Tear Sheet: CNX Midstream Partners L.P.

As of Sept. 10, 2024, we assume Henry Hub natural gas prices of $2.50 and $3.25 per million British thermal unit (mmBtu) for 2024 and 2025, respectively. We view this slight price decrease as credit neutral for CNXM despite slightly lower 2024 earnings expectations. There have been no revisions to parent CNX Resources? (CNXR) guidance since our last publication, which projects 545-555 billion cubic feet equivalent (Bcfe) of volume production. We also expect CNXM will continue to have a similar level of importance to CNXR?s growth strategy, as 80% of CNXM's revenues are derived from the parent. Given these factors, as well as company guidance, we expect CNXM's earnings could increase in 2025. As a result, we now expect S&P

...Rating Component Scores Foreign currency issuer credit rating ##/Stable/-- Local currency issuer credit rating ##/Stable/-- Business risk Weak Country risk Very Low Industry risk Intermediate Competitive position Weak Financial risk Modest Cash flow/leverage Modest Anchor ##+ Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Strong (no impact) Management and governance Neutral (no impact) Comparable rating analysis Negative (-1 notch) Stand-alone credit profile ##...

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