Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Division to Lead to Spin-Off Consol Unveils Plans for Total Gas-Coal Split This Year

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Division to Lead to Spin-Off Consol Unveils Plans for Total Gas-Coal Split This Year

Article excerpt

Consol Energy Inc. hopes to fully separate its oil and gas business from its historic coal mining side by the end of the year, the Cecil-based company announced Tuesday.

Consol filed a registration statement to spin off a public company that will be in charge of the Bailey, Enlow Fork, and Harvey mines in southwestern Pennsylvania, a coal preparation plant, the Baltimore coal export terminal, and undeveloped reserves in Appalachia and the Illinois basin, as well as other assets and liabilities.

The new firm will also take over Consol Energy's 25 percent interest in CNX Coal Resources LP, an earlier spinout that holds a 25 percent interest in the southwestern Pennsylvania mine complex.

The remaining oil and gas business will be given a new name, while the mining company will trade under Consol Energy Inc. …

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