Consol creates new gas subsidiary

CONSOL Energy announced this week it has created CNX Gas Corporation, which it will operate as a wholly owned subsidiary.

Staff Reporter

Approximately 18.5% of the newly established company’s outstanding common stock will be sold in a private transaction.

Consol’s gas business will now be owned, operated and conducted by CNX as a separate entity.

Consol released a statement July 7 saying the private common stock sale will not be registered under the United States Securities Act of 1933 or under any other US state securities laws.

Pittsburgh, Pennsylvania-based Consol is one of the country’s largest producers of high-Btu bituminous coal, with 17 mining complexes in six states.

loader