CNX’s Competitive Advantage: Owning Its Own Pipelines

We love a story about an individual or company that defies conventional wisdom and succeeds by charting its own course separate from the herd. Diversified Gas & Oil (DGO) is one such company. DGO buys up older conventional (and shale) wells in Appalachia, making money off the “long tail” of low production (see Diversified Zags, Finds Profit in Appalachian Conventional Wells). Another company charting a different path is CNX Resources. Yesterday we told you CNX is buying out the rest of its midstream/pipeline subsidiary (see CNX Resources Buying/Merging in Rest of CNX Midstream for $357M). Why is CNX buying back their pipeline operations, when so many others are selling pipeline operations?

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