•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    CONSOL to form midstream MLP with Noble Energy

    CONSOL Energy Inc. (NYSE: CNX) and its Marcellus shale joint venture partner, Noble Energy Inc., intend to form a master limited partnership (MLP) to provide midstream gathering services for production from their jointly owned acreage in the Marcellus shale play. 

    In furtherance of that intention, CONSOL and Noble Energy have caused a draft registration statement on Form S-1 to be confidentially submitted to the US Securities and Exchange Commission (SEC) for an initial public offering of common units of the MLP. The offering is expected to be completed late in the third quarter or early in the fourth quarter of 2014.  

    Following the closing of the initial public offering, CONSOL and Noble Energy will control the general partner of the MLP, which will own the incentive distribution rights, and will collectively own a majority of the limited partner interests of the MLP.

    CONSOL and Noble Energy's 50/50 joint venture, CONE Gathering LLC, is anticipated to own the general partner of the MLP, which would retain incentive distribution rights and a majority of the MLP's common units. The number of common units to be offered and the price range for the offering will be determined prior to the commencement of the offering, which would occur following the review period with the SEC.

    A decision to proceed with this potential offering will be subject to an assessment of various market and other conditions, as well as authorization from Noble Energy’s board of directors.

     

     

    Related Articles

    SM Energy appoints new director

    08/21/2014 SM Energy Co. reports that Ramiro G. Peru has been appointed to serve as a director of the company, effective Aug. 20. Peru will serve as an independent director and as a member of the Compensation...

    BP names new CEO of US shale unit

    08/21/2014

    BP has named David Lawler as CEO of its US Lower 48 Onshore business.

    SandRidge makes executive management changes

    08/21/2014

    SandRidge Energy Inc. reports that David C. Lawler, executive vce president and COO, has resigned to become BP’s CEO of its US Lower 48 Onshore business.

    Audubon names VP of offshore business line

    08/21/2014

    Audubon has appointed Terry Mienie as vice president of the company’s offshore business line.

    Wild Well expands presence in Asia Pacific

    08/20/2014

    Wild Well Control Inc. has hired Wayne Stennes and Christian Haustead to further increase the company’s service offerings and presence in the Asia Pacific region.

    More Oil & Gas Financial Articles

    SM Energy appoints new director

    Thu, Aug 21, 2014

    SM Energy Co. reports that Ramiro G. Peru has been appointed to serve as a director of the company, effective Aug. 20. Peru will serve as an independent director and as a member of the Compensation Committee of the board of directors.

    BP names new CEO of US shale unit

    Thu, Aug 21, 2014

    BP has named David Lawler as CEO of its US Lower 48 Onshore business.

    SandRidge makes executive management changes

    Thu, Aug 21, 2014

    SandRidge Energy Inc. reports that David C. Lawler, executive vce president and COO, has resigned to become BP’s CEO of its US Lower 48 Onshore business.

    Audubon names VP of offshore business line

    Thu, Aug 21, 2014

    Audubon has appointed Terry Mienie as vice president of the company’s offshore business line.

    Wild Well expands presence in Asia Pacific

    Wed, Aug 20, 2014

    Wild Well Control Inc. has hired Wayne Stennes and Christian Haustead to further increase the company’s service offerings and presence in the Asia Pacific region.

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ