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, 2020

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, 2020
Common stock, $0.01 par value	224,528,583

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, 2020 and 2019	4
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019	5
	Consolidated Balance Sheets at September 30, 2020 and December 31, 2019	6
	Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019	8
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019	10
	Notes to Unaudited Consolidated Financial Statements	11
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	60
ITEM 4.	Controls and Procedures	62
PART II OTHER INFORMATION
ITEM 1.	Legal Proceedings	62
ITEM 1A.	Risk Factors	62
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
ITEM 6.	Exhibits	66

GLOSSARY OF CERTAIN OIL AND GAS TERMS

    The following are certain terms and abbreviations 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.

lease operating expense - costs of operating wells and equipment on a producing lease, many of which are recurring. Includes items such as water disposals, repairs and maintenance, equipment rental, and operating supplies, among others.

proved reserves - quantities of oil, natural gas, and NGL 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. 

transportation, gathering and compression - cost incurred related to transporting natural gas to the ultimate point of sale. These costs also include costs related to physically preparing natural gas, natural gas liquids and condensate for ultimate sale which include costs related to processing, compressing, dehydrating and fractionating, among others.

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,
Revenue and Other Operating Income:	2020		2019		2020		2019
Natural Gas, NGL and Oil Revenue	$	182,213	$	265,051	$	609,483	$	1,043,862
(Loss) Gain on Commodity Derivative Instruments	(168,834)		213,913		(116,995)		240,118
Purchased Gas Revenue	31,541		29,192		78,324		64,181
Other Revenue and Operating Income	21,155		21,841		60,463		65,299
Total Revenue and Other Operating Income	66,075		529,997		631,275		1,413,460
Costs and Expenses:
Operating Expense
Lease Operating Expense	10,377		14,202		30,654		52,706
Production, Ad Valorem, and Other Fees	5,994		6,127		17,540		20,103
Transportation, Gathering and Compression	68,810		80,193		212,077		244,217
Depreciation, Depletion and Amortization	114,464		120,459		357,174		374,619
Exploration and Production Related Other Costs	2,141		6,075		9,339		14,900
Purchased Gas Costs	31,721		27,490		76,709		62,476
Impairment of Exploration and Production Properties	—		—		61,849		—
Impairment of Goodwill	—		—		473,045		—
Selling, General, and Administrative Costs	22,714		24,307		76,350		109,016
Other Operating Expense	23,284		19,746		70,561		61,197
Total Operating Expense	279,505		298,599		1,385,298		939,234
Other Expense
Other Expense	2,180		3,439		12,184		2,757
Gain on Asset Sales and Abandonments	(3,567)		(3,308)		(21,559)		(610)
Loss (Gain) on Debt Extinguishment	108		—		(10,812)		7,614
Interest Expense	37,921		38,405		133,173		114,328
Total Other Expense	36,642		38,536		112,986		124,089
Total Costs and Expenses	316,147		337,135		1,498,284		1,063,323
(Loss) Earnings Before Income Tax	(250,072)		192,862		(867,009)		350,137
Income Tax (Benefit) Expense	(61,279)		48,902		(242,507)		78,133
Net (Loss) Income	(188,793)		143,960		(624,502)		272,004
Less: Net Income Attributable to Noncontrolling Interest	15,905		28,422		55,031		81,325
Net (Loss) Income Attributable to CNX Resources Shareholders	$	(204,698)	$	115,538	$	(679,533)	$	190,679
(Loss) Earnings per Share
Basic	$	(1.03)	$	0.62	$	(3.56)	$	1.01
Diluted	$	(1.03)	$	0.61	$	(3.56)	$	1.01
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)	2020		2019		2020		2019
Net (Loss) Income	$	(188,793)	$	143,960	$	(624,502)	$	272,004
Other Comprehensive Income:
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($40), ($15), ($119), ($44))	112		41		335		126
Comprehensive (Loss) Income	(188,681)		144,001		(624,167)		272,130
Less: Comprehensive Income Attributable to Noncontrolling Interest	15,905		28,422		55,031		81,325
Comprehensive (Loss) Income Attributable to CNX Resources Shareholders	$	(204,586)	$	115,579	$	(679,198)	$	190,805

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, 2020		December 31, 2019
ASSETS
Current Assets:
Cash and Cash Equivalents	$	150,132	$	16,283
Restricted Cash	733		—
Accounts and Notes Receivable:
Trade, net	75,929		133,480
Other Receivables, net	4,653		13,679
Supplies Inventories	10,090		6,984
Recoverable Income Taxes	644		62,425
Derivative Instruments	77,608		247,794
Prepaid Expenses	12,450		17,456
Total Current Assets	332,239		498,101
Property, Plant and Equipment:
Property, Plant and Equipment	10,904,837		10,572,006
Less—Accumulated Depreciation, Depletion and Amortization	3,841,699		3,435,431
Total Property, Plant and Equipment—Net	7,063,138		7,136,575
Other Non-Current Assets:
Operating Lease Right-of-Use Assets	124,329		187,097
Investment in Affiliates	15,685		16,710
Derivative Instruments	160,098		314,096
Goodwill	323,314		796,359
Other Intangible Assets	91,733		96,647
Restricted Cash	5,456		—
Other	13,182		15,221
Total Other Non-Current Assets	733,797		1,426,130
TOTAL ASSETS	$	8,129,174	$	9,060,806

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, 2020		December 31, 2019
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	117,004	$	202,553
Derivative Instruments	144,545		41,466
Current Portion of Finance Lease Obligations	7,419		7,164
Current Portion of Long-Term Debt	22,488		—
Current Portion of Operating Lease Obligations	52,032		61,670
Other Accrued Liabilities	164,473		216,086
Total Current Liabilities	507,961		528,939
Non-Current Liabilities:
Long-Term Debt	2,577,974		2,754,443
Finance Lease Obligations	2,322		7,706
Operating Lease Obligations	66,180		110,466
Derivative Instruments	203,709		115,862
Deferred Income Taxes	398,878		476,108
Asset Retirement Obligations	61,761		63,377
Other	40,213		41,596
Total Non-Current Liabilities	3,351,037		3,569,558
TOTAL LIABILITIES	3,858,998		4,098,497
Stockholders’ Equity:
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 224,528,583 Issued and Outstanding at September 30, 2020; 186,642,962 Issued and Outstanding at December 31, 2019	2,249		1,870
Capital in Excess of Par Value	2,989,699		2,199,605
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding	—		—
Retained Earnings	1,290,498		1,971,676
Accumulated Other Comprehensive Loss	(12,270)		(12,605)
Total CNX Resources Stockholders’ Equity	4,270,176		4,160,546
Noncontrolling Interest	—		801,763
TOTAL STOCKHOLDERS' EQUITY	4,270,176		4,962,309
TOTAL LIABILITIES AND EQUITY	$	8,129,174	$	9,060,806

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

7

CNX RESOURCES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Dollars in thousands) (Unaudited)	Common Stock		Capital in Excess of Par Value		Retained Earnings (Deficit)		Accumulated Other Comprehensive Income (Loss)		Total CNX Resources Stockholders’ Equity		Non- Controlling Interest		Total Equity
June 30, 2020	$	1,878	$	2,261,729	$	1,495,197	$	(12,382)	$	3,746,422	$	820,532	$	4,566,954
Net (Loss) Income	—		—		(204,698)		—		(204,698)		15,905		(188,793)
Issuance of Common Stock	—		151		—		—		151		—		151
Shares Withheld for Taxes	—		—		(1)		—		(1)		—		(1)
Amortization of Stock-Based Compensation Awards	—		1,902		—		—		1,902		601		2,503
Equity Component of Convertible Senior Notes, net of Issuance Costs	—		10		—		—		10		—		10
Other Comprehensive Income	—		—		—		112		112		—		112
Distributions to CNXM Noncontrolling Interest Holders	—		—		—		—		—		(21,055)		(21,055)
CNXM Merger	371		725,907		—		—		726,278		(815,983)		(89,705)
September 30, 2020	$	2,249	$	2,989,699	$	1,290,498	$	(12,270)	$	4,270,176	$	—	$	4,270,176
(Dollars in thousands) (Unaudited)
June 30, 2019	$	1,879	$	2,203,969	$	2,127,627	$	(7,819)	$	4,325,656	$	774,339	$	5,099,995
Net Income	—		—		115,538		—		115,538		28,422		143,960
Issuance of Common Stock	1		48		—		—		49		—		49
Purchase and Retirement of Common Stock	(10)		(7,687)		—		—		(7,697)		—		(7,697)
Shares Withheld for Taxes	—		—		(61)		—		(61)		—		(61)
Amortization of Stock-Based Compensation Awards	—		1,453		—		—		1,453		328		1,781
Other Comprehensive Income	—		—		—		41		41		—		41
Distributions to CNXM Noncontrolling Interest Holders	—		—		—		—		—		(16,250)		(16,250)
September 30, 2019	$	1,870	$	2,197,783	$	2,243,104	$	(7,778)	$	4,434,979	$	786,839	$	5,221,818

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

8

CNX RESOURCES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Dollars in thousands)	Common Stock		Capital in Excess of Par Value		Retained Earnings (Deficit)		Accumulated Other Comprehensive Income (Loss)		Total CNX Resources Stockholders’ Equity		Non- Controlling Interest		Total Equity
December 31, 2019	$	1,870	$	2,199,605	$	1,971,676	$	(12,605)	$	4,160,546	$	801,763	$	4,962,309
(Unaudited)
Net (Loss) Income	—		—		(679,533)		—		(679,533)		55,031		(624,502)
Issuance of Common Stock	8		1,797		—		—		1,805		—		1,805
Shares Withheld for Taxes	—		—		(1,645)		—		(1,645)		(309)		(1,954)
Amortization of Stock-Based Compensation Awards	—		10,424		—		—		10,424		1,485		11,909
Equity Component of Convertible Senior Notes, net of Issuance Costs	—		78,317		—		—		78,317		—		78,317
Purchase of Capped Call	—		(26,351)		—		—		(26,351)		—		(26,351)
Other Comprehensive Income	—		—		—		335		335		—		335
Distributions to CNXM Noncontrolling Interest Holders	—		—		—		—		—		(41,987)		(41,987)
CNXM Merger	371		725,907		—		—		726,278		(815,983)		(89,705)
September 30, 2020	$	2,249	$	2,989,699	$	1,290,498	$	(12,270)	$	4,270,176	$	—	$	4,270,176
(Dollars in thousands)
December 31, 2018	$	1,990	$	2,264,063	$	2,071,809	$	(7,904)	$	4,329,958	$	751,785	$	5,081,743
(Unaudited)
Net Income	—		—		190,679		—		190,679		81,325		272,004
Issuance of Common Stock	9		202		—		—		211		—		211
Purchase and Retirement of Common Stock	(129)		(101,558)		(13,790)		—		(115,477)		—		(115,477)
Shares Withheld for Taxes	—		—		(5,594)		—		(5,594)		(690)		(6,284)
Amortization of Stock-Based Compensation Awards	—		35,076		—		—		35,076		1,481		36,557
Other Comprehensive Income	—		—		—		126		126		—		126
Distributions to CNXM Noncontrolling Interest Holders	—		—		—		—		—		(47,062)		(47,062)
September 30, 2019	$	1,870	$	2,197,783	$	2,243,104	$	(7,778)	$	4,434,979	$	786,839	$	5,221,818

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

9

CNX RESOURCES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)	Nine Months Ended
Dollars in Thousands	September 30,
Cash Flows from Operating Activities:	2020		2019
Net (Loss) Income	$	(624,502)	$	272,004
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	357,174		374,619
Amortization of Deferred Financing Costs	14,602		6,057
Impairment of Exploration and Production Properties	61,849		—
Impairment of Goodwill	473,045		—
Stock-Based Compensation	11,909		36,557
Gain on Asset Sales and Abandonments	(21,559)		(610)
(Gain) Loss on Debt Extinguishment	(10,812)		7,614
Loss (Gain) on Commodity Derivative Instruments	116,995		(240,118)
Loss on Other Derivative Instruments	14,389		—
Net Cash Received in Settlement of Commodity Derivative Instruments	383,727		26,331
Deferred Income Taxes	(186,707)		78,133
Equity in Loss (Earnings) of Affiliates	1,025		(1,703)
Return on Equity Investment	—		3,256
Changes in Operating Assets:
Accounts and Notes Receivable	64,843		154,715
Recoverable Income Taxes	61,781		138,406
Supplies Inventories	(3,106)		2,188
Prepaid Expenses	4,700		5,725
Changes in Other Assets	267		9
Changes in Operating Liabilities:
Accounts Payable	(29,641)		55,280
Accrued Interest	(13,967)		2,359
Other Operating Liabilities	(40,479)		(31,689)
Changes in Other Liabilities	(1,186)		(23,041)
Net Cash Provided by Operating Activities	634,347		866,092
Cash Flows from Investing Activities:
Capital Expenditures	(395,236)		(964,502)
Proceeds from Asset Sales	31,981		15,276
Net Cash Used in Investing Activities	(363,255)		(949,226)
Cash Flows from Financing Activities:
Payments on Miscellaneous Borrowings	(5,348)		(5,322)
Payments on Long-Term Notes	(518,865)		(405,876)
Net Proceeds from CNXM Revolving Credit Facility	31,250		162,000
Net (Payments on) Proceeds from CNX Revolving Credit Facility	(251,000)		1,200
Proceeds from Issuance of CNX Senior Notes	207,000		500,000
Net Proceeds from CSG Non-Revolving Credit Facilities	164,381		—
Proceeds from Issuance of Convertible Senior Notes	334,650		—
Purchase of Capped Call Related to Convertible Senior Notes	(35,673)		—
Distributions to CNXM Noncontrolling Interest Holders	(41,987)		(47,062)
Proceeds from Issuance of Common Stock	1,805		210
Shares Withheld for Taxes	(1,954)		(6,284)
Purchases of Common Stock	—		(117,477)
Debt Issuance and Financing Fees	(15,313)		(9,969)
Net Cash (Used in) Provided by Financing Activities	(131,054)		71,420
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	140,038		(11,714)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	16,283		17,198
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	156,321	$	5,484

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

10

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, 2020 are not necessarily indicative of the results that may be expected for future periods.

The Consolidated Balance Sheet at December 31, 2019 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, 2019 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 10, 2020.

On September 28, 2020, the Merger (as defined in Note 13 – Acquisitions and Dispositions) of CNX Midstream Partners LP (CNXM) was completed. Prior to the Merger, public unitholders held a 46.9% equity interest in CNXM and CNX owned the remaining 53.1% equity interest. The earnings of CNXM that were attributed to its common units held by the public prior to the Merger are reflected in net income attributable to noncontrolling interest in the Consolidated Statements of Income. There were no changes in our ownership interest in CNXM during the three and nine months ended September 30, 2019.

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

Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows:

	September 30,
	2020		2019
Cash and Cash Equivalents	$	150,132	$	5,484
Restricted Cash, Current Portion	733		—
Restricted Cash, Less Current Portion	5,456		—
Total Cash, Cash Equivalents, and Restricted Cash	$	156,321	$	5,484

Restricted Cash

Restricted cash consists of cash that the Company is contractually obligated to maintain in accordance with the terms of the Cardinal States Gathering LLC and CSG Holdings II LLC Credit Agreement, each dated March 13, 2020 (See Note 9 - Long-Term Debt for more information).

Receivables

On January 1, 2020, CNX adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which 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 is 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. CNX adopted Topic 326 using the prospective transition method.

Prior to adopting Topic 326, CNX reserved for specific accounts receivable when it was probable that all or a part of an outstanding balance would not be collected, such as customer bankruptcies. Collectability was determined based on terms of sale, credit status of customers and various other circumstances. CNX regularly reviewed collectability and established or adjusted the allowance as necessary using the specific identification method. Account balances were charged off against the

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allowance after all means of collection had been exhausted and the potential for recovery was considered remote. Reserves for uncollectable amounts were not material in the periods presented.

Under Topic 326, management records an allowance for credit losses related to the collectability of third-party customers' receivables using the historical aging of the customer receivable balance. The collectability is determined based on past events, including historical experience, customer credit rating, as well as current market conditions. CNX monitors customer ratings and collectability on an on-going basis. Account balances will be charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

As of September 30, 2020 and December 31, 2019, Accounts Receivable - Trade were $76,007 and $133,480, respectively, and Other Receivables were $9,167 and $16,142, respectively. The following represents the rollforward of the allowance for credit losses for the nine months ended:

	September 30,
	2020		2019
Allowance for Credit Losses - Trade, Beginning of Year	$	—	$	—
Provision for Expected Credit Losses	78		—
Allowance for Credit Losses - Trade, End of Period	$	78	$	—
Allowance for Credit Losses - Other Receivables, Beginning of Year	$	2,463	$	2,038
Provision for Expected Credit Losses	2,974		389
Write-off of Uncollectible Accounts	(923)		(77)
Allowance for Credit Losses - Other Receivables, End of Period	$	4,514	$	2,350

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 is computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include, if dilutive, additional shares from stock options, performance stock options, restricted stock units, performance share units, and shares issuable upon conversion of CNX's outstanding Convertible Notes (See Note 9 - Long-Term Debt). 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.

Pursuant to the Merger (See Note 13 - Acquisitions and Dispositions for more information), all outstanding phantom units previously granted under the CNXM long-term incentive plan were converted into the right to receive 0.88 shares of common stock of CNX. As such, all outstanding phantom units were converted, effective as of the closing of the Merger, into CNX restricted stock units. Each CNX restricted stock unit will be subject to the same vesting, forfeiture and other terms and conditions applicable to the converted CNXM phantom units. Under Accounting Standards Codification Topic 718, Compensation - Stock Compensation, it was determined that there was no additional compensation cost to record as the conversion of awards did not result in incremental fair value.

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,
	2020	2019	2020	2019
Anti-Dilutive Options	4,237,319	2,035,273	4,237,319	2,035,273
Anti-Dilutive Restricted Stock Units	2,180,548	814,183	2,180,548	813,266
Anti-Dilutive Performance Share Units	780,335	—	780,335	—
Anti-Dilutive Performance Stock Options	—	927,268	—	927,268
	7,198,202	3,776,724	7,198,202	3,775,807

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Additionally, the 32,242,975 shares underlying the Convertible Notes are not considered in the calculation of diluted net loss per share for the three and nine months ended September 30, 2020 as these Convertible Notes were not convertible as of September 30, 2020. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election, and therefore will use the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable.

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,
	2020	2019	2020	2019
Options	21,864	6,953	261,703	27,794
Restricted Stock Units	21,186	28,769	525,226	1,002,003
Performance Share Units	—	—	274,716	342,882
	43,050	35,722	1,061,645	1,372,679

Pursuant to the terms of the change in control severance agreements of certain CNX employees and CNX officers, outstanding equity awards held by such employees and officers 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 the 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 and officers 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 restricted stock unit and performance share unit awards that were issued during 2019. 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 (loss) earnings per share are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net (Loss) Income	$	(188,793)	$	143,960	$	(624,502)	$	272,004
Less: Net Income Attributable to Non-Controlling Interest	15,905		28,422		55,031		81,325
Net (Loss) Income Attributable to CNX Resources Shareholders	$	(204,698)	$	115,538	$	(679,533)	$	190,679
Weighted-Average Shares of Common Stock Outstanding	198,727,472		187,448,749		191,015,680		188,012,044
Effect of Diluted Shares*	—		982,210		—		1,548,899
Weighted-Average Diluted Shares of Common Stock Outstanding	198,727,472		188,430,959		191,015,680		189,560,943
(Loss) Earnings per Share:
Basic	$	(1.03)	$	0.62	$	(3.56)	$	1.01
Diluted	$	(1.03)	$	0.61	$	(3.56)	$	1.01

*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive.

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NOTE 3—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, NGL 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, NGL 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, NGL 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.

Included in Other Revenue and Operating Income in the Consolidated Statements of Income and in the below table, are revenues generated from natural gas gathering services provided to third-parties. 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,
	2020		2019		2020		2019
Revenue from Contracts with Customers
Natural Gas Revenue	$	163,054	$	245,815	$	561,162	$	966,574
NGL Revenue	15,053		18,305		40,691		72,095
Oil/Condensate Revenue	4,106		931		7,630		5,193
Total Natural Gas, NGL and Oil Revenue	182,213		265,051		609,483		1,043,862
Purchased Gas Revenue	31,541		29,192		78,324		64,181
Other Sources of Revenue and Other Operating Income
(Loss) Gain on Commodity Derivative Instruments	(168,834)		213,913		(116,995)		240,118
Other Revenue and Operating Income	21,155		21,841		60,463		65,299
Total Revenue and Other Operating Income	$	66,075	$	529,997	$	631,275	$	1,413,460

The disaggregated revenue corresponds with the Company’s segment reporting found in Note 14 - 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 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 $133,480 and $75,929, respectively, as of September 30, 2020.

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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, NGL 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 $127,887 as of September 30, 2020. The Company expects to recognize net revenue of $50,125 in the next 12 months and $41,379 over the following 12 months, with the remainder recognized thereafter.

For revenue associated with CNX's 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 amounts 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, 2020 and 2019, revenue recognized in the current reporting period related to performance obligations satisfied in a prior reporting period was not material.

NOTE 4—INCOME TAXES:

The effective tax rates for the three and nine months ended September 30, 2020 were 24.5% and 28.0%, respectively. The effective tax rates for the three and nine months ended September 30, 2019 were 25.4% and 22.3%, respectively. The effective tax rates for the three and nine months ended September 30, 2020 and 2019 differ from the U.S. federal statutory rate of 21% primarily due to the impact of noncontrolling interest, equity compensation and state taxes.

Effective September 28, 2020, CNXM merged with a wholly-owned subsidiary of CNX with CNXM surviving as a wholly-owned subsidiary (See Note 13 - Acquisitions and Dispositions for more information). The tax effects of the Merger were reported as an adjustment to deferred income taxes and capital in excess of par value.

On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (the "Act") which, among other things, removed the 80% taxable income limitation for utilization of net operating losses generated in tax years 2018 through 2020, allowing for 5-year net operating loss carrybacks, increased the adjusted taxable income limitation for the disallowance of interest expense from 30% to 50%, and provided for refunds of any remaining alternative minimum tax (“AMT”) credits. As a result of the Act, the Company recorded AMT refunds of $102,482 in Recoverable Income Taxes in the Consolidated Balance Sheets in anticipation of the AMT refund being received in 2020. The Company received the AMT tax refund in the third quarter of 2020. The impact of other tax implications of the Act on the financial statements and related disclosures are immaterial.

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In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12 - Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This ASU removes the following exceptions: (1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this ASU also improve consistency and simplify other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this ASU will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company early adopted ASU 2019-12 as of January 1, 2020.

The total amount of uncertain tax positions at September 30, 2020 and December 31, 2019 was $33,243 and $31,516, respectively. If these uncertain tax positions were recognized, approximately $33,243 would affect CNX's effective tax rate at September 30, 2020 and December 31, 2019. The increase in the unrecognized tax benefits during the nine months ended September 30, 2020 was due to additional tax credits claimed on the 2019 federal income tax return.

CNX recognizes accrued interest and penalties related to uncertain tax positions in interest expense and income tax expense, respectively. As of September 30, 2020 and December 31, 2019, CNX had no accrued liabilities for interest and penalties related to uncertain tax positions.

CNX and its subsidiaries file federal income tax returns with the United States and tax returns within various states. 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 Internal Revenue Service and the Joint Committee on Taxation concluded its review of tax years 2016 through 2017 during the third quarter of 2020.

NOTE 5—PROPERTY, PLANT AND EQUIPMENT:

	September 30, 2020		December 31, 2019
Intangible Drilling Cost	$	4,900,667	$	4,688,497
Gas Gathering Equipment	2,505,267		2,463,866
Proved Gas Properties	1,214,416		1,208,046
Gas Wells and Related Equipment	1,102,366		1,042,000
Unproved Gas Properties	765,008		755,590
Surface Land and Other Equipment	222,732		226,285
Other	194,381		187,722
Total Property, Plant and Equipment	10,904,837		10,572,006
Less: Accumulated Depreciation, Depletion and Amortization	3,841,699		3,435,431
Total Property, Plant and Equipment - Net	$	7,063,138	$	7,136,575

Impairment of Proved Property

CNX performs a quantitative impairment test whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable, over proved properties using the published forward prices, timing, methods and other assumptions consistent with historical periods. When indicators of impairment are present, tests require that the Company first compare expected future undiscounted cash flows by asset group to their respective carrying values. If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the natural gas properties to their estimated fair values is required, which is determined based on discounted cash flow techniques using significant assumptions including projected revenues, future commodity prices, and a market-specific weighted average cost of capital which are affected by expectations about future market and economic conditions.

During the nine months ended September 30, 2020, CNX recognized certain indicators of impairment specific to our Southwest Pennsylvania (SWPA) coalbed methane (CBM) asset group and determined that the carrying value of that asset group was not recoverable. The fair value of the asset group was estimated by using level 3 inputs which consisted of discounting the estimated future cash flows using discount rates and other assumptions that market participants would use in their estimates of fair value. As a result, an impairment of $61,849 was recognized and is included in Impairment of

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Exploration and Production Properties in the Consolidated Statements of Income. The impairment was related to an economic decision to temporarily idle certain wells and the related processing facility during the first quarter.

NOTE 6—GOODWILL AND OTHER INTANGIBLE ASSETS:

In December 2017, CNX Gas entered into a purchase agreement with Noble Energy, pursuant to which CNX Gas acquired Noble’s 50% membership interest in CNX Gathering (then named "CONE Gathering LLC"), for a cash purchase price of $305,000 (the "Midstream Acquisition"). 

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 control over the Partnership. Accordingly, the Midstream Acquisition was 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. The fair value assigned to the previously held equity interest in CNX Gathering and CNXM was $799,033 and was determined using the income approach, based on a discounted cash flow methodology.

As part of the allocation of purchase price and in connection with the fair value of consideration transferred at closing on January 3, 2018, CNX recorded $796,359 of goodwill and $128,781 of other intangible assets which are comprised of customer relationships.

Impairment of Goodwill

All goodwill is attributed to the Midstream reporting unit within the Shale segment. Goodwill is evaluated for impairment at least annually and whenever events or changes in circumstance indicate that the fair value of a reporting unit is less than its carrying amount. In connection with the evaluation of goodwill for impairment, CNX may first consider qualitative factors to assess whether there are indicators that it is more likely than not that the fair value of a reporting unit may not exceed its carrying amount. If after assessing such factors or circumstances, CNX determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then a quantitative assessment is not required. If CNX chooses to bypass the qualitative assessment, or if it chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then CNX will perform a quantitative assessment. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. The Company uses a combination of the income approach (generally a discounted cash flow method) and market approach (which may include the guideline public company method and/or the guideline transaction method) to estimate the fair value of a reporting unit.

During the first quarter of 2020, the Company identified indicators of impairment in the form of deteriorating macroeconomic conditions, and the decline in the observable market value of CNXM securities both in relation to the COVID-19 pandemic and the overall decline in the MLP market space. Management concluded that these factors presented indications that the fair value of the Midstream reporting unit was more likely than not below the reporting unit’s carrying value. CNX bypassed the qualitative assessment and performed a quantitative test that utilized a combination of the income and market approaches as described above to estimate the fair value of the Midstream reporting unit. As a result of this assessment, CNX concluded that the carrying value exceeded its estimated fair value, and a corresponding impairment of $473,045 was recorded, which was included in Impairment of Goodwill in the accompanying Consolidated Statements of Income. Any additional adverse changes in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that could trigger future impairment charges.

In estimating the fair value of the Midstream reporting unit, the Company used the income approach’s discounted cash flow method, which applies significant inputs not observable in the public market (Level 3), including estimates and assumptions related to the use of an appropriate discount rate, future throughput volumes, operating costs and capital spending, discounted to present value using an industry rate adjusted for company-specific risk, which management feels reflects the overall level of inherent risk of the reporting unit. These assumptions are affected by expectations about future market, industry and economic conditions. Cash flow projections were derived from board approved budgeted amounts, a five-year operating forecast and an estimate of future cash flows. Subsequent cash flows were developed using growth or contraction rates that management believes are reasonably likely to occur. The Company used the market approach’s comparable company method. The comparable company method evaluates the value of a company using metrics of other businesses of similar size and industry.

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The estimates of future cash flows are subjective in nature and are subject to impacts from business risks as described in “Item 1A. Risk Factors” in CNX's 2019 Annual Report on Form 10-K as filed with the SEC on February 10, 2020 ("2019 Form 10-K"). The fair value estimation process requires considerable judgment and determining the fair value is sensitive to changes in assumptions impacting management’s estimates of future financial results. Although CNX believes the estimates and assumptions used in estimating the fair value are reasonable and appropriate, different assumptions and estimates could materially impact the estimated fair value. Future results could differ from our current estimates and assumptions.

Changes in the carrying amount of goodwill consist of the following activity:

	Amount
December 31, 2019	$	796,359
Impairment	473,045
September 30, 2020	$	323,314

Other Intangible Assets

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

	September 30, 2020		December 31, 2019
Other Intangible Assets
Gross Amortizable Asset - Customer Relationships	$	109,752	$	109,752
Less: Accumulated Amortization - Customer Relationships	18,019		13,105
Total Other Intangible Assets, net	$	91,733	$	96,647

The customer relationship intangible asset is being amortized on a straight-line basis over approximately 17 years. Amortization expense related to other intangible assets was $1,638 for the three months ended September 30, 2020 and 2019, and $4,914 for the nine months ended September 30, 2020 and 2019. The estimated annual amortization expense is expected to approximate $6,552 per year for each of the next five years.

NOTE 7—REVOLVING CREDIT FACILITIES:

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 commitments to $3,000,000. 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. In April 2020, as part of the semi-annual borrowing base redetermination, both the lenders' commitments and borrowing base decreased to $1,900,000, and the $650,000 letters of credit aggregate sub-limit remained unchanged. The amount of balance sheet cash that CNX may have on hand is also limited to $150,000 when loans under the credit agreement are outstanding, subject to certain exceptions. 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 2020, as part of the semi-annual borrowing base redetermination, the lenders' reaffirmed CNX's $1,900,000 borrowing base.

Under the terms of the 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 0.75% to 1.75%; or

•the LIBOR rate, which is the LIBOR rate plus a margin ranging from 1.75% to 2.75%.

The CNX Credit Facility is secured by substantially all of the assets of CNX and certain of its subsidiaries (excluding the certain excluded subsidiaries, which includes Cardinal States Gathering LLC, CNX Midstream GP LLC and CNXM, and their respective subsidiaries). Fees and interest rate spreads are based on the percentage of facility utilization, measured quarterly.

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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 or amend the senior unsecured notes. The Company must also mortgage 85% of the value of its proved reserves and 85% 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, 2020.

At September 30, 2020, the CNX Credit Facility had $410,000 of borrowings outstanding and $185,272 of letters of credit outstanding, leaving $1,304,728 of unused capacity. At December 31, 2019, the CNX Credit Facility had $661,000 of borrowings outstanding and $204,726 of letters of credit outstanding, leaving $1,234,274 of unused capacity.

CNX Midstream Partners LP (CNXM)

CNXM’s revolving credit facility was not impacted by the Merger (See Note 13- Acquisitions and Dispositions).

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.

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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 6.50% Senior Notes due March 2026 (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, 2020.

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 CNXM revolving credit facility.

At September 30, 2020, the CNXM credit facility had $343,000 of borrowings outstanding and $30 of letters of credit outstanding, leaving $256,970 of unused capacity. At December 31, 2019, the CNXM credit facility had $311,750 of borrowings outstanding, leaving $288,250 of unused capacity.

NOTE 8—OTHER ACCRUED LIABILITIES:

	September 30, 2020		December 31, 2019
Royalties	$	53,343	$	74,061
Transportation Charges	19,556		16,533
Accrued Interest	16,896		30,862
Accrued Other Taxes	9,681		9,115
Deferred Revenue	8,934		13,964
Short-Term Incentive Compensation	7,785		21,030
Accrued Payroll & Benefits	6,082		6,248
Other	35,471		37,610
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	5,076		5,076
Salary Retirement	1,649		1,587
Total Other Accrued Liabilities	$	164,473	$	216,086

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NOTE 9—LONG-TERM DEBT:

	September 30, 2020		December 31, 2019
Senior Notes due March 2027 at 7.25% (Principal of $700,000 and $500,000 plus Unamortized Premium of $6,955 at September 30, 2020)	$	706,955	$	500,000
CNX Revolving Credit Facility	410,000		661,000
CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,062 and $4,625, respectively)*	395,938		395,375
Senior Notes due April 2022 at 5.875% (Principal of $363,348 and $894,307 plus Unamortized Premium of $276 and $1,001, respectively)	363,624		895,308
CNX Midstream Partners LP Revolving Credit Facility*	343,000		311,750
Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $111,621)	233,379		—
Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $118,776 less Unamortized Discount of $1,165)	117,611		—
CSG Holdings II LLC Credit Facility maturing in December 2026 (Principal of $47,355 less Unamortized Discount of $460)	46,895		—
Less: Unamortized Debt Issuance Costs	16,940		8,990
	2,600,462		2,754,443
Less: Amounts Due in One Year	22,488		—
Long-Term Debt	$	2,577,974	$	2,754,443

*CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility.

CNXM’s revolving credit facility and the CNXM Senior Notes were not impacted by the Merger (See Note 13 - Acquisitions and Dispositions).

During the three and nine months ended September 30, 2020, CNX completed a private offering of $200,000 of 7.25% senior notes due in March 2027 plus $7,000 of unamortized bond premium. The notes are guaranteed by most of CNX's subsidiaries but do not include CNXM's general partner or CNXM.

During the three and nine months ended September 30, 2020, CNX purchased and retired $50,000 and $530,959, respectively, of its outstanding 5.875% senior notes due in April 2022. As part of these transactions, a loss of $108 and a gain of $10,812 were included in Loss (Gain) on Debt Extinguishment in the Consolidated Statements of Income during the three and nine months ended September 30, 2020, respectively. During the nine months ended September 30, 2019, CNX purchased and retired $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 (Gain) on Debt Extinguishment in the Consolidated Statements of Income.

In April 2020, CNX issued $345,000 in aggregate principal amount of 2.25% convertible senior notes due May 2026 (the "Convertible Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including $45,000 aggregate principal amount of Convertible Notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional Convertible Notes. The Convertible Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The Convertible Notes bear interest at a fixed rate of 2.25% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2020. Proceeds from the issuance of the Convertible Notes totaled $334,650, net of initial purchaser discounts and issuance costs.

The initial conversion rate is 77.8816 shares of CNX's common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $12.84 per share, subject to adjustment upon the occurrence of specified events. The Convertible Notes will mature on May 1, 2026, unless earlier repurchased, redeemed or converted. Before February 1, 2026, note holders will have the right to convert their Convertible Notes only upon the occurrence of the following events:

•during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on June 30, 2020, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter.

•during the five (5) consecutive Business Days immediately after any ten (10) consecutive trading day period (such ten (10) consecutive Trading Day period, the “Measurement Period”) if the trading Price per $1,000 principal amount of

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Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each trading day of the Measurement Period was less than ninety eight percent (98%) of the product of the last reported sale price per share of common stock on such trading day and the conversion rate on such trading day.

•if we call any or all of the Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

•upon the occurrence of certain specified corporate events as set forth in the indenture governing the Convertible Notes.

From and after February 1, 2026, note holders may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date.

Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the indenture governing the Convertible Notes. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the indenture governing the Convertible Notes. In addition, following certain corporate events, as described in the indenture governing the Convertible Notes, that occur prior to the maturity date, the Company will increase the conversion rate, in certain circumstances, for a holder who elects to convert its Convertible Notes in connection with such a corporate event.

The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The Company’s current intent is to settle the principal amount of the Convertible Notes in cash upon conversion.

If certain corporate events that constitute a “Fundamental Change” (as defined in the indenture governing the Convertible Notes) occur, then noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock. During the three and nine months ended September 30, 2020, the conditions allowing holders of the Convertible Notes to exercise their conversion right were not met and as of September 30, 2020, the notes were not convertible. The Convertible Notes are therefore classified as long-term debt at September 30, 2020.

In accounting for the transaction, the Convertible Notes were separated into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated conversion feature. The fair value was based on market data available for publicly traded, senior, unsecured corporate bonds with similar maturity, which represent Level 2 observable inputs. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the principal value of the Convertible Notes and was recorded in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and is not remeasured as long as it continues to meet the conditions for equity classification. The equity component is not remeasured as long as it continues to meet the condition for equity classification. The excess of the principal amount of the Convertible Notes over the liability component and the debt issuance costs are amortized to interest expense over the contractual term of the Convertible Notes using the effective interest method.

In accounting for the debt issuance costs of $10,350 related to the Convertible Notes, the Company allocated the total amount incurred to the liability and equity components using the same proportions as the proceeds of the Convertible Notes. Issuance costs attributable to the liability component were $7,024 and will be amortized to interest expense using the effective interest method over the contractual term of the Convertible Notes. Issuance costs attributable to the equity component were $3,326 and were netted with the equity component in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and are not subject to amortization.

As of September 30, 2020, the if-converted value of the Convertible Notes did not exceed the outstanding principal amount.

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The net carrying amount of the liability and equity components of the Convertible Notes was as follows:

	September 30, 2020
Liability Component:
Principal	$	345,000
Unamortized Discount	(105,004)
Unamortized Issuance Costs	(6,617)
Net Carrying Amount	$	233,379
Equity Component, net of Purchase Discounts and Issuance Costs	$	78,317

Interest expense related to the Convertible Notes is as follows:

	For the Three Months Ended		For the Nine Months Ended
	September 30, 2020		September 30, 2020
Contractual Interest Expense	$	1,941	$	3,234
Amortization of Debt Discount	3,554		5,879
Amortization of Issuance Costs	245		407
Total Interest Expense	$	5,740	$	9,520

In connection with the offering of the Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties, (the “Capped Calls”). The Capped Calls each have an initial strike price of $12.84 per share, subject to certain adjustments, which correspond to the initial conversion price of the Convertible Notes. The Capped Calls have an initial cap price of $18.19 per share, subject to certain adjustments. The Capped Calls cover, subject to anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that initially underlie the Convertible Notes, and are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. The conditions that cause adjustments to the initial strike price of the Capped Calls mirror the conditions that result in corresponding adjustments for the Convertible Notes. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Convertible Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $35,673 incurred in connection with the Capped Calls was recorded as a reduction to Capital in Excess of Par Value. The impact of the Capped Calls related to stockholders’ equity has been included in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and includes taxes in the amount of $9,322, for a net impact of $26,351.

During the nine months ended September 30, 2020, CNX's wholly-owned subsidiary Cardinal States Gathering Company LLC ("Cardinal States") entered into a $125,000 non-revolving credit facility agreement (the "Cardinal States Facility"). The Cardinal States Facility matures in 2028, has an interest rate of 3-month LIBOR + 475 basis points and includes an excess cash flow sweep in an amount required to achieve a quarterly targeted debt balance. The facility is secured by substantially all of the Cardinal States assets, requires a minimum level of hedging of the variable interest rate exposure and is non-recourse to CNX.

Additionally, during the nine months ended September 30, 2020, CNX's wholly-owned subsidiary CSG Holdings II LLC (CSG Holdings) entered into a $50,000 non-revolving credit facility agreement (the "CSG Holdings Facility"). The CSG Holdings Facility matures in 2026, has interest rate of 3-month LIBOR + 675 basis points and includes a full excess cash sweep. The facility is secured by substantially all of the CSG Holding assets, requires a minimum level of hedging of the variable interest rate exposure and is non-recourse to CNX.

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.

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NOTE 10—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.

The 1992 Coal Industry Retiree Health Benefit Act (“Coal Act”), in Section 9711, requires coal companies that were providing health benefits to United Mine Workers of America (“UMWA”) retirees as of February 1993 to continue providing health benefits to such individuals, in substantially the same coverages, for as long as the last signatory operator remains in business. Section 9711 also requires any “related person” to be joint and severally liable for the provision of these health benefits. On May 1, 2020, the court in the Murray Energy Corporation (“Murray”) bankruptcy proceedings approved a settlement agreement between Murray and the UMWA that transferred to the UMWA 1992 Benefit Plan the Coal Act liabilities for retirees in Murray’s Section 9711 plan. The retirees transferred by Murray to the 1992 Benefit Plan include approximately 2,159 retirees allegedly traced to the December 2013 sale by CONSOL Energy Inc. to Murray Energy of the following possible last signatory operators: Consolidation Coal Company, McElroy Coal Company, Southern Ohio Coal Company, Central Ohio Coal Company, Keystone Coal Mining Corp., and Eight-Four Coal Mining Company (the “Sold Subsidiaries”). On May 2, 2020, the Trustees of the UMWA 1992 Benefit Plan sued CNX and CONSOL Energy Inc. (“CONSOL”) in federal court contending that the Sold Subsidiaries were last signatory operators and that CNX and CONSOL are related persons to the Sold Subsidiaries and, as such, CNX and CONSOL are jointly and severally liable for the Coal Act health benefits allegedly owed to the eligible retirees traced to the Sold Subsidiaries. The 1992 Plan seeks, among other relief, a declaration that CNX and CONSOL are obligated to enroll the eligible retirees attributed to the Sold Subsidiaries in a Section 9711 Plan; that CNX and CONSOL are liable to post the security required by Section 9712; and, that CNX and CONSOL are liable to pay per beneficiary premiums until the eligible retirees are enrolled in a Section 9711 plan, and other fees, costs and disbursements under the Coal Act. We disagree with the suit filed by the UMWA 1992 Plan, have filed a Motion to Dismiss and intend to defend this action. Further, under the Separation and Distribution Agreement that was entered into at the time we spun-out our coal business in 2017, CONSOL agreed to indemnify CNX for all coal-related liabilities, including this lawsuit. With respect to this matter although a loss is possible, it is not probable, and accordingly no accrual has been recognized.

At September 30, 2020, 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	$	178,352	$	178,352	$	—	$	—	$	—
Other	6,950		6,950		—		—		—
Total Letters of Credit	185,302		185,302		—		—		—
Surety Bonds:
Employee-Related	2,600		1,500		1,100		—		—
Environmental	12,312		10,717		1,595		—		—
Financial Guarantees	81,670		26,400		55,270		—		—
Other	9,285		8,594		691		—		—
Total Surety Bonds	105,867		47,211		58,656		—		—
Total Commitments	$	291,169	$	232,513	$	58,656	$	—	$	—

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Excluded from the above table are commitments and guarantees entered into in conjunction with the spin-off of the Company's coal business in November 2017. Although CONSOL 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 will satisfy its obligations to indemnify CNX in the event that CNX is so called upon (See “Item 1A. Risk Factors” in CNX's 2019 Annual Report on Form 10-K as filed with the SEC on February 10, 2020 ("2019 Form 10-K") and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 for additional information).

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, 2020, the purchase obligations for each of the next five years and beyond are as follows:

Obligations Due	Amount
Less than 1 year	$	242,786
1 - 3 years	429,062
3 - 5 years	369,444
More than 5 years	930,189
Total Purchase Obligations	$	1,971,481

NOTE 11—DERIVATIVE INSTRUMENTS:

CNX enters into interest rate swap agreements to manage its exposure to interest rate volatility. These swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. The change in fair value of the interest rate swap agreements are accounted for on a mark-to-market basis with the changes in fair value recorded in current period earnings.

In March 2020, CNX entered into interest rate swaps related to $175,000 of borrowings under the Cardinal States Facility and CSG Holdings Facility (See Note 9 - Long-Term Debt). In order to manage exposure to interest rate volatility, each respective entity entered into an interest rate swap for the full outstanding principal amounts inclusive of a put option at 25 basis points. The underlying notional for each swap and put option reduces over time based upon an expected amortization profile for each respective credit facility. In addition, CSG Holdings entered into a call option commencing March 31, 2023.

In June 2019, CNX entered into an interest rate swap agreement related to $160,000 of borrowings under CNX’s Credit Facility (See Note 7 - Revolving Credit Facilities) which has the economic effect of modifying the variable-interest obligation into a fixed-interest obligation over a three-year period. In March 2020, this swap was blended and extended via a new interest rate swap, effective April 3, 2020, into a new four-year interest rate swap inclusive of a put option at zero basis points. Also executed in March 2020 was a new four-year $250,000 interest rate swap inclusive of a put option at zero basis points, effective April 3, 2020. Consistent with the previous interest rate swap agreement, the $250,000 interest rate swap was entered into to manage CNX's exposure to interest rate volatility.

CNX enters into financial derivative instruments (over-the-counter swaps) to manage its exposure to commodity price volatility. Typically, CNX “sells” swaps under which it receives a fixed price from counterparties and pays a floating market price. During the second quarter of 2020, CNX purchased, rather than sold, financial swaps for the period May through November of 2020 under which CNX will pay a fixed price to and receive a floating price from its hedge counterparties. Swaps purchased have the effect of reducing total hedged volumes for the period of the swap. 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.

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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 CNX's derivative instruments were as follows:

	September 30,			December 31,		Forecasted to
	2020			2019		Settle Through
Natural Gas Commodity Swaps (Bcf)	1,280.9		*	1,460.6		2025
Natural Gas Basis Swaps (Bcf)	1,311.8		*	1,290.4		2025
Interest Rate Swaps	$	575,625		$	160,000	2028

*Net of purchased natural gas commodity swaps and natural gas basis swaps of 5.7 Bcf and 3.8 Bcf, respectively.

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

	September 30,		December 31,
	2020		2019
Current Assets:
Commodity Derivative Instruments:
Commodity Swaps	$	39,263	$	234,238
Basis Only Swaps	38,201		13,556
Interest Rate Swaps	144		—
Total Current Assets	$	77,608	$	247,794
Other Non-Current Assets:
Commodity Derivative Instruments:
Commodity Swaps	$	118,210	$	288,543
Basis Only Swaps	41,060		25,553
Interest Rate Swaps	828		—
Total Other Non-Current Assets	$	160,098	$	314,096
Current Liabilities:
Commodity Derivative Instruments:
Commodity Swaps	$	103,297	$	345
Basis Only Swaps	36,878		40,626
Interest Rate Swaps	4,370		495
Total Current Liabilities	$	144,545	$	41,466
Non-Current Liabilities:
Commodity Derivative Instruments:
Commodity Swaps	$	92,125	$	9,693
Basis Only Swaps	99,373		105,445
Interest Rate Swaps	12,211		724
Total Non-Current Liabilities	$	203,709	$	115,862

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The effect of commodity 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,
	2020		2019		2020		2019
Cash Received (Paid) in Settlement of Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	$	72,062	$	61,441	$	382,891	$	53,058
Basis Swaps	18,248		(4,400)		836		(26,727)
Total Cash Received in Settlement of Commodity Derivative Instruments	90,310		57,041		383,727		26,331
Unrealized (Loss) Gain on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	(369,121)		126,617		(550,694)		302,701
Basis Swaps	109,977		30,255		49,972		(88,914)
Total Unrealized (Loss) Gain on Commodity Derivative Instruments	(259,144)		156,872		(500,722)		213,787
(Loss) Gain on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	(297,059)		188,058		(167,803)		355,759
Basis Swaps	128,225		25,855		50,808		(115,641)
Total (Loss) Gain on Commodity Derivative Instruments	$	(168,834)	$	213,913	$	(116,995)	$	240,118

The effect of interest rate swaps on Interest Expense in the Company's Consolidated Statements of Income was as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Cash (Paid) Received in Settlement of Interest Rate Swaps	$	(1,257)	$	195	$	(1,850)	$	195
Unrealized Loss on Interest Rate Swaps	(152)		(713)		(14,389)		(1,774)
Loss on Interest Rate Swaps	$	(1,409)	$	(518)	$	(16,239)	$	(1,579)

Cash (Paid) Received in Settlement of Commodity Derivative Instruments for the nine months ended September 30, 2020 includes $54,982 related to the monetization of certain NYMEX commodity swaps. The monetization resulted from reducing the contract swap prices of certain 2022, 2023 and 2024 NYMEX natural gas swap contracts. The notional quantities of the contracts were not changed by this monetization. In addition, Cash (Paid) Received in Settlement of Commodity Derivative Instruments for the nine months ended September 30, 2020 includes $5,851 related to the monetization and termination of approximately 8 million MMBtus of NYMEX natural gas hedges and a similar quantity of financial basis hedges that were to settle at various times from October through November of 2020. Net proceeds received from the monetizations are classified as operating cash flows in the Consolidated Statements of Cash Flows.

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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NOTE 12—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, 2020						Fair Value Measurements at December 31, 2019
Description	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Gas Derivatives	$	—	$	(94,939)	$	—	$	—	$	405,781	$	—
Interest Rate Swaps	$	—	$	(15,609)	$	—	$	—	$	(1,219)	$	—

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

	September 30, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and Cash Equivalents	$	150,132	$	150,132	$	16,283	$	16,283
Long-Term Debt (Excluding Debt Issuance Costs)	$	2,617,402	$	2,723,756	$	2,763,433	$	2,619,676

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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NOTE 13—ACQUISITIONS AND DISPOSITIONS:

On July 26, 2020, CNX entered into an Agreement and Plan of Merger (the “Merger Agreement”) with CNXM, CNX Midstream GP LLC (the “General Partner”) and CNX Resources Holding LLC., a wholly owned subsidiary of CNX (“Merger Sub”), pursuant to which Merger Sub merged with and into CNXM with CNXM surviving as an indirect wholly owned subsidiary of CNX (the “Merger”). On September 28, 2020, the Merger was completed and CNX issued 37,054,223 shares of common stock to acquire the 42,107,071 common units of CNXM not owned by CNX prior to the Merger at a fixed exchange ratio of 0.88 shares of CNX common stock for each CNXM common unit, for total implied consideration of $384,623. As a result of the Merger, CNXM’s common units are no longer publicly traded.

Except for the Class B units of CNXM, which were automatically canceled immediately prior to the effective time of the Merger for no consideration in accordance with CNXM’s partnership agreement, the interests in CNXM owned by CNX and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner will continue to own the non-economic general partner interest in the surviving entity.

As CNX controlled CNXM prior to the Merger and continues to control CNXM after the Merger, CNX accounted for the change in our ownership interest in CNXM as an equity transaction which was reflected as a reduction of noncontrolling interest with corresponding increases to common stock and capital in excess of par value. No gain or loss was recognized in our condensed consolidated statements of operations as a result of the Merger.

The tax effects of the Merger were reported as adjustments to deferred income taxes and capital in excess of par value.

Prior to the effective time of the Merger on September 28, 2020, public unitholders held a 46.9% equity interest in CNXM and CNX owned the remaining 53.1% equity interest. The earnings of CNXM that were attributed to its common units held by the public prior to the Merger are reflected in Net Income Attributable to Noncontrolling Interest in the Consolidated Statements of Income. There were no changes in our ownership interest in CNXM during the three and nine months ended September 30, 2019.

CNXM’s revolving credit facility (See Note 7 - Revolving Credit Facility) and the CNXM Senior Notes (See Note 9 - Long-Term Debt) were not impacted by the Merger.

We incurred $4,717 and $4,737 of transaction costs directly attributable to the Merger during the three and nine months ended September 30, 2020, respectively, including financial advisory, legal service and other professional fees, which were recorded to Other Expense in the Consolidated Statements of Income.

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NOTE 14—SEGMENT INFORMATION:

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments.

The Company evaluates the performance of its reportable segments based on total revenue and other operating income, and operating expenses directly attributable to that segment. Certain expenses are managed outside the reportable segments and therefore are not allocated. These expenses include, but are not limited to, interest expense, impairment of exploration and production properties, impairment of goodwill and other corporate expenses such as selling, general and administrative costs.

CNX's principal activity is to produce pipeline quality natural gas for sale primarily to gas wholesalers and the Company has two reportable segments that conducts those operations: Shale and Coalbed Methane. The Other Segment includes nominal shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, realized gain on commodity derivative instruments that were monetized prior to their settlement dates, exploration and production related other costs, impairments of exploration and production properties, as well as various other expenses that are managed outside the reportable segments as discussed above. Operating profit for each segment is based on sales less identifiable operating and non-operating expenses.

Prior to the Merger of CNXM that occurred in September 2020 (See Note 13 - Acquisitions and Dispositions), CNX consisted of two principal business divisions: Exploration and Production (E&P) and Midstream. The E&P Division included four reportable segments, Marcellus Shale, Utica Shale, Coalbed Methane, and Other Gas. Certain reclassifications of 2019 segment information have been made to conform to the 2020 presentation.

Industry segment results for the three months ended September 30, 2020: 

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	155,792	$	25,667	$	754	$	182,213	(A)
Purchased Gas Revenue	—		—		31,541		31,541
Gain (Loss) on Commodity Derivative Instruments	79,773		10,518		(259,125)		(168,834)
Other Revenue and Operating Income	16,689		—		4,466		21,155		(B)
Total Revenue and Other Operating Income	$	252,254	$	36,185	$	(222,364)	$	66,075
Total Operating Expense	$	165,587	$	30,439	$	83,479	$	279,505
Earnings (Loss) Before Income Tax	$	86,667	$	5,746	$	(342,485)	$	(250,072)
Segment Assets	$	6,070,356	$	1,125,312	$	933,506	$	8,129,174	(C)
Depreciation, Depletion and Amortization	$	94,617	$	15,763	$	4,084	$	114,464
Capital Expenditures	$	105,988	$	2,310	$	37	$	108,335

(A)    Included in Total Natural Gas, NGL and Oil Revenue are sales of $35,645 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 $396 for Other.

(C)    Includes investments in unconsolidated equity affiliates of $15,685.

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

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	229,183	$	35,621	$	247	$	265,051	(D)
Purchased Gas Revenue	—		—		29,192		29,192
Gain on Commodity Derivative Instruments	50,982		6,036		156,895		213,913
Other Revenue and Operating Income	18,525		—		3,316		21,841		(E)
Total Revenue and Other Operating Income	$	298,690	$	41,657	$	189,650	$	529,997
Total Operating Expense	$	185,452	$	32,940	$	80,207	$	298,599
Earnings Before Income Tax	$	113,238	$	8,717	$	70,907	$	192,862
Segment Assets	$	6,911,677	$	1,231,509	$	1,143,072	$	9,286,258	(F)
Depreciation, Depletion and Amortization	$	100,545	$	17,400	$	2,514	$	120,459
Capital Expenditures	$	332,640	$	2,196	$	1,301	$	336,137

(D)    Included in Total Natural Gas, NGL 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.

(E)    Includes equity in earnings of unconsolidated affiliates of $673 for Other.

(F)    Includes investments in unconsolidated equity affiliates of $17,110.

Industry segment results for the nine months ended September 30, 2020: 

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	528,913	$	79,319	$	1,251	$	609,483	(A)
Purchased Gas Revenue	—		—		78,324		78,324
Gain (Loss) on Commodity Derivative Instruments	266,488		33,210		(416,693)		(116,995)		(B)
Other Revenue and Operating Income	47,286		—		13,177		60,463		(C)
Total Revenue and Other Operating Income	$	842,687	$	112,529	$	(323,941)	$	631,275
Total Operating Expense	$	511,653	$	94,113	$	779,532	$	1,385,298
Earnings (Loss) Before Income Tax	$	331,034	$	18,416	$	(1,216,459)	$	(867,009)
Segment Assets	$	6,070,356	$	1,125,312	$	933,506	$	8,129,174	(D)
Depreciation, Depletion and Amortization	$	295,648	$	49,903	$	11,623	$	357,174
Capital Expenditures	$	385,763	$	6,796	$	2,677	$	395,236

(A)    Included in Total Natural Gas, NGL and Oil Revenue are sales of $115,011 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period.

(B)    Included in Other is a realized gain on commodity derivative instruments of $83,997 related to the monetization of hedges (see Note 11 - Derivative Instruments for more information).

(C)    Includes equity in loss of unconsolidated affiliates of $1,025 for Other.

(D)    Includes investments in unconsolidated equity affiliates of 15,685.

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

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	917,862	$	125,094	$	906	$	1,043,862	(E)
Purchased Gas Revenue	—		—		64,181		64,181
Gain on Commodity Derivative Instruments	23,501		2,819		213,798		240,118
Other Revenue and Operating Income	55,863		—		9,436		65,299		(F)
Total Revenue and Other Operating Income	$	997,226	$	127,913	$	288,321	$	1,413,460
Total Operating Expense	$	586,030	$	98,694	$	254,510	$	939,234
Earnings (Loss) Before Income Tax	$	411,196	$	29,219	$	(90,278)	$	350,137
Segment Assets	$	6,911,677	$	1,231,509	$	1,143,072	$	9,286,258	(G)
Depreciation, Depletion and Amortization	$	316,596	$	51,669	$	6,354	$	374,619
Capital Expenditures	$	951,427	$	7,752	$	5,323	$	964,502

(E)    Included in Total Natural Gas, NGL 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 comprises over 10% of revenue from contracts with external customers for the period.

(F)    Includes equity in earnings of unconsolidated affiliates of $1,703 for Other.

(G)    Includes investments in unconsolidated equity affiliates of $17,110.

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,
	2020		2019		2020		2019
Total Segment Revenue from Contracts with External Customers	$	230,443	$	312,767	$	735,093	$	1,163,906
(Loss) Gain on Commodity Derivative Instruments	(168,834)		213,913		(116,995)		240,118
Other Operating Income	4,466		3,317		13,177		9,436
Total Consolidated Revenue and Other Operating Income	$	66,075	$	529,997	$	631,275	$	1,413,460

Total Assets:

	September 30,
	2020		2019
Segment Assets for Reportable Business Segments	$	7,195,668	$	8,143,186
Segment Assets for Other	782,730		1,126,404
Items Excluded from Segment Assets:
Cash and Cash Equivalents	150,132		5,484
Recoverable Income Taxes	644		11,184
Total Consolidated Assets	$	8,129,174	$	9,286,258

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NOTE 15—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. There were no shares repurchased and retired during the nine months ended September 30, 2020.

NOTE 16—RECENT ACCOUNTING PRONOUNCEMENTS:

In August 2020, the FASB issued ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU simplifies an entity's accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separate accounting for embedded conversion features, simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification, requires entities to use the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards, requires new disclosures about events that occur during the reporting period and cause conversion contingencies to be met and about the fair value of an entity's convertible debt at the instrument level, among other things. The amendments in this ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, and can be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is still evaluating the effect of adopting this guidance.

In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (IBORs) and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is still evaluating the effect of adopting this guidance.

In March 2020, the FASB issued ASU 2020-03 - Codification Improvements to Financial Instruments. This ASU improves and clarifies various financial instruments topics, including the CECL standard (see Note 1 - Basis of Presentation for more information). The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments in this ASU have different effective dates. The adoption of this guidance is not expected to have a material impact on the Company's financial statements.

NOTE 17—SUBSEQUENT EVENT:

On October 8, 2020, CNX repurchased the remaining $363,348 of its outstanding 5.875% senior notes due in April 2022 at an average price equal to 100% of the principal amount.

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Form 10-Q. The information provided below supplements, but does not form part of, CNX's financial statements. This discussion contains forward-looking statements that are based on the current views and beliefs of management, as well as assumptions and estimates made by management. Actual results could differ materially from any such forward-looking statements as a result of various risk factors, including those that may not be in the control of management. For further information on items that could impact future operating performance or financial condition, please see “Part II. Item 1A. Risk Factors” and the section entitled “Forward-Looking Statements” and the “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2019, which we filed with the SEC on February 10, 2020. CNX does not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.

General

CNX continues to monitor the current and potential impacts of the coronavirus COVID-19 ("COVID-19") pandemic on all aspects of our business and geographies, including how it has impacted, and may in the future, impact our operations, financial results, liquidity, contractors, customers, employees and vendors. The Company also continues to monitor a number of factors that may cause actual results of operations to differ from our historical results or current expectations. These factors include: the impact of the COVID-19 pandemic and the related global economic downturn, the historically low natural gas prices and the historically low natural gas liquids prices that began with the crude oil price war between the Organization of Petroleum Exporting Countries ("OPEC")/Saudi Arabia and Russia in the first quarter of 2020. The natural gas liquids prices have rebounded in the third quarter. These and other factors could affect the Company’s operations, earnings and cash flows for any period and could cause such results to not be comparable to those of the same period in previous years. The results presented in this Form 10-Q are not necessarily indicative of future operating results.

While CNX did not incur significant disruptions to operations during the three or nine months ended September 30, 2020 as a direct result of the COVID-19 pandemic, CNX is unable to predict the impact that the COVID-19 pandemic will have on us, including our financial position, operating results, liquidity and ability to obtain financing in future reporting periods, due to numerous uncertainties. These uncertainties include the volatility and severity of the virus, the duration of the outbreak, the availability of a vaccine, governmental or other actions taken to combat the virus (which could include limitations on our operations or the operations of our customers and vendors), and the effect that the COVID-19 pandemic will have on the demand for natural gas and natural gas liquids. The continued health of our employees, contractors and vendors, and our ability to meet staffing needs in our operations and certain critical functions is vital to our operations and cannot currently be predicted. Further, the continuing impacts of a potential worsening of global economic conditions and the continued disruptions to, and volatility in, the credit and financial markets as well as other unanticipated consequences remain unknown. In addition, CNX cannot predict the impact that COVID-19 will have on our customers, vendors and contractors; however, any material effect on these parties could adversely impact CNX. For instance, in the short term, CNX is starting to see a reduction in overall service and materials costs, due to oversupply of those services and costs, since industrial production has waned. However, if services providers to our industry are forced into bankruptcy or otherwise consolidate due to weakening economic conditions, demand could outpace supply in the long-term and cause these costs to increase. The situation surrounding COVID-19 remains fluid and unpredictable, and CNX is actively managing our response in collaboration with our contractors, customers, employees and vendors and assessing potential impacts to our financial position and operating results, as well as any adverse developments that could impact our business.

CNX has also taken, and is continuing to take, proactive steps to manage any disruption in our business caused by COVID-19. For instance, even though our operations were not required to close, CNX was an early adopter in employing a work-from-home system, even before any government mandate on non-essential businesses was enacted. CNX increased its technology platform, infrastructure and security to allow for a work-from-home environment ahead of the actual need, and therefore, once the hypothetical became a reality, we believe CNX was ahead of many companies in this respect. CNX has also deployed additional safety protocols at our field sites in order to help keep our employees and contractors safe and to keep our operations running without material disruption. As the COVID-19 pandemic continues to unfold, CNX will continue to assess and update its protocols.

For further information regarding the impact of COVID-19 see Risk factors in Item 1A in our Quarterly Reports on Form 10-Q.

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Recent Business Developments:

On September 28, 2020, we completed the acquisition of all of the outstanding common units of CNX Midstream Partners LP ("CNXM") and CNXM became our indirect wholly-owned subsidiary (the “Merger”) (See Note 13 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). In connection with the closing of the Merger, we issued 37.1 million shares of our common stock to acquire the 42.1 million common units of CNXM held by third-party CNXM investors at a fixed exchange ratio of 0.88 shares of CNX common stock for each CNXM common unit, for total implied consideration of $384.6 million.

In conjunction with the Merger and to provide a greater level of transparency that is more in-line with how Management views CNX's operations, CNX has updated its segment reporting to now include a Shale segment which is made up of what was formerly the Marcellus, Utica and Midstream Segments (See Note 14 - Segments in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). CNX has recast its current and historical operating results into the new format.

Hedging Update:

Total hedged natural gas production in the 2020 fourth quarter is 124.0(1) Bcf. The annual gas hedge position is shown in the table below:

	2020	2021
Volumes Hedged (Bcf), as of 10/8/20	448.8(1)(2)	459.1

1Net of purchased swaps.

2Includes actual settlements of 356.2 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.

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Results of Operations - Three Months Ended September 30, 2020 Compared with Three Months Ended September 30, 2019

Net (Loss) Income Attributable to CNX Resources Shareholders

CNX reported a net loss attributable to CNX Resources shareholders of $205 million, or a loss per diluted share of $1.03, for the three months ended September 30, 2020, compared to 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.

	For the Three Months Ended September 30,
(Dollars in thousands)	2020		2019		Variance
Net (Loss) Income	$	(188,793)	$	143,960	$	(332,753)
Less: Net Income Attributable to Noncontrolling Interest	15,905		28,422		(12,517)
Net (Loss) Income Attributable to CNX Resources Shareholders	$	(204,698)	$	115,538	$	(320,236)

Included in the loss for the three months ended September 30, 2020 was an unrealized loss on commodity derivative instruments of $259 million. Included in the earnings for the three months ended September 30, 2019 was an unrealized gain on commodity derivative instruments of $157 million.

Selected Operating Revenue and Other Cost Data

The following table presents sales volumes, revenue, costs, average sales prices (including the effects of settled derivatives) and average unit costs for production operations on a total Company basis:

	For the Three Months Ended September 30,
	2020			2019			Variance
	in Millions		Per Mcfe	in Millions		Per Mcfe	in Millions		Per Mcfe
Total Sales Volumes (Bcfe)*			115.7			128.3			(12.6)
									—
Natural Gas, NGL and Oil Revenue	$	182	1.53	$	265	2.04	$	(83)	(0.51)
Gain on Commodity Derivative Instruments - Cash Settlement - Gas	90		0.83	57		0.47	33		0.36
Total Revenue	272		2.36	322		2.51	(50)		(0.15)
Lease Operating Expense	10		0.09	14		0.11	(4)		(0.02)
Production, Ad Valorem, and Other Fees	6		0.05	6		0.05	—		—
Transportation, Gathering and Compression	69		0.59	80		0.63	(11)		(0.04)
Depreciation, Depletion and Amortization (DD&A)	112		0.98	120		0.93	(8)		0.05
Average Costs	197		1.71	220		1.72	(23)		(0.01)
Average Margin	$	75	0.65	$	102	0.79	$	(27)	(0.14)

*NGLs and Oil/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 NGL, condensate, and natural gas prices.

The 12.6 Bcfe decrease in sales volumes when compared to the year-earlier quarter was primarily due to the temporary shut-in of new turn-in-line wells in 2020 due to low natural gas prices and normal production declines for legacy wells.

Changes in 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 increased reuse of produced water in well completions in the current period.

•Transportation, gathering, and compression expense decreased on a per unit basis primarily due to lower processing costs due to a drier production mix and a decrease in firm transportation due to lower gas sales volumes.

•Depreciation, depletion and amortization expense increased on a per unit basis as a result of fixed depreciation costs related to CNX's gathering infrastructure being spread over a lower production base in 2020. The lower production volumes was a result of temporary shut-ins due to lower natural gas prices.

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The following table is a summary of total other revenue and operating income and selected other expense line items that are included in the total (loss) earnings before income tax on a total company Mcfe equivalent and excluded from the previous table.

	For the Three Months Ended September 30,
	2020			2019			Variance
	in Millions		Per Mcfe	in Millions		Per Mcfe	in Millions		Per Mcfe
Total Company Sales Volumes (Bcfe)*			115.7			128.3			(12.6)
Total Other Revenue and Operating Income	$	21	0.18	$	22	0.17	$	(1)	0.01
Depreciation, Depletion and Amortization	2		0.02	—		0.00	2		0.02
Exploration and Production Related Other Costs	2		0.02	6		0.05	(4)		(0.03)
Selling, General and Administrative Costs	23		0.20	24		0.19	(1)		0.01
Other Operating Expense	24		0.21	21		0.16	3		0.05
Total Selected Operating Costs and Expenses	51		0.45	51		0.40	—		0.05
Other Expense	2		0.02	3		0.02	(1)		0.00
Interest Expense	38		0.33	38		0.30	—		0.03
Total Selected Other Expense	40		0.35	41		0.32	(1)		0.03
Total Selected Costs and Expenses	$	91	0.80	$	92	0.72	$	(1)	0.08

* NGLs and Oil/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 NGL, condensate, and natural gas prices.

Average Realized Price Reconciliation

The following table presents a breakout of liquids and natural gas sales information and settled derivative information to assist in the understanding of the Company’s natural gas production and sales portfolio and information regarding settled commodity derivatives:

	For the Three Months Ended September 30,
in thousands (unless noted)	2020		2019		Variance		Percent Change
LIQUIDS
NGL:
Sales Volume (MMcfe)	6,885		8,019		(1,134)		(14.1)	%
Sales Volume (Mbbls)	1,147		1,337		(190)		(14.2)	%
Gross Price ($/Bbl)	$	13.14	$	13.68	$	(0.54)	(3.9)	%
Gross NGL Revenue	$	15,053	$	18,305	$	(3,252)	(17.8)	%
Oil/Condensate:
Sales Volume (MMcfe)	624		77		547		710.4	%
Sales Volume (Mbbls)	104		13		91		700.0	%
Gross Price ($/Bbl)	$	39.50	$	73.12	$	(33.62)	(46.0)	%
Gross Oil/Condensate Revenue	$	4,106	$	931	$	3,175	341.0	%
GAS
Sales Volume (MMcf)	108,190		120,208		(12,018)		(10.0)	%
Sales Price ($/Mcf)	$	1.51	$	2.04	$	(0.53)	(26.0)	%
Gross Gas Revenue	$	163,054	$	245,815	$	(82,761)	(33.7)	%
Hedging Impact ($/Mcf)	$	0.83	$	0.47	$	0.36	76.6	%
Gain on Commodity Derivative Instruments - Cash Settlement	$	90,311	$	57,041	$	33,270	58.3	%

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The decrease in the gross revenue was primarily the result of the $0.53 per Mcf decrease in general natural gas prices, when excluding the impact of hedging, in the markets in which CNX sells its natural gas and the 12.6 Bcfe decrease in sales volumes. The decrease in the gross revenue was offset, in-part, by the increase in the realized gain on commodity derivative instruments related to the Company's hedging program.

SEGMENT ANALYSIS for the three months ended September 30, 2020 compared to the three months ended September 30, 2019:

	For the Three Months Ended								Difference to Three Months Ended
	September 30, 2020								September 30, 2019
(in millions)	Shale		CBM		Other		Total		Shale		CBM		Other		Total
Natural Gas, NGL and Oil Revenue	$	156	$	26	$	—	$	182	$	(73)	$	(10)	$	—	$	(83)
Gain (Loss) on Commodity Derivative Instruments	80		11		(260)		(169)		29		5		(417)		(383)
Purchased Gas Revenue	—		—		32		32		—		—		3		3
Other Revenue and Operating Income	17		—		4		21		(2)		—		1		(1)
Total Revenue and Other Operating Income	253		37		(224)		66		(46)		(5)		(413)		(464)
Lease Operating Expense	7		4		(1)		10		(3)		—		(1)		(4)
Production, Ad Valorem, and Other Fees	5		1		—		6		—		(1)		1		—
Transportation, Gathering and Compression	60		10		(1)		69		(10)		—		(1)		(11)
Depreciation, Depletion and Amortization	94		16		4		114		(7)		(1)		2		(6)
Exploration and Production Related Other Costs	—		—		2		2		—		—		(4)		(4)
Purchased Gas Costs	—		—		32		32		—		—		4		4
Selling, General and Administrative Costs	—		—		23		23		—		—		(1)		(1)
Other Operating Expense	—		—		24		24		—		—		3		3
Total Operating Costs and Expenses	166		31		83		280		(20)		(2)		3		(19)
Other Expense	—		—		2		2		—		—		(1)		(1)
Gain on Asset Sales and Abandonments, net	—		—		(4)		(4)		—		—		(1)		(1)
Interest Expense	—		—		38		38		—		—		—		—
Total Other Expense	—		—		36		36		—		—		(2)		(2)
Total Costs and Expenses	166		31		119		316		(20)		(2)		1		(21)
Earnings (Loss) Before Income Tax	$	87	$	6	$	(343)	$	(250)	$	(26)	$	(3)	$	(414)	$	(443)

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SHALE SEGMENT

The Shale segment had earnings before income tax of $87 million for the three months ended September 30, 2020 compared to earnings before income tax of $113 million for the three months ended September 30, 2019.

	For the Three Months Ended September 30,
	2020		2019		Variance		Percent Change
Shale Gas Sales Volumes (Bcf)	95.2		106.0		(10.8)		(10.2)	%
NGL Sales Volumes (Bcfe)*	6.9		8.0		(1.1)		(13.8)	%
Oil/Condensate Sales Volumes (Bcfe)*	0.5		0.1		0.4		400.0	%
Total Shale Sales Volumes (Bcfe)*	102.6		114.1		(11.5)		(10.1)	%
Average Sales Price - Gas (per Mcf)	$	1.44	$	1.98	$	(0.54)	(27.3)	%
Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf)	$	0.84	$	0.48	$	0.36	75.0	%
Average Sales Price - NGL (per Mcfe)*	$	2.18	$	2.28	$	(0.10)	(4.4)	%
Average Sales Price - Oil/Condensate (per Mcfe)*	$	6.27	$	12.76	$	(6.49)	(50.9)	%
Total Average Shale Sales Price (per Mcfe)	$	2.30	$	2.46	$	(0.16)	(6.5)	%
Average Shale Lease Operating Expenses (per Mcfe)	0.07		0.09		(0.02)		(22.2)	%
Average Shale Production, Ad Valorem, and Other Fees (per Mcfe)	0.04		0.04		—		—	%
Average Shale Transportation, Gathering and Compression Costs (per Mcfe)	0.58		0.61		(0.03)		(4.9)	%
Average Shale Depreciation, Depletion and Amortization Costs (per Mcfe)	0.93		0.89		0.04		4.5	%
Total Average Shale Costs (per Mcfe)	$	1.62	$	1.63	$	(0.01)	(0.6)	%
Average Margin for Shale (per Mcfe)	$	0.68	$	0.83	$	(0.15)	(18.1)	%

* NGLs and Oil/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 NGL, oil, condensate, and natural gas prices.

The Shale segment had natural gas, NGL and oil revenue of $156 million for the three months ended September 30, 2020 compared to $229 million for the three months ended September 30, 2019. The $73 million decrease was primarily due to a 27.3% decrease in the average sale price for natural gas and a 4.4% decrease in the average sale price of NGLs, along with a 10.1% decrease in total Shale sales volumes. The decrease in total Shale sales volumes was primarily due to the temporary shut-in of new turn-in-line wells in 2020 due to low natural gas prices.

The decrease in the total average Shale sales price was primarily due to a $0.54 per Mcf decrease in the average sales price for natural gas and a $0.10 per Mcfe decrease in the average NGL sales price, offset in part by a $0.36 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 89.3 Bcf of the Company's produced Shale gas sales volumes for the three months ended September 30, 2020 at an average gain of $0.89 per Mcf hedged. For the three months ended September 30, 2019, these financial hedges represented approximately 90.3 Bcf at an average gain of $0.56 per Mcf hedged.

Total operating costs and expenses for the Shale segment were $166 million for the three months ended September 30, 2020 compared to $186 million for the three months ended September 30, 2019. The decrease in total dollars and decrease in unit costs for the Shale segment were due to the following items:

•Shale lease operating expenses were $7 million for the three months ended September 30, 2020 compared to $10 million for the three months ended September 30, 2019. The decrease in total dollars and in unit costs 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.

•Shale transportation, gathering and compression costs were $60 million for the three months ended September 30, 2020 compared to $70 million for the three months ended September 30, 2019. The decreases in total dollars and unit costs were primarily related to lower processing costs and a decrease in firm transportation expense due to lower gas sales volumes.

•Depreciation, depletion and amortization costs attributable to the Shale segment were $94 million for the three months ended September 30, 2020 compared to $101 million for the three months ended September 30, 2019. These amounts included

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depletion on a unit of production basis of $0.81 per Mcfe and $0.82 per Mcfe, respectively. The decrease in units of production depreciation, depletion and amortization rate in the current period is the result of positive reserve revisions within our core SWPA development area and lower cost reserves added in our core SWPA development area from the 2019 development program partially offset by an increase in the units of production depreciation, depletion and amortization rate due to negative reserves revisions within our Ohio operations. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

Total Shale other revenue and operating income relates to natural gas gathering services provided to third-parties. The Shale segment had other revenue and operating income of $17 million for the three months ended September 30, 2020 compared to $19 million for the three months ended September 30, 2019. The decrease in the period-to-period comparison was primarily due to a reduction in third-party volumes transported related to temporary production curtailments.

COALBED METHANE (CBM) SEGMENT

The CBM segment had earnings before income tax of $6 million for the three months ended September 30, 2020 compared to earnings before income tax of $9 million for the three months ended September 30, 2019.

	For the Three Months Ended September 30,
	2020		2019		Variance		Percent Change
CBM Gas Sales Volumes (Bcf)	13.0		14.1		(1.1)		(7.8)	%
Average Sales Price - Gas (per Mcf)	$	1.98	$	2.52	$	(0.54)	(21.4)	%
Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf)	$	0.81	$	0.43	$	0.38	88.4	%
Total Average CBM Sales Price (per Mcf)	$	2.79	$	2.95	$	(0.16)	(5.4)	%
Average CBM Lease Operating Expenses (per Mcf)	0.28		0.28		—		—	%
Average CBM Production, Ad Valorem, and Other Fees (per Mcf)	0.09		0.10		(0.01)		(10.0)	%
Average CBM Transportation, Gathering and Compression Costs (per Mcf)	0.76		0.71		0.05		7.0	%
Average CBM Depreciation, Depletion and Amortization Costs (per Mcf)	1.21		1.24		(0.03)		(2.4)	%
Total Average CBM Costs (per Mcf)	$	2.34	$	2.33	$	0.01	0.4	%
Average Margin for CBM (per Mcf)	$	0.45	$	0.62	$	(0.17)	(27.4)	%

The CBM segment had natural gas revenue of $26 million for the three months ended September 30, 2020 compared to $36 million for the three months ended September 30, 2019. The $10 million decrease was due to the 7.8% decrease in total CBM sales volumes and the 21.4% decrease in the average sales price for natural gas. The decrease in CBM sales volumes was primarily due to normal production declines.

The total average CBM sales price decreased $0.16 per Mcf due to a $0.54 per Mcf decrease in average gas sales price, offset in part by a $0.38 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 11.8 Bcf of the Company's produced CBM sales volumes for the three months ended September 30, 2020 at an average gain of $0.89 per Mcf hedged. For the three months ended September 30, 2019, these financial hedges represented approximately 11.3 Bcf at an average gain of $0.53 per Mcf hedged.

Total operating costs and expenses for the CBM segment were $31 million for the three months ended September 30, 2020 compared to $33 million for the three months ended September 30, 2019. The decrease in total dollars and increase in unit costs for the CBM segment was primarily due to the following:

•CBM transportation, gathering and compression costs remained consistent at $10 million for both the three months ended September 30, 2020 and 2019. The increase in unit costs were primarily related to the 7.8% decrease in CBM sales volumes.

•Depreciation, depletion and amortization costs attributable to the CBM segment were $16 million for the three months ended September 30, 2020 compared to $17 million for the three months ended September 30, 2019. These amounts included depletion on a unit of production basis of $0.67 per Mcfe and $0.70 per Mcfe, respectively. The decrease in the units of

40

production depreciation, depletion and amortization rate was due to positive reserve revisions. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

OTHER SEGMENT

The Other Segment includes nominal shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, exploration and production related other costs, impairments of exploration and production properties, as well as various other expenses that are managed outside the Shale and CBM segments such as selling, general and administrative (SG&A), interest expense and income taxes.

The Other segment had a loss before income tax of $343 million for the three months ended September 30, 2020 compared to earnings before income tax of $71 million for the three months ended September 30, 2019.

	For the Three Months Ended September 30,
	2020	2019	Variance	Percent Change
Other Gas Sales Volumes (Bcf)	—	0.1	(0.1)	(100.0)	%
Oil/Condensate Sales Volumes (Bcfe)*	0.1	—	0.1	100.0	%

* Oil/Condensate 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, condensate, and natural gas prices.

Gain or Loss on Commodity Derivative Instruments and Monetization

For the three months ended September 30, 2020, the Other Gas segment recognized an unrealized loss on commodity derivative instruments of $259 million and cash settlements paid of $1 million. For the three months ended September 30, 2019, the Other Gas segment recognized an unrealized gain on commodity derivative instruments of $157 million. The unrealized loss/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 $32 million for the three months ended September 30, 2020 compared to $29 million for the three months ended September 30, 2019. Purchased gas costs were $32 million for the three months ended September 30, 2020 compared to $28 million for the three months ended September 30, 2019. 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 average sales price.

	For the Three Months Ended September 30,
	2020		2019		Variance		Percent Change
Purchased Gas Sales Volumes (in Bcf)	20.7		13.6		7.1		52.2	%
Average Sales Price (per Mcf)	$	1.52	$	2.14	$	(0.62)	(29.0)	%
Average Cost (per Mcf)	$	1.53	$	2.02	$	(0.49)	(24.3)	%

Other Operating Income

	For the Three Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Gathering Income	$	3	$	2	$	1	50.0	%
Water Income	1		—		1		100.0	%
Equity in Earnings of Affiliates	—		1		(1)		(100.0)	%
Total Other Operating Income	$	4	$	3	$	1	33.3	%

•Gathering income represents revenue from the sale of excess firm transportation capacity to third-parties. The Company obtains firm pipeline transportation capacity to enable gas production to flow uninterrupted as sales volumes increase. In order to minimize this unutilized firm transportation expense, CNX is able to release (sell) unutilized firm

41

transportation capacity to other parties when possible and when beneficial. The revenue (Gathering income) from released capacity helps offset the unutilized firm transportation and processing fees in total other operating expense.

Exploration and Production Related Other Costs

	For the Three Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Seismic Activity	$	—	$	5	$	(5)	(100.0)	%
Lease Expiration Costs	1		1		—		—	%
Land Rentals	1		—		1		100.0	%
Total Exploration and Production Related Other Costs	$	2	$	6	$	(4)	(66.7)	%

•Seismic activity decreased in the period-to-period comparison due to additional geophysical research in the prior period.

Selling, General and Administrative ("SG&A")

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)	2020		2019		Variance		Percent Change
Salaries and Wages	$	8	$	10	$	(2)	(20.0)	%
Long-Term Equity-Based Compensation (Non-Cash)	2		2		—		—	%
Short-Term Incentive Compensation	3		2		1		50.0	%
Other	10		10		—		—	%
Total SG&A	$	23	$	24	$	(1)	(4.2)	%

•Salaries and Wages decreased $2 million due to an overall reduction in employees and employee related costs resulting from a reduction in staff at the end of 2019 period.

Other Operating Expense

	For the Three Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Unutilized Firm Transportation and Processing Fees	$	20	$	15	$	5	33.3	%
Idle Equipment and Service Charges	2		—		2		100.0	%
Insurance Expense	1		1		—		—	%
Other	1		5		(4)		(80.0)	%
Total Other Operating Expense	$	24	$	21	$	3	14.3	%

•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 of $5 million 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 or to process the Company’s wet natural gas production. The increase in unutilized capacity was primarily due to the temporary shut-in of new turn-in-line wells in 2020 due to low natural gas price. In some instances, the Company may have the opportunity to realize more favorable net pricing by strategically choosing to sell natural gas into a market or to a customer that does not require the use of the Company’s own firm transportation capacity. Such sales would result in an increase in unutilized firm transportation expense. 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 Other Revenue and Operating Income above.

•Idle Equipment and Service Charges primarily relate to the temporary idling of one 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

42

completions process. The increase of $2 million in the period-to-period comparison was primarily the result of CNX idling one of its drilling rigs in the third-quarter.

•Other decreased $4 million in the period-to-period comparison primarily due to a write-off of obsolete inventory in the 2019 period.

Other Expense

	For the Three Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Other Income
Interest Income	$	2	$	1	$	1	100.0	%
Other	6		—		6		100.0	%
Total Other Income	$	8	$	1	$	7	700.0	%
Other Expense
Professional Services	$	2	$	1	$	1	100.0	%
Merger Related Costs	5		—		5		100.0	%
Bank Fees	3		3		—		—	%
Total Other Expense	$	10	$	4	$	6	150.0	%
Total Other Expense	$	2	$	3	$	(1)	(33.3)	%

•Other income increased $7 million in the period-to-period comparison primarily due to the receipt of a severance tax refund related to a prior period in the three months ended September 30, 2020 as well as additional interest income related to the alternative minimum tax (“AMT”) credit refund CNX received (See Note 4- Income Taxes in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information).

•Merger-related costs consist of transaction costs directly attributable to the CNXM Merger (See Note 13- Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information), including financial advisory, legal service and other professional fees, which were recorded to Other Expense in the Consolidated Statements of Income.

Gain on Asset Sales and Abandonments, net

A gain on asset sales of $4 million related to the sale of various non-core assets was recognized in the three months ended September 30, 2020 compared to a gain of $3 million in the three months ended September 30, 2019.

Loss (Gain) Loss on Debt Extinguishment

A nominal loss on debt extinguishment was recognized in the three months ended September 30, 2020. See Note 9 - 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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Interest Expense

	For the Three Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Total Interest Expense	$	38	$	38	$	—	—	%

•Interest expense remained unchanged quarter over quarter. In 2020, the Company purchased $531 million of the outstanding 5.875% senior notes due in April 2022 during the nine months ended September 30, 2020 and had lower average borrowings under the CNX credit facility. These decreases were offset by the addition of $345 million of convertible senior notes due 2026 (the “Convertible Notes”) during the three months ended June 30, 2020 and by the addition of the $125 million Cardinal States Facility and $50 million CSG Holdings Facility during the three months ended March 31, 2020. Realized and unrealized losses on interest rate swap agreements also offset the decreases in interest expense mentioned above.

Income Taxes

	For the Three Months Ended September 30,
(in millions)	2020			2019			Variance			Percent Change
Total Company (Loss) Earnings Before Income Tax	$	(250)		$	193		$	(443)		(229.5)	%
Income Tax (Benefit) Expense	$	(61)		$	49		$	(110)		(224.5)	%
Effective Income Tax Rate	24.5		%	25.4		%	(0.9)		%

The effective income tax rate was 24.5% for the three months ended September 30, 2020 compared to 25.4% for the three months ended September 30, 2019. The effective rate for the three months ended September 30, 2020 and 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.

See Note 4 - Income Taxes in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

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Results of Operations - Nine Months Ended September 30, 2020 Compared with Nine Months Ended September 30, 2019

Net (Loss) Income Attributable to CNX Resources Shareholders

CNX reported a net loss attributable to CNX Resources shareholders of $680 million, or a loss per diluted share of $3.56, for the nine months ended September 30, 2020, compared to 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.

	For the Nine Months Ended September 30,
(Dollars in thousands)	2020		2019		Variance
Net (Loss) Income	$	(624,502)	$	272,004	$	(896,506)
Less: Net Income Attributable to Noncontrolling Interest	55,031		81,325		(26,294)
Net (Loss) Income Attributable to CNX Resources Shareholders	$	(679,533)	$	190,679	$	(870,212)

Included in the loss for the nine months ended September 30, 2020 was a $62 million non-cash impairment charge related to exploration and production properties, a $473 million non-cash impairment charge related to goodwill and an unrealized loss on commodity derivative instruments of $501 million. Included in the earnings for the nine months ended September 30, 2019 was an unrealized gain on commodity derivative instruments of $214 million.

Selected Operating Revenue and Other Cost Data

The following table presents sales volumes, average sales prices (including the effects of settled derivatives and excluding hedge monetizations) and average costs on a total Company basis:

	For the Nine Months Ended September 30,
	2020			2019			Variance
	in Millions		Per Mcfe	in Millions		Per Mcfe	in Millions		Per Mcfe
Total Sales Volumes (Bcfe)*			364.6			395.8			(31.2)
Natural Gas, NGL and Oil Revenue	$	609	1.62	$	1,044	2.63	$	(435)	(1.01)
Gain on Commodity Derivative Instruments - Cash Settlement - Gas **	300		0.87	26		0.07	274		0.80
Total Revenue	909		2.49	1,070		2.70	(161)		(0.21)
Lease Operating Expense	31		0.08	53		0.13	(22)		(0.05)
Production, Ad Valorem, and Other Fees	17		0.04	20		0.05	(3)		(0.01)
Transportation, Gathering and Compression	212		0.58	244		0.62	(32)		(0.04)
Depreciation, Depletion and Amortization (DD&A)	350		0.97	373		0.94	(23)		0.03
Average Costs	610		1.67	690		1.74	(80)		(0.07)
Average Margin	$	299	0.82	$	380	0.96	$	(81)	(0.14)

*NGLs and Oil/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 NGL, condensate, and natural gas prices.

**Excluding $84 million gain from hedge monetization

The 31.2 Bcfe decrease in volumes in the period-to period comparison was primarily due to the temporary shut-in of a portion of CNX's liquids-rich Shirley-Pennsboro production in May and June of 2020 in response to low NGL prices. Additionally, four new pads of dry gas turn-in-lines from April and May were temporarily shut-in May through September due to low natural gas prices. Normal production declines also contributed to the decrease in total volumes.

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 as a result of increased reuse of produced water in well completions in the current period.

•Transportation, gathering, and compression expense decreased on a per unit basis primarily due to lower processing costs due to a drier production mix and a decrease in firm transportation costs due to lower gas sales volumes.

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•Depreciation, depletion and amortization expense increased on a per unit basis as a result of fixed depreciation costs related to CNX's gathering infrastructure being spread over a lower production base in 2020. The lower production volumes was a result of temporary shut-ins due to lower natural gas prices.

The following table is a summary of total other revenue and operating income and selected other expense line items that are included in the total (loss) earnings before income tax on a total company Mcfe equivalent and excluded from the previous table.

	For the Nine Months Ended September 30,
	2020			2019			Variance
	in Millions		Per Mcfe	in Millions		Per Mcfe	in Millions		Per Mcfe
Total Company Sales Volumes (Bcfe)*			364.6			395.8			(31.2)
Total Other Revenue and Operating Income	$	61	0.17	$	65	0.16	$	(4)	0.01
Depreciation, Depletion and Amortization	7		0.02	2		0.01	5		0.01
Exploration and Production Related Other Costs	9		0.02	15		0.04	(6)		(0.02)
Selling, General and Administrative Costs	76		0.21	109		0.28	(33)		(0.07)
Other Operating Expense	71		0.19	61		0.15	10		0.04
Total Selected Operating Costs and Expenses	163		0.44	187		0.48	(24)		(0.04)
Other Expense	12		0.03	3		0.01	9		0.02
Interest Expense	133		0.36	114		0.29	19		0.07
Total Selected Other Expense	145		0.39	117		0.30	28		0.09
Total Selected Costs and Expenses	$	308	0.83	$	304	0.78	$	4	0.05

* NGLs and Oil/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 NGL, condensate, and natural gas prices.

Average Realized Price Reconciliation

The following table presents a breakout of liquids and natural gas sales information and settled derivative information to assist in the understanding of the Company’s natural gas production and sales portfolio and information regarding settled commodity derivatives:

	For the Nine Months Ended September 30,
in thousands (unless noted)	2020		2019		Variance		Percent Change
LIQUIDS
NGL:
Sales Volume (MMcfe)	19,927		22,556		(2,629)		(11.7)	%
Sales Volume (Mbbls)	3,321		3,759		(438)		(11.7)	%
Gross Price ($/Bbl)	$	12.24	$	19.20	$	(6.96)	(36.3)	%
Gross Revenue	$	40,691	$	72,095	$	(31,404)	(43.6)	%
Oil/Condensate:
Sales Volume (MMcfe)	1,236		690		546		79.1	%
Sales Volume (Mbbls)	206		115		91		79.1	%
Gross Price ($/Bbl)	$	37.01	$	45.16	$	(8.15)	(18.0)	%
Gross Revenue	$	7,630	$	5,193	$	2,437	46.9	%
GAS
Sales Volume (MMcf)	343,403		372,524		(29,121)		(7.8)	%
Sales Price ($/Mcf)	$	1.63	$	2.59	$	(0.96)	(37.1)	%
Gross Revenue	$	561,162	$	966,574	$	(405,412)	(41.9)	%
Hedging Impact ($/Mcf)	$	0.87	$	0.07	$	0.80	1,142.9	%
Gain on Commodity Derivative Instruments - Cash Settlement*	$	299,730	$	26,331	$	273,399	1,038.3	%

46

* Excluding gains from hedge monetizations

The decrease in gross revenue was primarily the result of the $0.96 per Mcf decrease in general natural gas prices, when excluding the impact of hedging, in the markets in which CNX sells its natural gas, the 31.2 Bcfe decrease in sales volumes, and the $6.96 per Bbl. decrease in NGL prices. These decreases were offset, in-part, by the increase in the realized gain on commodity derivative instruments related to the Company's hedging program.

SEGMENT ANALYSIS for the nine months ended September 30, 2020 compared to the nine months ended September 30, 2019:

	For the Nine Months Ended								Difference to the Nine Months Ended
	September 30, 2020								September 30, 2019
(in millions)	Shale		CBM		Other		Total E&P		Shale		CBM		Other		Total E&P
Natural Gas, NGL and Oil Revenue	$	529	$	79	$	1	$	609	$	(389)	$	(46)	$	—	$	(435)
Gain (Loss) on Commodity Derivative Instruments	266		33		(416)		(117)		242		30		(629)		(357)
Purchased Gas Revenue	—		—		78		78		—		—		14		14
Other Revenue and Operating Income	47		—		14		61		(9)		—		5		(4)
Total Revenue and Other Operating Income	842		112		(323)		631		(156)		(16)		(610)		(782)
Lease Operating Expense	19		11		1		31		(21)		(2)		1		(22)
Production, Ad Valorem, and Other Fees	14		4		—		18		(1)		(1)		—		(2)
Transportation, Gathering and Compression	183		29		—		212		(32)		—		—		(32)
Depreciation, Depletion and Amortization	295		50		12		357		(22)		(2)		6		(18)
Impairment of Exploration and Production Properties	—		—		62		62		—		—		62		62
Impairment of Goodwill	—		—		473		473		—		—		473		473
Exploration and Production Related Other Costs	—		—		9		9		—		—		(6)		(6)
Purchased Gas Costs	—		—		77		77		—		—		15		15
Other Operating Expense	—		—		71		71		—		—		10		10
Selling, General and Administrative Costs	—		—		76		76		—		—		(33)		(33)
Total Operating Costs and Expenses	511		94		781		1,386		(76)		(5)		528		447
Other Expense	—		—		12		12		—		—		9		9
Gain on Asset Sales and Abandonments, net	—		—		(22)		(22)		—		—		(21)		(21)
Gain on Debt Extinguishment	—		—		(11)		(11)		—		—		(19)		(19)
Interest Expense	—		—		133		133		—		—		19		19
Total Other Expenses	—		—		112		112		—		—		(12)		(12)
Total Costs and Expenses	511		94		893		1,498		$	(76)	$	(5)	$	516	$	435
Earnings (Loss) Before Income Tax	$	331	$	18	$	(1,216)	$	(867)	$	(80)	$	(11)	$	(1,126)	$	(1,217)

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        SHALE SEGMENT

The Shale segment had earnings before income tax of $331 million for the nine months ended September 30, 2020 compared to earnings before income tax of $411 million for the nine months ended September 30, 2019.

	For the Nine Months Ended September 30,
	2020		2019		Variance		Percent Change
Shale Gas Sales Volumes (Bcf)	304.0		330.6		(26.6)		(8.0)	%
NGLs Sales Volumes (Bcfe)*	19.9		22.6		(2.7)		(11.9)	%
Oil/Condensate Sales Volumes (Bcfe)*	1.2		0.6		0.6		100.0	%
Total Shale Sales Volumes (Bcfe)*	325.1		353.8		(28.7)		(8.1)	%
Average Sales Price - Gas (per Mcf)	$	1.58	$	2.54	$	(0.96)	(37.8)	%
Gain on Commodity Derivative Instruments - Cash Settlement- Gas (per Mcf)	$	0.88	$	0.07	$	0.81	1,157.1	%
Average Sales Price - NGLs (per Mcfe)*	$	2.04	$	3.20	$	(1.16)	(36.3)	%
Average Sales Price - Oil/Condensate (per Mcfe)*	$	5.98	$	7.50	$	(1.52)	(20.3)	%
Total Average Shale Sales Price (per Mcfe)	$	2.45	$	2.66	$	(0.21)	(7.9)	%
Average Shale Lease Operating Expenses (per Mcfe)	0.06		0.11		(0.05)		(45.5)	%
Average Shale Production, Ad Valorem, and Other Fees (per Mcfe)	0.04		0.05		(0.01)		(20.0)	%
Average Shale Transportation, Gathering and Compression Costs (per Mcfe)	0.56		0.61		(0.05)		(8.2)	%
Average Shale Depreciation, Depletion and Amortization Costs (per Mcfe)	0.92		0.89		0.03		3.4	%
Total Average Shale Costs (per Mcfe)	$	1.58	$	1.66	$	(0.08)	(4.8)	%
Average Margin for Shale (per Mcfe)	$	0.87	$	1.00	$	(0.13)	(13.0)	%

* NGLs and Oil/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 NGL, oil, condensate, and natural gas prices.

The Shale segment had natural gas, NGL and oil/condensate revenue of $529 million for the nine months ended September 30, 2020 compared to $918 million for the nine months ended September 30, 2019. The $389 million decrease was due primarily to a 37.8% decrease in the average sales price for natural gas, an 8.1% decrease in total Shale sales volumes, and a 36.3% decrease in the average sales price of NGLs.

The decrease in total Shale volumes was due to the temporary shut-in of a portion of CNX's liquids-rich Shirley-Pennsboro production in May and June of 2020 in response to low NGL prices. Additionally, four new pads of dry gas turn-in-lines from April and May were temporarily shut-in during May through September due to low natural gas prices. Normal production declines also contributed to the decrease in total Shale volumes.

The decrease in total average Shale sales price was primarily due to a $0.96 per Mcf decrease in average gas sales price and a $1.16 per Mcfe decrease in the average NGL sales price. These decreases were offset in part by a $0.81 per Mcf increase in the realized gain on commodity derivative instruments. The notional amounts associated with these financial hedges represented approximately 296.6 Bcf of the Company's produced Shale gas sales volumes for the nine months ended September 30, 2020 at an average gain of $0.90 per Mcf hedged. For the nine months ended September 30, 2019, these financial hedges represented approximately 246.5 Bcf at an average gain of $0.10 per Mcf hedged.

Total operating costs and expenses for the Shale segment were $511 million for the nine months ended September 30, 2020 compared to $587 million for the nine months ended September 30, 2019. The decrease in total dollars and decrease in unit costs for the Shale segment were due to the following items:

•Shale lease operating expense was $19 million for the nine months ended September 30, 2020 compared to $40 million for the nine months ended September 30, 2019. The decrease in total dollars was primarily due to a decrease in water disposal costs in the current period resulting from an increase in the reuse of produced water in well completions activity. The decrease in unit costs was driven by the decrease in total dollars.

•Shale transportation, gathering and compression costs were $183 million for the nine months ended September 30, 2020 compared to $215 million for the nine months ended September 30, 2019. The decreases in total dollars and unit costs

48

were primarily related to lower processing costs due to a drier production mix. Lower firm transportation costs from lower gas sales volumes contributed to the decrease in total dollars.

•Depreciation, depletion and amortization costs attributable to the Shale segment were $295 million for the nine months ended September 30, 2020 compared to $317 million for the nine months ended September 30, 2019. These amounts included depletion on a unit of production basis of $0.81 per Mcfe and $0.82 per Mcfe, respectively. The decrease in the units of production depreciation, depletion and amortization rate in the current period is the result of positive reserve revisions within our core SWPA development area and lower cost reserves added in our core SWPA development area from the 2019 development program partially offset by an increase in the units of production depreciation, depletion and amortization rate due to negative reserves revisions within our Ohio operations. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

Total Shale other revenue and operating income relates to natural gas gathering services provided to third-parties. The Shale segment had other revenue and operating income of $47 million for the nine months ended September 30, 2020 compared to $56 million for the nine months ended September 30, 2019. The decrease in the period-to-period comparison was primarily due to a reduction in third-party volumes transported related to temporary production curtailments.

COALBED METHANE (CBM) SEGMENT

The CBM segment had earnings before income tax of $18 million for the nine months ended September 30, 2020 compared to earnings before income tax of $29 million for the nine months ended September 30, 2019.

	For the Nine Months Ended September 30,
	2020		2019		Variance		Percent Change
CBM Gas Sales Volumes (Bcf)	39.3		41.7		(2.4)		(5.8)	%
Average Sales Price - Gas (per Mcf)	$	2.02	$	3.00	$	(0.98)	(32.7)	%
Gain on Commodity Derivative Instruments - Cash Settlement - Gas (per Mcf)	$	0.84	$	0.07	$	0.77	1,100.0	%
Total Average CBM Sales Price (per Mcf)	$	2.86	$	3.07	$	(0.21)	(6.8)	%
Average CBM Lease Operating Expenses (per Mcf)	0.29		0.30		(0.01)		(3.3)	%
Average CBM Production, Ad Valorem, and Other Fees (per Mcf)	0.10		0.13		(0.03)		(23.1)	%
Average CBM Transportation, Gathering and Compression Costs (per Mcf)	0.74		0.70		0.04		5.7	%
Average CBM Depreciation, Depletion and Amortization Costs (per Mcf)	1.25		1.24		0.01		0.8	%
Total Average CBM Costs (per Mcf)	$	2.38	$	2.37	$	0.01	0.4	%
Average Margin for CBM (per Mcf)	$	0.48	$	0.70	$	(0.22)	(31.4)	%

The CBM segment had natural gas revenue of $79 million for the nine months ended September 30, 2020 compared to $125 million for the nine months ended September 30, 2019. The $46 million decrease was due to the 5.8% decrease in total CBM sales volumes and the 32.7% decrease in the average sales price for natural gas in the current period. The decrease in CBM sales volumes was primarily due to normal production declines.

The total average CBM sales price decreased $0.21 per Mcf due to a $0.98 per Mcf decrease in average gas sales price, offset in part by a $0.77 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 37.0 Bcf of the Company's produced CBM sales volumes for the nine months ended September 30, 2020 at an average gain of $0.90 per Mcf hedged. For the nine months ended September 30, 2019, these financial hedges represented approximately 29.6 Bcf at an average gain of $0.10 per Mcf hedged.

Total operating costs and expenses for the CBM segment were $94 million for the nine months ended September 30, 2020 compared to $99 million for the nine months ended September 30, 2019. The decrease in total dollars and increase in unit costs for the CBM segment were due to the following items:

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•CBM lease operating expense was $11 million for the nine months ended September 30, 2020 compared to $13 million for the nine months ended September 30, 2019. The decrease in total dollars was due to a decrease in water disposal costs as well as a decrease in repairs and maintenance. The decrease in unit costs was driven by the decrease in total dollars.

•Depreciation, depletion and amortization costs attributable to the CBM segment were $50 million for the nine months ended September 30, 2020 compared to $52 million for the nine months ended September 30, 2019. These amounts included depletion on a unit of production basis of $0.68 per Mcfe and $0.70 per Mcfe, respectively. The decrease in the units of production depreciation, depletion and amortization rate was due to reduced production, offset in part by negative reserve revisions. The remaining depreciation, depletion and amortization costs were either recorded on a straight-line basis or related to asset retirement obligations.

OTHER SEGMENT

The Other Segment includes nominal shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, realized gain on commodity derivative instruments that were monetized prior to their settlement dates, exploration and production related other costs, impairments of exploration and production properties, as well as various other expenses that are managed outside the Shale and CBM segments such as SG&A, interest expense and income taxes.

The Other Gas segment had a loss before income tax of $1,216 million for the nine months ended September 30, 2020 compared to a loss before income tax of $90 million for the nine months ended September 30, 2019.

	For the Nine Months Ended September 30,
	2020	2019	Variance	Percent Change
Other Gas Sales Volumes (Bcf)	0.1	0.3	(0.2)	(66.7)	%

Gain or Loss on Commodity Derivative Instruments and Monetization

For the nine months ended September 30, 2020, the Other Gas segment recognized an unrealized loss on commodity derivative instruments of $501 million as well as cash settlements received of $85 million. For the nine months ended September 30, 2019, the Other Gas segment recognized an unrealized gain on commodity derivative instruments of $214 million as well as cash settlements paid of $1 million. The unrealized gain/loss 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. Included in cash settlements for the nine months ended September 30, 2020 is $84 million related to natural gas hedges and financial basis hedges that were partially monetized or terminated prior to their settlement date. See Note 11 - Derivative Instruments in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information related to the cash settlements.

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 $78 million for the nine months ended September 30, 2020 compared to $64 million for the nine months ended September 30, 2019. Purchased gas costs were $77 million for the nine months ended September 30, 2020 compared to $62 million for the nine months ended September 30, 2019. 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,
	2020		2019		Variance		Percent Change
Purchased Gas Sales Volumes (in Bcf)	48.2		26.9		21.3		79.2	%
Average Sales Price (per Mcf)	$	1.63	$	2.39	$	(0.76)	(31.8)	%
Average Cost (per Mcf)	$	1.59	$	2.33	$	(0.74)	(31.8)	%

50

Other Operating Income

	For the Nine Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Water Income	$	5	$	1	$	4	400.0	%
Gathering Income	9		7		2		28.6	%
Equity in (Loss) Earnings of Affiliates	(1)		1		(2)		(200.0)	%
Other	1		—		1		100.0	%
Total Other Operating Income	$	14	$	9	$	5	55.6	%

•Water income increased $4 million in the 2020 period due to increased revenue for accepting deliveries of produced water from third-parties for reuse in the Company's hydraulic fracturing and increased sales of freshwater to third-parties for hydraulic fracturing.

•Gathering income represents revenue from the sale of excess firm transportation capacity to third-parties. The Company obtains firm pipeline transportation capacity to enable gas production to flow uninterrupted as sales volumes increase. In order to minimize this unutilized firm transportation expense, CNX is able to release (sell) unutilized firm transportation capacity to other parties when possible and when beneficial. The revenue (Gathering income) from released capacity helps offsets the unutilized firm transportation and processing fees in total other operating expense.

Impairment of Exploration and Production Properties

During the nine months ended September 30, 2020, CNX recognized certain indicators of impairments specific to our Southwest Pennsylvania (SWPA) CBM asset group and determined that the carrying value of that asset group was not recoverable. The fair value of the asset group was estimated by discounting the estimated future cash flows using discount rates and other assumptions that market participants would use in their estimates of fair value. As a result, an impairment of $62 million was recognized and is included in Impairment of Exploration and Production Properties in the Consolidated Statements of Income. The impairment was related to an economic decision to temporarily idle certain wells and the related processing facility during the first quarter.

Impairment of Goodwill

In connection with the CNX Midstream Acquisition that occurred in January 2018, CNX recorded $796 million of goodwill.

Goodwill is tested for impairment annually during the fourth quarter, or more frequently if recent events or prevailing conditions indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount using the qualitative assessment, a quantitative impairment test is performed. From time to time, CNX may also bypass the qualitative assessment and proceed directly to the quantitative impairment test.

In connection with CNX's assessment of goodwill in the first quarter of 2020 in relation to the deteriorating macroeconomic conditions, and the decline in the observable market value of CNXM securities both in relation to the COVID-19 pandemic and the overall decline in the MLP market space, CNX bypassed the qualitative assessment and performed a quantitative test that utilized a combination of the income and market approaches to estimate the fair value of the Midstream reporting unit. As a result of this assessment, CNX concluded that the carrying value exceed its estimated fair value, and as a result, an impairment of $473 million was included in Impairment of Goodwill in the Consolidated Statement of Income. No such impairment occurred in the prior period. See Note 6 - Goodwill and Other Intangible Assets in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

51

Exploration and Production Related Other Costs

	For the Nine Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Seismic Activity	$	—	$	6	$	(6)	(100.0)	%
Land Rentals	2		2		—		—	%
Lease Expiration Costs	5		5		—		—	%
Permitting Expense	2		—		2		100.0	%
Other	—		2		(2)		(100.0)	%
Total Exploration and Production Related Other Costs	$	9	$	15	$	(6)	(40.0)	%

•Seismic activity decreased in the period-to-period comparison due to additional geophysical research in the prior period.

Selling, General and Administrative ("SG&A")

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 Nine Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Long-Term Equity-Based Compensation (Non-Cash)	$	12	$	37	$	(25)	(67.6)	%
Salaries and Wages	23		31		(8)		(25.8)	%
Short-Term Incentive Compensation	7		9		(2)		(22.2)	%
Other	34		32		2		6.3	%
Total SG&A	$	76	$	109	$	(33)	(30.3)	%

•Long-term equity-based compensation decreased $25 million in the period-to-period comparison due to a change in control event that occurred in the second quarter of 2019 and resulted in the acceleration of vesting of certain restricted stock units and performance share units held by certain employees. 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.

•Salaries and Wages decreased $8 million due to an overall reduction in employees and employee related costs resulting from a reduction in staff in the 2019 period.

Other Operating Expense

	For the Nine Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Unutilized Firm Transportation and Processing Fees	$	54	$	43	$	11	25.6	%
Water Expense	1		1		—		—	%
Insurance Expense	2		2		—		—	%
Idle Equipment and Service Charges	8		8		—		—	%
Severance Expense	—		1		(1)		(100.0)	%
Other	6		6		—		—	%
Total Other Operating Expense	$	71	$	61	$	10	16.4	%

•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 of $11 million 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 or to process the Company’s wet natural gas production. The increase in unutilized capacity results in part from the temporary shut-in of a portion of CNX's liquids-rich Shirley-Pennsboro production in May and June of 2020 and due to the temporary shut-in of new

52

turn-in-line wells due to low natural gas prices. In some instances, the Company may have the opportunity to realize more favorable net pricing by strategically choosing to sell natural gas into a market or to a customer that does not require the use of the Company’s own firm transportation capacity. Such sales would result in an increase in unutilized firm transportation expense. 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 Revenue and Other Operating Income above.

Gain on Asset Sales and Abandonments, net

A gain on asset sales of $22 million related to the sale of various non-core assets was recognized in the nine months ended September 30, 2020 compared to a gain of $1 million in the nine months ended September 30, 2019.

Loss (Gain) on Debt Extinguishment

A gain on debt extinguishment of $11 million was recognized in the nine months ended September 30, 2020 compared to a loss on debt extinguishment of $8 million in the nine months ended September 30, 2019. During the nine months ended September 30, 2020, CNX purchased $531 million of its 5.875% Senior notes due in April 2022 at an average price equal to 97.5% of the principal amount. 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. See Note 9 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

Other Expense

	For the Nine Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Other Income
Royalty Income	$	—	$	4	$	(4)	(100.0)	%
Right of Way Sales	2		4		(2)		(50.0)	%
Interest Income	2		2		—		—	%
Other	7		2		5		250.0	%
Total Other Income	$	11	$	12	$	(1)	(8.3)	%
Other Expense
Professional Services	$	6	$	2	$	4	200.0	%
Merger Related Costs	5		—		5		100.0	%
Bank Fees	9		9		—		—	%
Other Corporate Expense	3		4		(1)		(25.0)	%
Total Other Expense	$	23	$	15	$	8	53.3	%
Total Other Expense	$	12	$	3	$	9	(300.0)	%

•Royalty income is comprised of royalties CNX received on non-operated properties unrelated to natural gas. The decrease of $4 million in the period-to-period comparison was due to a reduction in third-party activity.

•Other income increased $5 million in the period-to-period comparison primarily due to the receipt of a severance tax refund related to a prior period in the nine months ended September 30, 2020 (See Note 4- Income Taxes in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information).

•Merger-related costs consist of transaction costs directly attributable to the CNXM Merger (See Note 13- Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information), including financial advisory, legal service and other professional fees, which were recorded to Other Expense in the Consolidated Statements of Income.

•Professional services increased $4 million in the period-to-period comparison primarily due to fees related to an agreement to eliminate CNXM's incentive distribution rights, or IDRs, in January of 2020, prior to the Merger.

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Interest Expense

	For the Nine Months Ended September 30,
(in millions)	2020		2019		Variance		Percent Change
Total Interest Expense	$	133	$	114	$	19	16.7	%

•The $19 million increase was primarily due to realized and unrealized losses on interest rate swap agreements during the nine months ended September 30, 2020. The addition of $345 million of convertible senior notes due 2026, the addition of the $125 million Cardinal States Facility and the $50 million CSG Holdings Facility all in the current period also contributed to the increase. These increases were offset in part by the purchase of $531 million of the outstanding 5.875% senior notes due in April 2022 during the nine months ended September 30, 2020, as well as lower borrowings on the CNX credit facility. See Note 9 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

Income Taxes

	For the Nine Months Ended September 30,
(in millions)	2020			2019			Variance			Percent Change
Total Company (Loss) Earnings Before Income Tax	$	(867)		$	350		$	(1,217)		(347.7)	%
Income Tax (Benefit) Expense	$	(243)		$	78		$	(321)		(411.5)	%
Effective Income Tax Rate	28.0		%	22.3		%	5.7		%

The effective income tax rate was 28.0% for the nine months ended September 30, 2020 compared to 22.3% for the nine months ended September 30, 2019. The effective rate for the nine months ended September 30, 2020 and 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.

See Note 4 - Income Taxes in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

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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 currently 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 for the next fiscal year. 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, including the current COVID 19 pandemic, 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.

CNX continuously reviews its liquidity and capital resources. If market conditions were to change, for instance due to the significant decline in oil prices or uncertainty created by the COVID-19 pandemic, and our revenue was reduced significantly or operating costs were to increase significantly, our cash flows and liquidity could be reduced.

As of September 30, 2020, CNX was in compliance with all of its debt covenants. After considering the current and potential effect of the significant decline in oil prices, current and expected future natural gas prices, and uncertainty created by the COVID-19 pandemic on its operations, CNX currently expects to remain in compliance with its debt covenants.

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 transactions, which exist parallel to the underlying physical transactions. The fair value of these contracts was a net liability of $95 million at September 30, 2020 and a net asset of $406 million at December 31, 2019. 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,
	2020		2019		Change
Cash Provided by Operating Activities	$	634	$	866	$	(232)
Cash Used in Investing Activities	$	(363)	$	(949)	$	586
Cash (Used in) Provided by Financing Activities	$	(131)	$	71	$	(202)

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

•Net income decreased $897 million in the period-to-period comparison.

•Adjustments to reconcile net income to cash provided by operating activities primarily consisted of a $473 million impairment of goodwill, a $62 million impairment of exploration and production properties, a $265 million change in deferred income taxes, a $729 million net change in derivative instruments, a $25 million decrease in stock-based compensation expense, a $21 million increase in gain on asset sales and abandonments, and a $18 million increase in the gain on debt extinguishment.

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

•Capital expenditures decreased $569 million in the period-to-period comparison primarily due to decreased expenditures in the Shale segment resulting from decreased drilling and completions activity. Gathering capital expenditures decreased due primarily to the substantial build out that was completed during 2019.

•Proceeds from asset sales increased $17 million mainly due to increased surface sales and oil and gas assignment sales in the nine months ended September 30, 2020.

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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, 2020, CNX paid $519 million to purchase $531 million of senior notes due in 2022 at 97.7% of the principal amount. During the nine months ended September 30, 2019, CNX paid $406 million to purchase $400 million of the senior notes due in 2022 at 101.5% of the principal amount. See Note 9 - 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, 2020, there were $31 million of net proceeds from the CNXM credit facility compared to $162 million of net proceeds during the nine months ended September 30, 2019.

•In the nine months ended September 30, 2020, there were $251 million of net payments on the CNX credit facility compared to $1 million of net proceeds during the nine months ended September 30, 2019.

•During the nine months ended September 30, 2020, CNX closed on $200 million aggregate principal amount of its senior notes due in 2027 at a price of 103.5% for cash proceeds of $207 million. These new $200 million senior notes due in 2027 were offered as additional notes to the previously issued $500 million senior notes due in 2027 during the nine months ended September 30, 2019. See Note 9 - 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, 2020, there were $164 million of net proceeds from the Cardinal States Gathering LLC and CSG Holdings II LLC non-revolving credit facilities. See Note 9 - 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, 2020, CNX received proceeds of $335 million from the issuance of the Convertible Notes. See Note 9 - 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, 2020, CNX paid $36 million for capped call transactions related to the issuance of the Convertible Notes. See Note 9 - 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 no purchases in the nine months ended September 30, 2020.

•Debt issuance and financing fees increased $5 million primarily due to the fees associated with the borrowings on the Cardinal States Gathering LLC and CSG Holdings II LLC non-revolving credit facilities as well as the issuance of the Convertible Notes.

The following is a summary of the Company's significant contractual obligations at September 30, 2020 (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	$	806	$	1,131	$	—	$	—	$	1,937
Gas Firm Transportation and Processing	241,980		427,931		369,444		930,189		1,969,544
Long-Term Debt	22,488		411,411		798,992		1,384,511		2,617,402
Interest on Long-Term Debt	132,249		239,504		186,647		101,764		660,164
Finance Lease Obligations	7,419		2,049		273		—		9,741
Interest on Finance Lease Obligations	396		63		19		—		478
Operating Lease Obligations	52,032		35,436		7,369		23,375		118,212
Interest on Operating Lease Obligations	4,101		4,054		2,924		3,808		14,887
Long-Term Liabilities—Employee Related (a)	1,860		3,999		4,633		31,274		41,766
Other Long-Term Liabilities (b)	281,530		10,000		10,000		41,761		343,291
Total Contractual Obligations (c)	$	744,861	$	1,135,578	$	1,380,301	$	2,516,682	$	5,777,422

 _________________________

(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 table above 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, 2020, CNX had total long-term debt of $2,617 million, including the current portion of long-term debt of $22 million and excluding unamortized debt issuance costs. This long-term debt consisted of:

•An aggregate principal amount of $700 million of 7.25% senior notes due in March 2027 plus $7 million of unamortized bond premium. 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 or CSG Holdings III LLC (or its subsidiaries).

•An aggregate principal amount of $410 million in outstanding borrowings under the CNX Revolving Credit Facility.

•An aggregate principal amount of $400 million of 6.50% senior notes due in March 2026 issued by CNXM, less $4 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 $363 million of 5.875% senior notes due in April 2022 plus a nominal 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 (or its subsidiaries or general partner) or CSG Holdings III LLC (or its subsidiaries).

•An aggregate principal amount of $345 million of 2.25% senior notes due in May 2026, unless earlier redeemed, repurchased, or converted, less $112 million of unamortized bond discount and issuance costs. Interest on the notes is payable May 1 and November 1 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 (or its subsidiaries or general partner) or CSG Holdings III LLC (or its subsidiaries).

•An aggregate principal amount of $343 million in outstanding borrowings under the CNXM revolver. CNX is not a guarantor of CNXM's revolving credit facility.

•An aggregate principal amount of $119 million in outstanding borrowings under the Cardinal States Gathering Company Credit Facility, less $1 million of unamortized discount. Interest and a portion of the obligation are paid quarterly.

•An aggregate principal amount of $47 million in outstanding borrowings under the CSG Holdings II LLC Credit Facility, less a nominal unamortized discount. Interest and a portion of the obligation are paid quarterly.

Total Equity and Dividends

CNX had total equity of $4,270 million at September 30, 2020 compared to $4,962 million at December 31, 2019. See the Consolidated Statements of Stockholders' Equity in Item 1 of this Form 10-Q for additional details.

On September 28, 2020, the Merger of CNXM was completed (See Note 13 - Acquisitions and Dispositions in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information). CNX accounted for the change in our ownership interest in CNXM as an equity transaction which was reflected as a reduction of noncontrolling interest with corresponding increases to common stock and capital in excess of par value.

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 2.34 to 1.00 at September 30, 2020. 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, 2020.

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

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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, 2020. Management believes these items will expire without being funded. See Note 10 - 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.

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 a 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 third-parties;

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

•the high-risk nature of drilling, developing and operating 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 development or drilling;

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

•the substantial capital expenditures required for our development and exploration projects, as well as midstream system development;

•the impact of potential, as well as any adopted, environmental regulations, including those relating to greenhouse gas emissions;

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

•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;

•the availability of storage capacity for refined products such as crude, and refinery inputs including condensate, c5+ and butane;

•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;

•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;

•the impact of outbreaks of communicable diseases such as COVID-19 on business activity, the Company’s operations and national and global economic conditions, generally;

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•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;

•failure to successfully estimate the rate of decline or existing reserves or to find or acquire economically recoverable natural gas reserves to replace our current natural gas reserves;

•risks associated with our current long-term debt obligations;

•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 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 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;

•Risks associated with our Convertible Notes, including the potential impact that the Convertible Notes may have on our reported financial results, potential dilution, our ability to raise funds to repurchase the Convertible Notes, and that provisions of the Convertible Notes could delay or prevent a beneficial takeover of the Company;

•the potential impact of the capped call transaction undertaken in tandem with the Convertible Notes issuance, including counterparty risk;

•the possibility that Company and CNXM may be the targets of securities class actions and derivative lawsuits;

•the risk that cost savings, tax benefits and any other synergies from the Merger may not be fully realized or may take longer to realize than expected;

•the impact and outcome of pending and future litigation, including litigation, relating to the Merger; and

•certain other factors addressed in this report.

Although forward-looking statements reflect our good faith beliefs at the time they are made, they involve known and unknown risks, uncertainties and other factors. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, including, among others, that our business plans may change as circumstances warrant, please refer to the “Risk Factors” and “Forward-Looking Statements” sections of our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Commission on February 10, 2020 and subsequent Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

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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 and liquids. CNX uses fixed-price contracts, options and derivative commodity instruments (over-the-counter swaps) 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. Typically, CNX “sells” swaps under which it receives a fixed price from counterparties and pays a floating market price. During the second quarter of 2020, CNX purchased, rather than sold, financial swaps for the period May through November of 2020 under which CNX will pay a fixed price to and receive a floating price from its hedge counterparties.

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 2019 Annual Report on Form 10-K.

At September 30, 2020 our open gas derivative instruments were in a net liability position with a fair value of $95 million, and at December 31, 2019 our open gas derivative instruments were in a net asset position with a fair value of $406 million. A sensitivity analysis has been performed to determine the incremental effect on future earnings related to open derivative instruments at September 30, 2020 and December 31, 2019. A hypothetical 10 percent increase in future natural gas prices would have decreased the fair value by $393 million and $383 million at September 30, 2020 and December 31, 2019, respectively. A hypothetical 10 percent decrease in future natural gas prices would have increased the fair value by $389 million and $402 million at September 30, 2020 and December 31, 2019, respectively.

CNX's interest expense is sensitive to changes in the general level of interest rates in the United States. The Company uses derivative instruments to manage risk related to interest rates. At September 30, 2020 and December 31, 2019, CNX had $1,700 million and $1,797 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, 2020 and December 31, 2019, CNX had $910 million and $973 million, respectively, of debt outstanding under variable-rate instruments, including unamortized debt issuance costs of $7 million at September 30, 2020. CNX’s primary exposure to market risk for changes in interest rates relates to our Credit Facility, under which there were $410 million of borrowings at September 30, 2020 and $661 million at December 31, 2019, CNXM's revolving credit facility, under which there were $343 million of borrowings at September 30, 2020 and $312 million at December 31, 2019, and the Cardinal States Gathering LLC and CSG Holdings II LLC Credit Agreements, under which there were $166 million of borrowings at September 30, 2020. A hypothetical 100 basis-point increase in the average rate for CNX's variable-rate instruments would decrease pre-tax future earnings as of September 30, 2020 and December 31, 2019 by $9 million and $10 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.

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Natural Gas Hedging Volumes

As of October 8, 2020, 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
2020 Fixed Price Volumes*
Hedged Bcf	N/A		N/A		N/A		130.2		130.2
Weighted Average Hedge Price per Mcf	N/A		N/A		N/A		$	2.50	$	2.50
2021 Fixed Price Volumes
Hedged Bcf	120.6		110.9		112.8		115.6		459.1**
Weighted Average Hedge Price per Mcf	$	2.56	$	2.42	$	2.42	$	2.48	$	2.47
2022 Fixed Price Volumes
Hedged Bcf	99.5		97.1		98.1		95.3		390.0
Weighted Average Hedge Price per Mcf	$	2.37	$	2.30	$	2.30	$	2.28	$	2.32
2023 Fixed Price Volumes
Hedged Bcf	67.2		68.0		68.7		68.7		272.6
Weighted Average Hedge Price per Mcf	$	2.26	$	2.24	$	2.24	$	2.25	$	2.24
2024 Fixed Price Volumes
Hedged Bcf	64.2		61.3		61.9		61.9		249.3
Weighted Average Hedge Price per Mcf	$	2.34	$	2.28	$	2.28	$	2.28	$	2.30
2025 Fixed Price Volumes
Hedged Bcf	22.0		22.2		22.5		22.4		89.1
Weighted Average Hedge Price per Mcf	$	2.10	$	2.10	$	2.10	$	2.10	$	2.10

*Excludes purchased swaps. The Company's purchased swaps are as follows:

	For the Three Months Ended
	December 31, 2020
Hedged Bcf	6.2
Weighted Average Fixed Price per Mcf	$	1.75

**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.

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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, 2020 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.

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 and second paragraph of Note 10—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.

Environmental Proceedings

From time to time, CNX and federal, state, and local regulatory agencies that oversee CNX’s activities enter into agreements regarding notices of noncompliance. With respect to the subsurface pressure anomaly experienced at one of our Utica wells in January 2019, CNX and the Pennsylvania Department of Environmental Protection executed a consent order and agreement, which was immaterial to CNX’s financial statements.

ITEM 1A.     RISK FACTORS

CNX is also subject to additional 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 2019 Annual Report on Form 10-K as filed with the SEC on February 10, 2020 ("2019 Form 10-K") and in our Quarterly Reports on Form 10Q for the quarters ended March 31, 2020 and June 30, 2020. The risks described could materially and adversely affect CNX's business, financial condition, cash flows, and results of operations. 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.

Events beyond our control, including a global or domestic health crisis, may result in unexpected adverse operating and financial results.

The recent outbreak of the coronavirus pandemic (COVID-19) has affected, and may materially and adversely affect, our business, operating and financial results and liquidity. The severity, magnitude and duration of the current COVID-19 outbreak remains uncertain, but continues to be rapidly changing and hard to predict. While the full impact of this virus and the long-term worldwide reaction to it and impact from it remains unknown at this time, government reaction to the pandemic and restrictions and limitations applied by the government as a result, continued widespread growth in infections, travel restrictions, quarantines, or site closures as a result of the virus could, among other things, impact the ability of our employees and contractors to perform their duties, cause increased technology and security risk due to extended and company-wide telecommuting, lead to disruptions in our supply chain (including necessary contractors), lead to a disruption in our resource acquisition or permitting activities and cause disruption in our relationship with our customers. Additionally, the COVID-19 outbreak has significantly impacted economic activity and markets around the world, and COVID-19 or another similar outbreak could negatively impact our business in numerous ways, including, but not limited to, the following:

•our revenue may be reduced if the outbreak results in an economic downturn or recession, as many experts predict, to the extent it leads to a prolonged decrease in the demand for natural gas and liquefied natural gas ("LNG") and, to a lesser extent, NGLs and oil;

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•our operations may be disrupted or impaired, thus lowering our production level, if a significant portion of our employees or contractors are unable to work due to illness or if our field operations are suspended or temporarily shut-down or restricted due to control measures designed to contain the outbreak;

•the operations of our midstream service providers, on whom we rely for the transmission, gathering and processing of a significant portion of our produced natural gas, NGLs and oil, may be disrupted or suspended in response to containing the outbreak, and/or the difficult economic environment may lead to the bankruptcy or closing of the facilities and infrastructure of our midstream service providers, which may result in substantial discounts in the prices we receive for our produced natural gas, NGLs and oil or result in the shut-in of producing wells or the delay or discontinuance of development plans for our properties; and

•the disruption and instability in the financial markets and the uncertainty in the general business environment may affect our ability to find attractive asset monetization opportunities and successfully execute our plan to deleverage our business on the timeframe previously anticipated or at all; for example, the market value of the assets to be monetized may be reduced and the financial condition or prospects of prospective purchasers and other counterparties, and such parties’ access to financing on acceptable terms, may be adversely affected.

In addition, the COVID-19 pandemic has increased volatility and caused negative pressure in the capital and credit markets. As a result, we may experience difficulty accessing the capital or financing needed to fund our exploration and production operations, which have substantial capital requirements, or refinance our upcoming maturities on satisfactory terms or at all. We typically fund our capital expenditures with existing cash and cash generated by operations (which is subject to a number of variables, including many beyond our control) and, to the extent our capital expenditures exceed our cash resources, from borrowings under our revolving credit facility and other external sources of capital, we could be required to curtail our operations and the development of our properties, which in turn could lead to a decline in our reserves and production, and could adversely affect our business, results of operations and financial position.

To the extent the COVID-19 pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other risks set forth in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, such as those relating to our financial performance and debt obligations. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on our business, which will depend on numerous evolving factors and future developments that we are not able to predict, including the length of time that the pandemic continues, its effect on the demand for natural gas, LNG, NGLs and oil, the response of the overall economy and the financial markets as well as the effect of governmental actions taken in response to the pandemic. Any of these outcomes could have a material adverse effect on our business, operations, financial results and liquidity.

The accounting method for convertible debt securities that may be settled in cash, such as the Convertible Notes, could have a material effect on our reported financial results.

Under Accounting Standards Codification 470-20, Debt with Conversion and Other Options (“ASC 470-20”), an entity must separately account for the liability and equity components of the convertible debt instruments (such as the Convertible Notes) that may be settled entirely or partially in cash upon conversion in a manner that reflects the issuer’s economic interest cost. The effect of ASC 470-20 on the accounting for the Convertible Notes is that the equity component is required to be included in the Capital in Excess of Par Value section of Stockholders’ Equity on our Consolidated Balance Sheet at the issuance date and the value of the equity component would be treated as debt discount for purposes of accounting for the debt component of the Convertible Notes. As a result, we will be required to record non-cash interest expense through the amortization of the excess of the face amount over the carrying amount of the expected life of the Convertible Notes. We will report larger net losses (or lower net income) in our financial results because ASC 470-20 will require interest to include both the amortization of the debt discount and the instrument’s cash coupon interest rate, which could adversely affect our reported or future financial results, the trading price of our common stock and the trading price of the Convertible Notes.

In addition, under certain circumstances, convertible debt instruments (such as the Convertible Notes) that may be settled entirely or partly in cash may be accounted for utilizing the treasury stock method, the effect of which is that the shares issuable upon conversion of such Convertible Notes are not included in the calculation of diluted earnings per share except to the extent that the conversion value of such Convertible Notes exceeds their principal amount. Under the treasury stock method, for diluted earnings per share purposes, the transaction is accounted for as if the number of shares of common stock that would be necessary to settle such excess, if we elected to settle such excess in shares, are included in the denominator for purposes of calculating diluted earnings per share. We cannot be sure that the accounting standards in the future will continue to permit the use of the treasury stock method. If we are unable or otherwise elect not to use the treasury stock method in accounting for the shares issuable upon conversion of the Convertible Notes, then our diluted earnings per share could be adversely affected.

63

The capped call transactions may affect the value of the Convertible Notes and our common stock.

In connection with the pricing of the Convertible Notes, we entered into capped call transactions with certain financial institutions. The capped call transactions are expected generally to reduce the potential dilution to our common stock upon any conversion of the Convertible Notes and/or offset any potential cash payments we are required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap.

In connection with establishing their initial hedges of the capped call transactions, these financial institutions or their respective affiliates purchased shares of our common stock and/or entered into various derivative transactions with respect to our common stock concurrently with or shortly after the pricing of the Convertible Notes. These financial institutions or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to our common stock and/or purchasing or selling our common stock or other securities of ours in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so during any observation period related to a conversion of Convertible Notes). This activity could also cause or avoid an increase or a decrease in the market price of our common stock or the Convertible Notes.

The potential effect, if any, of these transactions and activities on the price of our common stock or the Convertible Notes will depend in part on market conditions and cannot be ascertained at this time. Any of these activities could adversely affect the value of our common stock.

We are subject to counterparty risk with respect to the capped call transactions.

The counterparties to the capped call transactions are financial institutions or affiliates of financial institutions, and we will be subject to the risk that they might default under the capped call transactions. Our exposure to the credit risk of the counterparties will not be secured by any collateral. Global economic conditions have from time to time resulted in the actual or perceived failure or financial difficulties of many financial institutions. If a counterparty becomes subject to insolvency proceedings, with respect to such option counterparty’s obligations under the relevant capped call transaction, we will become an unsecured creditor in those proceedings with a claim equal to our exposure at that time under our transactions with that counterparty. Our exposure will depend on many factors, but, generally, the increase in our exposure will be positively correlated to the increase in the market price and in the volatility of our common stock. In addition, upon a default by a counterparty, we may suffer adverse tax consequences and more dilution than we currently anticipate with respect to our common stock. We can provide no assurances as to the financial stability or viability of any counterparty.

Conversion of the Convertible Notes may dilute the ownership interest of existing stockholders, including holders who had previously converted their Convertible Notes, or may otherwise depress the price of our common stock.

The conversion of some or all of the Convertible Notes will dilute the ownership interests of existing stockholders to the extent we deliver shares of our common stock upon conversion of any of the Convertible Notes and the potential dilution is not reduced or offset by the capped call transactions we entered into. The Convertible Notes may become convertible at the option of holders prior to their scheduled terms under certain circumstances. Any sales in the public market of the common stock issuable upon such conversion could adversely affect prevailing market prices of our common stock. In addition, the existence of the Convertible Notes may encourage short selling by market participants because the conversion of the Convertible Notes could be used to satisfy short positions, or anticipated conversion of the Convertible Notes into shares of our common stock could depress the price of our common stock.

We may be unable to raise the funds necessary to repurchase the Convertible Notes for cash following a fundamental change, or to pay any cash amounts due upon conversion, and our other indebtedness may limit our ability to repurchase the Convertible Notes or pay cash upon their conversion.

Noteholders may, subject to a limited exception, require us to repurchase their Convertible Notes following a fundamental change at a cash repurchase price generally equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any. In addition, upon conversion, we will satisfy part or all of our conversion obligation in cash unless we elect to settle conversions solely in shares of our common stock. We may not have enough available cash or be able to obtain financing at the time we are required to repurchase the Convertible Notes or pay the cash amounts due upon conversion. In addition, applicable law, regulatory authorities and the agreements governing our other indebtedness, may restrict our ability to repurchase the Convertible Notes or pay the cash amounts due upon conversion. Our inability to satisfy our obligations under the Convertible Notes could harm our reputation and affect the trading price of our common stock.

64

Our failure to repurchase the Convertible Notes or to pay the cash amounts due upon conversion when required will constitute a default under the indenture. A default under the indenture or the occurrence of the fundamental change itself could also lead to a default under agreements governing our other indebtedness, which may result in that other indebtedness becoming immediately payable in full. We may not have sufficient funds to satisfy all amounts due under the other indebtedness and the Convertible Notes.

The conditional conversion feature of the Convertible Notes, if triggered, may adversely affect our financial condition and operating results.

In the event the conditional conversion feature of the Convertible Notes is triggered, holders of Convertible Notes will be entitled to convert their Convertible Notes at any time during specified periods at their option. If one or more holders elect to convert their Convertible Notes, unless we elect to satisfy our conversion obligation by delivering solely common stock (other than paying cash in lieu of delivering any fractional shares), we would be required to settle a portion or all of our conversion obligation through the payment of cash, which could adversely affect our liquidity.

Provisions of our Convertible Notes could delay or prevent an otherwise beneficial takeover of us.

Certain provisions of our Convertible Notes and the indenture governing the Convertible Notes could make a third-party attempt to acquire us more difficult or expensive. For example, if a takeover constitutes a “fundamental change” (as defined in the indenture), then noteholders will have the right to require us to repurchase their Convertible Notes for cash. In addition, if a takeover constitutes a “make-whole fundamental change” (as defined in the indenture), then we may be required to temporarily increase the conversion rate. In either case, and in other cases, our obligations under the Convertible Notes and the indenture could increase the cost of acquiring us or otherwise discourage a third party from acquiring us, including in a transaction that noteholders or holders of our common stock may view as favorable.

In connection with the separation of our coal business, CONSOL Energy has agreed to indemnify us for certain liabilities, and we have agreed to indemnify CONSOL Energy for certain liabilities. If we are required to pay under these indemnities to CONSOL Energy, our financial results could be negatively impacted. The CONSOL Energy indemnity may not be sufficient to hold us harmless from the full amount of liabilities for which CONSOL Energy has been allocated responsibility, and CONSOL Energy may not be able to satisfy its indemnification obligations in the future.

Pursuant to the Separation and Distribution Agreement and certain other agreements with CONSOL Energy, CNX and CONSOL Energy have agreed to indemnify the other for certain liabilities in each case for uncapped amounts.

We remain liable as a guarantor on certain liabilities that were assumed by CONSOL Energy in connection with the separation. The estimated value of these guarantees was approximately $166 million as of September 30, 2020. Although CONSOL Energy agreed to indemnify us to the extent that we are called upon to pay any of these liabilities, there is no assurance that CONSOL Energy will satisfy its obligations to indemnify us in these situations.

For example, we could be liable for liabilities assumed by Murray Energy and its subsidiaries (Murray Energy) in connection with the disposition of certain mines to Murray Energy in 2013 in the event that both Murray Energy and CONSOL Energy are unable to satisfy those liabilities.

Indemnities that CNX may be required to provide CONSOL Energy are not subject to any cap, may be significant and could negatively impact our business. Third parties could also seek to hold us responsible for any of the liabilities that CONSOL Energy has agreed to retain, including in respect of certain statutory obligations related to, among others, health and environmental matters. For example, see disclosure in Note 10 Commitments and Contingent Liabilities in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for information regarding a lawsuit filed by the UMWA 1992 Benefit Plan against CNX and CONSOL Energy in May 2020.

Any amounts we are required to pay pursuant to these indemnification obligations and other liabilities could require us to divert cash that would otherwise have been used in furtherance of our operating business. Further, the indemnity from CONSOL Energy may not be sufficient to protect us against the full amount of such liabilities, and CONSOL Energy may not be able to fully satisfy its indemnification obligations. Moreover, even if we ultimately succeed in recovering from CONSOL Energy any amounts for which we are held liable, CNX may be temporarily required to bear such losses. Each of these risks could negatively affect our business, results of operations and financial condition.

65

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

There were no issuer purchases of equity securities in the third quarter of fiscal year 2020. Under our current stock repurchase program, which is not subject to an expiration date, CNX's Board of Directors has approved up to $750 million of repurchases. As of September 30, 2020, approximately $148.5 million remained available under the stock repurchase program. 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. See Note 15 - Stock Repurchase in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for more information.

See Part III. Item 12. "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" included in CNX Resources Corporation's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on February 10, 2020 for information relating to CNX's equity compensation plans.

ITEM 6.EXHIBITS

2.1	Agreement and Plan of Merger, dated as of July 26, 2020, by and among CNX Resources Corporation, CNX Resources Holdings LLC, CNX Midstream GP LLC and CNX Midstream Partners LP (incorporated by reference to Exhibit 2.1 to Current Report on Form 8-K (file number 001-14901) filed on July 27, 2020).
10.1	Support Agreement, dated as of July 26, 2020, by and among CNX Midstream Partners LP, CNX Gas Company LLC and CNX Gas Holdings, Inc. (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K (file number 001-14901) filed on July 27, 2020).
10.2	Purchase Agreement, dated as of September 8, 2020 among CNX Resources Corporation, the subsidiary guarantors party thereto and BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the initial purchasers named therein (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K (file number 001-14901) filed on September 9, 2020).
10.3	Amendment to CNX Resources Corporation Amended and Restated Equity Incentive Plan (incorporated by reference to Exhibit 4.5 to Form S-8 (file number 333-249096) filed on September 28, 2020).
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.

66

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, 2020

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 (Duly Authorized Officer and Principal Financial Officer)
	By:	/S/    ALAN K. SHEPARD
		Alan K. Shepard
		Chief Accounting Officer and Vice President (Duly Authorized Officer and Principal Accounting Officer)
	By:	/S/    JASON L. MUMFORD
		Jason L. Mumford
		Vice President and Controller

67

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, 2020
/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, 2020
/s/ Donald W. Rush
Donald W. Rush
Chief Financial Officer (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, 2020, 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, 2020
/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, 2020, 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, 2020
/s/ Donald W. Rush
Donald W. Rush
Chief Financial Officer

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 15, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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		224,528,583
Entity Central Index Key	0001070412
Current Fiscal Year End	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
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

XML

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue and Other Operating Income:
(Loss) Gain on Commodity Derivative Instruments	$ (168,834)	$ 213,913	$ (116,995)	$ 240,118
Other Revenue and Operating Income	21,155	21,841	60,463	65,299
Total Revenue and Other Operating Income	66,075	529,997	631,275	1,413,460
Operating Expense
Lease Operating Expense	10,377	14,202	30,654	52,706
Production, Ad Valorem, and Other Fees	5,994	6,127	17,540	20,103
Depreciation, Depletion and Amortization	114,464	120,459	357,174	374,619
Purchased Gas Costs	31,721	27,490	76,709	62,476
Impairment of Exploration and Production Properties	0	0	61,849	0
Impairment of Goodwill	0	0	473,045	0
Selling, General, and Administrative Costs	22,714	24,307	76,350	109,016
Other Operating Expense	23,284	19,746	70,561	61,197
Total Operating Expense	279,505	298,599	1,385,298	939,234
Other Expense
Other Expense	2,180	3,439	12,184	2,757
Gain on Asset Sales and Abandonments	(3,567)	(3,308)	(21,559)	(610)
Loss (Gain) on Debt Extinguishment	108	0	(10,812)	7,614
Interest Expense	37,921	38,405	133,173	114,328
Total Other Expense	36,642	38,536	112,986	124,089
Total Costs and Expenses	316,147	337,135	1,498,284	1,063,323
(Loss) Earnings Before Income Tax	(250,072)	192,862	(867,009)	350,137
Income Tax (Benefit) Expense	(61,279)	48,902	(242,507)	78,133
Net (Loss) Income	(188,793)	143,960	(624,502)	272,004
Less: Net Income Attributable to Noncontrolling Interest	15,905	28,422	55,031	81,325
Net (Loss) Income Attributable to CNX Resources Shareholders	$ (204,698)	$ 115,538	$ (679,533)	$ 190,679
(Loss) Earnings per Share
Basic (in usd per share)	$ (1.03)	$ 0.62	$ (3.56)	$ 1.01
Diluted (in usd per share)	(1.03)	0.61	(3.56)	1.01
Dividends Declared (in usd per share)	$ 0	$ 0	$ 0	$ 0
Natural Gas, NGL and Oil Revenue
Revenue and Other Operating Income:
Revenues	$ 182,213	$ 265,051	$ 609,483	$ 1,043,862
Purchased Gas Revenue
Revenue and Other Operating Income:
Revenues	31,541	29,192	78,324	64,181
Transportation, Gathering and Compression
Operating Expense
Cost of Goods Sold	68,810	80,193	212,077	244,217
Exploration and Production Related Other Costs
Operating Expense
Cost of Goods Sold	$ 2,141	$ 6,075	$ 9,339	$ 14,900

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (188,793)	$ 143,960	$ (624,502)	$ 272,004
Other Comprehensive Income:
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($40), ($15), ($119), ($44))	112	41	335	126
Comprehensive (Loss) Income	(188,681)	144,001	(624,167)	272,130
Less: Comprehensive Income Attributable to Noncontrolling Interest	15,905	28,422	55,031	81,325
Comprehensive (Loss) Income Attributable to CNX Resources Shareholders	$ (204,586)	$ 115,579	$ (679,198)	$ 190,805

XML

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Adjustment For Actuarially Determined Liabilities
Other comprehensive income, tax expense	$ (40)	$ (15)	$ (119)	$ (44)

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and Cash Equivalents	$ 150,132	$ 16,283
Restricted Cash	733	0
Accounts and Notes Receivable:
Trade, net	75,929	133,480
Other Receivables, net	4,653	13,679
Supplies Inventories	10,090	6,984
Recoverable Income Taxes	644	62,425
Derivative Instruments	77,608	247,794
Prepaid Expenses	12,450	17,456
Total Current Assets	332,239	498,101
Property, Plant and Equipment:
Property, Plant and Equipment	10,904,837	10,572,006
Less—Accumulated Depreciation, Depletion and Amortization	3,841,699	3,435,431
Total Property, Plant and Equipment—Net	7,063,138	7,136,575
Other Non-Current Assets:
Operating Lease Right-of-Use Asset	124,329	187,097
Investment in Affiliates	15,685	16,710
Derivative Instruments	160,098	314,096
Goodwill	323,314	796,359
Other Intangible Assets	91,733	96,647
Restricted Cash	5,456	0
Other	13,182	15,221
Total Other Non-Current Assets	733,797	1,426,130
TOTAL ASSETS	8,129,174	9,060,806
Current Liabilities:
Accounts Payable	117,004	202,553
Derivative Instruments	144,545	41,466
Current Portion of Finance Lease Obligations	7,419	7,164
Current Portion of Long-Term Debt	22,488	0
Current Portion of Operating Lease Obligations	52,032	61,670
Other Accrued Liabilities	164,473	216,086
Total Current Liabilities	507,961	528,939
Non-Current Liabilities:
Long-Term Debt	2,577,974	2,754,443
Finance Lease Obligations	2,322	7,706
Operating Lease Obligations	66,180	110,466
Derivative Instruments	203,709	115,862
Deferred Income Taxes	398,878	476,108
Asset Retirement Obligations	61,761	63,377
Other	40,213	41,596
Total Non-Current Liabilities	3,351,037	3,569,558
TOTAL LIABILITIES	3,858,998	4,098,497
Stockholders’ Equity:
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 224,528,583 Issued and Outstanding at September 30, 2020; 186,642,962 Issued and Outstanding at December 31, 2019	2,249	1,870
Capital in Excess of Par Value	2,989,699	2,199,605
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding	0	0
Retained Earnings	1,290,498	1,971,676
Accumulated Other Comprehensive Loss	(12,270)	(12,605)
Total CNX Resources Stockholders’ Equity	4,270,176	4,160,546
Noncontrolling Interest	0	801,763
TOTAL STOCKHOLDERS' EQUITY	4,270,176	4,962,309
TOTAL LIABILITIES AND EQUITY	$ 8,129,174	$ 9,060,806

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Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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)	224,528,583	186,642,962
Common Stock, Outstanding (in shares)	224,528,583	186,642,962
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 Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Total CNX Resources Stockholders’ Equity	Non- Controlling Interest
Beginning Balance at Dec. 31, 2018	$ 5,081,743	$ 1,990	$ 2,264,063	$ 2,071,809	$ (7,904)	$ 4,329,958	$ 751,785
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	272,004			190,679		190,679	81,325
Issuance of Common Stock	211	9	202			211
Purchase and Retirement of Common Stock	(115,477)	(129)	(101,558)	(13,790)		(115,477)
Shares Withheld for Taxes	(6,284)			(5,594)		(5,594)	(690)
Amortization of Stock-Based Compensation Awards	36,557		35,076			35,076	1,481
Other Comprehensive Income	126				126	126
Distributions to CNXM Noncontrolling Interest Holders	(47,062)						(47,062)
Ending Balance at Sep. 30, 2019	5,221,818	1,870	2,197,783	2,243,104	(7,778)	4,434,979	786,839
Beginning Balance at Jun. 30, 2019	5,099,995	1,879	2,203,969	2,127,627	(7,819)	4,325,656	774,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	143,960			115,538		115,538	28,422
Issuance of Common Stock	49	1	48			49
Purchase and Retirement of Common Stock	(7,697)	(10)	(7,687)			(7,697)
Shares Withheld for Taxes	(61)			(61)		(61)
Amortization of Stock-Based Compensation Awards	1,781		1,453			1,453	328
Other Comprehensive Income	41				41	41
Distributions to CNXM Noncontrolling Interest Holders	(16,250)						(16,250)
Ending Balance at Sep. 30, 2019	5,221,818	1,870	2,197,783	2,243,104	(7,778)	4,434,979	786,839
Beginning Balance at Dec. 31, 2019	4,962,309	1,870	2,199,605	1,971,676	(12,605)	4,160,546	801,763
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	(624,502)			(679,533)		(679,533)	55,031
Issuance of Common Stock	1,805	8	1,797			1,805
Shares Withheld for Taxes	(1,954)			(1,645)		(1,645)	(309)
Amortization of Stock-Based Compensation Awards	11,909		10,424			10,424	1,485
Equity Component of Convertible Senior Notes, net of Issuance Costs	78,317		78,317			78,317
Purchase of Capped Call	(26,351)		(26,351)			(26,351)
Other Comprehensive Income	335				335	335
Distributions to CNXM Noncontrolling Interest Holders	(41,987)						(41,987)
CNXM Merger	(89,705)	371	725,907			726,278	(815,983)
Ending Balance at Sep. 30, 2020	4,270,176	2,249	2,989,699	1,290,498	(12,270)	4,270,176	0
Beginning Balance at Jun. 30, 2020	4,566,954	1,878	2,261,729	1,495,197	(12,382)	3,746,422	820,532
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	(188,793)			(204,698)		(204,698)	15,905
Issuance of Common Stock	151		151			151
Shares Withheld for Taxes	(1)			(1)		(1)
Amortization of Stock-Based Compensation Awards	2,503		1,902			1,902	601
Equity Component of Convertible Senior Notes, net of Issuance Costs	10		10			10
Other Comprehensive Income	112				112	112
Distributions to CNXM Noncontrolling Interest Holders	(21,055)						(21,055)
CNXM Merger	(89,705)	371	725,907			726,278	(815,983)
Ending Balance at Sep. 30, 2020	$ 4,270,176	$ 2,249	$ 2,989,699	$ 1,290,498	$ (12,270)	$ 4,270,176	$ 0

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net (Loss) Income	$ (624,502)	$ 272,004
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	357,174	374,619
Amortization of Deferred Financing Costs	14,602	6,057
Impairment of Exploration and Production Properties	61,849	0
Impairment of Goodwill	473,045	0
Stock-Based Compensation	11,909	36,557
Gain on Asset Sales and Abandonments	(21,559)	(610)
(Gain) Loss on Debt Extinguishment	(10,812)	7,614
Loss (Gain) on Commodity Derivative Instruments	116,995	(240,118)
Loss on Other Derivative Instruments	14,389	0
Net Cash Received in Settlement of Commodity Derivative Instruments	383,727	26,331
Deferred Income Taxes	(186,707)	78,133
Equity in Loss (Earnings) of Affiliates	1,025	(1,703)
Return on Equity Investment	0	3,256
Changes in Operating Assets:
Accounts and Notes Receivable	64,843	154,715
Recoverable Income Taxes	61,781	138,406
Supplies Inventories	(3,106)	2,188
Prepaid Expenses	4,700	5,725
Changes in Other Assets	267	9
Changes in Operating Liabilities:
Accounts Payable	(29,641)	55,280
Accrued Interest	(13,967)	2,359
Other Operating Liabilities	(40,479)	(31,689)
Changes in Other Liabilities	(1,186)	(23,041)
Net Cash Provided by Operating Activities	634,347	866,092
Cash Flows from Investing Activities:
Capital Expenditures	(395,236)	(964,502)
Proceeds from Asset Sales	31,981	15,276
Net Cash Used in Investing Activities	(363,255)	(949,226)
Cash Flows from Financing Activities:
Payments on Miscellaneous Borrowings	(5,348)	(5,322)
Payments on Long-Term Notes	(518,865)	(405,876)
Net Proceeds from CNXM Revolving Credit Facility	31,250	162,000
Net (Payments on) Proceeds from CNX Revolving Credit Facility	(251,000)
Net (Payments on) Proceeds from CNX Revolving Credit Facility		1,200
Proceeds from Issuance of CNX Senior Notes	207,000	500,000
Net Proceeds from CSG Non-Revolving Credit Facilities	164,381	0
Proceeds from Issuance of Convertible Senior Notes	334,650	0
Purchase of Capped Call Related to Convertible Senior Notes	(35,673)	0
Distributions to CNXM Noncontrolling Interest Holders	(41,987)	(47,062)
Proceeds from Issuance of Common Stock	1,805	210
Shares Withheld for Taxes	(1,954)	(6,284)
Purchases of Common Stock	0	(117,477)
Debt Issuance and Financing Fees	(15,313)	(9,969)
Net Cash (Used in) Provided by Financing Activities	(131,054)	71,420
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	140,038	(11,714)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	16,283	17,198
Cash, Cash Equivalents, and Restricted Cash at End of Period	$ 156,321	$ 5,484

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Basis of Presentation

9 Months Ended

Sep. 30, 2020

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, 2020 are not necessarily indicative of the results that may be expected for future periods.

The Consolidated Balance Sheet at December 31, 2019 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, 2019 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 10, 2020.

On September 28, 2020, the Merger (as defined in Note 13 – Acquisitions and Dispositions) of CNX Midstream Partners LP (CNXM) was completed. Prior to the Merger, public unitholders held a 46.9% equity interest in CNXM and CNX owned the remaining 53.1% equity interest. The earnings of CNXM that were attributed to its common units held by the public prior to the Merger are reflected in net income attributable to noncontrolling interest in the Consolidated Statements of Income. There were no changes in our ownership interest in CNXM during the three and nine months ended September 30, 2019.

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

Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows:

	September 30,
	2020		2019
Cash and Cash Equivalents	$	150,132	$	5,484
Restricted Cash, Current Portion	733		—
Restricted Cash, Less Current Portion	5,456		—
Total Cash, Cash Equivalents, and Restricted Cash	$	156,321	$	5,484

Restricted Cash

Restricted cash consists of cash that the Company is contractually obligated to maintain in accordance with the terms of the Cardinal States Gathering LLC and CSG Holdings II LLC Credit Agreement, each dated March 13, 2020 (See Note 9 - Long-Term Debt for more information).

Receivables

On January 1, 2020, CNX adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which 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 is 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. CNX adopted Topic 326 using the prospective transition method.

Prior to adopting Topic 326, CNX reserved for specific accounts receivable when it was probable that all or a part of an outstanding balance would not be collected, such as customer bankruptcies. Collectability was determined based on terms of sale, credit status of customers and various other circumstances. CNX regularly reviewed collectability and established or adjusted the allowance as necessary using the specific identification method. Account balances were charged off against the

allowance after all means of collection had been exhausted and the potential for recovery was considered remote. Reserves for uncollectable amounts were not material in the periods presented.

Under Topic 326, management records an allowance for credit losses related to the collectability of third-party customers' receivables using the historical aging of the customer receivable balance. The collectability is determined based on past events, including historical experience, customer credit rating, as well as current market conditions. CNX monitors customer ratings and collectability on an on-going basis. Account balances will be charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

As of September 30, 2020 and December 31, 2019, Accounts Receivable - Trade were $76,007 and $133,480, respectively, and Other Receivables were $9,167 and $16,142, respectively. The following represents the rollforward of the allowance for credit losses for the nine months ended:

	September 30,
	2020		2019
Allowance for Credit Losses - Trade, Beginning of Year	$	—	$	—
Provision for Expected Credit Losses	78		—
Allowance for Credit Losses - Trade, End of Period	$	78	$	—
Allowance for Credit Losses - Other Receivables, Beginning of Year	$	2,463	$	2,038
Provision for Expected Credit Losses	2,974		389
Write-off of Uncollectible Accounts	(923)		(77)
Allowance for Credit Losses - Other Receivables, End of Period	$	4,514	$	2,350

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Earnings Per Share

9 Months Ended

Sep. 30, 2020

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 is computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include, if dilutive, additional shares from stock options, performance stock options, restricted stock units, performance share units, and shares issuable upon conversion of CNX's outstanding Convertible Notes (See Note 9 - Long-Term Debt). 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.

Pursuant to the Merger (See Note 13 - Acquisitions and Dispositions for more information), all outstanding phantom units previously granted under the CNXM long-term incentive plan were converted into the right to receive 0.88 shares of common stock of CNX. As such, all outstanding phantom units were converted, effective as of the closing of the Merger, into CNX restricted stock units. Each CNX restricted stock unit will be subject to the same vesting, forfeiture and other terms and conditions applicable to the converted CNXM phantom units. Under Accounting Standards Codification Topic 718, Compensation - Stock Compensation, it was determined that there was no additional compensation cost to record as the conversion of awards did not result in incremental fair value.

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,
	2020	2019	2020	2019
Anti-Dilutive Options	4,237,319	2,035,273	4,237,319	2,035,273
Anti-Dilutive Restricted Stock Units	2,180,548	814,183	2,180,548	813,266
Anti-Dilutive Performance Share Units	780,335	—	780,335	—
Anti-Dilutive Performance Stock Options	—	927,268	—	927,268
	7,198,202	3,776,724	7,198,202	3,775,807

Additionally, the 32,242,975 shares underlying the Convertible Notes are not considered in the calculation of diluted net loss per share for the three and nine months ended September 30, 2020 as these Convertible Notes were not convertible as of September 30, 2020. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election, and therefore will use the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable.

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,
	2020	2019	2020	2019
Options	21,864	6,953	261,703	27,794
Restricted Stock Units	21,186	28,769	525,226	1,002,003
Performance Share Units	—	—	274,716	342,882
	43,050	35,722	1,061,645	1,372,679

Pursuant to the terms of the change in control severance agreements of certain CNX employees and CNX officers, outstanding equity awards held by such employees and officers 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 the 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 and officers 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 restricted stock unit and performance share unit awards that were issued during 2019. 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 (loss) earnings per share are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net (Loss) Income	$	(188,793)	$	143,960	$	(624,502)	$	272,004
Less: Net Income Attributable to Non-Controlling Interest	15,905		28,422		55,031		81,325
Net (Loss) Income Attributable to CNX Resources Shareholders	$	(204,698)	$	115,538	$	(679,533)	$	190,679
Weighted-Average Shares of Common Stock Outstanding	198,727,472		187,448,749		191,015,680		188,012,044
Effect of Diluted Shares*	—		982,210		—		1,548,899
Weighted-Average Diluted Shares of Common Stock Outstanding	198,727,472		188,430,959		191,015,680		189,560,943
(Loss) Earnings per Share:
Basic	$	(1.03)	$	0.62	$	(3.56)	$	1.01
Diluted	$	(1.03)	$	0.61	$	(3.56)	$	1.01

*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive.

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Revenue From Contracts With Customers

9 Months Ended

Sep. 30, 2020

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, NGL 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, NGL 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, NGL 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.

Included in Other Revenue and Operating Income in the Consolidated Statements of Income and in the below table, are revenues generated from natural gas gathering services provided to third-parties. 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,
	2020		2019		2020		2019
Revenue from Contracts with Customers
Natural Gas Revenue	$	163,054	$	245,815	$	561,162	$	966,574
NGL Revenue	15,053		18,305		40,691		72,095
Oil/Condensate Revenue	4,106		931		7,630		5,193
Total Natural Gas, NGL and Oil Revenue	182,213		265,051		609,483		1,043,862
Purchased Gas Revenue	31,541		29,192		78,324		64,181
Other Sources of Revenue and Other Operating Income
(Loss) Gain on Commodity Derivative Instruments	(168,834)		213,913		(116,995)		240,118
Other Revenue and Operating Income	21,155		21,841		60,463		65,299
Total Revenue and Other Operating Income	$	66,075	$	529,997	$	631,275	$	1,413,460

The disaggregated revenue corresponds with the Company’s segment reporting found in Note 14 - 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 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 $133,480 and $75,929, respectively, as of September 30, 2020.

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, NGL 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 $127,887 as of September 30, 2020. The Company expects to recognize net revenue of $50,125 in the next 12 months and $41,379 over the following 12 months, with the remainder recognized thereafter.

For revenue associated with CNX's 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 amounts 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, 2020 and 2019, revenue recognized in the current reporting period related to performance obligations satisfied in a prior reporting period was not material.

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Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES:

The effective tax rates for the three and nine months ended September 30, 2020 were 24.5% and 28.0%, respectively. The effective tax rates for the three and nine months ended September 30, 2019 were 25.4% and 22.3%, respectively. The effective tax rates for the three and nine months ended September 30, 2020 and 2019 differ from the U.S. federal statutory rate of 21% primarily due to the impact of noncontrolling interest, equity compensation and state taxes.

Effective September 28, 2020, CNXM merged with a wholly-owned subsidiary of CNX with CNXM surviving as a wholly-owned subsidiary (See Note 13 - Acquisitions and Dispositions for more information). The tax effects of the Merger were reported as an adjustment to deferred income taxes and capital in excess of par value.

On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (the "Act") which, among other things, removed the 80% taxable income limitation for utilization of net operating losses generated in tax years 2018 through 2020, allowing for 5-year net operating loss carrybacks, increased the adjusted taxable income limitation for the disallowance of interest expense from 30% to 50%, and provided for refunds of any remaining alternative minimum tax (“AMT”) credits. As a result of the Act, the Company recorded AMT refunds of $102,482 in Recoverable Income Taxes in the Consolidated Balance Sheets in anticipation of the AMT refund being received in 2020. The Company received the AMT tax refund in the third quarter of 2020. The impact of other tax implications of the Act on the financial statements and related disclosures are immaterial.

In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12 - Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This ASU removes the following exceptions: (1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this ASU also improve consistency and simplify other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this ASU will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company early adopted ASU 2019-12 as of January 1, 2020.

The total amount of uncertain tax positions at September 30, 2020 and December 31, 2019 was $33,243 and $31,516, respectively. If these uncertain tax positions were recognized, approximately $33,243 would affect CNX's effective tax rate at September 30, 2020 and December 31, 2019. The increase in the unrecognized tax benefits during the nine months ended September 30, 2020 was due to additional tax credits claimed on the 2019 federal income tax return.

CNX recognizes accrued interest and penalties related to uncertain tax positions in interest expense and income tax expense, respectively. As of September 30, 2020 and December 31, 2019, CNX had no accrued liabilities for interest and penalties related to uncertain tax positions.

CNX and its subsidiaries file federal income tax returns with the United States and tax returns within various states. 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 Internal Revenue Service and the Joint Committee on Taxation concluded its review of tax years 2016 through 2017 during the third quarter of 2020.

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Property, Plant and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT:

	September 30, 2020		December 31, 2019
Intangible Drilling Cost	$	4,900,667	$	4,688,497
Gas Gathering Equipment	2,505,267		2,463,866
Proved Gas Properties	1,214,416		1,208,046
Gas Wells and Related Equipment	1,102,366		1,042,000
Unproved Gas Properties	765,008		755,590
Surface Land and Other Equipment	222,732		226,285
Other	194,381		187,722
Total Property, Plant and Equipment	10,904,837		10,572,006
Less: Accumulated Depreciation, Depletion and Amortization	3,841,699		3,435,431
Total Property, Plant and Equipment - Net	$	7,063,138	$	7,136,575

Impairment of Proved Property

CNX performs a quantitative impairment test whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable, over proved properties using the published forward prices, timing, methods and other assumptions consistent with historical periods. When indicators of impairment are present, tests require that the Company first compare expected future undiscounted cash flows by asset group to their respective carrying values. If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the natural gas properties to their estimated fair values is required, which is determined based on discounted cash flow techniques using significant assumptions including projected revenues, future commodity prices, and a market-specific weighted average cost of capital which are affected by expectations about future market and economic conditions.

During the nine months ended September 30, 2020, CNX recognized certain indicators of impairment specific to our Southwest Pennsylvania (SWPA) coalbed methane (CBM) asset group and determined that the carrying value of that asset group was not recoverable. The fair value of the asset group was estimated by using level 3 inputs which consisted of discounting the estimated future cash flows using discount rates and other assumptions that market participants would use in their estimates of fair value. As a result, an impairment of $61,849 was recognized and is included in Impairment of

Exploration and Production Properties in the Consolidated Statements of Income. The impairment was related to an economic decision to temporarily idle certain wells and the related processing facility during the first quarter.

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Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS:

In December 2017, CNX Gas entered into a purchase agreement with Noble Energy, pursuant to which CNX Gas acquired Noble’s 50% membership interest in CNX Gathering (then named "CONE Gathering LLC"), for a cash purchase price of $305,000 (the "Midstream Acquisition"). 

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 control over the Partnership. Accordingly, the Midstream Acquisition was 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. The fair value assigned to the previously held equity interest in CNX Gathering and CNXM was $799,033 and was determined using the income approach, based on a discounted cash flow methodology.

As part of the allocation of purchase price and in connection with the fair value of consideration transferred at closing on January 3, 2018, CNX recorded $796,359 of goodwill and $128,781 of other intangible assets which are comprised of customer relationships.

Impairment of Goodwill

All goodwill is attributed to the Midstream reporting unit within the Shale segment. Goodwill is evaluated for impairment at least annually and whenever events or changes in circumstance indicate that the fair value of a reporting unit is less than its carrying amount. In connection with the evaluation of goodwill for impairment, CNX may first consider qualitative factors to assess whether there are indicators that it is more likely than not that the fair value of a reporting unit may not exceed its carrying amount. If after assessing such factors or circumstances, CNX determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then a quantitative assessment is not required. If CNX chooses to bypass the qualitative assessment, or if it chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then CNX will perform a quantitative assessment. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. The Company uses a combination of the income approach (generally a discounted cash flow method) and market approach (which may include the guideline public company method and/or the guideline transaction method) to estimate the fair value of a reporting unit.

During the first quarter of 2020, the Company identified indicators of impairment in the form of deteriorating macroeconomic conditions, and the decline in the observable market value of CNXM securities both in relation to the COVID-19 pandemic and the overall decline in the MLP market space. Management concluded that these factors presented indications that the fair value of the Midstream reporting unit was more likely than not below the reporting unit’s carrying value. CNX bypassed the qualitative assessment and performed a quantitative test that utilized a combination of the income and market approaches as described above to estimate the fair value of the Midstream reporting unit. As a result of this assessment, CNX concluded that the carrying value exceeded its estimated fair value, and a corresponding impairment of $473,045 was recorded, which was included in Impairment of Goodwill in the accompanying Consolidated Statements of Income. Any additional adverse changes in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that could trigger future impairment charges.

In estimating the fair value of the Midstream reporting unit, the Company used the income approach’s discounted cash flow method, which applies significant inputs not observable in the public market (Level 3), including estimates and assumptions related to the use of an appropriate discount rate, future throughput volumes, operating costs and capital spending, discounted to present value using an industry rate adjusted for company-specific risk, which management feels reflects the overall level of inherent risk of the reporting unit. These assumptions are affected by expectations about future market, industry and economic conditions. Cash flow projections were derived from board approved budgeted amounts, a five-year operating forecast and an estimate of future cash flows. Subsequent cash flows were developed using growth or contraction rates that management believes are reasonably likely to occur. The Company used the market approach’s comparable company method. The comparable company method evaluates the value of a company using metrics of other businesses of similar size and industry.

The estimates of future cash flows are subjective in nature and are subject to impacts from business risks as described in “Item 1A. Risk Factors” in CNX's 2019 Annual Report on Form 10-K as filed with the SEC on February 10, 2020 ("2019 Form 10-K"). The fair value estimation process requires considerable judgment and determining the fair value is sensitive to changes in assumptions impacting management’s estimates of future financial results. Although CNX believes the estimates and assumptions used in estimating the fair value are reasonable and appropriate, different assumptions and estimates could materially impact the estimated fair value. Future results could differ from our current estimates and assumptions.

Changes in the carrying amount of goodwill consist of the following activity:

	Amount
December 31, 2019	$	796,359
Impairment	473,045
September 30, 2020	$	323,314

Other Intangible Assets

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

	September 30, 2020		December 31, 2019
Other Intangible Assets
Gross Amortizable Asset - Customer Relationships	$	109,752	$	109,752
Less: Accumulated Amortization - Customer Relationships	18,019		13,105
Total Other Intangible Assets, net	$	91,733	$	96,647

The customer relationship intangible asset is being amortized on a straight-line basis over approximately 17 years. Amortization expense related to other intangible assets was $1,638 for the three months ended September 30, 2020 and 2019, and $4,914 for the nine months ended September 30, 2020 and 2019. The estimated annual amortization expense is expected to approximate $6,552 per year for each of the next five years.

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Revolving Credit Facilities

9 Months Ended

Sep. 30, 2020

Short-term Debt, Other Disclosures [Abstract]

Revolving Credit Facilities

REVOLVING CREDIT FACILITIES:

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 commitments to $3,000,000. 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. In April 2020, as part of the semi-annual borrowing base redetermination, both the lenders' commitments and borrowing base decreased to $1,900,000, and the $650,000 letters of credit aggregate sub-limit remained unchanged. The amount of balance sheet cash that CNX may have on hand is also limited to $150,000 when loans under the credit agreement are outstanding, subject to certain exceptions. 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 2020, as part of the semi-annual borrowing base redetermination, the lenders' reaffirmed CNX's $1,900,000 borrowing base.

Under the terms of the 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 0.75% to 1.75%; or

•the LIBOR rate, which is the LIBOR rate plus a margin ranging from 1.75% to 2.75%.

The CNX Credit Facility is secured by substantially all of the assets of CNX and certain of its subsidiaries (excluding the certain excluded subsidiaries, which includes Cardinal States Gathering LLC, CNX Midstream GP LLC and CNXM, and their respective 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 or amend the senior unsecured notes. The Company must also mortgage 85% of the value of its proved reserves and 85% 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, 2020.

At September 30, 2020, the CNX Credit Facility had $410,000 of borrowings outstanding and $185,272 of letters of credit outstanding, leaving $1,304,728 of unused capacity. At December 31, 2019, the CNX Credit Facility had $661,000 of borrowings outstanding and $204,726 of letters of credit outstanding, leaving $1,234,274 of unused capacity.

CNX Midstream Partners LP (CNXM)

CNXM’s revolving credit facility was not impacted by the Merger (See Note 13- Acquisitions and Dispositions).

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 6.50% Senior Notes due March 2026 (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, 2020.

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 CNXM revolving credit facility.

At September 30, 2020, the CNXM credit facility had $343,000 of borrowings outstanding and $30 of letters of credit outstanding, leaving $256,970 of unused capacity. At December 31, 2019, the CNXM credit facility had $311,750 of borrowings outstanding, leaving $288,250 of unused capacity.

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Other Accrued Liabilities

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Other Accrued Liabilities

OTHER ACCRUED LIABILITIES:

	September 30, 2020		December 31, 2019
Royalties	$	53,343	$	74,061
Transportation Charges	19,556		16,533
Accrued Interest	16,896		30,862
Accrued Other Taxes	9,681		9,115
Deferred Revenue	8,934		13,964
Short-Term Incentive Compensation	7,785		21,030
Accrued Payroll & Benefits	6,082		6,248
Other	35,471		37,610
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	5,076		5,076
Salary Retirement	1,649		1,587
Total Other Accrued Liabilities	$	164,473	$	216,086

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Long-Term Debt

9 Months Ended

Sep. 30, 2020

Long-term Debt, Other Disclosures [Abstract]

Long-term Debt

LONG-TERM DEBT:

	September 30, 2020		December 31, 2019
Senior Notes due March 2027 at 7.25% (Principal of $700,000 and $500,000 plus Unamortized Premium of $6,955 at September 30, 2020)	$	706,955	$	500,000
CNX Revolving Credit Facility	410,000		661,000
CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,062 and $4,625, respectively)*	395,938		395,375
Senior Notes due April 2022 at 5.875% (Principal of $363,348 and $894,307 plus Unamortized Premium of $276 and $1,001, respectively)	363,624		895,308
CNX Midstream Partners LP Revolving Credit Facility*	343,000		311,750
Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $111,621)	233,379		—
Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $118,776 less Unamortized Discount of $1,165)	117,611		—
CSG Holdings II LLC Credit Facility maturing in December 2026 (Principal of $47,355 less Unamortized Discount of $460)	46,895		—
Less: Unamortized Debt Issuance Costs	16,940		8,990
	2,600,462		2,754,443
Less: Amounts Due in One Year	22,488		—
Long-Term Debt	$	2,577,974	$	2,754,443

*CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility.

CNXM’s revolving credit facility and the CNXM Senior Notes were not impacted by the Merger (See Note 13 - Acquisitions and Dispositions).

During the three and nine months ended September 30, 2020, CNX completed a private offering of $200,000 of 7.25% senior notes due in March 2027 plus $7,000 of unamortized bond premium. The notes are guaranteed by most of CNX's subsidiaries but do not include CNXM's general partner or CNXM.

During the three and nine months ended September 30, 2020, CNX purchased and retired $50,000 and $530,959, respectively, of its outstanding 5.875% senior notes due in April 2022. As part of these transactions, a loss of $108 and a gain of $10,812 were included in Loss (Gain) on Debt Extinguishment in the Consolidated Statements of Income during the three and nine months ended September 30, 2020, respectively. During the nine months ended September 30, 2019, CNX purchased and retired $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 (Gain) on Debt Extinguishment in the Consolidated Statements of Income.

In April 2020, CNX issued $345,000 in aggregate principal amount of 2.25% convertible senior notes due May 2026 (the "Convertible Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including $45,000 aggregate principal amount of Convertible Notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional Convertible Notes. The Convertible Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The Convertible Notes bear interest at a fixed rate of 2.25% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2020. Proceeds from the issuance of the Convertible Notes totaled $334,650, net of initial purchaser discounts and issuance costs.

The initial conversion rate is 77.8816 shares of CNX's common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $12.84 per share, subject to adjustment upon the occurrence of specified events. The Convertible Notes will mature on May 1, 2026, unless earlier repurchased, redeemed or converted. Before February 1, 2026, note holders will have the right to convert their Convertible Notes only upon the occurrence of the following events:

•during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on June 30, 2020, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter.

•during the five (5) consecutive Business Days immediately after any ten (10) consecutive trading day period (such ten (10) consecutive Trading Day period, the “Measurement Period”) if the trading Price per $1,000 principal amount of

Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each trading day of the Measurement Period was less than ninety eight percent (98%) of the product of the last reported sale price per share of common stock on such trading day and the conversion rate on such trading day.

•if we call any or all of the Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

•upon the occurrence of certain specified corporate events as set forth in the indenture governing the Convertible Notes.

From and after February 1, 2026, note holders may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date.

Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the indenture governing the Convertible Notes. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the indenture governing the Convertible Notes. In addition, following certain corporate events, as described in the indenture governing the Convertible Notes, that occur prior to the maturity date, the Company will increase the conversion rate, in certain circumstances, for a holder who elects to convert its Convertible Notes in connection with such a corporate event.

The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The Company’s current intent is to settle the principal amount of the Convertible Notes in cash upon conversion.

If certain corporate events that constitute a “Fundamental Change” (as defined in the indenture governing the Convertible Notes) occur, then noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock. During the three and nine months ended September 30, 2020, the conditions allowing holders of the Convertible Notes to exercise their conversion right were not met and as of September 30, 2020, the notes were not convertible. The Convertible Notes are therefore classified as long-term debt at September 30, 2020.

In accounting for the transaction, the Convertible Notes were separated into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated conversion feature. The fair value was based on market data available for publicly traded, senior, unsecured corporate bonds with similar maturity, which represent Level 2 observable inputs. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the principal value of the Convertible Notes and was recorded in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and is not remeasured as long as it continues to meet the conditions for equity classification. The equity component is not remeasured as long as it continues to meet the condition for equity classification. The excess of the principal amount of the Convertible Notes over the liability component and the debt issuance costs are amortized to interest expense over the contractual term of the Convertible Notes using the effective interest method.

In accounting for the debt issuance costs of $10,350 related to the Convertible Notes, the Company allocated the total amount incurred to the liability and equity components using the same proportions as the proceeds of the Convertible Notes. Issuance costs attributable to the liability component were $7,024 and will be amortized to interest expense using the effective interest method over the contractual term of the Convertible Notes. Issuance costs attributable to the equity component were $3,326 and were netted with the equity component in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and are not subject to amortization.

As of September 30, 2020, the if-converted value of the Convertible Notes did not exceed the outstanding principal amount.

The net carrying amount of the liability and equity components of the Convertible Notes was as follows:

	September 30, 2020
Liability Component:
Principal	$	345,000
Unamortized Discount	(105,004)
Unamortized Issuance Costs	(6,617)
Net Carrying Amount	$	233,379
Equity Component, net of Purchase Discounts and Issuance Costs	$	78,317

Interest expense related to the Convertible Notes is as follows:

	For the Three Months Ended		For the Nine Months Ended
	September 30, 2020		September 30, 2020
Contractual Interest Expense	$	1,941	$	3,234
Amortization of Debt Discount	3,554		5,879
Amortization of Issuance Costs	245		407
Total Interest Expense	$	5,740	$	9,520

In connection with the offering of the Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties, (the “Capped Calls”). The Capped Calls each have an initial strike price of $12.84 per share, subject to certain adjustments, which correspond to the initial conversion price of the Convertible Notes. The Capped Calls have an initial cap price of $18.19 per share, subject to certain adjustments. The Capped Calls cover, subject to anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that initially underlie the Convertible Notes, and are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. The conditions that cause adjustments to the initial strike price of the Capped Calls mirror the conditions that result in corresponding adjustments for the Convertible Notes. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Convertible Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $35,673 incurred in connection with the Capped Calls was recorded as a reduction to Capital in Excess of Par Value. The impact of the Capped Calls related to stockholders’ equity has been included in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and includes taxes in the amount of $9,322, for a net impact of $26,351.

During the nine months ended September 30, 2020, CNX's wholly-owned subsidiary Cardinal States Gathering Company LLC ("Cardinal States") entered into a $125,000 non-revolving credit facility agreement (the "Cardinal States Facility"). The Cardinal States Facility matures in 2028, has an interest rate of 3-month LIBOR + 475 basis points and includes an excess cash flow sweep in an amount required to achieve a quarterly targeted debt balance. The facility is secured by substantially all of the Cardinal States assets, requires a minimum level of hedging of the variable interest rate exposure and is non-recourse to CNX.

Additionally, during the nine months ended September 30, 2020, CNX's wholly-owned subsidiary CSG Holdings II LLC (CSG Holdings) entered into a $50,000 non-revolving credit facility agreement (the "CSG Holdings Facility"). The CSG Holdings Facility matures in 2026, has interest rate of 3-month LIBOR + 675 basis points and includes a full excess cash sweep. The facility is secured by substantially all of the CSG Holding assets, requires a minimum level of hedging of the variable interest rate exposure and is non-recourse to CNX.

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.

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Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2020

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.

The 1992 Coal Industry Retiree Health Benefit Act (“Coal Act”), in Section 9711, requires coal companies that were providing health benefits to United Mine Workers of America (“UMWA”) retirees as of February 1993 to continue providing health benefits to such individuals, in substantially the same coverages, for as long as the last signatory operator remains in business. Section 9711 also requires any “related person” to be joint and severally liable for the provision of these health benefits. On May 1, 2020, the court in the Murray Energy Corporation (“Murray”) bankruptcy proceedings approved a settlement agreement between Murray and the UMWA that transferred to the UMWA 1992 Benefit Plan the Coal Act liabilities for retirees in Murray’s Section 9711 plan. The retirees transferred by Murray to the 1992 Benefit Plan include approximately 2,159 retirees allegedly traced to the December 2013 sale by CONSOL Energy Inc. to Murray Energy of the following possible last signatory operators: Consolidation Coal Company, McElroy Coal Company, Southern Ohio Coal Company, Central Ohio Coal Company, Keystone Coal Mining Corp., and Eight-Four Coal Mining Company (the “Sold Subsidiaries”). On May 2, 2020, the Trustees of the UMWA 1992 Benefit Plan sued CNX and CONSOL Energy Inc. (“CONSOL”) in federal court contending that the Sold Subsidiaries were last signatory operators and that CNX and CONSOL are related persons to the Sold Subsidiaries and, as such, CNX and CONSOL are jointly and severally liable for the Coal Act health benefits allegedly owed to the eligible retirees traced to the Sold Subsidiaries. The 1992 Plan seeks, among other relief, a declaration that CNX and CONSOL are obligated to enroll the eligible retirees attributed to the Sold Subsidiaries in a Section 9711 Plan; that CNX and CONSOL are liable to post the security required by Section 9712; and, that CNX and CONSOL are liable to pay per beneficiary premiums until the eligible retirees are enrolled in a Section 9711 plan, and other fees, costs and disbursements under the Coal Act. We disagree with the suit filed by the UMWA 1992 Plan, have filed a Motion to Dismiss and intend to defend this action. Further, under the Separation and Distribution Agreement that was entered into at the time we spun-out our coal business in 2017, CONSOL agreed to indemnify CNX for all coal-related liabilities, including this lawsuit. With respect to this matter although a loss is possible, it is not probable, and accordingly no accrual has been recognized.

At September 30, 2020, 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	$	178,352	$	178,352	$	—	$	—	$	—
Other	6,950		6,950		—		—		—
Total Letters of Credit	185,302		185,302		—		—		—
Surety Bonds:
Employee-Related	2,600		1,500		1,100		—		—
Environmental	12,312		10,717		1,595		—		—
Financial Guarantees	81,670		26,400		55,270		—		—
Other	9,285		8,594		691		—		—
Total Surety Bonds	105,867		47,211		58,656		—		—
Total Commitments	$	291,169	$	232,513	$	58,656	$	—	$	—

Excluded from the above table are commitments and guarantees entered into in conjunction with the spin-off of the Company's coal business in November 2017. Although CONSOL 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 will satisfy its obligations to indemnify CNX in the event that CNX is so called upon (See “Item 1A. Risk Factors” in CNX's 2019 Annual Report on Form 10-K as filed with the SEC on February 10, 2020 ("2019 Form 10-K") and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 for additional information).

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, 2020, the purchase obligations for each of the next five years and beyond are as follows:

Obligations Due	Amount
Less than 1 year	$	242,786
1 - 3 years	429,062
3 - 5 years	369,444
More than 5 years	930,189
Total Purchase Obligations	$	1,971,481

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Derivative Instruments

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS:

CNX enters into interest rate swap agreements to manage its exposure to interest rate volatility. These swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. The change in fair value of the interest rate swap agreements are accounted for on a mark-to-market basis with the changes in fair value recorded in current period earnings.

In March 2020, CNX entered into interest rate swaps related to $175,000 of borrowings under the Cardinal States Facility and CSG Holdings Facility (See Note 9 - Long-Term Debt). In order to manage exposure to interest rate volatility, each respective entity entered into an interest rate swap for the full outstanding principal amounts inclusive of a put option at 25 basis points. The underlying notional for each swap and put option reduces over time based upon an expected amortization profile for each respective credit facility. In addition, CSG Holdings entered into a call option commencing March 31, 2023.

In June 2019, CNX entered into an interest rate swap agreement related to $160,000 of borrowings under CNX’s Credit Facility (See Note 7 - Revolving Credit Facilities) which has the economic effect of modifying the variable-interest obligation into a fixed-interest obligation over a three-year period. In March 2020, this swap was blended and extended via a new interest rate swap, effective April 3, 2020, into a new four-year interest rate swap inclusive of a put option at zero basis points. Also executed in March 2020 was a new four-year $250,000 interest rate swap inclusive of a put option at zero basis points, effective April 3, 2020. Consistent with the previous interest rate swap agreement, the $250,000 interest rate swap was entered into to manage CNX's exposure to interest rate volatility.

CNX enters into financial derivative instruments (over-the-counter swaps) to manage its exposure to commodity price volatility. Typically, CNX “sells” swaps under which it receives a fixed price from counterparties and pays a floating market price. During the second quarter of 2020, CNX purchased, rather than sold, financial swaps for the period May through November of 2020 under which CNX will pay a fixed price to and receive a floating price from its hedge counterparties. Swaps purchased have the effect of reducing total hedged volumes for the period of the swap. 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 CNX's derivative instruments were as follows:

	September 30,			December 31,		Forecasted to
	2020			2019		Settle Through
Natural Gas Commodity Swaps (Bcf)	1,280.9		*	1,460.6		2025
Natural Gas Basis Swaps (Bcf)	1,311.8		*	1,290.4		2025
Interest Rate Swaps	$	575,625		$	160,000	2028

*Net of purchased natural gas commodity swaps and natural gas basis swaps of 5.7 Bcf and 3.8 Bcf, respectively.

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

	September 30,		December 31,
	2020		2019
Current Assets:
Commodity Derivative Instruments:
Commodity Swaps	$	39,263	$	234,238
Basis Only Swaps	38,201		13,556
Interest Rate Swaps	144		—
Total Current Assets	$	77,608	$	247,794
Other Non-Current Assets:
Commodity Derivative Instruments:
Commodity Swaps	$	118,210	$	288,543
Basis Only Swaps	41,060		25,553
Interest Rate Swaps	828		—
Total Other Non-Current Assets	$	160,098	$	314,096
Current Liabilities:
Commodity Derivative Instruments:
Commodity Swaps	$	103,297	$	345
Basis Only Swaps	36,878		40,626
Interest Rate Swaps	4,370		495
Total Current Liabilities	$	144,545	$	41,466
Non-Current Liabilities:
Commodity Derivative Instruments:
Commodity Swaps	$	92,125	$	9,693
Basis Only Swaps	99,373		105,445
Interest Rate Swaps	12,211		724
Total Non-Current Liabilities	$	203,709	$	115,862

The effect of commodity 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,
	2020		2019		2020		2019
Cash Received (Paid) in Settlement of Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	$	72,062	$	61,441	$	382,891	$	53,058
Basis Swaps	18,248		(4,400)		836		(26,727)
Total Cash Received in Settlement of Commodity Derivative Instruments	90,310		57,041		383,727		26,331
Unrealized (Loss) Gain on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	(369,121)		126,617		(550,694)		302,701
Basis Swaps	109,977		30,255		49,972		(88,914)
Total Unrealized (Loss) Gain on Commodity Derivative Instruments	(259,144)		156,872		(500,722)		213,787
(Loss) Gain on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	(297,059)		188,058		(167,803)		355,759
Basis Swaps	128,225		25,855		50,808		(115,641)
Total (Loss) Gain on Commodity Derivative Instruments	$	(168,834)	$	213,913	$	(116,995)	$	240,118

The effect of interest rate swaps on Interest Expense in the Company's Consolidated Statements of Income was as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Cash (Paid) Received in Settlement of Interest Rate Swaps	$	(1,257)	$	195	$	(1,850)	$	195
Unrealized Loss on Interest Rate Swaps	(152)		(713)		(14,389)		(1,774)
Loss on Interest Rate Swaps	$	(1,409)	$	(518)	$	(16,239)	$	(1,579)

Cash (Paid) Received in Settlement of Commodity Derivative Instruments for the nine months ended September 30, 2020 includes $54,982 related to the monetization of certain NYMEX commodity swaps. The monetization resulted from reducing the contract swap prices of certain 2022, 2023 and 2024 NYMEX natural gas swap contracts. The notional quantities of the contracts were not changed by this monetization. In addition, Cash (Paid) Received in Settlement of Commodity Derivative Instruments for the nine months ended September 30, 2020 includes $5,851 related to the monetization and termination of approximately 8 million MMBtus of NYMEX natural gas hedges and a similar quantity of financial basis hedges that were to settle at various times from October through November of 2020. Net proceeds received from the monetizations are classified as operating cash flows in the Consolidated Statements of Cash Flows.

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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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

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, 2020						Fair Value Measurements at December 31, 2019
Description	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Gas Derivatives	$	—	$	(94,939)	$	—	$	—	$	405,781	$	—
Interest Rate Swaps	$	—	$	(15,609)	$	—	$	—	$	(1,219)	$	—

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

	September 30, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and Cash Equivalents	$	150,132	$	150,132	$	16,283	$	16,283
Long-Term Debt (Excluding Debt Issuance Costs)	$	2,617,402	$	2,723,756	$	2,763,433	$	2,619,676

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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Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Acquisitions And Dispositions

ACQUISITIONS AND DISPOSITIONS:

On July 26, 2020, CNX entered into an Agreement and Plan of Merger (the “Merger Agreement”) with CNXM, CNX Midstream GP LLC (the “General Partner”) and CNX Resources Holding LLC., a wholly owned subsidiary of CNX (“Merger Sub”), pursuant to which Merger Sub merged with and into CNXM with CNXM surviving as an indirect wholly owned subsidiary of CNX (the “Merger”). On September 28, 2020, the Merger was completed and CNX issued 37,054,223 shares of common stock to acquire the 42,107,071 common units of CNXM not owned by CNX prior to the Merger at a fixed exchange ratio of 0.88 shares of CNX common stock for each CNXM common unit, for total implied consideration of $384,623. As a result of the Merger, CNXM’s common units are no longer publicly traded.

Except for the Class B units of CNXM, which were automatically canceled immediately prior to the effective time of the Merger for no consideration in accordance with CNXM’s partnership agreement, the interests in CNXM owned by CNX and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner will continue to own the non-economic general partner interest in the surviving entity.

As CNX controlled CNXM prior to the Merger and continues to control CNXM after the Merger, CNX accounted for the change in our ownership interest in CNXM as an equity transaction which was reflected as a reduction of noncontrolling interest with corresponding increases to common stock and capital in excess of par value. No gain or loss was recognized in our condensed consolidated statements of operations as a result of the Merger.

The tax effects of the Merger were reported as adjustments to deferred income taxes and capital in excess of par value.

Prior to the effective time of the Merger on September 28, 2020, public unitholders held a 46.9% equity interest in CNXM and CNX owned the remaining 53.1% equity interest. The earnings of CNXM that were attributed to its common units held by the public prior to the Merger are reflected in Net Income Attributable to Noncontrolling Interest in the Consolidated Statements of Income. There were no changes in our ownership interest in CNXM during the three and nine months ended September 30, 2019.

CNXM’s revolving credit facility (See Note 7 - Revolving Credit Facility) and the CNXM Senior Notes (See Note 9 - Long-Term Debt) were not impacted by the Merger.

We incurred $4,717 and $4,737 of transaction costs directly attributable to the Merger during the three and nine months ended September 30, 2020, respectively, including financial advisory, legal service and other professional fees, which were recorded to Other Expense in the Consolidated Statements of Income.

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Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION:

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments.

The Company evaluates the performance of its reportable segments based on total revenue and other operating income, and operating expenses directly attributable to that segment. Certain expenses are managed outside the reportable segments and therefore are not allocated. These expenses include, but are not limited to, interest expense, impairment of exploration and production properties, impairment of goodwill and other corporate expenses such as selling, general and administrative costs.

CNX's principal activity is to produce pipeline quality natural gas for sale primarily to gas wholesalers and the Company has two reportable segments that conducts those operations: Shale and Coalbed Methane. The Other Segment includes nominal shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, realized gain on commodity derivative instruments that were monetized prior to their settlement dates, exploration and production related other costs, impairments of exploration and production properties, as well as various other expenses that are managed outside the reportable segments as discussed above. Operating profit for each segment is based on sales less identifiable operating and non-operating expenses.

Prior to the Merger of CNXM that occurred in September 2020 (See Note 13 - Acquisitions and Dispositions), CNX consisted of two principal business divisions: Exploration and Production (E&P) and Midstream. The E&P Division included four reportable segments, Marcellus Shale, Utica Shale, Coalbed Methane, and Other Gas. Certain reclassifications of 2019 segment information have been made to conform to the 2020 presentation.

Industry segment results for the three months ended September 30, 2020: 

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	155,792	$	25,667	$	754	$	182,213	(A)
Purchased Gas Revenue	—		—		31,541		31,541
Gain (Loss) on Commodity Derivative Instruments	79,773		10,518		(259,125)		(168,834)
Other Revenue and Operating Income	16,689		—		4,466		21,155		(B)
Total Revenue and Other Operating Income	$	252,254	$	36,185	$	(222,364)	$	66,075
Total Operating Expense	$	165,587	$	30,439	$	83,479	$	279,505
Earnings (Loss) Before Income Tax	$	86,667	$	5,746	$	(342,485)	$	(250,072)
Segment Assets	$	6,070,356	$	1,125,312	$	933,506	$	8,129,174	(C)
Depreciation, Depletion and Amortization	$	94,617	$	15,763	$	4,084	$	114,464
Capital Expenditures	$	105,988	$	2,310	$	37	$	108,335

(A)    Included in Total Natural Gas, NGL and Oil Revenue are sales of $35,645 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 $396 for Other.

(C)    Includes investments in unconsolidated equity affiliates of $15,685.

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

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	229,183	$	35,621	$	247	$	265,051	(D)
Purchased Gas Revenue	—		—		29,192		29,192
Gain on Commodity Derivative Instruments	50,982		6,036		156,895		213,913
Other Revenue and Operating Income	18,525		—		3,316		21,841		(E)
Total Revenue and Other Operating Income	$	298,690	$	41,657	$	189,650	$	529,997
Total Operating Expense	$	185,452	$	32,940	$	80,207	$	298,599
Earnings Before Income Tax	$	113,238	$	8,717	$	70,907	$	192,862
Segment Assets	$	6,911,677	$	1,231,509	$	1,143,072	$	9,286,258	(F)
Depreciation, Depletion and Amortization	$	100,545	$	17,400	$	2,514	$	120,459
Capital Expenditures	$	332,640	$	2,196	$	1,301	$	336,137

(D)    Included in Total Natural Gas, NGL 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.

(E)    Includes equity in earnings of unconsolidated affiliates of $673 for Other.

(F)    Includes investments in unconsolidated equity affiliates of $17,110.

Industry segment results for the nine months ended September 30, 2020: 

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	528,913	$	79,319	$	1,251	$	609,483	(A)
Purchased Gas Revenue	—		—		78,324		78,324
Gain (Loss) on Commodity Derivative Instruments	266,488		33,210		(416,693)		(116,995)		(B)
Other Revenue and Operating Income	47,286		—		13,177		60,463		(C)
Total Revenue and Other Operating Income	$	842,687	$	112,529	$	(323,941)	$	631,275
Total Operating Expense	$	511,653	$	94,113	$	779,532	$	1,385,298
Earnings (Loss) Before Income Tax	$	331,034	$	18,416	$	(1,216,459)	$	(867,009)
Segment Assets	$	6,070,356	$	1,125,312	$	933,506	$	8,129,174	(D)
Depreciation, Depletion and Amortization	$	295,648	$	49,903	$	11,623	$	357,174
Capital Expenditures	$	385,763	$	6,796	$	2,677	$	395,236

(A)    Included in Total Natural Gas, NGL and Oil Revenue are sales of $115,011 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period.

(B)    Included in Other is a realized gain on commodity derivative instruments of $83,997 related to the monetization of hedges (see Note 11 - Derivative Instruments for more information).

(C)    Includes equity in loss of unconsolidated affiliates of $1,025 for Other.

(D)    Includes investments in unconsolidated equity affiliates of 15,685.

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

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	917,862	$	125,094	$	906	$	1,043,862	(E)
Purchased Gas Revenue	—		—		64,181		64,181
Gain on Commodity Derivative Instruments	23,501		2,819		213,798		240,118
Other Revenue and Operating Income	55,863		—		9,436		65,299		(F)
Total Revenue and Other Operating Income	$	997,226	$	127,913	$	288,321	$	1,413,460
Total Operating Expense	$	586,030	$	98,694	$	254,510	$	939,234
Earnings (Loss) Before Income Tax	$	411,196	$	29,219	$	(90,278)	$	350,137
Segment Assets	$	6,911,677	$	1,231,509	$	1,143,072	$	9,286,258	(G)
Depreciation, Depletion and Amortization	$	316,596	$	51,669	$	6,354	$	374,619
Capital Expenditures	$	951,427	$	7,752	$	5,323	$	964,502

(E)    Included in Total Natural Gas, NGL 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 comprises over 10% of revenue from contracts with external customers for the period.

(F)    Includes equity in earnings of unconsolidated affiliates of $1,703 for Other.

(G)    Includes investments in unconsolidated equity affiliates of $17,110.

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,
	2020		2019		2020		2019
Total Segment Revenue from Contracts with External Customers	$	230,443	$	312,767	$	735,093	$	1,163,906
(Loss) Gain on Commodity Derivative Instruments	(168,834)		213,913		(116,995)		240,118
Other Operating Income	4,466		3,317		13,177		9,436
Total Consolidated Revenue and Other Operating Income	$	66,075	$	529,997	$	631,275	$	1,413,460

Total Assets:

	September 30,
	2020		2019
Segment Assets for Reportable Business Segments	$	7,195,668	$	8,143,186
Segment Assets for Other	782,730		1,126,404
Items Excluded from Segment Assets:
Cash and Cash Equivalents	150,132		5,484
Recoverable Income Taxes	644		11,184
Total Consolidated Assets	$	8,129,174	$	9,286,258

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Stock Repurchase	9 Months Ended
	Sep. 30, 2020
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. There were no shares repurchased and retired during the nine months ended September 30, 2020.

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Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS:

In August 2020, the FASB issued ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU simplifies an entity's accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separate accounting for embedded conversion features, simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification, requires entities to use the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards, requires new disclosures about events that occur during the reporting period and cause conversion contingencies to be met and about the fair value of an entity's convertible debt at the instrument level, among other things. The amendments in this ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, and can be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is still evaluating the effect of adopting this guidance.

In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (IBORs) and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is still evaluating the effect of adopting this guidance.

In March 2020, the FASB issued ASU 2020-03 - Codification Improvements to Financial Instruments. This ASU improves and clarifies various financial instruments topics, including the CECL standard (see Note 1 - Basis of Presentation for more information). The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments in this ASU have different effective dates. The adoption of this guidance is not expected to have a material impact on the Company's financial statements.

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Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENT:On October 8, 2020, CNX repurchased the remaining $363,348 of its outstanding 5.875% senior notes due in April 2022 at an average price equal to 100% of the principal amount.

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Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (IBORs) and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is still evaluating the effect of adopting this guidance.In March 2020, the FASB issued ASU 2020-03 - Codification Improvements to Financial Instruments. This ASU improves and clarifies various financial instruments topics, including the CECL standard (see Note 1 - Basis of Presentation for more information). The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments in this ASU have different effective dates. The adoption of this guidance is not expected to have a material impact on the Company's financial statements.

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Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows:

	September 30,
	2020		2019
Cash and Cash Equivalents	$	150,132	$	5,484
Restricted Cash, Current Portion	733		—
Restricted Cash, Less Current Portion	5,456		—
Total Cash, Cash Equivalents, and Restricted Cash	$	156,321	$	5,484

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows:

	September 30,
	2020		2019
Cash and Cash Equivalents	$	150,132	$	5,484
Restricted Cash, Current Portion	733		—
Restricted Cash, Less Current Portion	5,456		—
Total Cash, Cash Equivalents, and Restricted Cash	$	156,321	$	5,484

Schedule of Allowance for Credit Loss

The following represents the rollforward of the allowance for credit losses for the nine months ended:

	September 30,
	2020		2019
Allowance for Credit Losses - Trade, Beginning of Year	$	—	$	—
Provision for Expected Credit Losses	78		—
Allowance for Credit Losses - Trade, End of Period	$	78	$	—
Allowance for Credit Losses - Other Receivables, Beginning of Year	$	2,463	$	2,038
Provision for Expected Credit Losses	2,974		389
Write-off of Uncollectible Accounts	(923)		(77)
Allowance for Credit Losses - Other Receivables, End of Period	$	4,514	$	2,350

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

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,
	2020	2019	2020	2019
Anti-Dilutive Options	4,237,319	2,035,273	4,237,319	2,035,273
Anti-Dilutive Restricted Stock Units	2,180,548	814,183	2,180,548	813,266
Anti-Dilutive Performance Share Units	780,335	—	780,335	—
Anti-Dilutive Performance Stock Options	—	927,268	—	927,268
	7,198,202	3,776,724	7,198,202	3,775,807

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,
	2020	2019	2020	2019
Options	21,864	6,953	261,703	27,794
Restricted Stock Units	21,186	28,769	525,226	1,002,003
Performance Share Units	—	—	274,716	342,882
	43,050	35,722	1,061,645	1,372,679

Schedule of Earnings Per Share, Basic and Diluted

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net (Loss) Income	$	(188,793)	$	143,960	$	(624,502)	$	272,004
Less: Net Income Attributable to Non-Controlling Interest	15,905		28,422		55,031		81,325
Net (Loss) Income Attributable to CNX Resources Shareholders	$	(204,698)	$	115,538	$	(679,533)	$	190,679
Weighted-Average Shares of Common Stock Outstanding	198,727,472		187,448,749		191,015,680		188,012,044
Effect of Diluted Shares*	—		982,210		—		1,548,899
Weighted-Average Diluted Shares of Common Stock Outstanding	198,727,472		188,430,959		191,015,680		189,560,943
(Loss) Earnings per Share:
Basic	$	(1.03)	$	0.62	$	(3.56)	$	1.01
Diluted	$	(1.03)	$	0.61	$	(3.56)	$	1.01

*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive.

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Revenue From Contracts With Customers (Tables)

9 Months Ended

Sep. 30, 2020

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,
	2020		2019		2020		2019
Revenue from Contracts with Customers
Natural Gas Revenue	$	163,054	$	245,815	$	561,162	$	966,574
NGL Revenue	15,053		18,305		40,691		72,095
Oil/Condensate Revenue	4,106		931		7,630		5,193
Total Natural Gas, NGL and Oil Revenue	182,213		265,051		609,483		1,043,862
Purchased Gas Revenue	31,541		29,192		78,324		64,181
Other Sources of Revenue and Other Operating Income
(Loss) Gain on Commodity Derivative Instruments	(168,834)		213,913		(116,995)		240,118
Other Revenue and Operating Income	21,155		21,841		60,463		65,299
Total Revenue and Other Operating Income	$	66,075	$	529,997	$	631,275	$	1,413,460

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Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

	September 30, 2020		December 31, 2019
Intangible Drilling Cost	$	4,900,667	$	4,688,497
Gas Gathering Equipment	2,505,267		2,463,866
Proved Gas Properties	1,214,416		1,208,046
Gas Wells and Related Equipment	1,102,366		1,042,000
Unproved Gas Properties	765,008		755,590
Surface Land and Other Equipment	222,732		226,285
Other	194,381		187,722
Total Property, Plant and Equipment	10,904,837		10,572,006
Less: Accumulated Depreciation, Depletion and Amortization	3,841,699		3,435,431
Total Property, Plant and Equipment - Net	$	7,063,138	$	7,136,575

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Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill consist of the following activity:

	Amount
December 31, 2019	$	796,359
Impairment	473,045
September 30, 2020	$	323,314

Schedule of Finite-Lived Intangible Assets

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

	September 30, 2020		December 31, 2019
Other Intangible Assets
Gross Amortizable Asset - Customer Relationships	$	109,752	$	109,752
Less: Accumulated Amortization - Customer Relationships	18,019		13,105
Total Other Intangible Assets, net	$	91,733	$	96,647

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Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Schedule of Other Accrued Liabilities

	September 30, 2020		December 31, 2019
Royalties	$	53,343	$	74,061
Transportation Charges	19,556		16,533
Accrued Interest	16,896		30,862
Accrued Other Taxes	9,681		9,115
Deferred Revenue	8,934		13,964
Short-Term Incentive Compensation	7,785		21,030
Accrued Payroll & Benefits	6,082		6,248
Other	35,471		37,610
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	5,076		5,076
Salary Retirement	1,649		1,587
Total Other Accrued Liabilities	$	164,473	$	216,086

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Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Long-term Debt, Other Disclosures [Abstract]

Schedule of Long-term Debt

	September 30, 2020		December 31, 2019
Senior Notes due March 2027 at 7.25% (Principal of $700,000 and $500,000 plus Unamortized Premium of $6,955 at September 30, 2020)	$	706,955	$	500,000
CNX Revolving Credit Facility	410,000		661,000
CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,062 and $4,625, respectively)*	395,938		395,375
Senior Notes due April 2022 at 5.875% (Principal of $363,348 and $894,307 plus Unamortized Premium of $276 and $1,001, respectively)	363,624		895,308
CNX Midstream Partners LP Revolving Credit Facility*	343,000		311,750
Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $111,621)	233,379		—
Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $118,776 less Unamortized Discount of $1,165)	117,611		—
CSG Holdings II LLC Credit Facility maturing in December 2026 (Principal of $47,355 less Unamortized Discount of $460)	46,895		—
Less: Unamortized Debt Issuance Costs	16,940		8,990
	2,600,462		2,754,443
Less: Amounts Due in One Year	22,488		—
Long-Term Debt	$	2,577,974	$	2,754,443

*CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility.

Convertible Debt

The net carrying amount of the liability and equity components of the Convertible Notes was as follows:

	September 30, 2020
Liability Component:
Principal	$	345,000
Unamortized Discount	(105,004)
Unamortized Issuance Costs	(6,617)
Net Carrying Amount	$	233,379
Equity Component, net of Purchase Discounts and Issuance Costs	$	78,317

Interest expense related to the Convertible Notes is as follows:

	For the Three Months Ended		For the Nine Months Ended
	September 30, 2020		September 30, 2020
Contractual Interest Expense	$	1,941	$	3,234
Amortization of Debt Discount	3,554		5,879
Amortization of Issuance Costs	245		407
Total Interest Expense	$	5,740	$	9,520

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Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Long-term Purchase Commitment

At September 30, 2020, 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	$	178,352	$	178,352	$	—	$	—	$	—
Other	6,950		6,950		—		—		—
Total Letters of Credit	185,302		185,302		—		—		—
Surety Bonds:
Employee-Related	2,600		1,500		1,100		—		—
Environmental	12,312		10,717		1,595		—		—
Financial Guarantees	81,670		26,400		55,270		—		—
Other	9,285		8,594		691		—		—
Total Surety Bonds	105,867		47,211		58,656		—		—
Total Commitments	$	291,169	$	232,513	$	58,656	$	—	$	—

Unrecorded Unconditional Purchase Obligations Disclosure

As of September 30, 2020, the purchase obligations for each of the next five years and beyond are as follows:

Obligations Due	Amount
Less than 1 year	$	242,786
1 - 3 years	429,062
3 - 5 years	369,444
More than 5 years	930,189
Total Purchase Obligations	$	1,971,481

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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Derivative Instruments

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

	September 30,			December 31,		Forecasted to
	2020			2019		Settle Through
Natural Gas Commodity Swaps (Bcf)	1,280.9		*	1,460.6		2025
Natural Gas Basis Swaps (Bcf)	1,311.8		*	1,290.4		2025
Interest Rate Swaps	$	575,625		$	160,000	2028

*Net of purchased natural gas commodity swaps and natural gas basis swaps of 5.7 Bcf and 3.8 Bcf, respectively.

Schedule of Derivative Assets at Fair Value

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

	September 30,		December 31,
	2020		2019
Current Assets:
Commodity Derivative Instruments:
Commodity Swaps	$	39,263	$	234,238
Basis Only Swaps	38,201		13,556
Interest Rate Swaps	144		—
Total Current Assets	$	77,608	$	247,794
Other Non-Current Assets:
Commodity Derivative Instruments:
Commodity Swaps	$	118,210	$	288,543
Basis Only Swaps	41,060		25,553
Interest Rate Swaps	828		—
Total Other Non-Current Assets	$	160,098	$	314,096
Current Liabilities:
Commodity Derivative Instruments:
Commodity Swaps	$	103,297	$	345
Basis Only Swaps	36,878		40,626
Interest Rate Swaps	4,370		495
Total Current Liabilities	$	144,545	$	41,466
Non-Current Liabilities:
Commodity Derivative Instruments:
Commodity Swaps	$	92,125	$	9,693
Basis Only Swaps	99,373		105,445
Interest Rate Swaps	12,211		724
Total Non-Current Liabilities	$	203,709	$	115,862

Schedule of Derivative Liabilities at Fair Value

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

	September 30,		December 31,
	2020		2019
Current Assets:
Commodity Derivative Instruments:
Commodity Swaps	$	39,263	$	234,238
Basis Only Swaps	38,201		13,556
Interest Rate Swaps	144		—
Total Current Assets	$	77,608	$	247,794
Other Non-Current Assets:
Commodity Derivative Instruments:
Commodity Swaps	$	118,210	$	288,543
Basis Only Swaps	41,060		25,553
Interest Rate Swaps	828		—
Total Other Non-Current Assets	$	160,098	$	314,096
Current Liabilities:
Commodity Derivative Instruments:
Commodity Swaps	$	103,297	$	345
Basis Only Swaps	36,878		40,626
Interest Rate Swaps	4,370		495
Total Current Liabilities	$	144,545	$	41,466
Non-Current Liabilities:
Commodity Derivative Instruments:
Commodity Swaps	$	92,125	$	9,693
Basis Only Swaps	99,373		105,445
Interest Rate Swaps	12,211		724
Total Non-Current Liabilities	$	203,709	$	115,862

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position

The effect of commodity 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,
	2020		2019		2020		2019
Cash Received (Paid) in Settlement of Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	$	72,062	$	61,441	$	382,891	$	53,058
Basis Swaps	18,248		(4,400)		836		(26,727)
Total Cash Received in Settlement of Commodity Derivative Instruments	90,310		57,041		383,727		26,331
Unrealized (Loss) Gain on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	(369,121)		126,617		(550,694)		302,701
Basis Swaps	109,977		30,255		49,972		(88,914)
Total Unrealized (Loss) Gain on Commodity Derivative Instruments	(259,144)		156,872		(500,722)		213,787
(Loss) Gain on Commodity Derivative Instruments:
Natural Gas:
Commodity Swaps	(297,059)		188,058		(167,803)		355,759
Basis Swaps	128,225		25,855		50,808		(115,641)
Total (Loss) Gain on Commodity Derivative Instruments	$	(168,834)	$	213,913	$	(116,995)	$	240,118

The effect of interest rate swaps on Interest Expense in the Company's Consolidated Statements of Income was as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Cash (Paid) Received in Settlement of Interest Rate Swaps	$	(1,257)	$	195	$	(1,850)	$	195
Unrealized Loss on Interest Rate Swaps	(152)		(713)		(14,389)		(1,774)
Loss on Interest Rate Swaps	$	(1,409)	$	(518)	$	(16,239)	$	(1,579)

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020						Fair Value Measurements at December 31, 2019
Description	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Gas Derivatives	$	—	$	(94,939)	$	—	$	—	$	405,781	$	—
Interest Rate Swaps	$	—	$	(15,609)	$	—	$	—	$	(1,219)	$	—

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, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and Cash Equivalents	$	150,132	$	150,132	$	16,283	$	16,283
Long-Term Debt (Excluding Debt Issuance Costs)	$	2,617,402	$	2,723,756	$	2,763,433	$	2,619,676

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Industry Segment Results

Industry segment results for the three months ended September 30, 2020: 

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	155,792	$	25,667	$	754	$	182,213	(A)
Purchased Gas Revenue	—		—		31,541		31,541
Gain (Loss) on Commodity Derivative Instruments	79,773		10,518		(259,125)		(168,834)
Other Revenue and Operating Income	16,689		—		4,466		21,155		(B)
Total Revenue and Other Operating Income	$	252,254	$	36,185	$	(222,364)	$	66,075
Total Operating Expense	$	165,587	$	30,439	$	83,479	$	279,505
Earnings (Loss) Before Income Tax	$	86,667	$	5,746	$	(342,485)	$	(250,072)
Segment Assets	$	6,070,356	$	1,125,312	$	933,506	$	8,129,174	(C)
Depreciation, Depletion and Amortization	$	94,617	$	15,763	$	4,084	$	114,464
Capital Expenditures	$	105,988	$	2,310	$	37	$	108,335

(A)    Included in Total Natural Gas, NGL and Oil Revenue are sales of $35,645 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 $396 for Other.

(C)    Includes investments in unconsolidated equity affiliates of $15,685.

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

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	229,183	$	35,621	$	247	$	265,051	(D)
Purchased Gas Revenue	—		—		29,192		29,192
Gain on Commodity Derivative Instruments	50,982		6,036		156,895		213,913
Other Revenue and Operating Income	18,525		—		3,316		21,841		(E)
Total Revenue and Other Operating Income	$	298,690	$	41,657	$	189,650	$	529,997
Total Operating Expense	$	185,452	$	32,940	$	80,207	$	298,599
Earnings Before Income Tax	$	113,238	$	8,717	$	70,907	$	192,862
Segment Assets	$	6,911,677	$	1,231,509	$	1,143,072	$	9,286,258	(F)
Depreciation, Depletion and Amortization	$	100,545	$	17,400	$	2,514	$	120,459
Capital Expenditures	$	332,640	$	2,196	$	1,301	$	336,137

(D)    Included in Total Natural Gas, NGL 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.

(E)    Includes equity in earnings of unconsolidated affiliates of $673 for Other.

(F)    Includes investments in unconsolidated equity affiliates of $17,110.

Industry segment results for the nine months ended September 30, 2020: 

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	528,913	$	79,319	$	1,251	$	609,483	(A)
Purchased Gas Revenue	—		—		78,324		78,324
Gain (Loss) on Commodity Derivative Instruments	266,488		33,210		(416,693)		(116,995)		(B)
Other Revenue and Operating Income	47,286		—		13,177		60,463		(C)
Total Revenue and Other Operating Income	$	842,687	$	112,529	$	(323,941)	$	631,275
Total Operating Expense	$	511,653	$	94,113	$	779,532	$	1,385,298
Earnings (Loss) Before Income Tax	$	331,034	$	18,416	$	(1,216,459)	$	(867,009)
Segment Assets	$	6,070,356	$	1,125,312	$	933,506	$	8,129,174	(D)
Depreciation, Depletion and Amortization	$	295,648	$	49,903	$	11,623	$	357,174
Capital Expenditures	$	385,763	$	6,796	$	2,677	$	395,236

(A)    Included in Total Natural Gas, NGL and Oil Revenue are sales of $115,011 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period.

(B)    Included in Other is a realized gain on commodity derivative instruments of $83,997 related to the monetization of hedges (see Note 11 - Derivative Instruments for more information).

(C)    Includes equity in loss of unconsolidated affiliates of $1,025 for Other.

(D)    Includes investments in unconsolidated equity affiliates of 15,685.

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

	Shale		Coalbed Methane		Other		Consolidated
Natural Gas, NGL and Oil Revenue	$	917,862	$	125,094	$	906	$	1,043,862	(E)
Purchased Gas Revenue	—		—		64,181		64,181
Gain on Commodity Derivative Instruments	23,501		2,819		213,798		240,118
Other Revenue and Operating Income	55,863		—		9,436		65,299		(F)
Total Revenue and Other Operating Income	$	997,226	$	127,913	$	288,321	$	1,413,460
Total Operating Expense	$	586,030	$	98,694	$	254,510	$	939,234
Earnings (Loss) Before Income Tax	$	411,196	$	29,219	$	(90,278)	$	350,137
Segment Assets	$	6,911,677	$	1,231,509	$	1,143,072	$	9,286,258	(G)
Depreciation, Depletion and Amortization	$	316,596	$	51,669	$	6,354	$	374,619
Capital Expenditures	$	951,427	$	7,752	$	5,323	$	964,502

(E)    Included in Total Natural Gas, NGL 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 comprises over 10% of revenue from contracts with external customers for the period.

(F)    Includes equity in earnings of unconsolidated affiliates of $1,703 for Other.

(G)    Includes investments in unconsolidated equity affiliates of $17,110.

Reconciliation of Revenue and Other Operating Income from Segments to Consolidated

Revenue and Other Operating Income

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Total Segment Revenue from Contracts with External Customers	$	230,443	$	312,767	$	735,093	$	1,163,906
(Loss) Gain on Commodity Derivative Instruments	(168,834)		213,913		(116,995)		240,118
Other Operating Income	4,466		3,317		13,177		9,436
Total Consolidated Revenue and Other Operating Income	$	66,075	$	529,997	$	631,275	$	1,413,460

Reconciliation of Assets and Liabilities from Segment to Consolidated

Total Assets:

	September 30,
	2020		2019
Segment Assets for Reportable Business Segments	$	7,195,668	$	8,143,186
Segment Assets for Other	782,730		1,126,404
Items Excluded from Segment Assets:
Cash and Cash Equivalents	150,132		5,484
Recoverable Income Taxes	644		11,184
Total Consolidated Assets	$	8,129,174	$	9,286,258

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Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 27, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Accounts Receivable - Trade	$ 76,007		$ 133,480
Other Receivables	$ 9,167		$ 16,142
CNXM | Public Unitholders
Business Acquisition [Line Items]
Ownership percentage of public unitholders		46.90%
CNXM | CNX
Business Acquisition [Line Items]
Ownership percentage by parent		53.10%

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Basis of Presentation - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and Cash Equivalents	$ 150,132	$ 16,283	$ 5,484
Restricted Cash, Current Portion	733	0	0
Restricted Cash, Less Current Portion	5,456	0	0
Total Cash, Cash Equivalents, and Restricted Cash	$ 156,321	$ 16,283	$ 5,484	$ 17,198

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Basis of Presentation - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Trade Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Losses, Beginning of Year	$ 0	$ 0
Provision for Expected Credit Losses	78	0
Allowance for Credit Losses, End of Period	78	0
Other Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Losses, Beginning of Year	2,463	2,038
Provision for Expected Credit Losses	2,974	389
Write-off of Uncollectible Accounts	(923)	(77)
Allowance for Credit Losses, End of Period	$ 4,514	$ 2,350

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Earnings Per Share - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 28, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)		7,198,202	3,776,724	7,198,202	3,775,807
Long-term equity-based compensation expense			$ 19,654		$ 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
SEAM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage in equity method investment			25.00%		25.00%
Convertible Debt Securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)		32,242,975		32,242,975
CNXM, CNX Midstream GP LLC, CNX Resources Holding LLC Merger Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Entity shares issued per acquiree share (in shares)	0.88

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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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	7,198,202	3,776,724	7,198,202	3,775,807
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)	4,237,319	2,035,273	4,237,319	2,035,273
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)	2,180,548	814,183	2,180,548	813,266
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)	780,335	0	780,335	0
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)	0	927,268	0	927,268

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Earnings Per Share - Share-based Compensation (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total exercised or released (in shares)	43,050	35,722	1,061,645	1,372,679
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)	21,864	6,953	261,703	27,794
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)	21,186	28,769	525,226	1,002,003
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)	0	0	274,716	342,882

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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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net (Loss) Income	$ (188,793)	$ 143,960	$ (624,502)	$ 272,004
Less: Net Income Attributable to Noncontrolling Interest	15,905	28,422	55,031	81,325
Net (Loss) Income Attributable to CNX Resources Shareholders	$ (204,698)	$ 115,538	$ (679,533)	$ 190,679
Denominator:
Weighted-Average Shares of Common Stock Outstanding (in shares)	198,727,472	187,448,749	191,015,680	188,012,044
Effect of Diluted Shares (in shares)	0	982,210	0	1,548,899
Weighted-Average Diluted Shares of Common Stock Outstanding (in shares)	198,727,472	188,430,959	191,015,680	189,560,943
(Loss) Earnings per Share
Basic (in usd per share)	$ (1.03)	$ 0.62	$ (3.56)	$ 1.01
Diluted (in usd per share)	$ (1.03)	$ 0.61	$ (3.56)	$ 1.01

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Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Payment terms for contract with customers	25 days
Receivables related to contracts with customers	$ 75,929	$ 133,480

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Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
(Loss) Gain on Commodity Derivative Instruments	$ (168,834)	$ 213,913	$ (116,995)	$ 240,118
Other Revenue and Operating Income	21,155	21,841	60,463	65,299
Total Revenue and Other Operating Income	66,075	529,997	631,275	1,413,460
Natural Gas Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	163,054	245,815	561,162	966,574
NGL Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,053	18,305	40,691	72,095
Oil/Condensate Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,106	931	7,630	5,193
Total Natural Gas, NGL and Oil Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	182,213	265,051	609,483	1,043,862
Purchased Gas Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 31,541	$ 29,192	$ 78,324	$ 64,181

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Revenue From Contracts With Customers - Performance Obligation (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 127,887
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 50,125
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 41,379
Remaining performance obligations, expected timing of satisfaction	1 year

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Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate, percentage	24.50%	25.40%	28.00%	22.30%
AMT tax credit refund	$ 102,482,000		$ 102,482,000
Total amount of uncertain tax positions	33,243,000		33,243,000		$ 31,516,000
Unrecognized tax benefits that would impact effective tax rate	33,243,000		33,243,000		33,243,000
Accrued interest liability	$ 0		$ 0		$ 0

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Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Intangible Drilling Cost	$ 4,900,667	$ 4,688,497
Gas Gathering Equipment	2,505,267	2,463,866
Proved Gas Properties	1,214,416	1,208,046
Gas Wells and Related Equipment	1,102,366	1,042,000
Unproved Gas Properties	765,008	755,590
Surface Land and Other Equipment	222,732	226,285
Other	194,381	187,722
Total Property, Plant and Equipment	10,904,837	10,572,006
Less: Accumulated Depreciation, Depletion and Amortization	3,841,699	3,435,431
Total Property, Plant and Equipment—Net	$ 7,063,138	$ 7,136,575

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Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Impairment of Exploration and Production Properties	$ 0	$ 0	$ 61,849	$ 0
Southwest Pennsylvania CBM Asset Group
Property, Plant and Equipment [Line Items]
Impairment of Exploration and Production Properties			$ 61,849

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 03, 2018
Goodwill [Line Items]
Goodwill		$ 323,314		$ 323,314		$ 796,359
Impairment of goodwill		0	$ 0	$ 473,045	$ 0
Useful life, customer relationship intangible assets				17 years
Amortization expense		1,638	$ 1,638	$ 4,914	$ 4,914
Estimated annual amortization expense, Year 2021		6,552		6,552
Estimated annual amortization expense, Year 2022		6,552		6,552
Estimated annual amortization expense, Year 2023		6,552		6,552
Estimated annual amortization expense, Year 2024		6,552		6,552
Estimated annual amortization expense, Year 2025		6,552		6,552
Midstream Acquisition
Goodwill [Line Items]
Cash consideration transferred	$ 305,000
Fair value of previously held equity interest	$ 799,033
Goodwill		$ 323,314		$ 323,314			$ 796,359
Other intangible assets							$ 128,781
CNX Gathering LLC
Goodwill [Line Items]
Ownership percentage in equity method investment	50.00%

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Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Roll Forward]
December 31, 2019			$ 796,359
Impairment of Goodwill	$ 0	$ 0	473,045	$ 0
June 30, 2020	$ 323,314		$ 323,314

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Goodwill and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Amortizable Asset - Customer Relationships	$ 109,752	$ 109,752
Less: Accumulated Amortization - Customer Relationships	18,019	13,105
Total Other Intangible Assets, net	$ 91,733	$ 96,647

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Revolving Credit Facilities (Details)	1 Months Ended		9 Months Ended
	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Oct. 29, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)
Short-term Debt [Line Items]
Number of days outstanding, prior to springing maturity date			91 days
Value of proved reserves, percentage to mortgage			85.00%
Value of proved developing producing reserves, percentage to mortgage			85.00%
Federal Funds Open Rate
Short-term Debt [Line Items]
Basis spread on variable rate			0.50%
Federal Funds Open Rate | Midstream
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 | Midstream
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			0.75%
One-Month LIBOR | Minimum | Midstream
Short-term Debt [Line Items]
Basis spread on variable rate			0.50%
One-Month LIBOR | Maximum
Short-term Debt [Line Items]
Basis spread on variable rate			1.75%
One-Month LIBOR | Maximum | Midstream
Short-term Debt [Line Items]
Basis spread on variable rate			1.50%
LIBOR | Minimum
Short-term Debt [Line Items]
Basis spread on variable rate			1.75%
LIBOR | Minimum | Midstream
Short-term Debt [Line Items]
Basis spread on variable rate			1.50%
LIBOR | Maximum
Short-term Debt [Line Items]
Basis spread on variable rate			2.75%
LIBOR | Maximum | Midstream
Short-term Debt [Line Items]
Basis spread on variable rate			2.50%
6.50% Senior Notes due March 2026
Short-term Debt [Line Items]
Debt instrument, face amount			$ 400,000,000		$ 400,000,000
Stated rate, debt instrument			6.50%
6.50% Senior Notes due March 2026 | Midstream
Short-term Debt [Line Items]
Stated rate, debt instrument			6.50%
6.50% Senior Notes due March 2026 | Minimum | Midstream
Short-term Debt [Line Items]
Debt instrument, face amount			$ 150,000,000
6.50% Senior Notes due March 2026 | Maximum | Midstream
Short-term Debt [Line Items]
Debt instrument, face amount			150,000,000
Revolving Credit Facility
Short-term Debt [Line Items]
Debt instrument, face amount		$ 2,100,000,000				$ 160,000,000
Accordion feature, increased commitment		$ 3,000,000,000
Net leverage ratio		3.00
Percentage of aggregate commitments available under credit facility		15.00%
Initial borrowing base	$ 1,900,000,000
Letters of credit aggregate sub-limit		$ 650,000,000
Basket for dividends and distributions, annual limit of available cash	$ 150,000,000
Minimum threshold to activate springing maturity date			$ 500,000,000
Minimum current ratio			1.00
Borrowings outstanding			$ 410,000,000		661,000,000
Letters of credit outstanding			185,272,000		204,726,000
Borrowings and issuance of letters of credit remaining capacity			1,304,728,000		1,234,274,000
Revolving Credit Facility | Subsequent Event
Short-term Debt [Line Items]
Initial borrowing base				$ 1,900,000,000
Revolving Credit Facility | Midstream
Short-term Debt [Line Items]
Letters of credit aggregate sub-limit		600,000,000
Borrowings outstanding			343,000,000		311,750,000
Letters of credit outstanding			30,000
Borrowings and issuance of letters of credit remaining capacity			$ 256,970,000
Increase in available borrowings		$ 250,000,000
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			$ 150,000,000
Basket for repurchase of LP units tied to Available Cash, lifetime limit			200,000,000
Maximum borrowing capacity, letters of credit			$ 100,000,000
Interest coverage ratio			2.50
Revolving credit available for borrowing					$ 288,250,000
Revolving Credit Facility | Minimum | Midstream
Short-term Debt [Line Items]
Total leverage ratio			4.75
Maximum net leverage ratio			5.25
Revolving Credit Facility | Maximum
Short-term Debt [Line Items]
Net leverage ratio			4.00
Revolving Credit Facility | Maximum | Midstream
Short-term Debt [Line Items]
Secured leverage ratio			3.50
Total leverage ratio			5.25
Maximum net leverage ratio			5.50

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Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Royalties	$ 53,343	$ 74,061
Transportation Charges	19,556	16,533
Accrued Interest	16,896	30,862
Accrued Other Taxes	9,681	9,115
Deferred Revenue	8,934	13,964
Short-Term Incentive Compensation	7,785	21,030
Accrued Payroll & Benefits	6,082	6,248
Other	35,471	37,610
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	5,076	5,076
Salary Retirement	1,649	1,587
Total Other Accrued Liabilities	$ 164,473	$ 216,086

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Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Apr. 30, 2019
Debt Instrument [Line Items]
Long-term debt, net of issuance costs	$ 2,600,462,000		$ 2,754,443,000
Less: Unamortized Debt Issuance Costs	16,940,000		8,990,000
Less: Amounts Due in One Year	22,488,000		0
Long-Term Debt	$ 2,577,974,000		2,754,443,000
Senior Notes Due March 2027
Debt Instrument [Line Items]
Stated rate, debt instrument	7.25%
Debt instrument, face amount	$ 700,000,000		500,000,000
Debt instrument, unamortized premium	6,955,000
Long-term debt, net of issuance costs	$ 706,955,000		500,000,000
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	4,062,000		4,625,000
Long-term debt, net of issuance costs	$ 395,938,000		395,375,000
Senior Notes Due April 2022
Debt Instrument [Line Items]
Stated rate, debt instrument	5.875%			5.875%
Debt instrument, face amount	$ 363,348,000		894,307,000
Debt instrument, unamortized premium	276,000		1,001,000
Long-term debt, net of issuance costs	$ 363,624,000		895,308,000
Convertible Senior Notes Due May 2026
Debt Instrument [Line Items]
Stated rate, debt instrument	2.25%
Debt instrument, face amount	$ 345,000,000
Debt instrument, unamortized discount	111,621,000
Long-term debt, net of issuance costs	233,379,000		0
Cardinal States Gathering Company Credit Facility
Debt Instrument [Line Items]
Debt instrument, unamortized discount	1,165,000
CSG Holdings II LLC Credit Facility
Debt Instrument [Line Items]
Debt instrument, unamortized discount	460,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount					$ 160,000,000	$ 2,100,000,000
Borrowings outstanding	410,000,000		661,000,000
Revolving Credit Facility | CNX Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, net of issuance costs	410,000,000		661,000,000
Revolving Credit Facility | CNX Midstream Partners LP Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, net of issuance costs	343,000,000		311,750,000
Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount		$ 175,000,000
Line of Credit | Cardinal States Gathering Company Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding	118,776,000
Long-term debt, net of issuance costs	117,611,000		0
Line of Credit | CSG Holdings II LLC Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding	47,355,000
Long-term debt, net of issuance costs	$ 46,895,000		$ 0

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Long-Term Debt - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2020 USD ($) day $ / shares	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ (108,000)	$ 0	$ 10,812,000	$ (7,614,000)
Proceeds from issuance of convertible senior notes				334,650,000	0
Cost incurred for capped calls, gross				35,673,000	0
Income tax benefit capped call	$ 9,322,000
Purchase of capped call				$ 26,351,000
Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount						$ 175,000,000
Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%
Capped Call Transaction
Debt Instrument [Line Items]
Cost incurred for capped calls, gross	35,673,000
Purchase of capped call	$ 26,351,000
Capped Call Transaction | Call Option | Minimum
Debt Instrument [Line Items]
Strike price (in dollars per share) | $ / shares	$ 12.84
Capped Call Transaction | Call Option | Maximum
Debt Instrument [Line Items]
Strike price (in dollars per share) | $ / shares	$ 18.19
Senior Notes Due March 2027
Debt Instrument [Line Items]
Debt instrument, face amount		$ 700,000,000		$ 700,000,000			$ 500,000,000
Stated rate, debt instrument		7.25%		7.25%
Senior Notes Due March 2027 | Debt Instrument, Issuance, Period Two
Debt Instrument [Line Items]
Stated rate, debt instrument		7.25%		7.25%
Senior Notes Due March 2027 | Debt Instrument, Issuance, Period One
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 March 2027 | Private Offering | Debt Instrument, Issuance, Period Two
Debt Instrument [Line Items]
Debt instrument, face amount		$ 200,000,000		$ 200,000,000
Unamortized bond premium		7,000,000		7,000,000
Senior Notes Due April 2022
Debt Instrument [Line Items]
Debt instrument, face amount		$ 363,348,000		$ 363,348,000			$ 894,307,000
Stated rate, debt instrument		5.875%	5.875%	5.875%	5.875%
Purchase of outstanding debt		$ 50,000,000		$ 530,959,000	$ 400,000,000
Gain (loss) on extinguishment of debt		(108,000)		10,812,000	$ (7,614,000)
Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Debt instrument, face amount		$ 345,000,000		$ 345,000,000
Stated rate, debt instrument		2.25%		2.25%
Convertible Senior Notes Due 2026 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 345,000,000
Stated rate, debt instrument	2.25%
Conversion ratio (in shares)	77.8816
Conversion price (in dollars per share) | $ / shares	$ 12.84
Debt issuance costs gross	$ 10,350,000
Convertible Senior Notes Due 2026 | Debt Instrument, Redemption, Period One | Convertible Debt
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	130.00%
Threshold trading days | day	20
Threshold consecutive trading days | day	30
Convertible Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two | Convertible Debt
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	98.00%
Threshold trading days | day	5
Threshold consecutive trading days | day	10
Convertible 2.25% Senior Notes Due 2026, Additional Option To Initial Purchasers | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 45,000,000
Convertible 2.25% Senior Notes Due 2026, Liability Component | Convertible Debt
Debt Instrument [Line Items]
Debt issuance costs gross	7,024,000
Convertible 2.25% Senior Notes Due 2026, Equity Component | Convertible Debt
Debt Instrument [Line Items]
Debt issuance costs gross	$ 3,326,000
Cardinal States Gathering Company Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity		$ 125,000,000		$ 125,000,000
Cardinal States Gathering Company Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				4.75%
CSG Holdings II LLC Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity		$ 50,000,000		$ 50,000,000
CSG Holdings II LLC Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				6.75%

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Long-Term Debt - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized Issuance Costs	$ (16,940)	$ (16,940)	$ (8,990)
Long-term debt, net of issuance costs	2,600,462	2,600,462	2,754,443
Equity Component, net of Purchase Discounts and Issuance Costs	10	78,317
Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt, net of issuance costs	233,379	233,379	$ 0
Convertible Debt | Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Principal	345,000	345,000
Unamortized Discount	(105,004)	(105,004)
Unamortized Issuance Costs	(6,617)	(6,617)
Long-term debt, net of issuance costs	$ 233,379	$ 233,379

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Long-Term Debt - Schedule of Interest (Details) - Convertible Debt - Convertible Senior Notes Due 2026 - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Contractual Interest Expense	$ 1,941	$ 3,234
Amortization of Debt Discount	3,554	5,879
Amortization of Issuance Costs	245	407
Total Interest Expense	$ 5,740	$ 9,520

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Commitments and Contingent Liabilities - Narrative (Details)	May 01, 2020 retiree
Commitments and Contingencies Disclosure [Abstract]
Number of impacted retirees	2,159

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Commitments and Contingent Liabilities - Amount of Commitment Expiration Per Period (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	$ 291,169
Less Than 1  Year
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	232,513
1-3 Years
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	58,656
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
Letters of Credit | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	178,352
Letters of Credit | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	6,950
Letters of Credit | Loss Contingencies by Secondary Nature of Contingency
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	185,302
Letters of Credit | Less Than 1  Year | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	178,352
Letters of Credit | Less Than 1  Year | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	6,950
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	185,302
Letters of Credit | 1-3 Years | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Letters of Credit | 1-3 Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
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	0
Letters of Credit | 3-5 Years | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Letters of Credit | 3-5 Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
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
Letters of Credit | Beyond 5  Years | Firm Transportation
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
Letters of Credit | Beyond 5  Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	0
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	9,285
Surety Bond | Employee-Related
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	2,600
Surety Bond | Environmental
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	12,312
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	105,867
Surety Bond | Less Than 1  Year | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	8,594
Surety Bond | Less Than 1  Year | Employee-Related
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	1,500
Surety Bond | Less Than 1  Year | Environmental
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	10,717
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	47,211
Surety Bond | 1-3 Years | Other
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	691
Surety Bond | 1-3 Years | Employee-Related
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	1,100
Surety Bond | 1-3 Years | Environmental
Schedule of Costs Related to Purchase Obligations [Line Items]
Guarantor obligations, maximum exposure	1,595
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	58,656
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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Commitments and Contingent Liabilities - Unrecorded Unconditional Purchase Obligation (Details) - Purchase Commitment $ in Thousands	Sep. 30, 2020 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	$ 242,786
1 - 3 years	429,062
3 - 5 years	369,444
More than 5 years	930,189
Total Purchase Obligations	$ 1,971,481

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Derivative Instruments - Narrative (Details) MMBTU in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) MMBTU	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) MMBTU	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Apr. 30, 2019 USD ($)
Derivative [Line Items]
Cash received (paid) in settlement of commodity derivative instruments			$ 90,310,000	$ 57,041,000	$ 383,727,000	$ 26,331,000
Interest Rate Swap
Derivative [Line Items]
Derivative notional amount			$ 575,625,000		575,625,000		$ 160,000,000
Interest Rate Swap on Revolving Credit Facility | Long
Derivative [Line Items]
Term of derivative contract	4 years
Put option	0.00%
Derivative notional amount	$ 250,000,000
Interest Rate Swap on Line of Credit | Long
Derivative [Line Items]
Put option	0.25%
NYMEX Natural Gas Hedges | Natural Gas
Derivative [Line Items]
Cash received (paid) in settlement of commodity derivative instruments					$ 5,851,000
Nonmonetary notional amount | MMBTU			8		8
NYMEX Commodity Swaps | Natural Gas
Derivative [Line Items]
Cash received (paid) in settlement of commodity derivative instruments					$ 54,982,000
Line of Credit
Derivative [Line Items]
Credit facility, face amount	$ 175,000,000
Revolving Credit Facility
Derivative [Line Items]
Credit facility, face amount		$ 160,000,000						$ 2,100,000,000
Credit facility, modification period		3 years

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Derivative Instruments - Notional Amounts of Derivative Instruments (Details) $ in Thousands, Mcf in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($) Mcf	Dec. 31, 2019 USD ($) Mcf
Commodity Member
Derivative [Line Items]
Notional amount	1,280.9	1,460.6
Basis Swap
Derivative [Line Items]
Notional amount	1,311.8	1,290.4
Interest Rate Swap
Derivative [Line Items]
Derivative notional amount | $	$ 575,625	$ 160,000
Commodity Swap Purchased
Derivative [Line Items]
Notional amount	5.7
Basis Swap Purchased
Derivative [Line Items]
Notional amount	3.8

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Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Total Current Assets	$ 77,608	$ 247,794
Total Other Non-Current Assets	160,098	314,096
Total Current Liabilities	144,545	41,466
Total Non-Current Liabilities	203,709	115,862
Commodity Swap
Derivative [Line Items]
Total Current Assets	39,263	234,238
Total Other Non-Current Assets	118,210	288,543
Total Current Liabilities	103,297	345
Total Non-Current Liabilities	92,125	9,693
Basis Swap
Derivative [Line Items]
Total Current Assets	38,201	13,556
Total Other Non-Current Assets	41,060	25,553
Total Current Liabilities	36,878	40,626
Total Non-Current Liabilities	99,373	105,445
Interest Rate Swap
Derivative [Line Items]
Total Current Assets	144	0
Total Other Non-Current Assets	828	0
Total Current Liabilities	4,370	495
Total Non-Current Liabilities	$ 12,211	$ 724

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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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Cash Received (Paid) in Settlement of Commodity Derivative Instruments	$ 90,310	$ 57,041	$ 383,727	$ 26,331
Unrealized (Loss) Gain on Commodity Derivative Instruments	(259,144)	156,872	(500,722)	213,787
(Loss) Gain on Derivative Instruments	(168,834)	213,913	(116,995)	240,118
Interest Rate Swap
Derivative [Line Items]
Cash (Paid) Received in Settlement of Interest Rate Swaps	(1,257)	195	(1,850)	195
Unrealized Loss on Interest Rate Swaps	(152)	(713)	(14,389)	(1,774)
(Loss) Gain on Derivative Instruments	(1,409)	(518)	(16,239)	(1,579)
Natural Gas | Commodity Swap
Derivative [Line Items]
Cash Received (Paid) in Settlement of Commodity Derivative Instruments	72,062	61,441	382,891	53,058
Unrealized (Loss) Gain on Commodity Derivative Instruments	(369,121)	126,617	(550,694)	302,701
(Loss) Gain on Derivative Instruments	(297,059)	188,058	(167,803)	355,759
Natural Gas | Basis Swap
Derivative [Line Items]
Cash Received (Paid) in Settlement of Commodity Derivative Instruments	18,248	(4,400)	836	(26,727)
Unrealized (Loss) Gain on Commodity Derivative Instruments	109,977	30,255	49,972	(88,914)
(Loss) Gain on Derivative Instruments	$ 128,225	$ 25,855	$ 50,808	$ (115,641)

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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, 2020	Dec. 31, 2019
Fair Value, Inputs, Level 1 | Gas Derivatives
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative assets	$ 0	$ 0
Fair Value, Inputs, Level 1 | Interest Rate Swaps
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative assets	0	0
Fair Value, Inputs, Level 2 | Gas Derivatives
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative assets	(94,939)	405,781
Fair Value, Inputs, Level 2 | Interest Rate Swaps
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative assets	(15,609)	(1,219)
Fair Value, Inputs, Level 3 | Gas Derivatives
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative assets	0	0
Fair Value, Inputs, Level 3 | Interest Rate Swaps
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative assets	$ 0	$ 0

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Fair Value of Financial Instruments - Fair Value Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	$ 150,132	$ 16,283	$ 5,484
Long-Term Debt (Excluding Debt Issuance Costs)	2,600,462	2,754,443
Long-term Debt, Fair Value	2,723,756	2,619,676
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	150,132	16,283
Long-Term Debt (Excluding Debt Issuance Costs)	$ 2,617,402	$ 2,763,433

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Acquisitions and Dispositions (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Sep. 28, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 27, 2020
CNXM
Business Acquisition [Line Items]
Common units (in shares)	42,107,071
CNXM | Public Unitholders
Business Acquisition [Line Items]
Ownership percentage of public unitholders				46.90%
CNXM | CNX
Business Acquisition [Line Items]
Ownership percentage by parent				53.10%
CNXM, CNX Midstream GP LLC, CNX Resources Holding LLC Merger Agreement
Business Acquisition [Line Items]
Number of shares issued in acquisition	37,054,223
Consideration	$ 384,623
Entity shares issued per acquiree share (in shares)	0.88
Merger costs		$ 4,717	$ 4,737

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Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2020 segment
Segment Reporting [Abstract]
Number of reportable segments	2

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Segment Information - Industry Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	$ (168,834)	$ 213,913	$ (116,995)	$ 240,118
Other Revenue and Operating Income	21,155	21,841	60,463	65,299
Total Revenue and Other Operating Income	66,075	529,997	631,275	1,413,460
Total Operating Expense	279,505	298,599	1,385,298	939,234
(Loss) Earnings Before Income Tax	(250,072)	192,862	(867,009)	350,137
Segment Assets	8,129,174	9,286,258	8,129,174	9,286,258	$ 9,060,806
Depreciation, Depletion and Amortization	114,464	120,459	357,174	374,619
Capital Expenditures	108,335	336,137	395,236	964,502
Equity in earnings (loss) of unconsolidated affiliates			(1,025)	1,703
Investments in unconsolidated equity affiliates	15,685	17,110	15,685	17,110
Natural Gas | Commodity Swap
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	(297,059)	188,058	(167,803)	355,759
Natural Gas, NGL and Oil Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	182,213	265,051	609,483	1,043,862
Natural Gas, NGL and Oil Revenue | Direct Energy Business Marketing LLC
Segment Reporting Information [Line Items]
Total Revenue and Other Operating Income	35,645	39,092	115,011	155,337
Natural Gas, NGL and Oil Revenue | NJR Energy Services Company
Segment Reporting Information [Line Items]
Total Revenue and Other Operating Income				114,440
Purchased Gas Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	31,541	29,192	78,324	64,181
Operating Segments
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	230,443	312,767	735,093	1,163,906
Segment Assets	7,195,668	8,143,186	7,195,668	8,143,186
Operating Segments | Shale
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	79,773	50,982	266,488	23,501
Other Revenue and Operating Income	16,689	18,525	47,286	55,863
Total Revenue and Other Operating Income	252,254	298,690	842,687	997,226
Total Operating Expense	165,587	185,452	511,653	586,030
(Loss) Earnings Before Income Tax	86,667	113,238	331,034	411,196
Segment Assets	6,070,356	6,911,677	6,070,356	6,911,677
Depreciation, Depletion and Amortization	94,617	100,545	295,648	316,596
Capital Expenditures	105,988	332,640	385,763	951,427
Operating Segments | Shale | Natural Gas, NGL and Oil Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	155,792	229,183	528,913	917,862
Operating Segments | Shale | Purchased Gas Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Coalbed Methane
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	10,518	6,036	33,210	2,819
Other Revenue and Operating Income	0	0	0	0
Total Revenue and Other Operating Income	36,185	41,657	112,529	127,913
Total Operating Expense	30,439	32,940	94,113	98,694
(Loss) Earnings Before Income Tax	5,746	8,717	18,416	29,219
Segment Assets	1,125,312	1,231,509	1,125,312	1,231,509
Depreciation, Depletion and Amortization	15,763	17,400	49,903	51,669
Capital Expenditures	2,310	2,196	6,796	7,752
Operating Segments | Coalbed Methane | Natural Gas, NGL and Oil Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	25,667	35,621	79,319	125,094
Operating Segments | Coalbed Methane | Purchased Gas Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Other
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments	(259,125)	156,895	(416,693)	213,798
Other Revenue and Operating Income	4,466	3,316	13,177	9,436
Total Revenue and Other Operating Income	(222,364)	189,650	(323,941)	288,321
Total Operating Expense	83,479	80,207	779,532	254,510
(Loss) Earnings Before Income Tax	(342,485)	70,907	(1,216,459)	(90,278)
Segment Assets	933,506	1,143,072	933,506	1,143,072
Depreciation, Depletion and Amortization	4,084	2,514	11,623	6,354
Capital Expenditures	37	1,301	2,677	5,323
Equity in earnings (loss) of unconsolidated affiliates	396	673	(1,025)	1,703
Other | Natural Gas | Commodity Swap
Segment Reporting Information [Line Items]
Gain (Loss) on Commodity Derivative Instruments			83,997
Other | Natural Gas, NGL and Oil Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	754	247	1,251	906
Other | Purchased Gas Revenue
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers	$ 31,541	$ 29,192	$ 78,324	$ 64,181

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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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue, Major Customer [Line Items]
(Loss) Gain on Commodity Derivative Instruments	$ (168,834)	$ 213,913	$ (116,995)	$ 240,118
Other Operating Income	4,466	3,317	13,177	9,436
Total Revenue and Other Operating Income	66,075	529,997	631,275	1,413,460
Operating Segments
Revenue, Major Customer [Line Items]
Total Segment Revenue from Contracts with External Customers	$ 230,443	$ 312,767	$ 735,093	$ 1,163,906

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Segment Information - Reconciliation of Segment Information, Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 8,129,174	$ 9,060,806	$ 9,286,258
Items Excluded from Segment Assets:
Recoverable Income Taxes	644	$ 62,425
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	7,195,668		8,143,186
Segment Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	782,730		1,126,404
Items Excluded from Segment Assets:
Cash and Cash Equivalents	150,132		5,484
Recoverable Income Taxes	$ 644		$ 11,184

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Stock Repurchase (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Oct. 30, 2017
Stock Repurchase [Abstract]
Stock repurchase program, additional authorized amount				$ 750,000,000
Shares repurchased during period (in shares)		0	12,929,487
Shares repurchased, average price (in usd per share)			$ 8.91
Total value of shares repurchased	$ 7,697,000		$ 115,477,000

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Subsequent Events (Details) - Senior Notes Due April 2022 - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 08, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Subsequent Event [Line Items]
Purchase of outstanding debt		$ 50,000	$ 530,959	$ 400,000
Stated rate, debt instrument		5.875%	5.875%	5.875%
Subsequent Event
Subsequent Event [Line Items]
Purchase of outstanding debt	$ 363,348
Stated rate, debt instrument	5.875%
Redemption price	100.00%