Advanced Chart
  • Wed, Nov. 16, 8:41 AM
    • Cone Midstream Partners (NYSE:CNNX) agrees to acquire an additional 25% interest in Cone Midstream DevCo's pipeline systems, known as Anchor Systems, from joint owners Consol Energy (NYSE:CNX) and Noble Energy (NYSE:NBL) for $248M in cash and stock.
    • Cone, an MLP formed by CNX, will own the entire group of assets after paying both CNX and NBL $70M in cash and 2.6M units.
    • The assets include 125 miles of pipelines with 650M cf/day of capacity in the Marcellus Shale.
    • CNNX expects the deal's anticipated increase in distributable cash flow will raise its future cash distribution coverage and enhance the ability to continue to grow quarterly cash distributions over time.
    | Wed, Nov. 16, 8:41 AM | 3 Comments
  • Mon, Oct. 3, 3:09 PM
    • CNX Coal Resources (CNXC +4.8%) agrees to acquire an additional 5% interest in the Pennsylvania Mining Complex from Consol Energy (CNX +1.3%) for $88.8M, bringing its total ownership stake to 25%.
    • The companies say the deal moves CNX a step closer to its goal of fully separating the coal and gas businesses, while strengthening CNXC's balance sheet and liquidity position.
    • CNXC says it funded the deal with a combination of available borrowings under its credit facility and the issuance of convertible preferred units.
    | Mon, Oct. 3, 3:09 PM
  • Oct. 28, 2013, 2:29 PM
    • Investors' negative initial reaction to news that Consol Energy (CNX +0.9%) will sell five Appalachian coal mines for $3.5B to focus on natural gas turned positive as a consensus forms that the decision was a “positive for streamlining the company."
    • We’ll look at everything," CEO Brett Harvey said on a call with analysts but implied that a more radical break-up of the group was more likely to come after it realizes its ambitions for increasing gas production.
    • CNX is selling ~28% of its coal EBITDA with the transaction, and the remaining coal has "optionality," allowing CNX to seek the highest margin; it is retaining the premium Buchanan mine, with 5M tons of production capacity, and the Western Allegheny joint venture, which is ramping to 1M tons of production capacity.
    | Oct. 28, 2013, 2:29 PM | 3 Comments
  • Oct. 28, 2013, 8:15 AM
    • Consol Energy (CNX) agrees to sell its Consolidation Coal Company subsidiary, which contains all five of its longwall coal mines in West Virginia, to a subsidiary of Murray Energy in a deal valued at $3.5B, which CNX calls a "transformative step" in advancing its E&P growth strategy.
    • The mines being sold produced a combined 28.5M tons of thermal coal in 2012; CNX's river and dock operations, including a fleet of 21 towboats and 600 barges, are part of the transaction.
    • CNX cuts its dividend in half to an annual rate of $0.25/share, which it says reflects the increased emphasis on growth.
    • Says the deal will de-lever $2.4B in balance sheet liabilities, and expects to record ~$1.3B of pre-tax gain in Q4.
    • CNX -1.9% premarket.
    | Oct. 28, 2013, 8:15 AM | 2 Comments
  • Oct. 18, 2013, 2:41 PM
    • Consol Energy (CNX +0.6%) would be valued at as much as $50/share, 32% higher than yesterday's close, if it follows through on splitting its coal and natural gas businesses, Deutsche Bank and Raymond James say.
    • Antero Resources (AR), a shale gas producer with similar acreage and reserve quality to CNX, made a strong trading debut last week, indicating there may be unrealized value in Consol, Brean Capital's Lucas Pipes says.
    • CNX "holds tremendous long-term value, a substantial amount of which is locked up within" the gas business, RJ says; CNX could wait for production volumes and commodity prices to improve until each business is self-reliant, or it could immediately spin off the gas portion, leaving the debt with the coal company which generates enough cash flow to support it.
    | Oct. 18, 2013, 2:41 PM
  • Dec. 6, 2012, 9:18 AM

    Investors seem to take seriously the latest takeover chatter surrounding Walter Energy (WLT), sending shares +7.5% premarket as vague rumors circulate that bidders could emerge. BHP Billiton (BHP) is said to be interested again; Glencore (GLCNF.PK) could be another candidate; Anglo American has been mentioned in the past. Other coal names are up: ANR +1.9%, CNX +1.6%, ACI +1.3%, BTU +0.8%.

    | Dec. 6, 2012, 9:18 AM | 5 Comments