CNX Establishes Foundation To Govern $30M Commitment To Local Community

Rhea-AI Summary

CNX Resources Corp. (NYSE: CNX) has launched the CNX Foundation, a 501(c)(3) nonprofit, to manage a $30 million community investment commitment aimed at fostering socio-economic growth in the Appalachian region. The Foundation will direct funds towards social ($17.5M) and environmental ($12.5M) initiatives, addressing issues such as food insecurity, health, and vocational training. So far, CNX has allocated $1.7M towards projects, including $1M for broadband access in Greene County, PA. This initiative aligns with CNX's ESG philosophy and is expected to enhance long-term economic returns while maintaining its cash flow generation plan.

Positive

• Establishment of the CNX Foundation to govern a $30M community commitment.
• Planned investments of $17.5M in social initiatives and $12.5M in environmental efforts.
• Allocation of $1.7M to significant projects including broadband access and career training.

Negative

• None.

PITTSBURGH, July 1, 2021 /PRNewswire/ -- CNX Resources Corp. (NYSE: CNX) today announced that it has established the CNX Foundation, a 501(c)(3) nonprofit organization funded by CNX Resources, to manage its previously announced $30M community commitment to drive long-term, sustainable return on investment and broaden the path to the middle class throughout the Appalachian region.

"CNX's approach to community investment is directly tied to our unique Environmental, Social, and Governance (ESG) philosophy," said Nick DeIuliis, President and CEO of CNX Resources. "Tangible, impactful, and local is our brand of ESG, and the Foundation will partner with organizations who match those criteria and are aligned with our objective to make a meaningful impact in our local, underserved communities. We believe our approach to ESG will define effective leadership in this arena for our industry and the regional business community at large."

Managed by internal leaders responsible for execution of the Company's ESG efforts, advised by external community partners, and governed by the CNX board of directors' Environmental, Safety, and Corporate Responsibility Committee, the CNX Foundation will place particular emphasis on social and environmental impact. Through the end of 2027, CNX intends to invest approximately $17.5M in social efforts and $12.5M in environmental efforts and seeks to partner with local communities to take on substantial projects and help solve complex socio-economic issues facing the region. Key areas of focus include food insecurity, children's health and wellness, recidivism and re-entry, the opioid epidemic and its societal impact, career awareness and technical/vocational training, and water quality and safety.

External advisory members of the CNX Foundation Board of Directors include:

• John Bettis, Bettis Brothers Sand & Gravel and The Bus Stops Here Foundation
• Jeff Nobers, Executive Director, Builders Guild of Western Pennsylvania
• Brian Jackson, Superintendent, West Greene School District

Brian Aiello, Vice President of External Relations and Human Resources at CNX, will serve as Foundation Chair and Audric Dodds, Director of Community Relations and Strategic Partnerships at CNX, will serve as Executive Director.

Since first announcing the philanthropic commitment in the spring of 2021, CNX has already committed $1.7M to several signature projects, including:

• $1M 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; and
• $100,000 for House of Life of Pittsburgh for returning citizen re-entry.

The CNX Foundation welcomes organizations within the tri-state region who seek to apply for a grant to complete an application here. Applications will be reviewed on a quarterly basis. Additional CNX Foundation updates can be found on the Foundation website here.

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.         

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