CNX Issues 2021 Corporate Responsibility Report and Articulates Vision for the Future
CNX Resources Corp. released its annual Corporate Responsibility Report for 2021, highlighting progress in sustainable practices and social responsibility. Key achievements include a 90% reduction in CO₂e emissions since 2011, investment in carbon capture, and a commitment to invest $30 million in local communities over six years. The company emphasizes a localized workforce and diversity initiatives, targeting 40% diversity on the executive team by 2026. The report aims to demonstrate CNX's commitment to long-term value creation for shareholders and stakeholders.
- 90% reduction in Scope 1 and 2 CO₂e emissions since 2011.
- Invested $30 million over six years through the CNX Foundation.
- Implementation of carbon capture and methane abatement technologies.
- Established a quarterly environmental scorecard for transparency.
- Achieved recycled-to-produced water ratio exceeding 100%.
- None.
Unique, Differentiated, and Rigorous Approach Delivering Long-Term Value Creation
PITTSBURGH, May 17, 2022 /PRNewswire/ -- CNX Resources Corp. (NYSE: CNX) today issued its annual Corporate Responsibility Report, titled TANGIBLE IMPACTFUL LOCAL. In line with the company's unique and differentiated Sustainable Business Model, the report highlights continued and meaningful progress on material topics and issues identified by the organization's key stakeholders.
CNX President and CEO Nick DeIuliis commented, "Our culture and core values of Responsibility, Ownership and Excellence are fully integrated into every aspect of our broader commercial goals, and we're excited to share the strides forward that our team continues to make in this year's report, which reflects our differentiated approach to driving long-term per share value creation."
As with previous reports, and given CNX's commitment to transparency, the company incorporates standards from leading reporting frameworks, including the Task Force on Climate-related Financial Disclosures (TCFD), the Sustainability Accounting Standards Board (SASB), and the Global Reporting Initiative (GRI) Standards.
Added DeIuliis, "Our Sustainable Business Model guides us and feeds our vision for the future, which, in turn, prioritizes and feeds the region we're fortunate to call home. As part of our longstanding localized approach and vision for the future, our region continues to provide CNX with topflight, local talent and an unmatched work ethic that has enabled our 158 years of success. That is why CNX today is strong, vibrant, and secure in its future path, as laid out in this annual report."
- Invested in emissions reduction technologies to achieve further reductions in Scope 1 and 2 CO₂e emissions beyond the
90% reduction achieved since 2011 - Tied executive compensation to emissions and methane intensity reduction targets
- Strengthened environmental reporting and disclosure with establishment of the Regulatory Reporting Group
- Committed to publishing a quarterly environmental scorecard
- Formed a New Technologies team focused on leveraging existing assets and proprietary technology to drive carbon capture and methane abatement while creating additional shareholder value
- Managed field operations so that our recycled-to-produced water ratio exceeded
100% - Electric frac fleet for shale completions operations
- Pledged to invest
$30 million over six years through the CNX Foundation - Launched the CNX Mentorship Academy to expand career awareness and opportunities for regional students from underserved communities
- Demonstrated commitment to diversity of thought, skill, and background by adding two diverse leaders to our executive management team and announcing an internal diversity target of
40% by 2026 - Supported local businesses by purchasing all materials and services and committing
40% of CNX's total small business spend to companies within the tri-state area (PA, OH, and WV) - Protected employee health & safety with specialized COVID-19 response protocols and reduced the number of field employees and contractors in high-risk situations through process automation enhancements
- Increased Board of Directors' diversity of thought, skill, and background while maintaining important attributes of small size and a hyper-focus on the drivers of per share value and owners' interests
- Reinforced commitment to risk management by adding the role of Chief Risk Officer
- Enhanced regulatory and environmental compliance data management through formation of CNX's Regulatory Reporting Group, led by our Regulatory Reporting Controller
To read the full 2021 Corporate Responsibility Report, please visit: https://responsibility.cnx.com/.
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, 2021, CNX had 9.63 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
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