CNX Resources (CGD) Q3 2026 Earnings Report

The call was generally positive, supported by CNX's strong 2027 hedge position, limited inflation impact of less than 1% of capital, disciplined capital efficiency targets, attractive share repurchases, and a bullish long-term view of Appalachian natural gas demand. The main challenges were wider gas differentials, limited curtailments during periods of sub-$1 in-basin pricing, and uncertainty over the timing and economics of direct-sale contracts.

CNX said it is “pretty much on the five-year average” for storage levels and will be “close to four Tcf going into winter”; although it is “not giving forward guidance,” it expects to remain in “maintenance production mode” and “steady state” unless producers are incentivized to bring on more gas, with adjustments if conditions “degrade from here.” The company is “pretty hedged going into 2027” and remains in the “maintenance mode mindset”; inflation from diesel and steel is “less than 1% of our capital,” infrastructure spending is expected to be in the “$25 million plus or minus range,” Southwest PA Marcellus development has “another four to five years,” and all-in capital efficiency is targeted at the “$0.85-$0.90 range.”