CNX 3Q: Hedges Cushion Ugly In-Basin Prices; Utica Is Next Up

CNX Resources released its third-quarter 2026 update yesterday, and the short version goes like this: production dipped a bit, in-basin gas prices were ugly (below $1 at times), but CNX's big hedge book kept the cash flowing. The company posted its 27th straight quarter of free cash flow, raised its full-year cash forecast, and kept spending most of that cash buying back its own stock. CEO Alan Shepard says CNX will stay in "maintenance mode" heading into 2027—but he also delivered a line we'll be quoting for a while: "every drop here in Appalachia is going to get developed." Here's what's in the numbers for landowners, competitors, the supply chain, and investors.

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