CONE Midstream’s Strong Beginning, Hits 500 Mmcf/d 6 Mos Early

NOTE: The original version of this article incorrectly stated CONE had hit 1 billion cubic feet per day of throughput. MDN regrets the mathematical error!

In August 2014, CONSOL Energy and Noble Energy formed a midstream joint venture called CONE Midstream to primarily serve to connect their Marcellus and Utica wells (see CONSOL & Noble Energy Form New Marcellus Midstream Company). In October, CONE floated an initial public offering (IPO) to sell units (units are like stocks for master limited partnerships) in the new jv, raising $423 million (see CONE Midstream’s IPO Takes in $423M, Market Cap Already $1.71B!). The fledgling jv is growing up fast. The company has already passed the 500 million cubic feet per day (Mmcf/d) of throughput on its pipeline system–six months ahead of schedule. In 2014 the company had $15.3 million of revenue…

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