PITTSBURGH, March 16, 2018 /PRNewswire/ -- CNX Resources
Corporation (NYSE: CNX) ("CNX" or the company) and CNX Midstream
Partners LP (NYSE: CNXM) ("CNXM") jointly announced today that CNXM
has completed its previously announced acquisition of a 95%
interest in the Shirley-Pennsboro gathering system ("Shirley-Pennsboro
System") from CNX.
The Shirley-Pennsboro System gathers and transports gas in the
core wet gas region of the Marcellus Shale in West Virginia across Doddridge, Tyler, Ritchie, and Pleasant counties and currently has
approximately 180 million cubic feet equivalent per day of flowing
production. At the closing, the Shirley-Pennsboro System,
which was previously held in CNX's 95% owned subsidiary, CNX
Midstream DevCo III, was transferred to CNXM's 100% owned
subsidiary, CNX Midstream DevCo I.
CNXM financed the transaction with a portion of the proceeds
from the sale of $400 million
aggregate principal amount of their 6.500% senior notes due 2026,
which also closed on March 16,
2018.
About CNX Resources
CNX Resources Corporation (NYSE: CNX) 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. CNX deploys an organic growth strategy
focused on responsibly developing its resource base. As of
December 31, 2017, CNX had 7.6
trillion cubic feet equivalent of proved natural gas reserves. CNX
is a member of the Standard & Poor's Midcap 400 Index.
Additional information may be found at www.cnx.com.
About CNX Midstream Partners
CNX Midstream Partners LP (NYSE: CNXM) is a master limited
partnership that owns, operates, develops and acquires gathering
and other midstream energy assets to service natural gas production
in the Appalachian Basin in Pennsylvania and West Virginia. CNXM's
assets include natural gas gathering pipelines and compression and
dehydration facilities, as well as condensate gathering,
collection, separation and stabilization facilities. More
information is available on CNXM's website
www.cnxmidstream.com.
* * * * *
This press release serves as a qualified notice to nominees as
provided for under Treasury Regulation Section 1.1446-4(b).
Nominees should treat one hundred percent (100.0%) of CNX
Midstream's distributions to non-U.S. investors as being attributed
to income that is effectively connected with a United States trade or business.
Accordingly, CNX Midstream's distributions to non-U.S. investors
are subject to federal income tax withholding at the highest
applicable effective tax rate. Nominees, and not CNX
Midstream, are treated as withholding agents responsible for
withholding on the distributions received by them on behalf of
non-U.S. investors.
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, CNX Resources Corporation (RemainCo, GasCo
or CNX), continues to be listed on the NYSE, retaining the ticker
symbol "CNX". Information regarding CNX and its natural gas
business is available at www.cnx.com.
- The coal business, CONSOL Energy Inc. (SpinCo, CoalCo or
CONSOL), is listed on the NYSE under the ticker symbol:
"CEIX". CoalCo owns, operates and develops coal assets,
including 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 is 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 trades on the NYSE under a new ticker symbol:
"CCR". CONSOL 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
CNX prior to the spin-off. Information regarding CONSOL Coal
Resources LP is available at www.ccrlp.com.
- Following the closing of CNX's purchase of Noble Energy's
50% interest in CNX Gathering LLC, which occurred on January 3, 2018, the master limited partnership
that was named CONE Midstream Partners, LP has changed its name to
CNX Midstream Partners LP and now trades on the NYSE under a new
ticker symbol: "CNXM". CNX indirectly owns 100% of the
general partner interests of CNX Midstream Partners LP as well as
all of its incentive distribution rights. Information
regarding CNX Midstream Partners LP is available at
www.cnxmidstream.com.
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SOURCE CNX Resources Corporation; CNX Midstream Partners LP