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Companies CNX Resources Corp

CNX Resources (CNX): executive pay, fiscal 2025

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CEO total pay$3,386,049CEO Alan Shepard · source
Say-on-pay support97.73%Latest vote · source
CEO vs. named peers1st pct.Of 5 peer CEOs
CEO pay ratio42:1To the median employee · source

CEO pay, last three years

  • $6,047,192FY2023
  • $3,342,779FY2024
  • $3,386,049FY2025

CEO total pay was $3,386,049 in fiscal 2025, up from $3,342,779 in fiscal 2024.

FY2025: salary $350,000 · bonus $0 · stock awards $2,500,049 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at CNX Resources Corp in fiscal 2025?
As disclosed, Timothy Bedard (Executive Vice President, General Counsel and Corporate Secretary) was the highest-paid executive at CNX Resources Corp in fiscal 2025, with total compensation of $7,495,383.
How does CNX Resources Corp's chief executive pay compare to its disclosed peer group?
As disclosed, Alan Shepard's total compensation ranked at the 1st percentile of CNX Resources Corp's disclosed peer group.
What is CNX Resources Corp's CEO-to-median employee pay ratio?
As disclosed, CNX Resources Corp's CEO-to-median employee pay ratio was 42:1.
How did shareholders vote on CNX Resources Corp's executive compensation?
As disclosed, 97.73% of shareholders supported CNX Resources Corp's executive compensation in the latest say-on-pay vote.
How much does CNX Resources Corp spend in total on board compensation for fiscal 2025?
As disclosed, CNX Resources Corp reported total board compensation of $1,805,102 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Timothy Bedard$375,000$0$6,592,383$0$507,000$0$21,000$7,495,383
Executive Vice President, General Counsel and Corporate Secretary
Nicholas DeIuliis800,00003,000,02402,396,0001,180,38143,9137,420,318
Former President and Chief Executive Officer
Hayley Scott283,75006,592,3830207,281017,0257,100,439
Senior Vice President - Compliance and Reporting
Navneet Behl475,00002,750,0420656,000065,4363,946,478
Chief Operating Officer
Alan Shepard350,00002,500,0490515,000021,0003,386,049
President and Chief Executive Officer; Former Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Timothy Bedard$7,495,383$2,890,722—↑ +4,604,661
Nicholas DeIuliis7,420,3186,120,6036,427,883↑ +1,299,715
Hayley Scott7,100,4392,855,4451,090,166↑ +4,244,994
Navneet Behl3,946,4783,943,2126,188,046↑ +3,266
Alan Shepard3,386,0493,342,7796,047,192↑ +43,270

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

CNX's compensation philosophy is to provide a total compensation package that attracts and retains employees with the education, experience, values, initiative and drive necessary to execute CNX’s business plan and achieve long-term strategic goals. The program is designed to be largely performance-based, tying a significant portion of executive compensation to stock price, operational performance, and methane intensity performance to align with shareholder interests.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Nicholas DeIuliisRSU2025-01-03——45,290—$1,500,005
Alan ShepardRSU2025-01-03——37,742—1,250,015
Alan ShepardPSU2025-01-0311,56417,345—46,2541,000,011
Nicholas DeIuliisPSU2025-01-0313,87620,814—55,5051,200,018
Timothy BedardPSU2025-01-039,25113,876—37,003800,005
Navneet BehlRSU2025-01-03——41,516—1,375,010
Navneet BehlPSU2025-01-03—8,304——275,028
Timothy BedardPSU2025-01-03—6,039——200,012
Hayley ScottPSU2025-01-039,25113,876—37,003800,005
Hayley ScottRSU2025-01-03——30,194—1,000,025
Timothy BedardRSU2025-01-03——30,194—1,000,025
Navneet BehlPSU2025-01-0312,72019,080—50,8791,100,004
Nicholas DeIuliisPSU2025-01-03—9,058——300,001
Timothy BedardPSU2025-01-03—191,667——4,592,341
Alan ShepardPSU2025-01-03—7,549——250,023
Hayley ScottPSU2025-01-03—191,667——4,592,341
Hayley ScottPSU2025-01-03—6,039——200,012

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Nicholas DeIuliis$1,500,005$1,500,019$050.0%
Alan Shepard1,250,0151,250,034050.0%
Timothy Bedard1,000,0255,592,358084.8%
Navneet Behl1,375,0101,375,032050.0%
Hayley Scott1,000,0255,592,358084.8%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Hayley ScottRSU1,248—$45,889
Timothy BedardRSU3,230—118,767
Hayley ScottRSU3,321—122,113
Navneet BehlRSU3,328—122,371
Alan ShepardRSU3,536—130,019
Alan ShepardRSU4,038—148,477
Navneet BehlRSU4,441—163,296
Nicholas DeIuliisRSU4,845—178,151
Nicholas DeIuliisRSU6,239—229,408
Hayley ScottRSU6,239—229,408
Timothy BedardRSU6,511—239,409
Timothy BedardPSU7,258—266,877
Hayley ScottPSU7,348—270,186
Alan ShepardPSU9,071—333,541
Navneet BehlPSU9,979—366,928
Nicholas DeIuliisPSU10,885—400,241
Navneet BehlRSU16,636—611,706
Alan ShepardRSU17,676—649,947
Hayley ScottRSU20,322—747,240
Timothy BedardRSU30,194—1,110,233
Hayley ScottRSU30,194—1,110,233
Nicholas DeIuliisRSU31,192—1,146,930
Timothy BedardRSU32,301—1,187,708
Hayley ScottRSU33,205—1,220,948
Alan ShepardRSU37,742—1,387,773
Alan ShepardRSU40,376—1,484,626
Navneet BehlRSU41,516—1,526,543
Navneet BehlRSU44,413—1,633,066
Nicholas DeIuliisRSU45,290—1,665,313
Nicholas DeIuliisRSU48,451—1,781,543
Navneet BehlRSU54,192—1,992,640
Alan ShepardRSU57,579—2,117,180
Timothy BedardPSU88,876—3,267,971
Hayley ScottPSU90,458—3,326,141
Nicholas DeIuliisRSU101,609—3,736,163
Alan ShepardPSU111,094—4,084,926
Navneet BehlPSU122,203—4,493,404
Nicholas DeIuliisPSU133,313—4,901,919
Timothy BedardPSU191,667—7,047,596
Hayley ScottPSU191,667—7,047,596
Alan ShepardPSU383,334—14,095,191
Navneet BehlPSU383,334—14,095,191
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Ian McGuireIndependent · Board Chair · Audit Committee · Compensation Committee · ESCR Committee$123,333$340,022$0—$0$463,355
Bernard Lanigan JrIndependent · Nominating and Corporate Governance Committee · Environmental, Safety and Corporate Responsibility Committee131,667200,0200—0331,687
Robert O. AgbedeIndependent · Audit Committee · Compensation Committee · ESCR Committee (Chair)126,667200,0200—0326,687
J. Palmer ClarksonIndependent · Compensation Committee (Chair) · NCG Committee · ESCR Committee123,333200,0200—0323,353
Maureen E. Lally-GreenIndependent · Compensation Committee · NCG Committee (Chair) · ESCR Committee121,667200,0200—0321,687
William N. Thorndike JrIndependent · Audit Committee · Compensation Committee · Environmental, Safety and Corporate Responsibility Committee38,33300—038,333
Alan K. ShepardEmployee director · ESCR Committee · Partial-year service · Newly elected—————0
Nicholas J. DeIuliisIndependent · ESCR Committee000—00

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$200,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000 / 20,000
Stock ownership guideline$5

Total cost of the board

ComponentFY2025
Cash retainers and fees$665,000
Equity awards (grant-date value)$1,140,102
All other compensation$0
Total cost of the board$1,805,102

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names CNX Resources as a peer

Companies that benchmark against CNX

11 companies name CNX as a compensation peer

Each company listed discloses CNX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CNX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies CNX Resources Corp names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1EQT Corporation2025Toby Rice$1$13,552,232$0$2,535,000$16,087,233
2Expand Energy Corporation2025Domenic Dell'Osso947,3468,890,444——9,879,106
3Range Resources Corporation2025Dennis Degner932,5006,143,87701,128,0008,375,421
4Gulfport Energy Corporation2025John Reinhart919,7265,277,43701,098,9007,323,707
5Antero Resources Corporation2025Michael Kennedy655,4704,325,73401,678,3076,687,656
6CNX Resources Corp2025Alan Shepard350,0002,500,0490515,0003,386,049

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
CNX Resources Corpnot disclosedRSU 50 · PSU 40 · ESG PSU 10not disclosednot disclosed
Antero Resources Corporation157.2%PSU 50 · RSU 50Yes — Absolute TSRCBIZ Compensation Consulting
EQT Corporation169%PSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Expand Energy Corporationnot disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Gulfport Energy Corporationnot disclosedPRSU 60 · RSU 40not disclosedWTW
Range Resources Corporationnot disclosedPSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-07122,031,3522,839,939503,64297.73%Passed
20252025-05-01127,724,3592,837,879190,69597.83%Passed
20242024-05-02111,304,54321,331,190149,64483.92%Passed
20232023-05-04136,421,9785,396,014184,87896.2%Passed
20222022-05-05162,707,83710,207,167160,61694.1%Passed
20212021-05-06185,213,1104,931,554260,64397.41%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-0797.73%a
20252025-05-0197.83%b
20242024-05-0283.92%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)42 : 1
CEO total compensation$7,420,318
Median employee compensation$174,876
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (46 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Timothy Bedard. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 7,495,383. View filing ↗
  • Section 01, Nicholas DeIuliis. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 7,420,318. View filing ↗
  • Section 01, Hayley Scott. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 7,100,439. View filing ↗
  • Section 01, Navneet Behl. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 3,946,478. View filing ↗
  • Section 01, Alan Shepard. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 3,386,049. View filing ↗
  • Section 03, Nicholas DeIuliis RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Alan Shepard RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Alan Shepard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Nicholas DeIuliis PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Timothy Bedard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Navneet Behl RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Navneet Behl PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Timothy Bedard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Hayley Scott PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Hayley Scott RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Timothy Bedard RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Navneet Behl PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Nicholas DeIuliis PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Timothy Bedard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Alan Shepard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Hayley Scott PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Hayley Scott PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-26. Section “CEO Pay Ratio”. As printed: 42 : 1. View filing ↗
  • Section 08, Ian McGuire. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 463,355. View filing ↗
  • Section 08, Bernard Lanigan Jr. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 331,687. View filing ↗
  • Section 08, Robert O. Agbede. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 326,687. View filing ↗
  • Section 08, J. Palmer Clarkson. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 323,353. View filing ↗
  • Section 08, Maureen E. Lally-Green. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 321,687. View filing ↗
  • Section 08, William N. Thorndike Jr. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 38,333. View filing ↗
  • Section 08, Alan K. Shepard. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Nicholas J. DeIuliis. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-11. Item 5.07 · say-on-pay result. As reported: 97.73% (votes for as printed: 122,031,352). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-05. Item 5.07 · say-on-pay result. As reported: 97.83% (votes for as printed: 127,724,359). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-06. Item 5.07 · say-on-pay result. As reported: 83.92% (votes for as printed: 111,304,543). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 665,000 + equity 1,140,102 + all other 0 = 1,805,102, summed across the director compensation table rows.
  • EQT Corporation, Section 10b CEO total. DEF 14A, filed 2026-02-26. CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. View filing ↗
  • Expand Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. View filing ↗
  • Range Resources Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. View filing ↗
  • Gulfport Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Gulfport Energy Corporation's own proxy. As printed: 7,323,707. View filing ↗
  • Antero Resources Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Antero Resources Corporation's own proxy. As printed: 6,687,656. View filing ↗
  • CNX Resources Corp (subject), Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in CNX Resources Corp's own proxy. As printed: 3,386,049. View filing ↗
  • Section 10a, Gulfport Energy Corporation reciprocity. DEF 14A. Gulfport Energy Corporation names CNX Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Range Resources Corporation reciprocity. DEF 14A. Range Resources Corporation names CNX Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Expand Energy Corporation reciprocity. DEF 14A. Expand Energy Corporation names CNX Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
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