At CNX, we aim to lead. A prominent CEO of a well-known investment firm wrote that stakeholder capitalism shouldn’t be political. Instead, it should be about establishing mutually beneficial relationships between a company and its employees, customers, and communities. We wholeheartedly agree with such an assessment. But there is a wide gulf between the packaged messaging being promoted across the corporate community and the actions and results on the ground. Many in the environmental NGO community have appropriated the core concepts of stakeholder capitalism, leveraging ESG as a Trojan horse to pursue wider societal outcomes based on ideological beliefs. In turn, many easily intimidated corporate leaders seek to appease such groups in a futile effort to be spared their public ire at best, and at worst, to be canceled altogether. Such tactics—employed by those who would misuse the concepts of ESG—have triggered an epidemic of false choices and an outbreak of companies over-promising and under-delivering on ESG performance. Much good can come from ESG principles, if applied correctly, for both company and stakeholders. CNX is determined to be the exemplar for such success. Our SBM hinges on competitive moats of stacked shale pay horizons, integrated upstream and midstream assets, and innovative new technologies. These three non-replicable advantages allow us to be low-cost, low-capital intensity, and operationally flexible to generate regular and substantial free cash flow (FCF). We then prioritize injecting that FCF back into our business through investments in human capital, optimization of our asset base, investments in our region, strengthening our balance sheet by paying down debt, and returning capital to our shareholders. We view success through the lens of generating, and growing, FCF per share to create an attractive long-term investment opportunity for our shareholders.