CNX Resources Corp

CNX closed the $200 million add-on notes offering at 100.5% of par, with proceeds set to help fund the pending Apex Energy acquisition and pay down revolver borrowings ahead of that deal's closing.

debt financing

CNX agreed to a private add-on offering of $200 million of its 7.250% 2032 notes, earmarking part of the proceeds to help fund its pending acquisition of Apex Energy (PA), LLC and two related Apex entities - CNX's first disclosed acquisition move since consolidating CNX Midstream in 2020.

material agreement

CNX completed its buy-in of CNX Midstream Partners: public common units converted into CNX shares at the agreed 0.88 ratio, and CNX Midstream units were suspended from NYSE trading - ending the MLP structure that began as the CONSOL/Noble Energy CONE Midstream joint venture.

business combination

Registration statement for CNX buying in the public units of its own midstream affiliate, CNX Midstream Partners, at 0.88 CNX shares per unit - an implied $8.47 a unit on the day before the deal was announced, plus one extra $0.4171 distribution, and better than CNX's opening proposal. The partnership's conflicts committee got its own adviser, Intrepid Partners, but unitholders have no appraisal rights and lose their quarterly distributions once they become CNX shareholders.

business combination

CNX agreed to buy in all of the publicly held common units of CNX Midstream Partners it didn't already own, exchanging each for 0.88 shares of CNX stock and taking the midstream MLP fully private as a wholly owned subsidiary.

business combination

As COVID-19 hit commodity markets, CNX's lenders cut its credit-facility borrowing base from $2.3 billion to $1.9 billion and capped how much balance-sheet cash it could hold.

material agreement

CNX Midstream Partners eliminated all of its incentive distribution rights and converted its general partner's 2% stake into a non-economic interest, in exchange for issuing CNX Gas 26 million common units, 3 million new Class B units, and $135 million cash payable through 2022 - simplifying the MLP's structure ahead of CNX later buying in the rest of it.

material agreement

CNX completed a $500 million offering of 7.25% senior notes due 2027 - a materially higher coupon than its 2014-era debt, reflecting a tighter credit market for the sector.

debt financing

CNX closed the roughly $400 million sale of its Ohio Utica joint-venture assets to Ascent Resources.

asset acquisition disposition

CNX agreed to sell its Ohio Utica Shale joint-venture assets, held together with Hess Corporation, to Ascent Resources for about $400 million net cash, exiting a wet-gas area it judged less attractive than its core opportunities.

material agreement

CNX completed the $305 million buyout of Noble Energy's 50% interest in CONE Gathering, giving CNX full ownership of its midstream joint venture.

asset acquisition disposition

CNX Gas agreed to buy Noble Energy's remaining 50% stake in their CONE Gathering midstream joint venture for $305 million cash, which would make CNX Midstream a single-sponsor MLP fully owned by CNX.

material agreement

Having just completed its long-planned separation into a pure-play natural gas company (renamed CNX Resources Corporation) and a standalone coal company (new CONSOL Energy Inc., ticker CEIX) on November 28, 2017, CNX amended its credit facility to reflect the split, shrinking the facility from $2.5 billion to $2.0 billion now that coal assets are gone.

debt financing

CNX Gas and Noble Energy closed their Utica Shale property exchange, with Noble paying CONSOL $213 million cash; each company now fully owns its own areas and their joint development agreement has ended.

asset acquisition disposition

CNX Gas agreed to swap jointly-owned Utica Shale properties with longtime joint-development partner Noble Energy so each company would fully own its own geographic areas, with Noble paying CONSOL $205 million cash and ending their multi-year cost-sharing arrangement.

material agreement

CONSOL Energy agreed to sell its Miller Creek and Fola coal mine complexes in West Virginia to Southeastern Land, LLC, another step in exiting coal.

material agreement

CONSOL Energy closed the sale of the Buchanan Mine and related coal assets to Coronado for $420 million, including $402.8 million cash at closing.

asset acquisition disposition

CONSOL Energy agreed to sell its Buchanan metallurgical coal mine, the Amonate mining complex, and related Virginia/Pennsylvania coal reserves to Coronado IV LLC for a base price of $420 million, continuing its shift away from coal.

material agreement

CONSOL Energy amended its credit agreement to clear the way for possible future spinoffs of its thermal-coal and metallurgical-coal businesses, and to let those coal subsidiaries raise their own separate debt - an early step toward what would become its 2017 gas/coal separation.

debt financing

As commodity prices slid, CONSOL Energy issued new senior notes due 2023 at an 8.000% coupon - a notably higher rate than its 2014 borrowings, reflecting the tougher market.

debt financing

CONSOL Energy closed its planned $1.6 billion offering of 5.875% senior notes due 2022.

debt financing

CONSOL Energy (the diversified coal-and-gas company that later became pure-play CNX Resources) reported record first-quarter gas production, up 23% year-over-year on nearly doubled Marcellus Shale output, raised its coal production guidance, and flagged a planned $1.6 billion bond offering.

drilling progress report