28 Apr 2020material agreement▼ BadMajor
As COVID-19 hit commodity markets, CNX's lenders cut its credit-facility borrowing base from $2.3 billion to $1.9 billion and capped how much balance-sheet cash it could hold.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2020material agreement▲ GoodMajor
CNX Midstream Partners cancelled all its incentive distribution rights and converted the general partner's 2% interest into a non-economic one. In exchange it issued CNX Gas 26 million common units and 3 million new Class B units, plus $135 million in cash payable in installments through 2022.
29 Oct 2019material agreement● Neutral
CNX amended its credit agreement again, raising its borrowing base from $2.1 billion to $2.3 billion and reaffirming the carve-out allowing Southeastern Asset Management to hold up to 40% of its stock.
30 Apr 2019debt financing● Neutral
CNX amended its credit agreement to extend the maturity to April 24, 2024 and reaffirm the $2.1 billion borrowing base until the next redetermination. The amendment also replaced the cumulative dividend basket with a leverage-based one and lowered the interest rate.
14 Mar 2019debt financing▼ BadMajor
CNX closed a $500 million private offering of 7.25% senior notes due 2027. It planned to use the proceeds to buy up to $400 million of its 5.875% notes due 2022 and repay revolving credit facility debt.
4 Mar 2019material agreement● Neutral
CNX obtained a waiver from its credit-facility lenders to issue up to $650 million of unsecured notes without a borrowing-base cut, and launched a tender offer for up to $400 million of its 5.875% 2022 notes.
31 Aug 2018asset acquisition disposition▲ GoodMajor
CNX closed the roughly $400 million sale of its Ohio Utica joint-venture assets to Ascent Resources.
29 June 2018material agreement▲ GoodMajor
CNX agreed to sell its Ohio Utica Shale joint-venture assets, held together with Hess Corporation, to Ascent Resources for about $400 million net cash, exiting a wet-gas area it judged less attractive than its core opportunities.
16 Mar 2018asset acquisition disposition▲ Good
CNX sold CNX Midstream Partners the remaining 95% of the gathering system serving its Shirley-Penns area for $265 million cash, funded by CNX Midstream's own new $400 million bond issue - a routine 'dropdown' of gathering assets into the MLP.
12 Mar 2018debt financing● Neutral
CNX Resources replaced its 2014 credit facility with a new $2.1 billion senior secured revolving credit facility.
3 Jan 2018asset acquisition disposition▲ GoodMajor
CNX completed the $305 million buyout of Noble Energy's 50% interest in CONE Gathering, giving CNX full ownership of its midstream joint venture.
18 Dec 2017material agreement▲ GoodMajor
CNX Gas agreed to buy Noble Energy's remaining 50% stake in their CONE Gathering midstream joint venture for $305 million cash, which would make CNX Midstream a single-sponsor MLP fully owned by CNX.
4 Dec 2017asset acquisition disposition● NeutralMajor
This 8-K formally documents the November 28, 2017 split of the company into two listed companies: the renamed CNX Resources Corporation (keeps the natural gas business, ticker CNX) and a new coal company, CONSOL Energy Inc. (CEIX). Shareholders of record on November 15, 2017 received one CEIX share for every eight CNX shares (about 28.0 million CEIX shares distributed in total), with cash paid for fractions. The coal assets (including the Pennsylvania Mining Complex, Baltimore Marine Terminal and the interest in CONSOL Coal Resources LP) went to the new company. Five directors (Carpenter, Mills, Platt, Powell, Roberson) and coal COO James Brock moved to the coal company, leaving a six-person CNX board. The two companies signed agreements covering transition services, taxes, employees, intellectual property and name licences; each is barred from using the other's name in its own business for five years. This completes the spin-off planned and described in earlier filings.
1 Dec 2017debt financing▲ GoodMajor
Having just completed its long-planned separation into a pure-play natural gas company (renamed CNX Resources Corporation) and a standalone coal company (new CONSOL Energy Inc., ticker CEIX) on November 28, 2017, CNX amended its credit facility to reflect the split, shrinking the facility from $2.5 billion to $2.0 billion now that coal assets are gone.
2 Dec 2016asset acquisition disposition▲ GoodMajor
CNX Gas and Noble Energy closed their Utica Shale property exchange, with Noble paying CONSOL $213 million cash; each company now fully owns its own areas and their joint development agreement has ended.
16 Nov 2016material agreement● Neutral
CONE Midstream Partners (the CONSOL/Noble Energy midstream joint venture) agreed to buy the remaining 25% of a gathering-system subsidiary from CONE Gathering for $140 million cash plus newly issued partnership units, consolidating that asset under the MLP.
16 Nov 2016asset acquisition disposition● Neutral
CONE Midstream Partners completed the previously announced acquisition of the remaining 25% interest in its DevCo I gathering subsidiary.
31 Oct 2016material agreement▲ GoodMajor
CNX Gas agreed to exchange jointly owned Marcellus Shale properties with Noble Energy, ending their 50-50 joint venture so each company would own 100% of its own operating areas. Noble was to pay CONSOL about $205 million in cash at closing, and the remaining carried-cost obligation was eliminated.
25 July 2016material agreement▲ GoodMajor
CONSOL Energy agreed to sell its Miller Creek and Fola coal mine complexes in West Virginia to Southeastern Land, LLC, another step in exiting coal.
26 Apr 2016debt financing● Neutral
CONSOL Energy signed Amendment No. 2 to its credit agreement on April 20, 2016. It must prepay loans when cash exceeds $150 million for two business days and mortgage 85% of proved reserves, and it pledged its CONE Gathering and CONE Midstream equity as collateral.
6 Apr 2016asset acquisition disposition▲ GoodMajor
CONSOL Energy closed the sale of the Buchanan Mine and related coal assets to Coronado for $420 million, including $402.8 million cash at closing.
29 Feb 2016material agreement▲ GoodMajor
CONSOL Energy agreed to sell its Buchanan metallurgical coal mine, the Amonate mining complex, and related Virginia/Pennsylvania coal reserves to Coronado IV LLC for a base price of $420 million, continuing its shift away from coal.
13 July 2015material agreement termination● Neutral
CONSOL Energy paid off and terminated its accounts-receivable securitization facility with no early-termination penalties.
26 May 2015debt financing● NeutralMajor
CONSOL Energy amended its credit agreement to clear the way for possible future spinoffs of its thermal-coal and metallurgical-coal businesses, and to let those coal subsidiaries raise their own separate debt - an early step toward what would become its 2017 gas/coal separation.
30 Mar 2015debt financing▼ BadMajor
CONSOL Energy closed a $500 million private placement of 8.000% senior notes due 2023. It planned to use the proceeds, plus revolver borrowings if needed, to buy back its 8.25% notes due 2020 and 6.375% notes due 2021 in tender offers.
12 Aug 2014debt financing● Neutral
CONSOL Energy issued another $250 million of its 5.875% senior notes due 2022, adding to the $1.6 billion issued in April.
24 June 2014debt financing● Neutral
CONSOL Energy replaced its two existing $1.0 billion credit facilities (one for the parent, one for CNX Gas) with a single new $2.0 billion senior secured revolving credit facility.
16 Apr 2014debt financing● NeutralMajor
CONSOL Energy closed its planned $1.6 billion offering of 5.875% senior notes due 2022.
7 Apr 2014drilling progress report▲ GoodMajor
CONSOL Energy (the diversified coal-and-gas company that later became pure-play CNX Resources) reported record first-quarter gas production, up 23% year-over-year on nearly doubled Marcellus Shale output, raised its coal production guidance, and flagged a planned $1.6 billion bond offering.