2023 Report Details Progress Towards Unique
Appalachia First Sustainability Goals Generating Long-term Value
for Shareholders, Employees, and Appalachian Region
PITTSBURGH, June 5, 2024
/PRNewswire/ -- Today, CNX Resources Corp. (NYSE: CNX) published
its thirteenth annual Corporate Sustainability Report, Radical
Transparency, highlighting how the Company's distinct corporate
strategy and investment approach continues to deliver material
results for all stakeholder groups across the Appalachian region
and beyond.
"The 160-year legacy of CNX is rooted in being thoughtfully
innovative, and that innovative spirit has shaped our unique
Tangible, Impactful, Local ESG effort which is summarized in this
report," commented CNX Chief Risk Officer Hayley Scott. "This document tells the story of
our ongoing strategic journey—a journey that has clearly positioned
CNX as a differentiated energy solutions company poised to once
again lead an energy renaissance from right here in the heart of
Appalachia."
CNX's 2023 report outlines the Company's continued dedication to
transparency, innovation, environmental stewardship, and community
engagement, aligning closely with the standards set forth by
prominent international frameworks such as the Task Force on
Climate-related Financial Disclosures (TCFD), the Sustainability
Accounting Standards Board (SASB), and the Global Reporting
Initiative (GRI) Standards.
Core to CNX's updated report is the Company's groundbreaking
collaboration with the Commonwealth of Pennsylvania where, in partnership with
Governor Josh Shapiro's
Administration and the Pennsylvania Department of Environmental
Protection (PADEP), the Company is deploying robust environmental
monitoring and data collection of its operations in the state. By
publicly disclosing the data in real-time via
CNXRadicalTransparency.com, all stakeholders can access and better
understand the natural gas development process and its critical
role in the economy and environment.
"Through our commitment to Radical Transparency, we aim to lead
the industry into a new era of responsible domestic energy
development—one where facts and data prevail over speculation and
ideology," Ms. Scott continued. "Through these efforts, we are
proving every day that natural gas development is safe and
inherently good for the communities where we are privileged to live
and operate."
Key highlights from the 2023 report include:
Unmatched Environmental Protection & Improvement
Efforts:
- Radical Transparency: Established a first-of-its-kind
environmental monitoring, data collection, and real-time public
disclosure collaboration with the Commonwealth of Pennsylvania.
- Emission Reductions:
- 30% year-over-year (YOY) decline in production segment's
operational methane intensity.
- Reduced over 171,000 tons of methane CO₂e emissions since
2020.
- Joined the Appalachian Methane Initiative, further enhancing
regional methane monitoring and emission mitigation efforts.
- Invested $7 million to further
drive methane emissions reductions, achieving an annualized benefit
of 85,000 tons of CO₂e (achieved via improvements to pneumatic
devices & liquids unloading procedures).
- Pioneering Waste Methane Capture: Captured approximately
9.1 million metric tons of waste methane CO₂e, far surpassing
emissions from our activities.
- Innovation and Partnerships: Expanded New Technologies
segment focused on waste methane abatement efforts coupled with
other proprietary technologies to vertically expand markets using
ultra-low carbon intensity products.
- Responsible Water Stewardship:
- Minimized freshwater consumption by sharing produced water
among peers; recycled and reused more produced water than produced
via CNX operations.
- Invested over $19 million to
upgrade and expand water infrastructure, further reducing water
truck transport needs.
- Continued diversifying freshwater sources to lessen water
resource impacts and provide community co-benefits.
Tackling Appalachia's Toughest Community & Workforce
Challenges
- Community Investments:
- $5.6 million invested by CNX
and the CNX Foundation in 2023 addressing region's most pressing
issues.
- Contributed $15 million toward
$30 million investment pledge through
2026 in local initiatives supporting underserved causes across
our operating footprint.
- Supporting Regional Businesses:
- $347 million spend with local
small businesses.
- $45 million paid in taxes and
Impact Fees.
- Expanded The HQ at CNX with 18 new tenants using low-cost
workspace at Company headquarters. Total capacity currently at 26,
or 82% full.
- Workforce Development:
- Student participation in the CNX Mentorship Academy
increased 35% to 85 students enrolled.
- Students represent 21 schools across five counties in
southwestern Pennsylvania.
Building Upon Strong Corporate Governance & Risk
Management Foundation
- Employee Empowerment:
- $176,000 median employee
compensation, 178% higher than median household income in
Pittsburgh region.
- "Pay for Performance" philosophy encourages business goal
achievements tied to total compensation, including ESG-linked
incentives.
- Safety & Risk Management:
- 41% decrease YOY in lost time incident rate.
- 29% decrease YOY in total recordable incident rate.
To view this year's report and learn more about CNX's commitment
to innovation, the environment, our people, and the Appalachian
region, visit: https://sustainability.cnx.com/.
Cautionary Statements
We are including the following
cautionary statement in this press release to make applicable and
take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 for any forward-looking
statements made by, or on behalf of us. With the exception of
historical matters, the matters discussed in this press release are
forward-looking statements (as defined in 21E of the Securities
Exchange Act of 1934 (the "Exchange Act")) that involve risks and
uncertainties that could cause actual results to differ materially
from projected results. Accordingly, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. These forward-looking statements may include
projections and estimates concerning the timing and success of
specific projects and our future production, revenues, income, and
capital spending. When we use the words "believe," "intend,"
"expect," "may," "should," "anticipate," "could," "estimate,"
"plan," "predict," "project," "will," or their negatives, or other
similar expressions, the statements which include those words are
usually forward-looking statements. When we describe a strategy
that involves risks or uncertainties, we are making forward-looking
statements. The forward-looking statements in this press release
speak only as of the date of this press release; we disclaim any
obligation to update these statements. We have based these
forward-looking statements on our current expectations and
assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks, contingencies, and uncertainties, most
of which are difficult to predict and many of which are beyond our
control. Specific factors that could cause future actual results to
differ materially from the forward-looking statements are described
in detail under the captions "Forward-Looking Statements" and "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2023 filed with the
Securities and Exchange Commission (SEC) and any subsequent reports
filed with the SEC. Those risk factors discuss, among other
matters, pricing volatility or pricing decline for natural gas and
NGLs; local, regional and national economic conditions and the
impact they may have on our customers; the impact of events beyond
our control, including a global or domestic health crisis;
dependence on gathering, processing and transportation facilities
and other midstream facilities owned by others; conditions in the
oil and gas industry; our current long-term debt obligations, and
the terms of the agreements that govern that debt; strategic
determinations, including the allocation of capital and other
resources to strategic opportunities; cyber-incidents targeting our
systems, oil and natural gas industry systems and infrastructure,
or the systems of our third-party service providers; and changes in
safety, health, environmental and other regulations.
About CNX Resources
CNX Resources Corporation (NYSE:
CNX) is unique. We are a premier, ultra-low carbon intensive
natural gas development, production, midstream, and technology
company centered in Appalachia, one of the most energy abundant
regions in the world. With the benefit of a 160-year regional
legacy, substantial asset base, leading core operational
competencies, technology development and innovation, and astute
capital allocation methodologies, we responsibly develop our
resources and deploy free cash flow to create long-term per share
value for our shareholders, employees, and the communities where we
operate. As of December 31, 2023, CNX
had 8.74 trillion cubic feet equivalent of proved natural gas
reserves. The company is a member of the Standard & Poor's
Midcap 400 Index. Additional information is available at
www.cnx.com.
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SOURCE CNX Resources Corporation
