CNX Resources Corporation is a natural gas company based in

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County. It is the most populous city in both Allegheny County and Western Pennsylvania, the second-most populous city in Pennsylva ...

with operations in the

Appalachian Basin The geology of the Appalachians dates back to more than 480 million years ago. A look at rocks exposed in today's Appalachian Mountains reveals elongate belts of folded and thrust faulted marine sedimentary rocks, volcanic rocks and slivers of ...

, primarily in the

Marcellus Shale Marcellus may refer to: * Marcellus (name) * Marcus Claudius Marcellus, Roman commander Places * Marcellus, Lot-et-Garonne, France * Marcellus Township, Michigan ** Marcellus, Michigan, a village in Marcellus Township ** Marcellus Community Sch ...

and

Utica Shale The Utica Shale is a stratigraphical unit of Upper Ordovician age in the Appalachian Basin. It underlies much of the northeastern United States and adjacent parts of Canada. It takes the name from the city of Utica, New York, as it was first d ...

in Pennsylvania, Ohio and West Virginia. It also develops coalbed methane properties in Virginia along with a methane capture and abatement program. The company also has extensive midstream operations and is one of the largest producers of natural gas in the United States.

History

CNX Resources traces its roots to Consolidation Coal Company, a coal mining company founded in 1860. Dupont and Rheinbraun A.G. formed a joint venture in 1991. In May 1999, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

. In 2010, the company moved its headquarters to

Cecil Township, Washington County, Pennsylvania Cecil Township is a township in Washington County, Pennsylvania, United States. It is a suburb in the Pittsburgh metropolitan area. The population was 14,585 at the 2020 census. The township contains the Southpointe suburban business park; co ...

. The company also acquired the natural gas business of

Dominion Resources Dominion Energy, Inc., commonly referred to as Dominion, is a North American power and energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia, North Carolina, and South Carolina and supplies natural gas t ...

in 2010, which increased its drilling properties and made it one of the largest natural gas production companies in the Marcellus Shale formation. In 2017, the company completed the

corporate spin-off A corporate spin-off, also known as a spin-out, or starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. Characte ...

Consol Energy Consol Energy Inc. is an American energy company with interests in coal headquartered in the suburb of Cecil Township, in the Southpointe complex, just outside Pittsburgh, Pennsylvania. In 2017, Consol formed two separate entities: CNX Resour ...

and changed its name to CNX Resources Corporation. Nicholas (Nick) J. Deiuliis, who was the President and CEO of Consol, continued in those same roles at CNX. In January 2018, the company purchased a 50% interest in CONE Gathering LLC from

Noble Energy Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation. The company was known as Noble Affiliates, Inc. until 2002. As of December ...

. In 2020 CNX acquired all outstanding common shares of CNX Midstream Partners LP. The company’s methane abatement program captures methane released from coal and the surrounding rock strata from mining activities. Coalbed methane is a greenhouse gas emitted from both active and closed (or abandoned) underground and surface coal mines that would be emitted to atmosphere if not for capture and abatement programs. To further reduce gas emissions, CNX was the first driller in the Appalachian Basin region to eliminate diesel engines from their hydraulic fracturing fleet and switched to all-electric. In 2021, the company created the CNX Foundation to administer its $30 million commitment to help those in the Appalachian Basin region achieve economic success. CNX also created a mentorship academy for high schoolers in disadvantaged rural and urban areas. The focus is on exposing students to career opportunities and ensuring they secure a job or apprenticeship by their high school graduation. Under the program, the students meet once a month, attend field visits with various regional employers, and have on-site visits and guest speakers. There is also coaching focused on resume creation, job interviews, civics and business, and dressing for success. The Bus Stops Here Foundation and the Builders Guild of Western Pennsylvania are original partners in the program. CNX CEO Nick Deiuliis contributed $1 million of his 2022 compensation to support the academy and proceeds from his book ''Precipice'' are also supporting the academy. As of July 2022, the CNX Foundation had provided a $1 million grant to bring broadband to Greene County, $400,000 in career training, and $200,000 for technology needs in disadvantaged school districts with the Jerome Bettis Cyber Bus Project. In addition to the Foundation, CNX works with local communities through programs like Domestic Violence Services and Food Helpers. In May 2022, CNX partnered with the Pittsburgh International Airport (PIT) to produce alternative fuels and electricity from natural gas wells that CNX operates on airport property. PIT sits atop shale formations including the Utica and Marcellus, a natural gas reserve that runs under parts of New York, Pennsylvania, Ohio, West Virginia, Maryland, and Virginia. CNX will produce compressed natural gas (CNG) onsite to fuel land fleet transportation, and liquefied natural gas (LNG) as an alternative jet fuel. CNX started partnering with PIT in 2013 and began drilling natural gas wells in 2014. As of 2022, the partnership has supported a 5-generator, 20 MW micro-grid powered by natural gas, and a 3 MW solar array that provides 100% of the airport’s electricity needs. In July 2022, CNX committed to a 15 year deal with NewLight Technologies to supply methane for the production of biomaterials.

Awards and recognition

In 2020 and 2022, CNX Resources was named to

Newsweek ''Newsweek'' is an American weekly online news magazine co-owned 50 percent each by Dev Pragad, its president and CEO, and Johnathan Davis, who has no operational role at ''Newsweek''. Founded as a weekly print magazine in 1933, it was widely ...

's annual "America's Most Responsible Companies" list. In 2021, the company received an ESG Top Performer award from Hart Energy. CNX also received the Washington County Community Foundation’s Charles C. Keller Excellence Award for Corporate Philanthropy.

References

{{DEFAULTSORT:Oil And Natural Gas Corporation Natural gas companies of the United States Companies based in Pittsburgh Companies listed on the New York Stock Exchange Non-renewable resource companies established in 1860

History

Awards and recognition

See also

References