CNX Resources Corporation (NYSE: CNX) today announced that it intends to redeem $400 million of its $823.795 million aggregate principal amount of outstanding 5.875% senior notes due 2022 (CUSIP No. 20854P AL3).

The redemption date for the Called Notes is expected to be June 29, 2020 (the "Redemption Date"). The redemption price on the Redemption Date will equal 100% of the principal amount of the Called Notes to be redeemed, plus accrued and unpaid interest prior to, but not including, the Redemption Date.

On May 29, 2020, Wells Fargo Bank, National Association, as trustee and paying agent, distributed a notice of redemption to all registered holders of the Notes.

Finance Update

Following the $400 million redemption of the Called Notes, the company will have a remaining aggregate principal balance of approximately $424 million and the company will have paid down the aggregate principal amount of these notes by approximately $472 million year-to-date.

The company continues to expect its balance sheet to improve, and assuming current forward gas prices and that free cash flow (FCF) generated by the company is used to reduce debt, the company remains on track to have stand-alone E&P leverage drop to below 2.0x in 2021. Also, stand-alone annual interest expense in 2021 is on track to be approximately 40% lower than it was in 2018, which highlights how CNX's balance sheet and capital structure continues to strengthen. The company's long-term FCF plan provides the optionality to pay off all outstanding debt before its due date.

Don Rush, executive vice president and CFO commented, "CNX continues to showcase the strength and depth of its asset base, cost structure, and financial discipline by lowering its leverage ratio, net debt, and annual interest expense even in these challenging times. Also, our 7-year FCF plan provides the optionality to continue to pay off all outstanding debt overtime should we choose to."

About CNX Resources Corporation

CNX Resources Corporation (NYSE: CNX) is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. The company deploys an organic growth strategy focused on responsibly developing its resource base. As of December 31, 2019, CNX had 8.4 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor's Midcap 400 Index. Additional information may be found at www.cnx.com.