Tom Shepstone
Shepstone Management Company, Inc.
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CNX Resources, led by the incomparable Nick Deiuliis, is investing $30 million in creating healthy communities in Western Pennsylvania.
CNX Resources unapologetically advocates for the middle class in a very real way. Here’s an explanation of what CNX is doing via a news release from yesterday: Far too many corporatist enterprises are now engaged in meaningless tokenism and moralizing from a leftist perspective. They are, essentially, following the Alinsky playbook, which, as described in “Rules for Radicals,” is to exploit the middle class and undermine it while simultaneously, but very superficially, advocating for it. The examples are all around us today as these corporatists consistently reject the views and ignore the needs of their middle class customers in favor of political preference and political favors. CNX is different.
Yes, CNX is investing big money in the middle class that represents the heart and soul of Western Pennsylvania. Here’s the story:
CNX Resources Corp. (NYSE: CNX) today announced a substantial, multi-year community investment in the tri-state region. The $30 million commitment spans six years and reinforces the Company’s focus on local, underserved communities and populations. Previously, the Company released comprehensive goals related to its ‘hire local’ supply chain and sourcing efforts and Diverse Business Enterprise (DBE) spend initiatives.
“While everyone is talking about sustainability and Environmental, Social, and Governance (ESG) these days, too few are delivering tangible and measurable results. We are on a mission to change the trajectory of our region and to improve the lives of our neighbors in communities left behind by a system focused on talk and abstract concepts rather than real outcomes. This commitment is not about words; it’s about the people who make western Pennsylvania and the broader Appalachian region such a special place to live, work, and raise a family,” said CNX President and CEO Nicholas J. DeIuliis.
Mr. DeIuliis continued, “Our industry is the lifeblood of the regional economy and the foundation of our social fabric. For us to succeed, we need healthy communities to provide a resilient workforce. These are not handouts; they are investments that will provide returns for our local communities and our ownership for years to come. This is what sustainability and ESG mean to CNX.”
These investments represent a re-allocation of previously planned expenditures and are expected to generate long-term, sustainable economic returns for the region and the Company by removing barriers to socio-economic diversity and inclusion across the natural gas industry and beyond. The commitment will be effectuated while still allowing the Company to deliver on its previously announced, multi-year free cash flow generation plan.
The community investment pillars associated with CNX’s $30 million commitment are intended to include:
• Food Insecurity
• Health and Wellness of Children, the Elderly and Individuals with Disabilities
• Broadband and Information Technology Access
• Criminal Justice and Recidivism Reduction
• Domestic Violence Awareness and Services
• The Opioid Epidemic and Societal Impact
• Career Awareness and Technical/Vocational Training
• Water Quality Safety and Awareness
Initial signature project commitments are to include:
• $1 million for broadband access in rural Greene County, PA;
• $400,000 for career training for students/graduates of the recently announced regional mentorship academy;
• $200,000 for the Jerome Bettis Cyber Bus Project to support technology needs in disadvantaged school districts;
• $100,000 for House of Life of Pittsburgh for returning citizen re-entry.
To learn more about CNX’s unique Environmental, Social, and Governance (ESG) approach, accomplishments, and goals, please visit: https://responsibility.cnx.com/esg-overview.html
This is nothing short of fantastic; a corporation that actually cares about its customers, its employees and the industry of which it is part. CNX is a model corporate citizen and illustrates what so much of the natural gas industry represents.
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