CNX RESOURCES CORPORATION Company's Unique Tangible, Impactful, Local Approach to Community Investment Continues to Evolve and Expand
CNX CEO Compensation Reduction for 2024 to be Invested into Mentorship Academy Expansion, Community Directed Projects within CNX Operational Footprint, and Expansion of Existing Community Partnerships in Underserved Rural and Urban Communities
PITTSBURGH, Feb. 21, 2024 /PRNewswire/ -- Building on the CNX Foundation and Mentorship Academy's record of success in making a substantive difference on the complex issues facing the region, CNX's (NYSE: CNX) Board of Directors and Nick Deiuliis, President and CEO of the Company, today announced that the Board approved Mr. Deiuliis' request to make a $1.5 million donation to the CNX Foundation and commensurately reduce his 2024 compensation.
This follows a previous $1.5 million contribution in 2023 and $1 million contribution in 2022 to the CNX Foundation funded through continuing reductions in Mr. Deiuliis' compensation.
CNX President and CEO Nick Deiuliis said, "Having placed the Foundation and Mentorship Academy on a secure path to long-term financial sustainability through previous years' donations, we are doubling down on our region and our industry by investing in proven, hyperlocal strategies that directly assist the region's underserved rural and urban communities." Mr. Deiuliis continued, "We said when we created the CNX Foundation that the approach would target community investments that are Tangible, Impactful, and Local. That effort has been a great success, and I can't think of anything more impactful than the virtuous circle of investments in our communities in need that, in turn, pay dividends to our company and our industry. So, I am happy to help fund the expansion of the successful efforts of the CNX Foundation in a way where it is most beneficial to the region and to the shareholder owners of CNX."
Specifically, Mr. Deiuliis' 2024 donation will be directed toward the following initiatives:
- Extending elements of the successful Mentorship Academy concept in collaboration with Community College of Allegheny County (CCAC) to remove barriers and create career pathways for local trade members, veterans, survivors of domestic violence and opioid addiction, and the formerly incarcerated by providing the knowledge and skills needed to access and thrive in the region's evolving energy economy - $1 million. To learn more about the expanded CNX/CCAC public-private partnership, click here.
- Supporting community directed investments specifically targeted at the Company's Westmoreland County, Pennsylvania operational footprint. Through CNX's hyperlocal engagement with communities, and because of the Mentorship Academy's direct involvement with area students, teachers, administrators, and parents, CNX is empowering local communities to help steer investments into the areas of most need in direct alignment with CNX Foundation investment pillars. This investment strategy addresses the true needs of a community through hyperlocal input – $300,000.
- Expanding existing community-based partnerships that are making a Tangible, Impactful, Local impact. Specifically, CNX Foundation is growing its relationship with Outreached Arms, who provides hope to Pittsburgh's inner city homeless and working poor, Washington County's LeMoyne Center, and other key partners of the CNX Foundation. Funds will be dedicated toward programs like Outreached Arms' Next Steps initiative that empowers participants toward gainful employment and self-sufficiency, and the LeMoyne Center's after school homework assistance program that supports the academic achievement of the region's youth – $200,000.
"We are grateful for the many ways CNX supports CCAC and the success of our students. The expanded partnership with CNX and the CNX Mentorship Academy will have a positive impact on the college, enhancing our leadership in workforce training and providing us with the opportunity to enroll more students in the program. CNX's generous commitment to allocating funds to support CCAC's Student Emergency GAP Fund will make a meaningful difference by helping students in direct financial need to continue their studies," said Dr. Quintin Bullock, CCAC President.
These new and expanded initiatives align with CNX's core values, foster local opportunities and progress, and make a positive impact by facilitating programs that bolster underserved communities' access to quality, high-paying careers in the region's rapidly evolving energy industry.
"We are truly grateful for the partnership with CNX and the tremendous impact it has had on Outreached Arms," said Rob Rudy, Co-founder and Executive Director of Outreached Arms. Mr. Rudy continued, "Their generous grant has been instrumental in fueling the growth of our nonprofit organization, allowing us to reach even more individuals struggling with food insecurity, while establishing a strategy to help our constituents achieve self-sufficiency through employment. Over the last year, CNX's support has enabled us to expand our outreach efforts, increase our capacity to provide nutritious meals, and implement innovative programs to address the root causes of hunger in our community. Together with CNX, we have made significant strides in alleviating hunger and nourishing the lives of those in need. We look forward to continuing this partnership and making an even greater difference in the lives of individuals and families facing food insecurity."
The proven outcomes of the CNX Mentorship Academy in directly engaging and supporting entry into the industry—creating life-long employment opportunities—represents the ability for CNX's human capital efforts to unlock barriers for underserved rural and urban communities across the region.
To learn more about CNX's Appalachia First strategic vision, visit https://www.positiveenergyhub.com/copy-appalachia-first. To learn more about the Mentorship Academy and apply to enroll in the program, visit https://www.cnx.com/about-us/the_mentorship-academy.
About CNX
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 CNX Foundation
The CNX Foundation is a registered 501c(3) philanthropic organization that invests tangibly, impactfully, and locally, targeting urban and rural communities within the Appalachian Basin that face socio-economic challenges. With a commitment of $30 million over six years and a focus on underserved populations, the CNX Foundation seeks to set a new standard for how corporations engage with their communities. Additional information, including funding criteria and grant application details can be found at www.cnx.com/foundation.
About The Community College of Allegheny County (CCAC)
Since its founding in 1966, CCAC has flourished, becoming the educational powerhouse it is today—a nationally renowned two-year college dedicated to serving all members of the community. From groundbreaking student success initiatives to top-ranked academic and career-based programs, CCAC continues to be the college of choice for nearly one out of every two adults in the Greater Pittsburgh metropolitan region. Each year, more than 30,000 students enroll at CCAC, taking advantage of nearly 150-degree, certificate, diploma and transfer programs as well as hundreds of noncredit and workforce development courses. Comprising four campuses and three neighborhood centers, as well as other off-site locations, CCAC is honored to have one of the largest veteran student populations in the state and takes pride in ranking among the nation's top community colleges for the number of individuals graduating in nursing and other health-related professions. CCAC graduates have transferred to the nation's most prestigious colleges and universities, have obtained the most academically challenging and competitive degrees and can be found at leading companies, organizations and institutions throughout the country. CCAC alumni are actively engaged in every sector of society, providing leadership to scores of economic, scientific, civic and philanthropic entities both in the Pittsburgh region and around the world. Visit ccac.edu to learn more.
About Outreached Arms
Outreached Arms™ is a non-profit, 501(c)(3) organization that mobilizes volunteers to live and spread the Word of God through service to others. Our mission is to serve food to the hungry, build relationships that inspire the despaired, provide basic necessities and services for the poor, and teach and exemplify the message of Jesus Christ to all. Founded in 2010 through the desire of a family to serve together, Outreached Arms™ is about unity in service while accomplishing the Great Commission. We are blessed abundantly as we see Lives Changed. Learn more at https://www.outreachedarms.org/
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SOURCE CNX Resources Corporation
