PITTSBURGH, Nov. 29, 2017 /PRNewswire/ -- CNX
Resources Corporation (NYSE: CNX) (CNX Resources or the Company),
formerly named CONSOL Energy Inc., announced today that it has
completed the spin-off of CONSOL Energy Inc. (NYSE: CEIX), formerly
named CONSOL Mining Corporation, creating two publicly-traded
companies--a natural gas exploration and production (E&P)
company and a coal company. Today marks the first day of
post-separation trading in each company's common stock on the New
York Stock Exchange.
"Today's historic announcement is the culmination of a strategy
over a decade in the making. 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," commented Nicholas J. DeIuliis, CNX Resources' President
and Chief Executive Officer.
Under the terms of the separation, on November 28, 2017, the Company's stockholders
received a distribution of one share of common stock of the newly
named CONSOL Energy for every 8 shares of the Company's common
stock held as of the close of business on the record date of
November 15, 2017. No fractional
shares of CONSOL Energy were issued and stockholders received cash
in lieu of fractional shares. 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
Corporation.
In connection with the distribution, the Company changed its
name from CONSOL Energy Inc. to CNX Resources Corporation and
retained its ticker symbol "CNX" on the New York Stock
Exchange. At the same time, the newly formed CONSOL Mining
Corporation changed its name to CONSOL Energy Inc. and its common
stock begins trading today on the New York Stock Exchange under the
ticker symbol "CEIX".
About CNX Resources
CNX Resources Corporation 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. The company deploys an organic growth strategy
focused on responsibly developing its resource base. As of
December 31, 2016, CNX had 6.3
trillion cubic feet equivalent of proved natural gas reserves. The
company is a member of the Standard & Poor's Midcap 400 Index.
Additional information may be found at www.cnx.com.
Important Information about Company Names and Stock
Trading Symbols
Effective November 28, 2017,
the company known as CONSOL Energy Inc. (NYSE: CNX) separated its
gas business (GasCo or RemainCo) and its coal business (CoalCo or
SpinCo) into two independent, publicly traded companies by means of
a separation of CoalCo from RemainCo.
- The gas business has been named CNX Resources Corporation
(RemainCo, GasCo or CNX) and will continue to be listed on the New
York Stock Exchange (NYSE), retaining the ticker symbol
"CNX". Information regarding CNX and its natural gas business
will be available at www.cnx.com.
- The coal business has been named CONSOL Energy Inc. (SpinCo,
CoalCo or CONSOL) and will be listed on the NYSE under a new ticker
symbol: "CEIX". CoalCo will own, operate and develop all of
the company's coal assets, including its interest in the
Pennsylvania Mining Complex, the Baltimore Marine Terminal, and
approximately one billion tons of greenfield coal reserves.
Information regarding the new CONSOL Energy and its coal business
will be available at www.consolenergy.com.
- The master limited partnership that was named CNX Coal
Resources LP (NYSE: CNXC) has changed its name to CONSOL Coal
Resources LP and will trade on the NYSE under a new ticker symbol:
"CCR". CoalCo owns 100% of the general partner of CONSOL Coal
Resources LP (representing a 1.7% general partner interest), as
well as all of the incentive distribution rights and the common and
subordinated interests in CNX Coal Resources LP that were owned by
CONSOL Energy Inc. prior to the spin-off. Information
regarding CONSOL Coal Resources LP will be available at
www.ccrlp.com
Cautionary Statements
We are including the following cautionary statement in this
press release to make applicable and take advantage of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 for any forward-looking statements made by, or on behalf of
us. With the exception of historical matters, the matters
discussed in this press release are forward-looking statements (as
defined in 21E of the Securities Exchange Act of 1934 (the
"Exchange Act") that involve risks and uncertainties that could
cause actual results to differ materially from projected results.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The
forward-looking statements may include projections and estimates
concerning the timing and success of specific projects and our
future production, revenues, income and capital spending. When we
use the words "believe," "intend," "expect," "may," "should,"
"anticipate," "could," "estimate," "plan," "predict," "project,"
"will," or their negatives, or other similar expressions, the
statements which include those words are usually forward-looking
statements. When we describe strategy that involves risks or
uncertainties, we are making forward-looking statements. The
forward-looking statements in this press release speak only as of
the date of this press release; we disclaim any obligation to
update these statements. We have based these forward-looking
statements on our current expectations and assumptions about future
events. While our management considers these expectations and
assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other
risks, contingencies and uncertainties, most of which are difficult
to predict and many of which are beyond our control. These risks,
contingencies and uncertainties relate to, among other matters, the
following: the impact of the separation on our business; the
expected tax treatment of the separation; competitive responses to
the separation; deterioration in economic conditions in any of the
industries in which our customers operate may decrease demand for
our products, impair our ability to collect customer receivables
and impair our ability to access capital; prices for natural gas
and natural gas liquids are volatile and can fluctuate widely based
upon a number of factors beyond our control including oversupply
relative to the demand available for our products, weather and the
price and availability of alternative fuels; an extended decline in
the prices we receive for our natural gas and natural gas liquids
affecting our operating results and cash flows; foreign currency
fluctuations could adversely affect the competitiveness of our
natural gas liquids abroad; our reliance on major customers; our
inability to collect payments from customers if their
creditworthiness declines or if they fail to honor their contracts;
the disruption of gathering, processing and transportation
facilities and other systems that deliver our natural gas and
natural gas liquids to market; a loss of our competitive position
because of the competitive nature of the natural gas industry or a
loss of our competitive position because of overcapacity in this
industry impairing our profitability; the impact of potential, as
well as any adopted environmental regulations including any
relating to greenhouse gas emissions on our operating costs as well
as on the market for natural gas and for our securities; the risks
inherent in natural gas operations, including our reliance upon
third party contractors, being subject to unexpected disruptions,
including geological conditions, equipment failure, timing of
completion of significant construction or repair of equipment,
fires, explosions, accidents and weather conditions that could
impact financial results; decreases in the availability of, or
increases in, the price of commodities or capital equipment used in
our natural gas operations; obtaining and renewing governmental
permits and approvals for our natural gas; the effects of
government regulation on the discharge into the water or air, and
the disposal and clean-up of, hazardous substances and wastes
generated during our natural gas operations; our ability to find
adequate water sources for our use in natural gas drilling, or our
ability to dispose of water used or removed from strata in
connection with our gas operations at a reasonable cost and within
applicable environmental rules; the effects of stringent federal
and state employee health and safety regulations, including the
ability of regulators to shut down our operations; the potential
for liabilities arising from environmental contamination or alleged
environmental contamination in connection with our past or current
gas operations; the effects gas well closing and certain other
liabilities; uncertainties in estimating our economically
recoverable natural gas and oil reserves; defects may exist in our
chain of title and we may incur additional costs associated with
perfecting title for natural gas rights on some of our properties
or failing to acquire these additional rights may result in a
reduction of our estimated reserves; the outcomes of various legal
proceedings, including those which are more fully described in our
reports filed under the Exchange Act; exposure to employee-related
long-term liabilities; acquisitions and divestitures we anticipate
may not occur or produce anticipated benefits; our participation in
joint ventures may restrict our operational and corporate
flexibility, and actions taken by a joint venture partner may
impact our financial position and operational results; risks
associated with our debt; replacing our natural gas and oil
reserves, which if not replaced, will cause our natural gas and oil
reserves and production to decline; declines in our borrowing base
could occur for a variety of reasons, including lower natural gas
or oil prices, declines in natural gas and oil proved reserves, and
lending regulations requirements or regulations; our hedging
activities may prevent us from benefiting from near-term price
increases and may expose us to other risks; changes in federal or
state income tax laws, particularly in the area of percentage
depletion and intangible drilling costs, could cause our financial
position and profitability to deteriorate; failure to appropriately
allocate capital and other resources among our strategic
opportunities may adversely affect our financial condition; failure
by CONSOL Energy to satisfy liabilities it acquired from us in
connection with the separation, or failure to perform its
obligations under various arrangements, which we guaranteed, could
materially or adversely affect our results of operations, financial
position, and cash flows; information theft, data corruption,
operational disruption and/or financial loss resulting from a
terrorist attack or cyber incident; operating in a single
geographic area; with respect to the termination of the joint
venture with Noble - disruption to our business, including customer
and supplier relationships resulting from this transaction, and the
impact of the transaction on our future operating and financial
results and liquidity. Additional factors are described in
detail under the captions "Forward Looking Statements" and "Risk
Factors" in our annual report on Form 10-K for the year ended
December 31, 2016 filed with the SEC,
as supplemented by our quarterly reports on Form 10-Q.
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SOURCE CNX Resources Corporation