| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | | | | |
| | | | | | | | | | | | |
| (Unaudited) | | | | | | | | | | | | |
| Dollars in thousands | | | | | | | | | | | | |
| Q4-2025 | | Q3-2025 | | Q2-2025 | | Q1-2025 | | YTD-2025 | | Q4-2024 | |
| Cash Flows from Operating Activities: | | | | | | | | | | | | |
| Net Income (Loss) | $196,253 | | $202,103 | | $432,521 | | ($197,715) | | $633,162 | | ($144,624) | |
| Depreciation, Depletion and Amortization | 145,134 | | 149,323 | | 152,595 | | 127,062 | | 574,114 | | 128,336 | |
| Amortization of Deferred Financing Costs | 2,650 | | 2,713 | | 2,701 | | 2,668 | | 10,732 | | 2,623 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Stock-Based Compensation | 4,614 | | 5,165 | | 5,084 | | 8,816 | | 23,679 | | 4,346 | |
| Gain on Asset Sales and Abandonments, net | (2,410) | | (67,460) | | (17,715) | | (9,583) | | (97,168) | | (33,627) | |
| Loss on Debt Extinguishment | 842 | | — | | — | | — | | 842 | | — | |
| (Gain) Loss on Commodity Derivative Instruments | (72,065) | | (131,695) | | (421,121) | | 528,220 | | (96,661) | | 282,992 | |
| | | | | | | | | | | | |
| Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments | 18,441 | | 10,405 | | (84,097) | | (88,285) | | (143,536) | | 73,592 | |
| Deferred Income Taxes | 21,070 | | 74,838 | | 156,938 | | (91,636) | | 161,210 | | (50,060) | |
| Other | (4) | | 1,351 | | (605) | | 1,097 | | 1,839 | | 344 | |
| Changes in Operating Assets: | | | | | | | | | | | | |
| Accounts and Notes Receivable | (115,678) | | 39,266 | | 81,874 | | (72,103) | | (66,641) | | (43,986) | |
| | | | | | | | | | | | |
| Supplies Inventories | 4,621 | | 8,496 | | (11,727) | | (13,019) | | (11,629) | | (1,606) | |
| Prepaid Expenses | (1,463) | | (509) | | 1,042 | | (2,108) | | (3,038) | | 3,600 | |
| Changes in Other Assets | (350) | | (291) | | (103) | | 23,277 | | 22,533 | | (748) | |
| Changes in Operating Liabilities: | | | | | | | | | | | | |
| Accounts Payable | 39,583 | | (17,917) | | (13,453) | | 13,396 | | 21,609 | | 454 | |
| Accrued Interest | 20,452 | | (21,309) | | 20,335 | | (14,419) | | 5,059 | | 16,710 | |
| Other Operating Liabilities | 39,258 | | (20,769) | | (24,184) | | 24,565 | | 18,870 | | 34,075 | |
| Changes in Other Liabilities | (3,900) | | 51 | | 2,407 | | (24,577) | | (26,019) | | (3,624) | |
| Net Cash Provided by Operating Activities | 297,048 | | 233,761 | | 282,492 | | 215,656 | | 1,028,957 | | 268,797 | |
| | | | | | | | | | | | |
| Cash Flows from Investing Activities: | | | | | | | | | | | | |
| Capital Expenditures | (174,414) | | (75,544) | | (113,565) | | (131,465) | | (494,988) | | (105,495) | |
| Proceeds from Asset Sales | 2,449 | | 67,793 | | 20,783 | | 16,630 | | 107,655 | | 36,582 | |
| Investments in Equity Affiliates | 7,322 | | — | | (2,140) | | (1,163) | | 4,019 | | (1,309) | |
| Apex Acquisition (Net of Cash Acquired) | — | | — | | — | | (517,599) | | (517,599) | | — | |
| Net Cash Used in Investing Activities | (164,643) | | (7,751) | | (94,922) | | (633,597) | | (900,913) | | (70,222) | |
| | | | | | | | | | | | |
| Cash Flows from Financing Activities: | | | | | | | | | | | | |
| | | | | | | | | | | | |
| Proceeds from CNXM Revolving Credit Facility Borrowings | 86,300 | | 72,500 | | 88,175 | | 92,250 | | 339,225 | | 71,700 | |
| Repayments of CNXM Revolving Credit Facility Borrowings | (74,050) | | (74,000) | | (88,875) | | (85,600) | | (322,525) | | (82,300) | |
| Proceeds from CNX Revolving Credit Facility Borrowings | 352,500 | | 436,350 | | 365,300 | | 772,950 | | 1,927,100 | | 194,800 | |
| Repayments of CNX Revolving Credit Facility Borrowings | (399,750) | | (475,550) | | (431,900) | | (463,350) | | (1,770,550) | | (304,600) | |
| Proceeds from Issuance of CNX Senior Notes | — | | — | | — | | 198,500 | | 198,500 | | — | |
| | | | | | | | | | | | |
| Payments on Other Debt | (1,375) | | (1,181) | | (948) | | (960) | | (4,464) | | (686) | |
| Proceeds from Issuance of Common Stock | 1,108 | | 56 | | 110 | | 820 | | 2,094 | | 1,481 | |
| Shares Withheld for Taxes | (167) | | (348) | | (406) | | (13,086) | | (14,007) | | (98) | |
| Purchases of Common Stock | (100,335) | | (182,374) | | (115,714) | | (125,138) | | (523,561) | | (25,005) | |
| Debt Issuance and Financing Fees | (505) | | (21) | | (308) | | (631) | | (1,465) | | (104) | |
| Net Cash (Used in) Provided by Financing Activities | (136,274) | | (224,568) | | (184,566) | | 375,755 | | (169,653) | | (144,812) | |
| Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash | (3,869) | | 1,442 | | 3,004 | | (42,186) | | (41,609) | | 53,763 | |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 17,333 | | 15,891 | | 12,887 | | 55,073 | | 55,073 | | 1,310 | |
| Cash, Cash Equivalents, and Restricted Cash at End of Period | $13,464 | | $17,333 | | $15,891 | | $12,887 | | $13,464 | | $55,073 | |
