CNX Resources completes spin-off of Consol Energy

CNX Resources Corp., formerly named Consol Energy Inc., said Wednesday it has completed the spin-off of Consol Energy Inc., formerly named Consol Mining Corp., creating two publicly-traded companies – a natural gas exploration and production company and a coal company.

Wednesday marked the first day of post-separation trading in each company’s common stock on the New York Stock Exchange.

Nicholas J. DeIuliis, CNX Resources’ president and chief executive officer, said in a statement the previously announced separation of the two companies had been in the making for some time.

“Today’s historic announcement is the culmination of a strategy over a decade in the making,” DeIuliis said. “Our objective was to once again transform a 150-year old institution, which owns and operates the best natural gas and coal assets in the world. We have accomplished that goal and, in doing so, positioned two new companies to dedicate singular focus to their individual industries and market segments.

“The E&P company is now one of the premiere pure-play natural gas E&P companies with a significant Marcellus and Utica Shale legacy acreage position, low-cost structure, and stacked pay opportunities, while the coal company holds some of the best coal assets in the world and is positioned to dominate the coal space for years to come.”

Under terms of the separation, the company’s stockholders received a distribution of one share of common stock of the newly named Consol Energy for every eight shares of the company’s common stock held as of the close of business on the record date of Nov. 15. The company’s stockholders retained their shares of company common stock, but as a result of the name change, these shares now represent shares of CNX Resources Corp.

In connection with the distribution, the company changed its name from Consol Energy Inc. to CNX Resources Corp. and retained its ticker symbol “CNX” on the New York Stock Exchange. At the same time, the newly formed Consol Mining Corp. changed its name to Consol Energy Inc. and its common stock begins trading today on the NYSE under the ticker symbol “CEIX”.

Both companies will be headquartered at 1000 Consol Energy Drive in Southpointe II. CNX will continue to control the lease on the headquarters building and Consol Energy will continue to be housed in the building as as a tenant of CNX.

CNX Resources is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin.

As of Dec. 31, CNX had 6.3 trillion cubic feet equivalent of proved natural gas reserves.