CNX Resources

CNX Resources Corporation is a natural gas company based in Pittsburgh. The company was known as Consol Energy until separating into CNX (natural gas) and Consol Energy (coal) in 2017.

CNX Resources Corporation
Public company
Traded asNYSE: CNX
S&P 400 component
IndustryNatural gas
Key people
 Nick Deluliis, CEO & President
ProductsNatural gas
Production output
1.829 billion cubic feet of natural gas equivalent per day (2019)
Revenue $1.267 billion (2019)
$0.175 billion (2019)
Total assets $9.060 billion (2019)
Total equity $4.962 billion (2019)
Number of employees
467 (2019)
Websitewww.cnx.com
Footnotes / references
[1]
CNX Resources Headquarters

The company operates in the Appalachian Basin. It was the first company to use an electric fracking fleet in the Appalachian Basin. These electric fleets reduce diesel, emissions, traffic, and more by using gas directly from the well to power an electric turbine.[2]

In 2018, CNX ranked as the 9th largest natural gas company by production.[3]

The company is the majority owner of CNX Midstream, a publicly-traded master limited partnership that owns and operates midstream energy assets including dehydration facilities and condensate handling facilities in the Marcellus Shale play in Pennsylvania and West Virginia.[1]

History

In 1860, the company was founded as Consolidation Coal Company. It began as a coal mining company in 1864.[4]

The company started extracting coalbed methane in 1988.[5]

Dupont and Rheinbraun A.G. formed a joint venture in 1991.[6][4]

In May 1999, the company became a public company via an initial public offering.[7]

In 2010, the company moved into its LEED certified headquarters in Cecil Township, Washington County, Pennsylvania.[8][9]

In April 2010, the company acquired the natural gas business of Dominion Resources, which increased its drilling properties and made it one of the largest natural gas production companies in the Marcellus Shale formation.[10][11]

In 2017, the company completed the corporate spin-off of Consol Energy and changed its name to CNX Resources Corporation.[12][13]

In January 2018, the company purchased a 50% interest in CONE Gathering LLC from Noble Energy and rebranded it as CNX Midstream Partners LP.[14]

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See also

References
  1. "CNX Resources Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Gough, Paul (August 22, 2019). "THE FUTURE IS GREEN Electric fracking promises millions in savings, reduction in emissions". American City Business Journals.
  3. "Fourth Quarter Production" (PDF). Natural Gas Supply Association.
  4. "History of CONSOL Energy Inc". FundingUniverse.
  5. "Consol Energy Beefs Up CBM Reserves for PA, WV and VA Generators". Natural Gas Intel. August 10, 2001.
  6. "COMPANY NEWS; Du Pont Agrees to Sell Half of Coal Operation". The New York Times. Associated Press. November 28, 1991. ISSN 0362-4331.
  7. Guzzo, Maria (May 10, 1999). "Consol IPO brings less than expected". American City Business Journals.
  8. "Consol Energy Corporate Headquarters". U.S. Green Building Council.
  9. "Consol moving to Southpointe". Pittsburgh Post-Gazette. April 19, 2006.
  10. Maher, Kris; Casselman, Ben (March 16, 2010). "Coal Giant Consol Is Latest to Buy Gas". The Wall Street Journal. ISSN 0099-9660.
  11. "CONSOL Energy Closes on Deal To Acquire Dominion's Appalachian E&P Business for $3.475 Billion in Cash" (Press release). PR Newswire. April 30, 2010.
  12. Dezember, Ryan (November 29, 2017). "One of America's Oldest Energy Producers Splits in Two".
  13. "CNX Resources Corporation Completes Spin-Off of CONSOL Energy Inc" (Press release). PR Newswire. November 29, 2017.
  14. Federoff, Stacey (January 4, 2018). "CNX closes deal to acquire interest in Cone Midstream Partners". American City Business Journals.
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