CNXM)

In April 2019, CNXM amended its senior secured revolving credit facility and extended its maturity to April 2024. The lenders’ commitments remained unchanged at $600,000, with an accordion feature that allows CNXM to increase the available borrowings by up to an additional $250,000 under certain terms and conditions. Among other things, the revolving credit facility now includes (i) the addition of a restricted payment basket permitting cash repurchases of Incentive Distribution Rights (IDRs) subject to a pro forma secured leverage ratio of 3.00 to 1.00, a pro forma total leverage ratio of 4.00 to 1.00 and pro forma availability of 20% of commitments and (ii) a restricted payment basket for the repurchase of LP units not to exceed Available Cash (as defined in the partnership agreement) in any quarter, of up to $150,000 per year and up to $200,000 during the life of the facility.

Under the terms of the amended agreement, borrowings under the revolving credit facility will bear interest at CNXM's option at either:

• the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.50% to 1.50%; or

• the LIBOR rate, plus a margin ranging from 1.50% to 2.50%.

Fees and interest rate spreads under the CNXM credit facility are based on the total leverage ratio, measured quarterly. The CNXM credit facility includes the ability to issue letters of credit up to $100,000 in the aggregate.

The CNXM revolving credit facility contains a number of affirmative and negative covenants that include, among others, covenants that, except in certain circumstances, restrict the ability of CNXM, its subsidiary guarantors and certain of its non-guarantor, non-wholly-owned subsidiaries, except in certain circumstances, to: (i) create, incur, assume or suffer to exist indebtedness; (ii) create or permit to exist liens on their properties; (iii) prepay certain indebtedness unless there is no default or event of default under the revolving facility; (iv) make or pay any dividends or distributions in excess of certain amounts; (v) merge with or into another person, liquidate or dissolve; or acquire all or substantially all of the assets of any going concern or going line of business or acquire all or a substantial portion of another person’s assets; (vi) make particular investments and loans; (vii) sell, transfer, convey, assign or dispose of its assets or properties other than in the ordinary course of business and other select instances; (viii) deal with any affiliate except in the ordinary course of business on terms no less favorable to CNXM than it would otherwise receive in an arm’s length transaction; and (ix) amend in any material manner its certificate of incorporation, bylaws, or other organizational documents without giving prior notice to the lenders and, in some cases, obtaining the consent of the lenders.

In addition, CNXM is obligated to maintain at the end of each fiscal quarter (w) for so long as at least $150,000 of the CNXM senior notes are outstanding, a maximum total leverage ratio of no greater than 5.25 to 1.00 (which increases to no greater than 5.50 to 1.00 during qualifying acquisition periods); (x) if less than $150,000 of the CNXM senior notes are outstanding, a maximum total leverage ratio of no greater than 4.75 to 1.00 (which increases to no greater than 5.25 to 1.00 during qualifying acquisition periods); (y) a maximum secured leverage ratio of no greater than 3.50 to 1.00 and (z) a minimum interest coverage ratio of no less than 2.50 to 1.00. CNXM was in compliance with all financial covenants as of September 30, 2019.

The CNXM revolving credit facility also contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants. The obligations under the revolving credit facility are secured by substantially all of the assets of CNXM and its wholly-owned subsidiaries. CNX is not a guarantor under the revolving credit facility.

At September 30, 2019, the CNXM credit facility had $246,000 of borrowings outstanding. CNXM had the maximum amount of revolving credit available for borrowing at September 30, 2019, or $354,000. At December 31, 2018, the CNXM credit facility had $84,000 of borrowings outstanding.

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Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Acquisitions And Dispositions

ACQUISITIONS AND DISPOSITIONS:

On August 31, 2018, CNX closed on the sale of substantially all of its Ohio Utica Joint Venture Assets in the wet gas Utica Shale areas of Belmont, Guernsey, Harrison, and Noble Counties, which included approximately 26,000 net undeveloped acres. The net cash proceeds of $381,214 are included in Proceeds from Asset Sales in the Consolidated Statements of Cash Flows and the net gain on the transaction of $130,849 is included in the Gain on Asset Sales and Abandonments in the Consolidated Statements of Income.

On May 2, 2018, CNX closed on an Asset Exchange Agreement (the “AEA”) with HG Energy II Appalachia, LLC (“HG Energy”), pursuant to which, among other things, HG Energy (i) paid to CNX approximately $7,000 and (ii) assigned to CNX certain undeveloped Marcellus and Utica acreage in Southwest Pennsylvania, in exchange for CNX (x) assigning its interest in certain non-core midstream assets and surface acreage to HG Energy and (y) releasing certain HG Energy oil and gas acreage from dedication under a gathering agreement that is partially held, indirectly, by CNX. In connection with the transaction, CNX also agreed to certain transactions with CNXM, including the amendment of the existing gas gathering agreement between CNX and CNXM to increase the existing well commitment by an additional forty wells. The net gain on the sale was $286 and is included in the Gain on Asset Sales and Abandonments line of the Consolidated Statements of Income.

As a result of the AEA, CNX determined that the carrying value of a portion of the customer relationship intangible assets that were acquired in connection with the Midstream Acquisition discussed below (see also Note 8 - Goodwill and Other Intangible Assets) exceeded their fair value, and recognized an impairment of approximately $18,650 which is included in the Impairment of Other Intangible Assets line of the Consolidated Statements of Income.

On March 30, 2018, CNX Gas completed the sale of substantially all of its shallow oil and gas assets and certain Coalbed Methane (CBM) assets in Pennsylvania and West Virginia for $89,296 in cash consideration. In connection with the sale, the buyer assumed approximately $196,514 of asset retirement obligations. The net gain on the sale was $4,432 and is included in Gain on Asset Sales and Abandonments in the Consolidated Statements of Income for the nine months ended September 30, 2018.

On December 14, 2017, CNX Gas entered into a purchase agreement with Noble, pursuant to which CNX Gas acquired Noble’s 50% membership interest in CONE Gathering LLC ("CNX Gathering"), for a cash purchase price of $305,000 and the mutual release of all outstanding claims (the "Midstream Acquisition"). CNX Gathering owns a 100% membership interest in CONE Midstream GP LLC (the "general partner"), which is the general partner of CONE Midstream Partners LP ("CNXM" or the "Partnership"), which is a publicly traded master limited partnership formed in May 2014 by CNX Gas and Noble. In conjunction with the Midstream Acquisition, which closed on January 3, 2018, the general partner, the Partnership and CONE Gathering LLC changed their names to CNX Midstream GP LLC, CNX Midstream Partners LP, and CNX Gathering LLC, respectively.

Prior to the Midstream Acquisition, the Company accounted for its 50% interest in CNX Gathering as an equity method investment as the Company had the ability to exercise significant influence, but not control, over the operating and financial policies of the midstream operations. In conjunction with the Midstream Acquisition, the Company obtained a controlling interest in CNX Gathering and, through CNX Gathering's ownership of the general partner, control over the Partnership. Accordingly, the Midstream Acquisition has been accounted for as a business combination using the acquisition method of accounting pursuant to ASC Topic 805, Business Combinations, or ASC 805. ASC 805 requires that, in circumstances where a business combination is achieved in stages (or step acquisition), previously held equity interests are remeasured at fair value and any difference between the fair value and the carrying value of the equity interest held be recognized as a gain or loss on the statement of income.

The fair value assigned to the previously held equity interest in CNX Gathering and CNXM for purposes of calculating the gain or loss was $799,033 and was determined using the income approach, based on a discounted cash flow methodology. The

resulting gain on remeasurement to fair value of the previously held equity interest in CNX Gathering and CNXM of $623,663 is included in Gain on Previously Held Equity Interest in the Consolidated Statements of Income.

The fair value of the previously held equity interests was based on inputs that are not observable in the market and therefore represent Level 3 inputs (See Note 15 - Fair Value of Financial Instruments). The fair value was measured using valuation techniques that convert future cash flows into a single discounted amount. Significant inputs to the valuation included estimates of: (i) gathering volumes; (ii) future operating costs; and (iii) a market-based weighted average cost of capital. These inputs required significant judgments and estimates by management.

The fair value of midstream facilities and equipment, generally consisting of pipeline systems and compression stations, were estimated using the cost approach. Significant unobservable inputs in the valuation include management's assumptions about the replacement costs for similar assets, the relative age of the acquired assets and any potential economic or functional obsolescence associated with the acquired assets. As a result, the fair value estimates of the midstream facilities and equipment represents a Level 3 fair value measurement.

As part of the purchase price allocation, the Company identified intangible assets for customer relationships with third-party customers. The fair value of the identified intangible assets was determined using the income approach, which requires a forecast of the expected future cash flows generated and an estimated market-based weighted average cost of capital. Significant unobservable inputs in the valuation include future revenue estimates, future cost assumptions, and estimated customer retention rates. As a result, the fair value estimate of the identified intangible assets represents a Level 3 fair value measurement.

The noncontrolling interest in the acquired business is comprised of the limited partner units in CNXM, which were not acquired by the Company. The CNXM limited partner units are actively traded on the New York Stock Exchange and were valued based on observable market prices as of the transaction date and therefore represent a Level 1 fair value measurement.

Allocation of Purchase Price (Midstream Acquisition)

The following table summarizes the purchase price and the amounts of identified assets acquired and liabilities assumed based on the fair value as of January 3, 2018, with any excess of the purchase price over the fair value of the identified net assets acquired recorded as goodwill. The purchase price allocation was finalized as of December 31, 2018.

Fair Value of Consideration Transferred:

	Amount
Cash Consideration	$	305,000
CNX Gathering Cash on Hand at January 3, 2018 Distributed to Noble	2,620
Fair Value of Previously Held Equity Interest	799,033
Total Estimated Fair Value of Consideration Transferred	$	1,106,653

The following is a summary of the fair values of the net assets acquired:

Fair Value of Assets Acquired:	Amount
Cash and Cash Equivalents	$	8,348
Accounts and Notes Receivable	21,199
Prepaid Expense	2,006
Other Current Assets	163
Property, Plant and Equipment, Net	1,043,340
Intangible Assets	128,781
Other	593
Total Assets Acquired	1,204,430
Fair Value of Liabilities Assumed:
Accounts Payable	26,059
CNXM Revolving Credit Facility	149,500
Total Liabilities Assumed	175,559
Total Identifiable Net Assets	1,028,871
Fair Value of Noncontrolling Interest in CNXM	(718,577		)
Goodwill	796,359
Net Assets Acquired	$	1,106,653

Post-Acquisition Operating Results (Midstream Acquisition)

The Midstream Acquisition contributed the following to the Company's Midstream segment:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Midstream Revenue	$	74,261	$	61,372	$	225,280	$	186,875
Earnings Before Income Tax	$	41,741	$	31,173	$	118,739	$	94,502

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Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2019

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS:

In May 2019, the FASB issued ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326), which provides optional targeted transition relief to entities adopting ASU 2016-13. ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2019-05 provides the option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. The amendments in this ASU will be applied using the modified-retrospective approach and, for public entities, are effective for fiscal years beginning after December 15, 2019 and interim periods within those annual periods. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's financial statements.

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS:

CNX determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including NYMEX forward curves, LIBOR-based discount rates and basis forward curves), while unobservable inputs reflect the Company's own assumptions of what market participants would use.

The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below:

Level 1 - Quoted prices for identical instruments in active markets.

Level 2 - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including NYMEX forward curves, LIBOR-based discount rates and basis forward curves.

Level 3 - Unobservable inputs significant to the fair value measurement supported by little or no market activity.

In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy.

The financial instrument measured at fair value on a recurring basis is summarized below:

	Fair Value Measurements at September 30, 2019						Fair Value Measurements at December 31, 2018
Description	(Level 1)		(Level 2)		(Level 3)		(Level 1)		(Level 2)		(Level 3)
Gas Derivatives	$	—	$	313,244	$	—	$	—	$	99,456	$	—

The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows:

	September 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and Cash Equivalents	$	5,484	$	5,484	$	17,198	$	17,198
Long-Term Debt (Excluding Debt Issuance Costs)	$	2,649,802	$	2,505,114	$	2,387,001	$	2,290,537

Cash and cash equivalents represent highly- liquid instruments and constitute Level 1 fair value measurements. Certain of the Company’s debt is actively traded on a public market and, as a result, constitute Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements.

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Industry Segment Results

Industry segment results for the three months ended September 30, 2019:

	Marcellus Shale		Utica Shale		Coalbed Methane		Other Gas		Total E&P		Midstream		Unallocated			Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	179,142	$	50,042	$	35,621	$	246	$	265,051	$	—	$	—		$	—		$	265,051	(A)
Purchased Gas Revenue	—		—		—		29,192		29,192		—		—			—			29,192
Midstream Revenue	—		—		—		—		—		74,261		—			(55,736		)	18,525
Gain on Commodity Derivative Instruments	38,354		12,628		6,036		156,895		213,913		—		—			—			213,913
Other Operating Income	—		—		—		3,375		3,375		—		—			(59		)	3,316		(B)
Total Revenue and Other Operating Income	$	217,496	$	62,670	$	41,657	$	189,708	$	511,531	$	74,261	$	—		$	(55,795	)	$	529,997
Earnings Before Income Tax	$	41,014	$	18,220	$	8,717	$	83,279	$	151,230	$	41,741	$	(109	)	$	—		$	192,862
Segment Assets									$	7,087,782	$	2,178,073	$	16,668		$	3,735		$	9,286,258	(C)
Depreciation, Depletion and Amortization									$	111,839	$	8,620	$	—		$	—		$	120,459
Capital Expenditures									$	267,689	$	68,448	$	—		$	—		$	336,137

(A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $39,092 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period.

(B) Includes equity in earnings of unconsolidated affiliates of $673 for Total E&P.

(C) Includes investments in unconsolidated equity affiliates of $17,110 for Total E&P.

Industry segment results for the three months ended September 30, 2018:

	Marcellus Shale		Utica Shale			Coalbed Methane		Other Gas			Total E&P		Midstream		Unallocated		Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	207,407	$	88,039		$	48,471	$	795		$	344,712	$	—	$	—	$	—		$	344,712	(D)
Purchased Gas Revenue	—		—			—		10,560			10,560		—		—		—			10,560
Midstream Revenue	—		—			—		—			—		61,372		—		(41,426		)	19,946
Gain (Loss) on Commodity Derivative Instruments	1,796		(151		)	605		15,755			18,005		—		—		—			18,005
Other Operating Income	—		—			—		3,969			3,969		—		—		(66		)	3,903		(E)
Total Revenue and Other Operating Income	$	209,203	$	87,888		$	49,076	$	31,079		$	377,246	$	61,372	$	—	$	(41,492	)	$	397,126
Earnings (Loss) Before Income Tax	$	64,408	$	41,237		$	9,642	$	(60,856	)	$	54,431	$	31,173	$	117,830	$	—		$	203,434
Segment Assets											$	6,256,132	$	1,883,134	$	82,696	$	(12,926	)	$	8,209,036	(F)
Depreciation, Depletion and Amortization											$	111,844	$	7,741	$	—	$	—		$	119,585
Capital Expenditures											$	253,263	$	44,202	$	—	$	—		$	297,465

(D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $42,901 to NJR Energy Services Company, which comprises over 10% of revenue from contracts with external customers for the period.

(E) Includes equity in earnings of unconsolidated affiliates of $1,241 for Total E&P.

(F) Includes investments in unconsolidated equity affiliates of $19,488 for Total E&P.

Industry segment results for the nine months ended September 30, 2019:

	Marcellus Shale		Utica Shale		Coalbed Methane		Other Gas			Total E&P		Midstream		Unallocated			Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	709,656	$	208,206	$	125,094	$	906		$	1,043,862	$	—	$	—		$	—		$	1,043,862	(A)
Purchased Gas Revenue	—		—		—		64,181			64,181		—		—			—			64,181
Midstream Revenue	—		—		—		—			—		225,280		—			(169,417		)	55,863
Gain on Commodity Derivative Instruments	17,727		5,774		2,819		213,798			240,118		—		—			—			240,118
Other Operating Income	—		—		—		9,671			9,671		—		—			(235		)	9,436		(B)
Total Revenue and Other Operating Income	$	727,383	$	213,980	$	127,913	$	288,556		$	1,357,832	$	225,280	$	—		$	(169,652	)	$	1,413,460
Earnings (Loss) Before Income Tax	$	178,326	$	68,165	$	29,219	$	(42,650	)	$	233,060	$	118,739	$	(1,662	)	$	—		$	350,137
Segment Assets										$	7,087,782	$	2,178,073	$	16,668		$	3,735		$	9,286,258	(C)
Depreciation, Depletion and Amortization										$	349,620	$	24,999	$	—		$	—		$	374,619
Capital Expenditures										$	716,164	$	248,338	$	—		$	—		$	964,502

(A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $155,337 to Direct Energy Business Marketing LLC and $114,440 to NJR Energy Services Company, each of which comprise over 10% of revenue from contracts with external customers for the period.

(B) Includes equity in earnings of unconsolidated affiliates of $1,703 for Total E&P.

(C) Includes investments in unconsolidated equity affiliates of $17,110 for Total E&P.

Industry segment results for the nine months ended September 30, 2018:

	Marcellus Shale		Utica Shale		Coalbed Methane		Other Gas			Total E&P		Midstream		Unallocated		Intercompany Eliminations			Consolidated
Natural Gas, NGLs and Oil Revenue	$	590,728	$	326,119	$	152,854	$	15,150		$	1,084,851	$	—	$	—	$	—		$	1,084,851	(D)
Purchased Gas Revenue	—		—		—		38,546			38,546		—		—		—			38,546
Midstream Revenue	—		—		—		—			—		186,875		—		(117,191		)	69,684
Gain on Commodity Derivative Instruments	1,411		746		330		76,265			78,752		—		—		—			78,752
Other Operating Income	—		—		—		23,355			23,355		—		—		(209		)	23,146		(E)
Total Revenue and Other Operating Income	$	592,139	$	326,865	$	153,184	$	153,316		$	1,225,504	$	186,875	$	—	$	(117,400	)	$	1,294,979
Earnings (Loss) Before Income Tax	$	155,923	$	143,830	$	35,164	$	(138,551	)	$	196,366	$	94,502	$	702,097	$	—		$	992,965
Segment Assets										$	6,256,132	$	1,883,134	$	82,696	$	(12,926	)	$	8,209,036	(F)
Depreciation, Depletion and Amortization										$	338,834	$	24,504	$	—	$	—		$	363,338
Capital Expenditures										$	708,660	$	85,464	$	—	$	—		$	794,124

(D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $158,746 to NJR Energy Services Company, which comprises over 10% of revenue from contracts with external customers for the period.

(E) Includes equity in earnings of unconsolidated affiliates of $4,688 for Total E&P.

(F)

Includes investments in unconsolidated equity affiliates of $19,488 for Total E&P.

Reconciliation of Revenue from Segments to Consolidated

Revenue and Other Operating Income

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Total Segment Revenue from Contracts with External Customers	$	312,768	$	375,218	$	1,163,906	$	1,193,081
Gain on Commodity Derivative Instruments	213,913		18,005		240,118		78,752
Other Operating Income	3,316		3,903		9,436		23,146
Total Consolidated Revenue and Other Operating Income	$	529,997	$	397,126	$	1,413,460	$	1,294,979

Reconciliation of Revenue and Operating Income from Segments to Consolidated

Earnings Before Income Tax: 

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Segment Income Before Income Taxes for Reportable Business Segments:
Total E&P	$	151,230		$	54,431		$	233,060		$	196,366
Midstream	41,741			31,173			118,739			94,502
Total Segment Income Before Income Taxes for Reportable Business Segments	$	192,971		$	85,604		$	351,799		$	290,868
Unallocated Expenses:
Other (Expense) Income	(3,109		)	(1,105		)	(1,578		)	4,811
Gain on Certain Asset Sales	3,000			134,320			7,530			146,706
Gain on Previously Held Equity Interest	—			—			—			623,663
Loss on Debt Extinguishment	—			(15,385		)	(7,614		)	(54,433		)
Impairment of Other Intangible Assets	—			—			—			(18,650		)
Earnings Before Income Tax	$	192,862		$	203,434		$	350,137		$	992,965

Reconciliation of Assets and Liabilities from Segment to Consolidated

Total Assets:

	September 30,
	2019		2018
Segment Assets for Total Reportable Business Segments:
E&P	$	7,087,782	$	6,256,132
Midstream	2,178,073		1,883,134
Intercompany Eliminations	3,735		(12,926		)
Items Excluded from Segment Assets:
Cash and Cash Equivalents	5,484		42,672
Recoverable Income Taxes	11,184		40,024
Total Consolidated Assets	$	9,286,258	$	8,209,036

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Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net Income	$ 143,960	$ 146,756	$ 272,004	$ 753,696
Less: Net Income Attributable to Noncontrolling Interest	28,422	21,727	81,325	59,090
Net Income Attributable to CNX Resources Shareholders	$ 115,538	$ 125,029	$ 190,679	$ 694,606
Denominator:
Weighted-average shares of common stock outstanding (in shares)	187,448,749	210,238,509	188,012,044	216,010,561
Effect of dilutive shares (in shares)	982,210	2,469,573	1,548,899	2,288,301
Weighted-average diluted shares of common stock outstanding (in shares)	188,430,959	212,708,082	189,560,943	218,298,862
(Loss) Earnings Per Share
Total Basic (in usd per share)	$ 0.62	$ 0.59	$ 1.01	$ 3.22
Total Diluted (in usd per share)	$ 0.61	$ 0.59	$ 1.01	$ 3.18

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Leases - Supplemental Cash Flow Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows from Operating Leases	$ 48,308
Operating Cash Flows from Finance Leases	974
Financing Cash Flows from Finance Leases	5,322
Right-of-Use Assets Obtained in Exchange for Lease Obligations:
Operating Leases	15,347
Finance Leases	$ 1,722

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Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Apr. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ 0	$ (15,385,000)	$ (7,614,000)	$ (54,433,000)
Senior Notes due March 2027
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000		$ 500,000,000
Stated rate, debt instrument	7.25%		7.25%
Senior Notes due April 2022
Debt Instrument [Line Items]
Debt instrument, face amount	$ 894,307,000		$ 894,307,000			$ 1,294,307,000
Stated rate, debt instrument	5.875%	5.875%	5.875%	5.875%
Purchase of outstanding debt			$ 400,000,000	$ 391,375,000
Gain (loss) on extinguishment of debt			(7,614,000)	$ (15,635,000)
Senior Notes due March 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000		400,000,000			$ 400,000,000
Stated rate, debt instrument		6.50%		6.50%
Senior Notes due April 2023
Debt Instrument [Line Items]
Stated rate, debt instrument		8.00%		8.00%
Purchase of outstanding debt		$ 200,000,000		$ 500,000,000
Gain (loss) on extinguishment of debt		(15,385,000)		(38,798,000)
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 160,000		$ 160,000		$ 2,100,000,000
CNXM | Senior Notes due March 2026
Debt Instrument [Line Items]
Debt instrument, face amount		400,000,000		400,000,000
Unamortized bond discount		$ 6,000,000		$ 6,000,000

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Goodwill and Other Intangible Assets - Estimated Future Annual Amortization Expense (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Estimated annual amortization expense, Year 2020	$ 6,552
Estimated annual amortization expense, Year 2021	6,552
Estimated annual amortization expense, Year 2022	6,552
Estimated annual amortization expense, Year 2023	6,552
Estimated annual amortization expense, Year 2024	$ 6,552

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Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate, percentage	25.40%	27.90%	22.30%	24.10%
Reclassification of AMT credit					$ 102,482,000
Total amount of uncertain tax positions	$ 31,516,000		$ 31,516,000		31,516,000
Unrecognized tax benefits that would impact effective tax rate	31,516,000		31,516,000		31,516,000
Accrued interest liability	$ 0		$ 0		$ 0

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Acquisitions and Dispositions - Narrative (Details)						3 Months Ended			9 Months Ended
	Aug. 31, 2018 USD ($)	May 02, 2018 USD ($) well	Mar. 30, 2018 USD ($)	Jan. 03, 2018 USD ($)	Dec. 14, 2017 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)
Business Acquisition [Line Items]
Net gain (loss) on sale		$ 286,000				$ 3,308,000	$ 134,320,000		$ 610,000	$ 148,942,000
Proceeds from Asset Exchange Agreement		$ 7,000,000
Minimum commitment of wells | well		40
Impairment of intangible asset						0	0		0	18,650,000
Gain on remeasurement of fair value of previously held equity interest						$ 0	$ 0		$ 0	623,663,000
Midstream Acquisition
Business Acquisition [Line Items]
Cash consideration transferred				$ 305,000,000	$ 305,000,000
Fair value of previously held equity interest				799,033,000
Gain on remeasurement of fair value of previously held equity interest				$ 623,663,000
Utica Shale
Business Acquisition [Line Items]
Cash consideration received in sale of oil and gas assets	$ 381,214,000
Net gain (loss) on sale	$ 130,849,000
Shallow Oil, Gas, and CBM Assets in Pennsylvania and West Virginia
Business Acquisition [Line Items]
Cash consideration received in sale of oil and gas assets			$ 89,296,000
Net gain (loss) on sale										4,432,000
Asset retirement obligations assumed			$ 196,514,000
CNX Gathering LLC
Business Acquisition [Line Items]
Ownership percentage in equity method investment				50.00%	50.00%	50.00%			50.00%
CONE Midstream GP LLC
Business Acquisition [Line Items]
Ownership percentage by parent					100.00%
Customer Relationships
Business Acquisition [Line Items]
Impairment of intangible asset										$ 18,650,000
Customer Relationships | Midstream Acquisition
Business Acquisition [Line Items]
Impairment of intangible asset						$ 0		$ 18,650,000

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Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Common Stock
Common Stock, Par Value (in usd per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Issued (in shares)	186,586,751	198,663,342
Common Stock, Outstanding (in shares)	186,586,751	198,663,342
Preferred Stock
Preferred Stock, Authorized (in shares)	15,000,000	15,000,000
Preferred Stock, Issued (in shares)	0	0
Preferred Stock, Outstanding (in shares)	0	0

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Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues and Other Operating Income:
Gain on Commodity Derivative Instruments	$ 213,913	$ 18,005	$ 240,118	$ 78,752
Other Operating Income	3,316	3,903	9,436	23,146
Total Revenue	529,997	397,126	1,413,460	1,294,979
Operating Expense
Lease Operating Expense	14,202		52,706
Lease Operating Expense		16,202		78,350
Production, Ad Valorem, and Other Fees	6,127	7,342	20,103	24,277
Depreciation, Depletion and Amortization	120,459	119,585	374,619	363,338
Purchased Gas Costs	27,490	10,602	62,476	37,404
Impairment of Other Intangible Assets	0	0	0	18,650
Selling, General, and Administrative Costs	24,307	32,435	109,016	98,693
Other Operating Expense	19,746	17,405	61,197	51,238
Total Operating Expense	298,599	275,799	939,234	912,286
Other Expense (Income)
Other Expense (Income)	3,439	1,105	2,757	(4,812)
Gain on Asset Sales and Abandonments	(3,308)	(134,320)	(610)	(148,942)
Gain on Previously Held Equity Interest	0	0	0	(623,663)
Loss on Debt Extinguishment	0	15,385	7,614	54,433
Interest Expense	38,405	35,723	114,328	112,712
Total Other Expense (Income)	38,536	(82,107)	124,089	(610,272)
Total Costs and Expenses	337,135	193,692	1,063,323	302,014
Earnings Before Income Tax	192,862	203,434	350,137	992,965
Income Tax Expense	48,902	56,678	78,133	239,269
Net Income	143,960	146,756	272,004	753,696
Less: Net Income Attributable to Noncontrolling Interest	28,422	21,727	81,325	59,090
Net Income Attributable to CNX Resources Shareholders	$ 115,538	$ 125,029	$ 190,679	$ 694,606
(Loss) Earnings Per Share
Basic (Loss) Earnings Per Share (in usd per share)	$ 0.62	$ 0.59	$ 1.01	$ 3.22
Diluted (Loss) Earnings Per Share (in usd per share)	0.61	0.59	1.01	3.18
Dividends Declared (in usd per share)	$ 0	$ 0	$ 0	$ 0
Natural Gas, NGLs and Oil Revenue
Revenues and Other Operating Income:
Revenues	$ 265,051	$ 344,712	$ 1,043,862	$ 1,084,851
Purchased Gas Revenue
Revenues and Other Operating Income:
Revenues	29,192	10,560	64,181	38,546
Midstream Revenue
Revenues and Other Operating Income:
Revenues	18,525	19,946	55,863	69,684
Transportation, Gathering and Compression
Operating Expense
Cost of Goods Sold	80,193	68,907	244,217	230,935
Exploration and Production Related Other Costs
Operating Expense
Cost of Goods Sold	$ 6,075	$ 3,321	$ 14,900	$ 9,401

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Variable Interest Entities (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Mar. 31, 2018	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Variable Interest Entity [Line Items]
Payable to affiliates		$ 14,085	$ 12,202
Senior Notes due March 2026
Variable Interest Entity [Line Items]
Stated rate, debt instrument				6.50%
CNX Midstream Partners LP | Senior Notes due March 2026
Variable Interest Entity [Line Items]
Stated rate, debt instrument	6.50%
Shirley-Penns System
Variable Interest Entity [Line Items]
Ownership percentage by parent	95.00%
Cash consideration transferred	$ 265,000
Limited Partner | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage		34.00%
General Partner | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage		100.00%

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Leases - Maturity of Lease Liability (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Operating Leases
2020	$ 72,775
2021	57,943
2022	37,534
2023	5,460
2024	5,440
Thereafter	32,034
Total Lease Payments	211,186
Less: Interest	23,611
Present Value of Lease Liabilities	187,575
Finance Leases
2020	8,136
2021	7,794
2022	1,584
2023	413
2024	201
Thereafter	0
Total Lease Payments	18,128
Less: Interest	1,525
Present Value of Lease Liabilities	$ 16,603

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Derivative Instruments - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Apr. 30, 2019
Derivative [Line Items]
Credit facility, modification period	3 years
Revolving Credit Facility
Derivative [Line Items]
Credit facility, face amount	$ 160,000	$ 2,100,000,000

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Segment Information - Industry Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	$ 213,913	$ 18,005	$ 240,118	$ 78,752
Other Operating Income	3,316	3,903	9,436	23,146
Total Revenue	529,997	397,126	1,413,460	1,294,979
Earnings (Loss) Before Income Tax	192,862	203,434	350,137	992,965
Segment Assets	9,286,258	8,209,036	9,286,258	8,209,036	$ 8,592,170
Depreciation, Depletion and Amortization	120,459	119,585	374,619	363,338
Capital Expenditures	336,137	297,465	964,502	794,124
Equity in earnings of unconsolidated affiliates			1,703	4,688
NJR Energy Services Company
Segment Reporting Information [Line Items]
Total Revenue		42,901	114,440	158,746
Direct Energy Business Marketing LLC
Segment Reporting Information [Line Items]
Total Revenue	39,092		155,337
Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	312,768	375,218	1,163,906	1,193,081
Earnings (Loss) Before Income Tax	192,971	85,604	351,799	290,868
Equity in earnings of unconsolidated affiliates	673	1,241	1,703	4,688
Investments in unconsolidated equity affiliates	17,110	19,488	17,110	19,488
Operating Segments | Marcellus Shale
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	38,354	1,796	17,727	1,411
Other Operating Income	0	0	0	0
Total Revenue	217,496	209,203	727,383	592,139
Earnings (Loss) Before Income Tax	41,014	64,408	178,326	155,923
Operating Segments | Utica Shale
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	12,628	(151)	5,774	746
Other Operating Income	0	0	0	0
Total Revenue	62,670	87,888	213,980	326,865
Earnings (Loss) Before Income Tax	18,220	41,237	68,165	143,830
Operating Segments | Coalbed Methane
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	6,036	605	2,819	330
Other Operating Income	0	0	0	0
Total Revenue	41,657	49,076	127,913	153,184
Earnings (Loss) Before Income Tax	8,717	9,642	29,219	35,164
Operating Segments | Other Gas
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	156,895	15,755	213,798	76,265
Other Operating Income	3,375	3,969	9,671	23,355
Total Revenue	189,708	31,079	288,556	153,316
Earnings (Loss) Before Income Tax	83,279	(60,856)	(42,650)	(138,551)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	0	0	0	0
Other Operating Income	0	0	0	0
Total Revenue	0	0	0	0
Earnings (Loss) Before Income Tax	(109)	117,830	(1,662)	702,097
Segment Assets	16,668	82,696	16,668	82,696
Depreciation, Depletion and Amortization	0	0	0	0
Capital Expenditures	0	0	0	0
Intersegment Eliminations
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	0	0	0	0
Other Operating Income	(59)	(66)	(235)	(209)
Total Revenue	(55,795)	(41,492)	(169,652)	(117,400)
Earnings (Loss) Before Income Tax	0	0	0	0
Segment Assets	3,735	(12,926)	3,735	(12,926)
Depreciation, Depletion and Amortization	0	0	0	0
Capital Expenditures	0	0	0	0
E&P | Operating Segments
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	213,913	18,005	240,118	78,752
Other Operating Income	3,375	3,969	9,671	23,355
Total Revenue	511,531	377,246	1,357,832	1,225,504
Earnings (Loss) Before Income Tax	151,230	54,431	233,060	196,366
Segment Assets	7,087,782	6,256,132	7,087,782	6,256,132
Depreciation, Depletion and Amortization	111,839	111,844	349,620	338,834
Capital Expenditures	267,689	253,263	716,164	708,660
CNXM | Operating Segments
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	0	0	0	0
Other Operating Income	0	0	0	0
Total Revenue	74,261	61,372	225,280	186,875
Earnings (Loss) Before Income Tax	41,741	31,173	118,739	94,502
Segment Assets	2,178,073	1,883,134	2,178,073	1,883,134
Depreciation, Depletion and Amortization	8,620	7,741	24,999	24,504
Capital Expenditures	68,448	44,202	248,338	85,464
Oil and Gas
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	265,051	344,712	1,043,862	1,084,851
Oil and Gas | Operating Segments | Marcellus Shale
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	179,142	207,407	709,656	590,728
Oil and Gas | Operating Segments | Utica Shale
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	50,042	88,039	208,206	326,119
Oil and Gas | Operating Segments | Coalbed Methane
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	35,621	48,471	125,094	152,854
Oil and Gas | Operating Segments | Other Gas
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	246	795	906	15,150
Oil and Gas | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Oil and Gas | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Oil and Gas | E&P | Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	265,051	344,712	1,043,862	1,084,851
Oil and Gas | CNXM | Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Purchased Gas Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	29,192	10,560	64,181	38,546
Purchased Gas Revenue | Operating Segments | Marcellus Shale
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Purchased Gas Revenue | Operating Segments | Utica Shale
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Purchased Gas Revenue | Operating Segments | Coalbed Methane
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Purchased Gas Revenue | Operating Segments | Other Gas
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	29,192	10,560	64,181	38,546
Purchased Gas Revenue | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Purchased Gas Revenue | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Purchased Gas Revenue | E&P | Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	29,192	10,560	64,181	38,546
Purchased Gas Revenue | CNXM | Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Midstream Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	18,525	19,946	55,863	69,684
Midstream Revenue | Operating Segments | Marcellus Shale
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Midstream Revenue | Operating Segments | Utica Shale
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Midstream Revenue | Operating Segments | Coalbed Methane
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Midstream Revenue | Operating Segments | Other Gas
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Midstream Revenue | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Midstream Revenue | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	(55,736)	(41,426)	(169,417)	(117,191)
Midstream Revenue | E&P | Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Midstream Acquisition | CNXM | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Tax	41,741	31,173	118,739	94,502
Midstream Acquisition | Midstream Revenue | CNXM | Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	$ 74,261	$ 61,372	$ 225,280	$ 186,875

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Stock Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2019	Oct. 30, 2017
Stock Repurchase [Abstract]
Stock repurchase program, additional authorized amount		$ 750,000
Shares repurchased during period (in shares)	12,929,487
Shares repurchased, average price (in usd per share)	$ 8.91
Total value of shares repurchased	$ 115,477

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Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Inputs, Level 1
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Gas Derivatives	$ 0	$ 0
Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Gas Derivatives	313,244	99,456
Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Gas Derivatives	$ 0	$ 0

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Other Accrued Liabilities

9 Months Ended

Sep. 30, 2019

Payables and Accruals [Abstract]

Other Accrued Liabilities

OTHER ACCRUED LIABILITIES:

	September 30, 2019		December 31, 2018
Royalties	$	64,245	$	92,005
Gas Derivatives	44,826		61,661
Accrued Interest	28,692		26,333
Transportation Charges	19,925		19,661
Deferred Revenue	11,614		17,693
Short-Term Incentive Compensation	9,774		20,482
Accrued Other Taxes	8,788		7,300
Accrued Payroll & Benefits	5,909		6,533
Other	40,862		31,851
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	5,076		1,075
Salary Retirement	1,646		1,578
Total Other Accrued Liabilities	$	241,357	$	286,172

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Property, Plant and Equipment

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT:

	September 30, 2019		December 31, 2018
Property, Plant and Equipment
Intangible Drilling Cost	$	4,566,206	$	4,120,283
Gas Gathering Equipment	2,399,883		2,126,895
Proved Gas Properties	1,157,361		1,135,411
Gas Wells and Related Equipment	1,047,139		859,359
Unproved Gas Properties	949,529		927,667
Surface Land and Other Equipment	233,812		238,487
Other	158,368		159,326
Total Property, Plant and Equipment	10,512,298		9,567,428
Less: Accumulated Depreciation, Depletion and Amortization	2,981,723		2,624,984
Total Property, Plant and Equipment - Net	$	7,530,575	$	6,942,444

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Changes in Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS:

Changes in Accumulated Other Comprehensive Loss related to pension obligations, net of tax, were as follows:

	Amount
Balance at December 31, 2018	$	(7,904	)
Amounts Reclassified from Accumulated Other Comprehensive Loss, net of tax	126
Balance at September 30, 2019	$	(7,778	)

The following table shows the reclassification of adjustments out of Accumulated Other Comprehensive Loss:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Actuarially Determined Long-Term Liability Adjustments
Amortization of Prior Service Costs	$	(4	)	$	(6	)	$	(13	)	$	(186	)
Recognized Net Actuarial Loss	60			41			183			749
Total	56			35			170			563
Less: Tax Benefit	15			13			44			202
Net of Tax	$	41		$	22		$	126		$	361

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Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Fair Value of Consideration Transferred:

	Amount
Cash Consideration	$	305,000
CNX Gathering Cash on Hand at January 3, 2018 Distributed to Noble	2,620
Fair Value of Previously Held Equity Interest	799,033
Total Estimated Fair Value of Consideration Transferred	$	1,106,653

The following is a summary of the fair values of the net assets acquired:

Fair Value of Assets Acquired:	Amount
Cash and Cash Equivalents	$	8,348
Accounts and Notes Receivable	21,199
Prepaid Expense	2,006
Other Current Assets	163
Property, Plant and Equipment, Net	1,043,340
Intangible Assets	128,781
Other	593
Total Assets Acquired	1,204,430
Fair Value of Liabilities Assumed:
Accounts Payable	26,059
CNXM Revolving Credit Facility	149,500
Total Liabilities Assumed	175,559
Total Identifiable Net Assets	1,028,871
Fair Value of Noncontrolling Interest in CNXM	(718,577		)
Goodwill	796,359
Net Assets Acquired	$	1,106,653

Schedule of Pro Forma Information

Post-Acquisition Operating Results (Midstream Acquisition)

The Midstream Acquisition contributed the following to the Company's Midstream segment:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Midstream Revenue	$	74,261	$	61,372	$	225,280	$	186,875
Earnings Before Income Tax	$	41,741	$	31,173	$	118,739	$	94,502

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Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Payables and Accruals [Abstract]

Schedule of Other Accrued Liabilities

	September 30, 2019		December 31, 2018
Royalties	$	64,245	$	92,005
Gas Derivatives	44,826		61,661
Accrued Interest	28,692		26,333
Transportation Charges	19,925		19,661
Deferred Revenue	11,614		17,693
Short-Term Incentive Compensation	9,774		20,482
Accrued Other Taxes	8,788		7,300
Accrued Payroll & Benefits	5,909		6,533
Other	40,862		31,851
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	5,076		1,075
Salary Retirement	1,646		1,578
Total Other Accrued Liabilities	$	241,357	$	286,172

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Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock and Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total CNX Resources Corporation Stockholders' Equity	Noncontrolling Interest
Beginning Balance at Dec. 31, 2017	$ 3,899,899	$ 2,452,564	$ 1,455,811	$ (8,476)		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock		1,689
Purchase and Retirement of Common Stock		(155,191)	(141,543)
Amortization of Stock-Based Compensation Awards		14,086				1,775
Net Income	753,696		694,606			59,090
Shares Withheld for Taxes			(4,986)			(348)
Other Comprehensive Income				2,004
Distributions to CNXM Noncontrolling Interest Holders						(40,839)
Acquisition of CNX Gathering, LLC						718,577
Ending Balance at Sep. 30, 2018	5,048,819	2,313,148	2,003,888	(6,472)	$ 4,310,564	738,255
Beginning Balance at Jun. 30, 2018	5,038,923	2,374,788	1,940,507	(6,494)		730,122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock		126
Purchase and Retirement of Common Stock		(66,503)	(61,512)
Amortization of Stock-Based Compensation Awards		4,737				506
Net Income	146,756		125,029			21,727
Shares Withheld for Taxes			(136)			(1)
Other Comprehensive Income				22
Distributions to CNXM Noncontrolling Interest Holders						(14,099)
Acquisition of CNX Gathering, LLC						0
Ending Balance at Sep. 30, 2018	5,048,819	2,313,148	2,003,888	(6,472)	4,310,564	738,255
Beginning Balance at Dec. 31, 2018	5,081,743	2,266,053	2,071,809	(7,904)		751,785
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock		211
Purchase and Retirement of Common Stock	(115,477)	(101,687)	(13,790)
Amortization of Stock-Based Compensation Awards		35,076				1,481
Net Income	272,004		190,679			81,325
Shares Withheld for Taxes			(5,594)			(690)
Other Comprehensive Income				126
Distributions to CNXM Noncontrolling Interest Holders						(47,062)
Acquisition of CNX Gathering, LLC						0
Ending Balance at Sep. 30, 2019	5,221,818	2,199,653	2,243,104	(7,778)	4,434,979	786,839
Beginning Balance at Jun. 30, 2019	5,099,995	2,205,848	2,127,627	(7,819)		774,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock		49
Purchase and Retirement of Common Stock		(7,697)	0
Amortization of Stock-Based Compensation Awards		1,453				328
Net Income	143,960		115,538			28,422
Shares Withheld for Taxes			(61)			0
Other Comprehensive Income				41
Distributions to CNXM Noncontrolling Interest Holders						(16,250)
Acquisition of CNX Gathering, LLC						0
Ending Balance at Sep. 30, 2019	$ 5,221,818	$ 2,199,653	$ 2,243,104	$ (7,778)	$ 4,434,979	$ 786,839

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 143,960	$ 146,756	$ 272,004	$ 753,696
Other Comprehensive Income:
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($15), ($13), ($44), ($794))	41	22	126	2,004
Comprehensive Income	144,001	146,778	272,130	755,700
Less: Comprehensive Income Attributable to Noncontrolling Interest	28,422	21,727	81,325	59,090
Comprehensive Income Attributable to CNX Resources Shareholders	$ 115,579	$ 125,051	$ 190,805	$ 696,610

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Acquisitions and Dispositions - Post Acquisition Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Earnings (Loss) Before Income Tax	$ 192,862	$ 203,434	$ 350,137	$ 992,965
Operating Segments
Business Acquisition [Line Items]
Revenues	312,768	375,218	1,163,906	1,193,081
Earnings (Loss) Before Income Tax	192,971	85,604	351,799	290,868
CNXM | Operating Segments
Business Acquisition [Line Items]
Earnings (Loss) Before Income Tax	41,741	31,173	118,739	94,502
CNXM | Operating Segments | Midstream Acquisition
Business Acquisition [Line Items]
Earnings (Loss) Before Income Tax	41,741	31,173	118,739	94,502
Midstream Revenue
Business Acquisition [Line Items]
Revenues	18,525	19,946	55,863	69,684
Midstream Revenue | CNXM | Operating Segments | Midstream Acquisition
Business Acquisition [Line Items]
Revenues	$ 74,261	$ 61,372	$ 225,280	$ 186,875

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Revenue From Contracts With Customers - Performance Obligation (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 155,567
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 43,538
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 47,076
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, expected timing of satisfaction	1 year

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Fair Value of Financial Instruments - Fair Value Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	$ 5,484	$ 17,198
Long-term Debt, Fair Value	2,505,114	2,290,537
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	5,484	17,198
Long-Term Debt (Excluding Debt Issuance Costs)	$ 2,649,802	$ 2,387,001

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Variable Interest Entities Balance Sheet (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Total Assets	$ 1,181,266	$ 925,428
Liabilities:
Total Liabilities	742,871	526,114
Cash
Assets:
Current assets	1,735	3,966
Receivables - Related Party
Assets:
Current assets	17,845	17,073
Receivables - Third Party
Assets:
Current assets	6,074	7,028
Other Current Assets
Assets:
Current assets	1,646	2,383
Property, Plant and Equipment, net
Assets:
Non-current assets	1,144,177	891,775
Operating Lease ROU Asset
Assets:
Non-current assets	6,281	0
Other Assets
Assets:
Non-current assets	3,508	3,203
Accounts Payable and Accrued Liabilities
Liabilities:
Current liabilities	99,118	43,919
Accounts Payable - Related Party
Liabilities:
Current liabilities	3,788	4,980
Revolving Credit Facility
Liabilities:
Current liabilities	246,000	84,000
Long-Term Debt
Liabilities:
Non-current liabilities	393,925	393,215
Long-Term Operating Lease Liabilities
Liabilities:
Non-current liabilities	$ 40	$ 0

XML

Leases - Terms and Discount Rates (Details)	Sep. 30, 2019
Leases [Abstract]
Operating leases, weighted average remaining lease term (in years)	4 years 5 months 15 days
Finance leases, weighted average remaining lease term (in years)	2 years 4 months 6 days
Operating leases, weighted average discount rate	4.95%
Finance leases, weighted average discount rate	6.96%

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Derivative Instruments - Notional Amounts of Derivative Instruments (Details) - Mcf Mcf in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Commodity Member
Derivative [Line Items]
Notional amount	1,502.4	1,484.4
Basis Swap
Derivative [Line Items]
Notional amount	1,240.5	1,056.6

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Segment Information - Reconciliation of Segment Information, Revenue and Other Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue, Major Customer [Line Items]
Gain (Loss) on Commodity Derivative Instruments	$ 213,913	$ 18,005	$ 240,118	$ 78,752
Other Operating Income	3,316	3,903	9,436	23,146
Total Revenue	529,997	397,126	1,413,460	1,294,979
Operating Segments
Revenue, Major Customer [Line Items]
Total Segment Revenue from Contracts with External Customers	$ 312,768	$ 375,218	$ 1,163,906	$ 1,193,081

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Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES:

The effective tax rates for the three and nine months ended September 30, 2019 were 25.4% and 22.3%, respectively. The effective tax rate for the nine months ended September 30, 2019 differs from the U.S. federal statutory rate of 21% primarily due to the impact of noncontrolling interest, equity compensation and state income taxes.

The effective tax rates for the three and nine months ended September 30, 2018 were 27.9% and 24.1%, respectively. The effective rate for the nine months ended September 30, 2018 differs from the U.S. federal statutory rate of 21% primarily due to increases for both state income taxes and state valuation allowances, offset by the benefit derived from the filing of a Federal 10-year net operating loss (“NOL”) carryback as well as non-controlling interest.

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act") which, among other things, lowered the U.S. Federal corporate income tax rate from 35% to 21%, repealed the corporate alternative minimum tax ("AMT"), and provided for a refund of previously accrued corporate AMT credits. As of December 31, 2018, the Company reclassified $102,482 from Deferred Income Taxes to Recoverable Income Taxes in the Consolidated Balance Sheets in anticipation of the AMT refund that is also included in the Recoverable Income Taxes line of the Consolidated Statements of Cash Flows in the nine months ended September 30, 2019.

The total amount of uncertain tax positions at each of September 30, 2019 and December 31, 2018 was $31,516. If these uncertain tax positions were recognized, approximately $31,516 would affect CNX's effective tax rate. There were no changes in unrecognized tax benefits during the three and nine months ended September 30, 2019.

CNX recognizes accrued interest related to uncertain tax positions in interest expense. As of September 30, 2019 and December 31, 2018, CNX had no accrued liabilities for interest related to uncertain tax positions.

CNX recognizes penalties accrued related to uncertain tax positions in its income tax expense. As of September 30, 2019 and December 31, 2018, CNX had no accrued liabilities for tax penalties related to uncertain tax positions.

CNX and its subsidiaries file federal income tax returns with the United States and tax returns within various state jurisdictions. With few exceptions, the Company is no longer subject to United States federal, state, local, or non-U.S. income tax examinations by tax authorities for the years before 2016. The Company expects the Internal Revenue Service to conclude its audit of tax years 2016 through 2017 in the second quarter of 2020.

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Earnings Per Share

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Earnings Per Share

EARNINGS PER SHARE:

Basic earnings per share is computed by dividing net income attributable to CNX shareholders by the weighted average shares outstanding during the reporting period. Diluted earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from stock options, performance stock options, restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and performance share options were exercised, that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. CNX Midstream Partners LP's ("CNXM") dilutive units did not have a material impact on the Company's earnings per share calculations for the three or nine months ended September 30, 2019, the three months ended September 30, 2018, or the period from January 3, 2018 through September 30, 2018.

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be antidilutive:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2019	2018	2019	2018
Anti-dilutive Options	2,035,273	2,288,274	2,035,273	2,288,274
Anti-dilutive Restricted Stock Units	814,183	—	813,266	55,936
Anti-dilutive Performance Share Units	—	157,120	—	157,120
Anti-dilutive Performance Stock Options	927,268	927,268	927,268	927,268
	3,776,724	3,372,662	3,775,807	3,428,598

The table below sets forth the share-based awards that have been exercised or released:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2019	2018	2019	2018
Options	6,953	18,546	27,794	245,847
Restricted Stock Units	28,769	184,176	1,002,003	362,573
Performance Share Units	—	192,926	342,882	550,523
	35,722	395,648	1,372,679	1,158,943

Pursuant to the terms of the change in control severance agreements of certain employees and CNX officers, outstanding equity awards held by such employees vest upon a stockholder (or stockholder group) becoming the beneficial owner of more than 25% of the Company's outstanding common stock. During the nine months ended September 30, 2019, Southeastern Asset Management, Inc. and its affiliates ("SEAM") acquired shares of CNX's common stock in the open market which resulted in SEAM's aggregate share ownership exceeding more than 25% of CNX's common stock outstanding. This transaction, as such, constituted a change in control event under the severance agreements, resulting in the accelerated vesting of 473,126 restricted stock units and 903,100 performance share units held by the aforementioned employees that were issued prior to 2019. Those affected employees and officers each consented to waive the change in control vesting provision included in the change in control severance agreements with respect to their 2019 restricted stock unit and performance share unit awards. The accelerated vesting resulted in $19,654 of additional long-term equity-based compensation expense for the nine months ended September 30, 2019, and is included in Selling, General, and Administrative Costs in the Consolidated Statements of Income. The performance share unit awards that vested continue to be subject to the attainment of performance goals as determined by the Compensation Committee of CNX's Board of Directors after the end of the applicable performance period.

The computations for basic and diluted earnings per share are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Net Income	$	143,960	$	146,756	$	272,004	$	753,696
Less: Net Income Attributable to Non-Controlling Interest	28,422		21,727		81,325		59,090
Net Income Attributable to CNX Resources Shareholders	$	115,538	$	125,029	$	190,679	$	694,606
Weighted-average Shares of Common Stock Outstanding	187,448,749		210,238,509		188,012,044		216,010,561
Effect of Diluted Shares	982,210		2,469,573		1,548,899		2,288,301
Weighted-average Diluted Shares of Common Stock Outstanding	188,430,959		212,708,082		189,560,943		218,298,862
Earnings per Share:
Basic	$	0.62	$	0.59	$	1.01	$	3.22
Diluted	$	0.61	$	0.59	$	1.01	$	3.18

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Long-Term Debt

9 Months Ended

Sep. 30, 2019

Long-term Debt, Other Disclosures [Abstract]

Long-term Debt

LONG-TERM DEBT:

	September 30, 2019		December 31, 2018
Senior Notes due April 2022 at 5.875% (Principal of $894,307 and $1,294,307 plus Unamortized Premium of $1,108 and $2,069, respectively)	$	895,415	$	1,296,376
CNX Credit Facility	613,200		612,000
Senior Notes due March 2027 at 7.25%, Issued at Par Value	500,000		—
CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,813 and $5,375, respectively)	395,187		394,625
CNX Midstream Partners LP Revolving Credit Facility	246,000		84,000
Less: Unamortized Debt Issuance Costs	9,568		8,796
Long-Term Debt	$	2,640,234	$	2,378,205

During the nine months ended September 30, 2019, CNX completed a private offering of $500,000 of 7.25% senior notes due in March 2027. The notes are guaranteed by most of CNX's subsidiaries but do not include CNXM's general partner or CNXM.

During the nine months ended September 30, 2019, CNX purchased $400,000 of its outstanding 5.875% senior notes due in April 2022. As part of this transaction, a loss of $7,614 was included in Loss on Debt Extinguishment in the Consolidated Statements of Income.

During the nine months ended September 30, 2018, CNXM completed a private offering of $400,000 of 6.50% senior notes due in March 2026 less $6,000 of unamortized bond discount. CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility.

During the nine months ended September 30, 2018, CNX purchased $391,375 of its outstanding 5.875% senior notes due in April 2022. As part of this transaction, a loss of $15,635 was included in Loss on Debt Extinguishment in the Consolidated Statements of Income.

During the three and nine months ended September 30, 2018, CNX purchased $200,000 and $500,000, respectively, of its outstanding 8.00% senior notes due in April 2023. As part of these transactions, a loss of $15,385 and $38,798, respectively, was included in Loss on Debt Extinguishment in the Consolidated Statements of Income.

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Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

	September 30, 2019		December 31, 2018
Property, Plant and Equipment
Intangible Drilling Cost	$	4,566,206	$	4,120,283
Gas Gathering Equipment	2,399,883		2,126,895
Proved Gas Properties	1,157,361		1,135,411
Gas Wells and Related Equipment	1,047,139		859,359
Unproved Gas Properties	949,529		927,667
Surface Land and Other Equipment	233,812		238,487
Other	158,368		159,326
Total Property, Plant and Equipment	10,512,298		9,567,428
Less: Accumulated Depreciation, Depletion and Amortization	2,981,723		2,624,984
Total Property, Plant and Equipment - Net	$	7,530,575	$	6,942,444

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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Lease Cost

The components of lease cost were as follows:

	For the Three Months Ended		For the Nine Months Ended
	September 30, 2019		September 30, 2019
Operating Lease Cost	$	21,723	$	53,080
Finance Lease Cost:
Amortization of Right-of-Use Assets	1,310		3,936
Interest on Lease Liabilities	298		974
Short-term Lease Cost	555		4,922
Variable Lease Cost*	5,015		16,554
Total Lease Cost	$	28,901	$	79,466

*Amounts recognized on the balance sheet for natural gas drilling rigs are measured using the rates that would be paid if the rigs were idle, as this represents the minimum payment that could be made under the contract. Variable lease cost represents amounts paid for natural gas drilling rigs above this minimum when the rigs are in use. Amounts recognized on the balance sheet for electric fracturing equipment are measured using minimum pumping hours under the contract; however, pumping hours may exceed the minimum and vary period to period. Any such amounts paid related to pumping hours in excess of the minimum represent variable lease cost.

Lease terms and discount rates are as follows:

	September 30,
	2019
Weighted Average Remaining Lease Term (years):
Operating Leases	4.46
Finance Leases	2.35
Weighted Average Discount Rate:
Operating Leases	4.95	%
Finance Leases	6.96	%

Schedule of Balance Sheet Information

Amounts recognized in the Consolidated Balance Sheet are as follows:

	September 30,
	2019
Operating Leases:
Operating Lease Right-of-Use Asset	$	205,647
Current Portion of Operating Lease Obligations	65,061
Operating Lease Obligations	122,514
Total Operating Lease Liabilities	$	187,575
Finance Leases:
Property, Plant and Equipment	$	73,363
Less—Accumulated Depreciation, Depletion and Amortization	62,191
Property, Plant and Equipment—Net	$	11,172
Current Portion of Finance Lease Obligations	$	7,203
Finance Lease Obligations	9,400
Total Finance Lease Liabilities	$	16,603

Supplemental cash flow information related to leases was as follows:

	For the Nine Months Ended
	September 30, 2019
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows from Operating Leases	$	48,308
Operating Cash Flows from Finance Leases	$	974
Financing Cash Flows from Finance Leases	$	5,322
Right-of-Use Assets Obtained in Exchange for Lease Obligations:
Operating Leases	$	15,347
Finance Leases	$	1,722

Maturity of Lease Liability, Operating

Maturities of lease liabilities are as follows:

	Operating		Finance
	Leases		Leases
Twelve months ended September 30,
2020	$	72,775	$	8,136
2021	57,943		7,794
2022	37,534		1,584
2023	5,460		413
2024	5,440		201
Thereafter	32,034		—
Total Lease Payments	211,186		18,128
Less: Interest	23,611		1,525
Present Value of Lease Liabilities	$	187,575	$	16,603

Maturity of Lease Liability, Financing

Maturities of lease liabilities are as follows:

	Operating		Finance
	Leases		Leases
Twelve months ended September 30,
2020	$	72,775	$	8,136
2021	57,943		7,794
2022	37,534		1,584
2023	5,460		413
2024	5,440		201
Thereafter	32,034		—
Total Lease Payments	211,186		18,128
Less: Interest	23,611		1,525
Present Value of Lease Liabilities	$	187,575	$	16,603

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Stock Repurchase

9 Months Ended

Sep. 30, 2019

Stock Repurchase [Abstract]

Stock Repurchase

STOCK REPURCHASE:

Since the October 30, 2017 inception of the current stock repurchase program, CNX's Board of Directors has approved in total a $750,000 stock repurchase program, which is not subject to an expiration date. The repurchases may be affected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, block trades, derivative contracts or otherwise in compliance with Rule 10b-18. The timing of any repurchases will be based on a number of factors, including available liquidity, the Company's stock price, the Company's financial outlook, and alternative investment options. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares and the Board may modify, suspend, or discontinue its authorization of the program at any time. The Board of Directors will continue to evaluate the size of the stock repurchase program based on CNX's free cash flow position, leverage ratio, and capital plans. During the nine months ended September 30, 2019, 12,929,487 shares were repurchased and retired at an average price of $8.91 per share for a total cost of $115,477.

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Derivative Instruments

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS:

In June 2019, CNX entered into an interest rate swap agreement to manage its exposure to interest rate volatility. The interest rate swap agreement relates to $160,000 of borrowings under CNX’s senior secured revolving credit facility (See Note 9 - Revolving Credit Facilities) and has the economic effect of modifying the variable-interest obligation into a fixed-interest obligation over a three-year period.

The change in fair value of the interest rate swap agreement is accounted for on a mark-to-market basis with changes in fair value recorded in current period earnings. The fair value at September 30, 2019 and the corresponding change in fair value from inception through September 30, 2019 was nominal.

CNX enters into financial derivative instruments to manage its exposure to commodity price volatility. These natural gas commodity hedges are accounted for on a mark-to-market basis with changes in fair value recorded in current period earnings.

CNX is exposed to credit risk in the event of non-performance by counterparties. The creditworthiness of counterparties is subject to continuing review. The Company has not experienced any issues of non-performance by derivative counterparties.

None of the Company's counterparty master agreements currently require CNX to post collateral for any of its positions. However, as stated in the counterparty master agreements, if CNX's obligations with one of its counterparties cease to be secured on the same basis as similar obligations with the other lenders under the credit facility, CNX would have to post collateral for instruments in a liability position in excess of defined thresholds. All of the Company's derivative instruments are subject to master netting arrangements with our counterparties. CNX recognizes all financial derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets on a gross basis.

Each of the Company's counterparty master agreements allows, in the event of default, the ability to elect early termination of outstanding contracts. If early termination is elected, CNX and the applicable counterparty would net settle all open hedge positions.

The total notional amounts of production of CNX's derivative instruments were as follows:

	September 30,	December 31,	Forecasted to
	2019	2018	Settle Through
Natural Gas Commodity Swaps (Bcf)	1,502.4	1,484.4	2024
Natural Gas Basis Swaps (Bcf)	1,240.5	1,056.6	2024

The gross fair value of CNX's derivative instruments was as follows:

Asset Derivative Instruments					Liability Derivative Instruments
	September 30,		December 31,			September 30,		December 31,
	2019		2018			2019		2018
Commodity Swaps:
Prepaid Expense	$	172,836	$	28,612	Other Accrued Liabilities	$	1,389	$	34,640
Other Assets	254,967		164,310		Other Liabilities	17,440		52,011
Total Asset	$	427,803	$	192,922	Total Liability	$	18,829	$	86,651
Basis Only Swaps:
Prepaid Expense	$	25,420	$	11,628	Other Accrued Liabilities	$	43,437	$	27,021
Other Assets	20,925		48,788		Other Liabilities	98,638		40,210
Total Asset	$	46,345	$	60,416	Total Liability	$	142,075	$	67,231

The effect of derivative instruments on the Company's Consolidated Statements of Income was as follows:

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Cash Received (Paid) in Settlement of Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	$	61,441		$	6,916		$	53,058		$	23,540
Basis Swaps	(4,400		)	(4,091		)	(26,727		)	(21,022		)
Total Cash Received in Settlement of Commodity Derivative Instruments	57,041			2,825			26,331			2,518
Unrealized Gain (Loss) on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	126,617			27,749			302,701			76,999
Basis Swaps	30,255			(12,569		)	(88,914		)	(765		)
Total Unrealized Gain on Commodity Derivative Instruments	156,872			15,180			213,787			76,234
Gain (Loss) on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	188,058			34,665			355,759			100,539
Basis Swaps	25,855			(16,660		)	(115,641		)	(21,787		)
Total Gain on Commodity Derivative Instruments	$	213,913		$	18,005		$	240,118		$	78,752

The Company also enters into fixed price natural gas sales agreements that are satisfied by physical delivery. These physical commodity contracts qualify for the normal purchases and normal sales exception and are not subject to derivative instrument accounting.

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Basis of Presentation (Details)	Sep. 30, 2019	Jan. 03, 2018	Dec. 14, 2017
CNX Gathering LLC
Investment [Line Items]
Ownership percentage in equity method investment	50.00%	50.00%	50.00%

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Earnings Per Share - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term equity-based compensation expense		$ 19,654
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of equity instruments (in shares)	473,126
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of equity instruments (in shares)	903,100
Southeastern Asset Management, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage in equity method investment		25.00%

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Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Royalties	$ 64,245	$ 92,005
Gas Derivatives	44,826	61,661
Accrued Interest	28,692	26,333
Transportation Charges	19,925	19,661
Deferred Revenue	11,614	17,693
Short-Term Incentive Compensation	9,774	20,482
Accrued Other Taxes	8,788	7,300
Accrued Payroll & Benefits	5,909	6,533
Other	40,862	31,851
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	5,076	1,075
Salary Retirement	1,646	1,578
Total Other Accrued Liabilities	$ 241,357	$ 286,172

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Goodwill and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Amortizable Asset - Customer Relationships	$ 109,752	$ 109,752
Less: Accumulated Amortization - Customer Relationships	11,467	6,552
Total Other Intangible Assets, net	$ 98,285	$ 103,200

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Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Leases:
Operating Lease Right-of-Use Asset	$ 205,647	$ 0
Current Portion of Operating Lease Obligations	65,061	0
Operating Lease Obligations	122,514	$ 0
Total Operating Lease Liabilities	187,575
Finance Leases:
Property, Plant and Equipment	73,363
Less—Accumulated Depreciation, Depletion and Amortization	62,191
Property, Plant and Equipment—Net	11,172
Current Portion of Finance Lease Obligations	7,203
Finance Lease Obligations	9,400
Total Finance Lease Liabilities	$ 16,603