CONE Midstream’s IPO Takes in $423M, Market Cap Already $1.71B!

A little over a month ago CONSOL Energy and Noble Energy, two otherwise competitors that often cooperate on drilling programs in the northeast, together formed a new pipeline company called CONE Midstream (see CONSOL & Noble Energy Form New Marcellus Midstream Company). A couple of weeks ago CONSOL & Noble announced they would float an initial public offering (IPO) to sell stock in the new venture, hoping to raise $423 million (see CONSOL/Noble IPO for CONE Midstream Hopes to Raise $423M). Good news: Mission accomplished. Yesterday CONE issued a press release saying the IPO of 20.1 million shares for $22 per share has successfully closed…

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