CNX CNX Resources Corporation

Partnership combines engineering innovation, technology, and natural gas assets to revolutionize the CNG and micro-scale LNG industries

• CNX achieves first-of-its-kind ZeroHP CNG™ production at scale on pad in Southwestern Pennsylvania, catalyzing Company entry into downstream energy markets with leading, innovative technology solutions
• Zero Horsepower (ZeroHP) CNG creates decentralized CNG production market to better meet growing demand for clean, affordable energy
• Low Horsepower, Clean mLNG™ advances cost-effective and lower emissions production of small-scale LNG

CENTER, Texas and PITTSBURGH, April 22, 2024 /PRNewswire/ -- NuBlu Energy (NuBlu), a leading Engineering, Procurement, and Construction (EPC) company specializing in energy transition solutions and CNX Resources Corp. (NYSE: CNX), Appalachia's premier ultra-low carbon intensive natural gas technology and development firm, jointly unveiled two solutions today, ZeroHP CNG and Clean mLNG, that represent step change advancements in the scale and efficiency at which compressed natural gas (CNG) and micro-scale liquefied natural gas (LNG) can be produced, all while materially lowering the cost and carbon footprint of both products.

ZeroHP CNG is an innovative production technology that redefines CNG by eliminating the need for mechanical compressors. Instead of leveraging conventional mechanical compression, ZeroHP CNG exploits high gas pressures found naturally, within deep shale formations. This previously untapped renewable energy source, referred to as "Geobaric Energy™," is being harnessed using CNX's patent pending technology in a first-of-its-kind application at a CNX ZeroHP CNG facility in Southwestern Pennsylvania. ZeroHP CNG represents a paradigm shift in compressed natural gas production, offering unparalleled advantages over traditional methods by drastically reducing:

• Capital costs,
• Operating costs,
• Environmental footprint,
• Maintenance requirements,
• Trailer fill time (capable of filling the largest virtual pipeline trailers in approximately one hour without the need for refrigeration).

ZeroHP CNG opens new possibilities for decentralized clean CNG production, positioning it as an ideal solution for meeting the growing demand for clean, affordable energy. The unique design allows for rapid deployment without the requirement of utility power, offering remote locations, stranded assets, or exploratory wells access to market without the need for pipeline infrastructure.

Additionally, the team is proud to introduce the Clean mLNG system, a micro-scale LNG liquefaction solution that leverages both Geobaric Energy and NuBlu's proven methane-only refrigeration technology, mLNG. Leveraging cutting-edge processes and patent-pending technologies, Clean mLNG achieves cost savings and environmental benefits exceeding those of traditional mega-scale LNG processes. Doing so marks a significant milestone in the industry by enabling the cost-effective production of small-scale LNG without compromising performance, and by providing a path to zero Scopes 1 and 2 upstream emissions.

"We are thrilled to introduce these groundbreaking technologies in collaboration with CNX Resources," said Rob Harman, NuBlu Energy President. "We are not just pushing the boundaries of what's possible in energy production; we are reshaping the landscape of the industry, paving the way for cleaner, more efficient solutions."

By leveraging advanced processes and proprietary technologies, NuBlu and CNX aim to drive a transition in the CNG and LNG space toward a more sustainable future. Products manufactured from these systems may displace conventional, foreign-sourced liquid fuels with a local, cleaner-burning, more cost-effective option. This disruptive solution has the market potential to displace traditional diesel, kerosene, and propane uses. Additionally, recent obstructions to interstate natural gas infrastructure projects have created a market opportunity for regional mobile energy solutions. CNG is capable of providing the energy equivalent to diesel at less than half the current price while reducing well-to-wheel carbon emissions by 35% and tailpipe SOx and NOx by approximately 40% and 90%, respectively. ZeroHP CNG also provides a 50% reduction in carbon intensity compared to conventional CNG.

The total estimated addressable market for these technologies in the United States has the potential to displace all the petroleum products imported from the Middle East. Specifically, it could displace 56% of transatlantic and transpacific petroleum imports which would reduce global emissions by 80 million metric tonnes CO₂e on an annual basis.

"Converting Appalachian-produced natural gas to CNG and LNG unlocks significant cost savings and a decentralized decarbonization solution that can transform regional sectors including transportation, manufacturing, aviation, heating and power generation, among others," said Ravi Srivastava, CNX President of New Technologies. "CNX's New Tech segment is committed to delivering cutting-edge technologies that vertically and horizontally expand the use of lower cost and lower emissions products, which catalyze new clean energy industries and revitalize the Appalachian region. We're excited about what's in store for us, NuBlu, and the entire region with these innovative ZeroHP CNG and Clean mLNG solutions."

Officially launched in 2021, CNX New Technologies business unit develops proprietary technology for vertical and horizontal business growth that are rooted in the company's extensive legacy asset base, intellectual assets, and innovative tradition. The group is focused on waste methane capture and abatement, as well as forging strategic partnerships for the use of low carbon intensity feedstocks and the creation of derivative products in transportation fuels, manufacturing processes, and other markets.

CONTACTS

CNX Resources
Investors: Tyler Lewis
tylerlewis@cnx.com 

Media: Brian Aiello
brianaiello@cnx.com

NuBlu Energy
Luke Harman
Luke.Harman@NuBluEnergy.com

Cautionary Statements
We are including the following cautionary statement in this press release to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of us. With the exception of historical matters, the matters discussed in this press release are forward-looking statements (as defined in 21E of the Securities Exchange Act of 1934 (the "Exchange Act")) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income, and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," "will," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe a strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond our control. Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions "Forward-Looking Statements" and "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) and any subsequent reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; the impact of events beyond our control, including a global or domestic health crisis; dependence on gathering, processing and transportation facilities and other midstream facilities owned by others; conditions in the oil and gas industry; our current long-term debt obligations, and the terms of the agreements that govern that debt; strategic determinations, including the allocation of capital and other resources to strategic opportunities; cyber-incidents targeting our systems, oil and natural gas industry systems and infrastructure, or the systems of our third-party service providers; and changes in safety, health, environmental and other regulations.

ABOUT CNX RESOURCES
CNX Resources Corporation (NYSE: CNX) is unique. We are a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, one of the most energy abundant regions in the world. With the benefit of a 160-year regional legacy, substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies, we responsibly develop our resources and deploy free cash flow to create long-term per share value for our shareholders, employees, and the communities where we operate. As of December 31, 2023, CNX had 8.74 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor's Midcap 400 Index. Additional information is available at www.cnx.com.

ABOUT NUBLU ENERGY
At NuBlu Energy, as a leading provider of EPC Energy Transition solutions and project management services, we pride ourselves on offering a wealth of specialized knowledge and experience for each project we undertake. Our commitment is to continuously strive for excellence in delivering Engineering, Procurement, and Construction (EPC) services customized to meet the unique needs of the oil and gas industry. With a demonstrated track record of success and a holistic approach to asset management, we ensure the optimal performance of your assets throughout their entire lifecycle. Learn more at www.nubluenergy.com.

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SOURCE CNX Resources Corporation