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Board approves Consol Energy’s coal business separation

Published by , Assistant Editor
World Coal,

CONSOL Energy Inc.’s board of directors have approved the company’s previously announced separation into two publicly-traded companies ­­­– a coal company and a natural gas exploration and production (E&P) company ­– and has declared a pro rata distribution of all of the outstanding shares of CONSOL Mining Corp. (CoalCo) common stock to the company’s stockholders. 

On 28 November 2017, the expected distribution date, CONSOL stockholders will receive one share of common stock of CoalCo for every eight shares of CONSOL common stock held as of the close of business on 15 November 2017.

No action is required for CONSOL stockholders to receive shares of CoalCo common stock in the distribution. On or around 3 November 2017, CONSOL expects to inform those stockholders entitled to the distribution of CoalCo common stock.

After the distribution, CoalCo will be an independent, publicly-traded company and will retain no ownership interest.

In connection with the distribution, the current parent CONSOL Energy will change its name to CNX Resources Corp., and will retain its ticker symbol ‘CNX’ on the New York Stock Exchange.

Concurrently, CoalCo will change its name to CONSOL ENERGY Inc., and its common stock will trade on the New York Stock Exchange under the ticker symbol ‘CEIX’.

CNX Coal Resources LP will also change its name, going instead by CONSOL Coal Resources LP.

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