CNX Commits $30 million to Broaden Path to Middle Class in Local Communities

Rhea-AI Summary

CNX Resources Corp. (NYSE: CNX) announced a $30 million multi-year investment aimed at enhancing local communities in the tri-state region. This initiative, lasting six years, focuses on addressing issues like food insecurity, health and wellness, and career training. The investment aims to create long-term economic benefits while supporting previously established cash flow goals. Initial projects include significant funding for broadband access, vocational training, and technological support for disadvantaged schools, reinforcing CNX's commitment to Environmental, Social, and Governance (ESG) principles.

Positive

• Commitment of $30 million to local communities over six years.
• Focus on critical issues such as food insecurity and health services.
• Initial projects include $1 million for broadband in Greene County, PA.
• Funding for vocational training and technology support in disadvantaged districts.

Negative

• None.

PITTSBURGH, April 13, 2021 /PRNewswire/ -- CNX Resources Corp. (NYSE: CNX) today announced a substantial, multi-year community investment in the tri-state region. The $30 million commitment spans six years and reinforces the Company's focus on local, underserved communities and populations. Previously, the Company released comprehensive goals related to its 'hire local' supply chain and sourcing efforts and Diverse Business Enterprise (DBE) spend initiatives.

"While everyone is talking about sustainability and Environmental, Social, and Governance (ESG) these days, too few are delivering tangible and measurable results. We are on a mission to change the trajectory of our region and to improve the lives of our neighbors in communities left behind by a system focused on talk and abstract concepts rather than real outcomes. This commitment is not about words; it's about the people who make western Pennsylvania and the broader Appalachian region such a special place to live, work, and raise a family," said CNX President and CEO Nicholas J. DeIuliis.

Mr. DeIuliis continued, "Our industry is the lifeblood of the regional economy and the foundation of our social fabric. For us to succeed, we need healthy communities to provide a resilient workforce. These are not handouts; they are investments that will provide returns for our local communities and our ownership for years to come. This is what sustainability and ESG mean to CNX."

These investments represent a re-allocation of previously planned expenditures and are expected to generate long-term, sustainable economic returns for the region and the Company by removing barriers to socio-economic diversity and inclusion across the natural gas industry and beyond. The commitment will be effectuated while still allowing the Company to deliver on its previously announced, multi-year free cash flow generation plan.         

The community investment pillars associated with CNX's $30 million commitment are intended to include:

• Food Insecurity
• Health and Wellness of Children, the Elderly, and Individuals with Disabilities
• Broadband and Information Technology Access  
• Criminal Justice and Recidivism Reduction
• Domestic Violence Awareness and Services
• The Opioid Epidemic and Societal Impact
• Career Awareness and Technical/Vocational Training
• Water Quality Safety and Awareness

Initial signature project commitments are to include:

• $1 million for broadband access in rural Greene County, PA;
• $400,000 for career training for students/graduates of the recently announced regional mentorship academy;
• $200,000 for the Jerome Bettis Cyber Bus Project to support technology needs in disadvantaged school districts;
• $100,000 for House of Life of Pittsburgh for returning citizen re-entry.

To learn more about CNX's unique Environmental, Social, and Governance (ESG) approach, accomplishments, and goals, please visit: https://responsibility.cnx.com/esg-overview.html

About CNX Resources Corporation:
CNX Resources Corporation (NYSE: CNX) is the premier independent natural gas development, production, and midstream company, with operations centered in the major shale formations of the Appalachian basin.

Our vertically integrated model includes transmission, storage, gathering systems, and water infrastructure that support energy development from wellhead to end user. With the benefit of a more than 150-year legacy and a substantial asset base amassed over many generations, the company deploys a strategy focused on responsibly developing its resources to create long term per share value for its shareholders, employees, and the communities where it operates. As of December 31, 2020, CNX had 9.55 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.

 

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SOURCE CNX Resources Corporation

FAQ

What is CNX Resources' recent community investment announcement?

CNX Resources announced a $30 million investment to support local communities over six years.

What specific areas will CNX's $30 million investment focus on?

The investment will focus on food insecurity, health and wellness, broadband access, and career training.

What initial projects are included in CNX's community investment plan?

Initial projects include $1 million for broadband access and funding for vocational training in local schools.

How does CNX Resources plan to measure the success of its investments?

CNX aims to deliver tangible results and sustainable economic returns through its community investments.

When was CNX Resources' community investment announcement made?

The announcement was made on April 13, 2021.