PITTSBURGH, June 12, 2014 /PRNewswire/ -- CONSOL Energy
Inc. (NYSE: CNX) announced today that CONSOL Energy and its
Marcellus Shale joint venture partner, Noble Energy, Inc., intend
to form a master limited partnership (MLP) to provide midstream
gathering services for production from their jointly owned acreage
in the Marcellus Shale.
In furtherance of that intention, CONSOL Energy and Noble Energy
have caused a draft registration statement on Form S-1 to be
confidentially submitted to the U.S. Securities and Exchange
Commission (SEC) for an initial public offering of common units of
the MLP. The offering is expected to be completed late in the
third quarter or early in the fourth quarter of
2014.
Following the closing of the initial public offering, CONSOL
Energy and Noble Energy will control the general partner of the
MLP, which will own the incentive distribution rights, and will
collectively own a majority of the limited partner interests of the
MLP.
Whether CONSOL Energy and Noble Energy proceed with an initial
public offering of an MLP is subject to a number of factors,
including the approval of Noble Energy and market conditions, and
there can be no assurance that there will be an initial public
offering of the MLP or any other transaction.
A registration statement relating to the securities of the MLP
that would be sold in the offering has not been filed with the
Securities and Exchange Commission or become effective. This press
release does not constitute an offer to sell, or the solicitation
of an offer to buy, any securities. The offering will be made only
by means of a prospectus. This announcement is being issued
pursuant to, and in accordance with, Rule 135 under the Securities
Act of 1933, as amended.
CONSOL Energy Inc. (NYSE: CNX) is a Pittsburgh-based producer of natural gas and
coal. The company 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.
CONSOL Energy deploys an organic growth strategy focused on rapidly
developing its resource base of 5.7 trillion cubic feet of proved
natural gas reserves, while the company's premium coal assets are
sold to electricity generators and steelmakers both domestically
and internationally. CONSOL Energy is a member of the
Standard & Poor's 500 Equity Index and the Fortune 500.
Additional information may be found at www.consolenergy.com.
Forward-Looking Statements
Various statements in this
release, including those that express a belief, expectation or
intention, may be considered forward-looking statements (as defined
in Section 21E of the Securities Exchange Act of 1934, as amended)
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 future production,
revenues, income and capital spending. Words such as "believe,"
"intend," "expect," "may," "should," "anticipate," "could,"
"estimate," "plan," "predict," "project," or their negatives, or
other similar expressions, may be used to identify forward-looking
statements.
The forward-looking statements in this press release, if any,
speak only as of the date of this press release (and there is no
obligation to update forward-looking statements should
circumstances or estimates or opinions change) and are not
statements of historical fact. Forward-looking statements are based
on current expectations, estimates and assumptions that involve a
number of risks and uncertainties that could cause actual results
to differ materially from those projected. These risks include,
without limitation, that the MLP is not formed and that the initial
public offering is not consummated. Furthermore, the
structure, nature, purpose, and proposed assets and liabilities of
the MLP may change materially from those described herein. No
assurance can be given as to the value of the MLP, the price at
which its common units may be offered, or whether a liquid market
for those common units will develop or be maintained. In addition,
in evaluating strategic alternatives with respect to their jointly
owned natural gas midstream assets, CONSOL Energy and Noble Energy
will be subject to the risks normally attendant to businesses in
the oil and natural gas industry, including, without limitation,
the volatility in commodity prices for crude oil and natural gas,
the presence or recoverability of estimated reserves, the ability
to replace reserves, environmental risks, drilling and operating
risks, exploration and development risks, competition, government
regulation or other actions.
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SOURCE CONSOL Energy Inc.