PITTSBURGH, Nov. 29, 2017 /PRNewswire/ — CNX Resources Corporation (NYSE: CNX) (CNX Resources or the Company), formerly named CONSOL Energy Inc., announced today that it has completed the spin-off of CONSOL Energy Inc. (NYSE: CEIX), formerly named CONSOL Mining Corporation, creating two publicly-traded companies–a natural gas exploration and production (E&P) company and a coal company. Today marks the first day of post-separation trading in each company’s common stock on the New York Stock Exchange.
“Today’s historic announcement is the culmination of a strategy over a decade in the making. Our objective was to once again transform a 150-year old institution, which owns and operates the best natural gas and coal assets in the world. We have accomplished that goal and, in doing so, positioned two new companies to dedicate singular focus to their individual industries and market segments. The E&P company is now one of the premiere pure-play natural gas E&P companies with a significant Marcellus and Utica Shale legacy acreage position, low-cost structure, and stacked pay opportunities, while the coal company holds some of the best coal assets in the world and is positioned to dominate the coal space for years to come,” commented Nicholas J. DeIuliis, CNX Resources’ President and Chief Executive Officer.
Under the terms of the separation, on November 28, 2017, the Company’s stockholders received a distribution of one share of common stock of the newly named CONSOL Energy for every 8 shares of the Company’s common stock held as of the close of business on the record date of November 15, 2017. No fractional shares of CONSOL Energy were issued and stockholders received cash in lieu of fractional shares. The Company’s stockholders retained their shares of Company common stock, but as a result of the name change, these shares now represent shares of CNX Resources Corporation.
In connection with the distribution, the Company changed its name from CONSOL Energy Inc. to CNX Resources Corporation and retained its ticker symbol “CNX” on the New York Stock Exchange. At the same time, the newly formed CONSOL Mining Corporation changed its name to CONSOL Energy Inc. and its common stock begins trading today on the New York Stock Exchange under the ticker symbol “CEIX”.
About CNX Resources
CNX Resources Corporation is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. The company deploys an organic growth strategy focused on