CNX CFO Everett Good Steps Down; Ops Chief Ravi Srivastava Named CFO
Well, that was quick. Less than nine months after Everett Good took over as Chief Financial Officer (CFO) of Pittsburgh-based CNX Resources, he is stepping down. CNX said yesterday that Ravi Srivastava, the company’s Senior Vice President of Operations, is the new CFO, effective immediately (well, effective retroactively to Sept. 17). Srivastava, 45, is a 16-year CNX veteran—and, interestingly, an engineer by training rather than an accountant. The company also elevated Melissa Long, VP of Financial Reporting and Controller, to the role of principal accounting officer.
Editor’s Note (Sept. 23, 2026): An earlier version of this post, including our MDN’s Take, speculated that Mr. Good’s departure meant things “weren’t working out” and that CNX’s new CEO wanted a different person in the CFO role. We had no basis for that speculation, and we shouldn’t have offered it. CNX’s SEC filing states that Mr. Good and the company mutually agreed on his departure, that it was without cause, and that there was no disagreement over company operations, policies or practices. We apologize to Mr. Good and to CNX. We’ve revised the headline and our commentary below.
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The Marcellus/Utica region received 16 new drilling permits last week, September 7 – 13, down from the 28 permits issued two weeks ago. Pennsylvania issued 13 of the new permits. Ohio issued 3 new permits. And West Virginia issued no new permits. The drillers who received new permits last week were: CNX Resources, EOG Resources, EQT, Infinity Natural Resources, and Range Resources. 
CNX Resources isn’t going anywhere in north-central West Virginia. At a community event at the Blacksville Volunteer Fire Department social hall, CNX Chief Operating Officer Navneet Behl laid out a drilling calendar for the company’s Wadestown operation in western Monongalia County through 2029. CNX has 24 wells already producing on three pads there, is working on six more wells on those same pads, and is building a brand-new pad slated for 13 more wells. The company says it expects to pay about $525 million in royalties on those 19 new wells. That’s the good news. The not-so-good news came from the same guy: Behl admitted CNX can only drill so much in Appalachia because there still aren’t enough pipelines to haul the gas away. 
Accounting giant Ernst & Young dropped its annual reserves benchmarking study yesterday, and while the press release leads with oil, the real story for our part of the country is buried in the tables: EQT is now the largest holder of proved natural gas reserves in the United States, and Appalachian-focused producers control roughly a third of all the gas reserves booked by America’s 30 biggest publicly traded drillers. 
Appalachian drillers just got a hard lesson in how fast the money can vanish. New analysis from RBN Energy shows pre-tax profits at gas-weighted producers cratered 75% in the second quarter — and nine of the ten companies in RBN’s gas-weighted peer group are Marcellus/Utica operators. This is an M-U report card, whether RBN calls it one or not. The piece, written by Nicholas Cacchione and published August 26, covers second quarter results for 37 publicly traded exploration and production companies (E&Ps). RBN sorts them into three buckets: Oil-Weighted, Diversified, and Gas-Weighted. Every company in that last bucket except Comstock Resources — a Haynesville player — has major operations in the Marcellus or Utica. 
Six days after WhiteHawk Minerals (NYSE: WHK) filed its first quarterly report as a public company, CEO Daniel Herz took the stage at EnerCom Denver and did something CEOs usually avoid: he put a dated natural gas price forecast on the record. He thinks $4 gas is the number that unlocks the next wave of supply, he doesn’t think the Haynesville gets where people expect, and he thinks the back half of this decade is going to be a roller coaster. 
WhiteHawk Minerals (NYSE: WHK), the Philadelphia company that has quietly become one of the largest mineral and royalty owners in the Marcellus, filed its first full quarterly report as a public company this week: $111.8 million of new acquisitions, record production of 70.0 MMcfe/d, and its first real dividend at $2.00 per share annualized. But the most interesting thing WhiteHawk said all week wasn’t in the press release. It came out of CEO Daniel Herz’s mouth on Thursday’s earnings call — some of the biggest drillers in Appalachia are now partnering with WhiteHawk to buy minerals ahead of the drill bit. 
Despite rising Northeast gas demand from retiring coal plants and new data centers, plus added Appalachian pipeline capacity, production growth isn’t guaranteed—operators prioritize capital discipline, debt reduction, and shareholder returns over volume. Appalachia has held flat at roughly 33-36 Bcf/d since 2020. Can anything tempt Marcellus/Utica drillers to drill and produce more than they are now? According to RBN Energy, sustained Henry Hub prices above $4/MMBtu (versus the current $3.50-$3.60 long-dated curve) and better takeaway infrastructure could be enough of a temptation. 
On April 29, 2026, Pennsylvania’s Department of Environmental Protection (DEP) issued six violations to CNX Resources for causing water supply problems affecting two Bell Township residences in Westmoreland County. The violations targeted three CNX facilities with 19 shale gas wells drilled between 2022 and 2026. DEP determined that CNX operations diminished water supplies after two homeowners filed complaints in December 2025 about loss of well water. CNX was ordered to provide temporary water within 24 hours and submit restoration plans within 15-45 days. CNX, which *did* offer temporary water back in December, is disputing the DEP’s findings, denying responsibility and claiming insufficient evidence of hydrogeologic pathways linking their operations to water impacts. 
Yesterday, Pennsylvania Gov. Josh Shapiro announced $267 million in state funding for energy projects, including $31.5 million for CNX Green Ventures to capture coal mine methane at the Enlow Fork mine in Greene County. Funded through EPA Climate Pollution Reduction Grants, the RISE PA program supports industrial decarbonization. CNX plans to drill boreholes, capture methane from mine ventilation, and pipe it for processing and sale as remediated mine gas.