Consol Energy Inc.’soil and gas exploration and production (E&P) segment began trading separately from the coal business on Wednesday (Nov. 29), rebranding as CNX Resources Corp. and retaining the ticker symbol “CNX” on the New York Stock Exchange. Consol Mining Corp. has become Consol Energy Inc. and is trading under “CEIX. Management worked for roughly a decade to evolve from being a coal-centric company to one focused on natural gas. The separation was finalized in October.
The U.S. Department of Justice has cleared the proposed OneStim joint venture (JV) between Schlumberger Ltd. and Weatherford International Ltd. The approval should allow the JV to be completed before the end of the year. Schlumberger agreed to majority own (70%) the partnership and operate OneStim with Weatherford (30%). Schlumberger is combining its estimated 2 million hydraulic hp (hhp) with Weatherford, which has around 1 million hhp. Together, the partners would control the second largest fracturing fleet in North America after Halliburton Co.
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