CNX Resources Corporation (CNX)

CNX Resources Corporation (CNX) is a premier independent natural gas and midstream company based in the Appalachian Basin. Led by President and CEO Nick DeIuliis, CNXs mission is to "uncover and deliver the resources for a sustainable future through clinical capital allocation." The company holds a unique industry position as a "Sustainable Appalachian Leader," focusing on low-methane intensity production. By late 2025, the CNX stock has achieved its 23rd consecutive quarter of positive free cash flow, a feat unmatched by most peers. Its vision is to be the lowest-cost and most environmentally responsible producer in the U.S., utilizing its extensive shale rights and midstream infrastructure to maximize FCF-per-share.

The business operations of CNX are defined by a "One-Rig" drilling program designed for extreme capital efficiency. In fiscal 2025, the company raised its production guidance to 625 Bcfe while narrowing its CAPEX to approximately $475 million. A major growth driver in 2025 has been the acquisition of Utica Shale rights under its Apex Energy footprint, a $50 million deal expected to close in early 2026. The company is also aggressively pursuing "New Tech Revenues," leveraging 45Z tax credits for its environmental monitoring initiatives. By utilizing its "Midstream Integration Moat"—owning the gathering and processing systems for its gas—CNX maintains a high cash operating margin of 65%. This "Disciplined Buyback Strategy" is a primary driver for the CNX stock price, as the company has retired nearly 30% of its shares over the last few years, significantly boosting the value for remaining stockholders.