What`s Going on With Consol?

Marcellus Drilling News is hearing/reporting that Consol is poised to sell itself to Noble Energy.    Any other news or rumors reporting the same?   What`s going on with Consol????

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Mike MurphyPermalink Reply by Mike Murphy on July 17, 2015 at 3:43pm

CONSOL Energy To Form MLP With Noble Energy; IPO To Come

By Eric Niederer June 12, 2014 8:43 AM
CONSOL Energy Inc.
NYSEFri, Jul 17, 2015 4:03 PM EDT
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Noble Energy, Inc.
NYSEFri, Jul 17, 2015 4:01 PM EDT

Before the market open on Thursday, CONSOL Energy (NYSE: CNX) and Noble Energy (NYSE: NBL) announced that the companies intend to form a master limited partnership (MLP).

The purpose for the venture is to "provide mainstream gathering services for production from their jointly owned acreage in the Marcellus Shale."

Additionally, an S-1 form has been confidentially filed with the SEC for an initial public offering of common units of the MLP, which is expected to be completed either late in the third or early in the fourth quarter of 2014. Following the IPO, CONSOL and Noble would own a majority of the limited partner interests and incentive distribution rights.

As of now, the IPO is still subject to approval of Noble Energy's board, as well as a variety of market and other conditions.

Following the announcement, shares of CONSOL are trading up as much as two percent in the pre-market.

Permalink Reply by rmc on July 19, 2015 at 1:30am
Lots of rumors I guess we just have to wait and see.
Permalink Reply by searcherone on July 19, 2015 at 1:51am

These three facts are not rumors.  Consol has a number of riverfront acres for sale in Monroe and Washington counties of Ohio for very big works.  Someone in the know commented that they needed to raise cash for drilling.   Second item Consol canceled summer internships for WVU petroleum engineers at end of semester leaving the students in a lurch.   In Noble County Ohio Consol has walked away from a pad in preparation and have not returned to finish it.

IMHO it all spells finances.   And do the skills of a coal company translate into skills of an o/g company?

Permalink Reply by Erik V. on July 19, 2015 at 4:32am

You are right on track Searcherone.  Consol is in a tailspin and the main cause is their upper management, starting with their CEO.  These  people have never worked in the field and haven't a clue about how to manage coal or oil/gas.  Their layoffs of recent are targeting the people in the field that are trying to keep the ship afloat.  No top execs have been fired to date.  How long are the board and shareholders going to put up with this?  Consol shares are half of what they were just a few weeks ago.  And get this...their management team was forecasting 30% growth just a few months ago when the price of coal, oil and gas was tanking.  I also saw a video of their CEO giving all the oil and gas people a 20% raise and telling all their other support people sorry but you aren't getting a raise.  How stupid can Consol management get? 

Permalink Reply by farmgas on July 19, 2015 at 5:24am

Did the events happen last Friday as reported by MDN?  What about Noble Energy....any news from them?

Permalink Reply by farmgas on July 20, 2015 at 5:36am

Consol is now reporting a 2nd quarter loss!    What will this mean for them for the remainder of 2015 and next year, 2016?

Permalink Reply by HardRock on July 20, 2015 at 7:35am
I tend to agree with searcherone. Having worked for the company, that fish is rotting from the head down. Hopefully those let go can find work elsewhere.
Permalink Reply by farmgas on July 29, 2015 at 12:35am

Now that Consol`s 2Q report is out, how does it look for Consol moving forward into 2016 and beyond?  What will it mean for them to not drill any wells for 18 months?   Will other gas companies do the same?

Permalink Reply by farmgas on September 17, 2015 at 8:59am

Any news or rumors about Consol`s future plans?

Permalink Reply by farmgas on October 6, 2015 at 7:15am

Any rumors of the pending sale of Consol Energy's gas and coal divisions?   Who`s buying??

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