CNX Resources Corp. said Thursday it would rename Cone Midstream Partners LP and dedicate more dry natural gas Utica Shale acreage to the system to enable the businesses to grow.
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Cone Midstream Partners LP said Wednesday it has agreed to acquire the remaining interest in more than 125 miles of pipelines and 650 MMcf/d of natural gas compression capacity from sponsors Consol Energy Inc. and Noble Energy Inc. in a deal valued at $248 million.
Two master limited partnership (MLP) midstream organizations created for the shale gas revolution, Summit Midstream Partners LP and Cone Midstream Partners LP, stayed relatively sanguine about the future based on their respective 3Q2016 earnings conference calls with analysts last week.
Consol Energy Inc. and Noble Energy Inc.’s bid to take their midstream assets public paid off in a big way Thursday. The market debut found their master limited partnership (MLP) raising more than expected, and shares skyrocketed in a nod of confidence for one of the largest midstream systems yet to go public in the Appalachian Basin.