Thank you, and good morning, everybody. Welcome to CNX's first quarter Q&A conference call.

Today, we will be answering questions related to our first quarter results. This morning, we posted to our investor relations website an updated slide presentation and detailed first quarter earnings release data, such as quarterly E&P data, financial statements, and non-GAAP reconciliations, which can be found in a document titled 1Q 2026 Earnings Results and Supplemental Information of CNX Resources.

Also, we posted to our investor relations website our prepared remarks for the quarter, which we hope everyone had a chance to read before the call, as the call today will be used exclusively for Q&A. With me today for Q&A are Alan Shepard, our President and Chief Executive Officer; Everett Good, our Chief Financial Officer; and Navneet Behl, our Chief Operating Officer.

Please note that the company's remarks made during this call, including answers to questions, include forward-looking statements, which are subject to various risks and uncertainties. These statements are not guarantees of future performance, and our actual results may differ materially as a result of many factors.

A discussion of risks and uncertainties related to those factors in CNX's business is contained in its filings with the Securities and Exchange Commission and in the release issued today. With that, thank you for joining us this morning.

Operator, can you please open the call for Q&A at this time?

Hi. Good morning.

I was hoping we could hear a little bit more about the Utica. I see you guys brought three wells on here in the first quarter.

Any comments on kind of well performance or costs? I know you've been working hard to kind of continue to improve the play over time, just wanted to see if there was kind of an update there.

Hey, Leo. No, good question.

We are continuing to develop the Utica program there. The most recent pad, that was a recent TIL towards the last part of the quarter, we're a little ways off from providing any sort of production results from that.

Everything we've seen so far, as we've mentioned on previous calls, very very consistent with what our expectation of the reservoir is, and we're continuing sort of to make progress on the cost side. Nothing new to update at this time.

The way to think about it is probably towards the end of this year we'll have a nice data set to provide to the market towards the end of '26, early '27, once these wells have had enough duration on them.

Okay. Would you envision that as you guys develop a more robust data set, if the play continues to progress nicely, could we see a little bit more allocation to the Utica versus the Marcellus in the next handful of years, or do you guys think that the Marcellus still is probably going to be a little bit economically superior based on kind of the current rate?

I think the Marcellus has the advantage of having the infrastructure already there, right? We optimize for kind of the best economics per well, right?

Right now, the SWPA Marcellus, you don't need to build new infrastructure for the most part because of all the legacy investment there. You will see us kind of blend in more Utica over time.

That's sort of the longer term position for the company. Definitely the SWPA Marcellus, we're in harvest mode there, and you're going to continue to see those for the next few years.

Okay. That's helpful, for sure.

Then just wanted to ask on kind of your new tech business here. Any kind of updates there and any of the other business lines other than the kind of environment and credit monetization what you guys have been consistently doing, specifically anything on the AutoSep or anything on CNG or LNG business you guys have mentioned in the past?

No, I think everything is consistent with where we thought it'd be at this point in '26. We're still waiting for sort of the final guidance on 45Z, but we don't think that's going to impact any of the projections we've made so far.

Nothing new to update there, Leo.

Okay. Thank you.

Good morning.

Hey, good morning.

On hedging, you guys are typically transacting on a longer-term basis than a lot of your peers, and so given what seems to be the prevailing theory of an improving gas space in that sort of 2028-plus timeframe, can you give some context on what you're seeing in that 2028 market? I think you added another 13 Bcf to the book with this update.

Just curious what you're seeing on that longer-dated market at the moment.

Again on our longer-term hedges, we're certainly in a position to be more opportunistic, maybe than we have in the past, and patient. As we see that price move up, and we've seen basis differentials tighten as well, and that's really helped us get to a better all-in realized price in kind of the Cal '28 market.

We're targeting to bring that up over time as we approach that year.

Perfect. I appreciate that.

Then just kind of, I know you made some changes to the balance sheet. Just curious what the next steps are from here on that front.

We did a very positive refinancing of our 2029 notes at new eight-year notes at 5 7/8% in the quarter. Generally, we've been very consistent in that we try to push out the maturities to make sure that we're at least two, three years out before our next maturity, the next one up for us is a 2030 maturity that we'll handle well ahead of time.

It's all about keeping the maturity profile extended and making sure that we don't have particular periods where we have large maturity towers in front of us.

Thanks. I appreciate the time.

Thank you.

Hi, good morning. Wanted to ask on in-basin demand.

Some of your competitors are becoming a lot more confident on that, talking about that growing by more than 10 Bcf per day by the end of the decade. Wanted to see if you share that enthusiasm and anything you can share with us that the company may be doing to capture some of that demand?

No, I would agree that we certainly see the same sort of long-term optimism on the demand side. Some of the announcements that come out are sort of mind-boggling, right, when you think about a 9-gigawatt sort of power center plant, but there's been multiple of those proposed.

We're like everyone else, right? We see the announcements and we're watching, monitoring, as RFPs come out for gas supply, we're participating in those.

The magnitude of gas that's going to be demanded in-basin in Appalachia is going to need to be sourced by multiple producers, and if you think about the folks like ourselves that have the resource depth and sort of the creditworthiness to enter into long-term arrangements with these new demand sources, we're certainly going to benefit from that. We would share that optimism.

The only question in my mind is timing, right? Is it three years?

Is it five years? Is it seven years?

Alan, do you see that developing more on the Ohio side? Looks like it's maybe ahead of Pennsylvania, and can you participate as much over there if that is the case?

I think, for an Appalachian producer, just given the interconnectedness of the pipes, we're pretty agnostic to where it develops. We can wheel gas around here between the states pretty easily.

Just as a sort of macro observation, Ohio has shown itself to be a little easier to do business with in terms of speed. It's a little bit flatter over there, too, for some of the data centers, and they have some of the intersection points with the long-haul pipelines, like Clarington, that make it very attractive.

Pennsylvania's also being competitive, though. You've got the Homer City plant here and the next Terra projects, but they're still working on site selection, but have indicated they're going to be in the Mon Valley area.

Those will certainly be in our footprint. Bigger picture, like I said, we're agnostic.

We're just excited about the growth in-basin. As Everett mentioned, you're starting to see differentials tighten up in the out years, and we hope that trend continues.

Yep, got it. Wanted to ask on your convertible notes.

Can you say when during the quarter you expect that remaining, I think it's $209 million, to convert? Just trying to estimate the diluted share count for the second

quarter. That maturity is on May 1st, this week.

Those shares will be issued, about approximately 12 million shares, net issuance later this week.

We say net, that's inclusive the effect of the capped call that we structured when we entered into the converts, the 12's the net out the door.

Great. Thank you.

Appreciate it.

Great. Thank you again for joining us this morning.

Please feel free to reach out if anyone has any additional questions. Otherwise, we'll look forward to speaking with everyone again next quarter.

Thank you.