CONSOL Energy Split Done – Meet “New” Gas Driller CNX Resources

CONSOL Energy, headquartered in Pittsburgh, began life as a coal company some 150 years ago. For the past half dozen years MDN has reported on CONSOL’s transformation from coal company to natural gas company. That transformation, as of yesterday, is complete. In July CONSOL filed paperwork with the Securities and Exchange Commission that laid out a plan to split the company in two, into a coal company and a natural gas exploration and production company (see CONSOL Energy’s Split into 2 Companies Nearly Complete, New Name?). Yesterday was the first day for the separated companies. CONSOL the coal company retains the CONSOL Energy name and get various coal mines and other coal-related assets. The CEO of the coal company is Jimmy Brock. Meanwhile, CONSOL the natural gas driller got a new name–CNX Resources–and retains all of the other assets. Nick DeIuliis, former president and CEO of CONSOL Energy when it was all one company, is the president and CEO of CNX Resources. In speaking about the newly separated gas drilling company, CNX Resources COO Tim Dugan said this: “You’ll see the Utica becoming a larger and larger part of our development.” Here’s the big news that CONSOL is now split into two different companies…

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