CONSOL & Noble to Form New MLP Midstream Subsidiary

In 2011 CONSOL Energy had amassed some 750,000 Marcellus Shale acres but didn't have enough money to drill it all on their own. So they did what many energy companies do--they got a joint venture partner. CONSOL cut a deal with Noble Energy to split the proceeds 50/50, with CONSOL drilling in the dry gas areas and Noble drilling in the wet gas areas (see Noble Energy and CONSOL to Partner on Marcellus in $3.4B Deal). The two jv partners announced yesterday their intent to form a master limited partnership (MLP) that will form a new midstream company (pipelines) to service their vast drilling operations...

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