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Consol Energy prepares for split into two companies


The State Journal

CHARLESTON, W.Va. — Consol Energy is prepared to complete its split into two separate companies before the end of the year. One will focus on coal, and the other will focus on natural gas.

“Today’s filing represents a significant step towards completing the company’s separation, with both entities being well capitalized and free cash flow generating. This strategic separation will enable both businesses to focus on their inherent strengths and unlock value for their shareholders,” Nicholas J. DeIuliis, president and CEO of Consol, said in a statement issued Tuesday, July 11, as the company filed a form with the Securities and Exchange Commission.

The form was filed by Consol Mining Corp., a Consol subsidiary that will hold the coal business at the time of the spin-off. The coal business will be composed of the Pennsylvania Mining Complex (consisting of the Bailey Mine, the Enlow Fork Mine and the Harvey Mine and related coal preparation plant); the company’s ownership interest in CNX Coal Resources LP, a publicly traded master limited partnership that owns a 25 percent undivided interest in the Pennsylvania Mining Complex; the coal export terminal at the Port of Baltimore; undeveloped coal reserves located in the Northern Appalachian, Central Appalachian and Illinois basins; and certain related coal assets and liabilities.

No name was given for the company that will manage the natural gas exploration and production operations.

The form listed the Consol executives who have been assigned to each company.

After the separation, DeIuliis will serve as the president and CEO of the gas business and Don Rush will serve as its executive vice president and chief financial officer.

Jimmy Brock was appointed CEO of the coal business and Katharine Fredriksen as president of the coal business.

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