Pure-play Appalachian natural gas producer (Marcellus/Utica plus legacy coalbed methane) that is vertically integrated — owning its own gathering, compression and midstream — pairing a low-cost reserve base of ~9.7 Tcfe with an emphasis on per-share value over growth.
FY2025 was a step-up year: the Jan-2025 Apex Energy II acquisition lifted production to ~1.72 Bcfe/d, revenue rose to $2.24bn, net income rebounded to $633m, adjusted EBITDAX reached ~$1.25bn; higher SEC gas pricing plus the acquisition nearly doubled PV-10 to $6.83bn.
Its EV/EBITDA of 6.0x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 13.4% is higher than the 6.5% median, and at $4.63/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, CNX Resources Corporation scores 52/100, strongest on valuation (61/100). Sub-scores: value 61, quality 49, growth 57, risk 58 (higher = riskier).
CNX Resources Corporation holds approximately 1.61 billion boe of proved (1P) reserves with FY2025 production of about 287 thousand boe/d (10% liquids), a reserve life of roughly 15.4 years. Break-even: ~$2.35/MMBtu (Henry Hub gas breakeven) — Among the lowest-cost Appalachian operators; all-in cash production costs ~$1.20/Mcfe keep free cash flow positive well below $3/MMBtu.
Using CNX Resources Corporation's SEC-disclosed after-tax standardized measure of proved reserves ($5.1bn) less net debt ($2.6bn) gives an equity-NAV floor of about $2.5bn — the current market capitalisation sits +94% versus that floor. Disclosed pre-tax PV-10: $6.8bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Marcellus Shale (SW PA) | United States | Gas | Core low-cost dry-gas development |
| Utica Shale (deep) | United States | Gas | High-pressure deep dry gas |
| Coalbed Methane (CBM) | United States | Gas | Legacy Central Appalachia CBM (Virginia) |
| Apex Energy II assets | United States | Gas | Marcellus bolt-on acquired Jan 2025 |
| CNX Midstream gathering | United States | Midstream | Owned gathering/compression |
| New Technologies ventures | United States | Ventures | Coal-mine methane capture, CNG |
| Central PA Utica appraisal | United States | Gas | Undeveloped deep-Utica upside |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 247 | 263 | 257 | 262 | 287 |
| Proved reserves (bnboe) | 1.61 | 1.64 | 1.59 | 1.42 | 1.61 |
| Revenue ($bn) | 0.8 | 1.3 | 3.4 | 1.3 | 2.2 |
| EBITDA ($bn) | 0.9 | 1.1 | 1.3 | 1.0 | 1.2 |
| Net income ($bn) | -0.5 | -0.1 | 1.7 | -0.1 | 0.6 |
| Free cash flow ($bn) | 0.5 | 0.7 | 0.1 | 0.3 | 0.7 |
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✓ FY2025 figures verified against primary sources: