ADVFN - Advanced Financial Network.
HOME» NYSE » C » CNX Stock Price » CNX Stock News

Cons Energy Share News

 Consol Energy Stock Price
CNX Stock Price
 Consol Energy Stock Chart
CNX Stock Chart
 Consol Energy Stock News
CNX Stock News
 Consol Energy Company Information
CNX Company Information
 Consol Energy Stock Trades
CNX Stock Trades

Noble Energy To Pay $3.4 Billion To Develop Marcellus Shale With Consolidated

DOW JONES NEWSWIRES Noble Energy Inc. (NBL) and Consol Energy Inc. (CNX) agreed to jointly develop Consol's interest in the Marcellus Shale under a deal that will see Noble pay about $3.4 billion for a 50% stake in Consol's interest. Energy companies have made a big bet in recent years on developing shale-gas assets in the U.S., particularly within the massive Marcellus Shale in Pennsylvania and West Virginia. Consol acquired its 663,350 acreage in the area 15 months ago as part of its deal for Dominion Resources Inc.'s (D) Appalachian exploration and production business. Consol shares surged 6.7% to $45.25 premarket, while Noble was inactive and closed Wednesday at $87.94. Consol has increasingly been focusing on natural gas production, announcing in June it would close one of its idled Western Pennsylvania coal mines to focus on more profitable coal and Marcellus shale gas operations. Meanwhile, oil-and-gas producer Noble has said it will ramp up spending in the second half of the year in basins from Colorado to West Africa and the Mediterranean Sea. "We have spent considerable time looking for the right entry point into the Marcellus and I believe, with Consol, we have found the perfect partner that we have been searching for," Noble Chief Executive Charles D. Davidson said. Under the terms of the deal, Noble Energy will acquire the 50% interest for $1.07 billion, payable in three equal installments. Consol and Noble will also enter into a joint development agreement under which Noble will pay $2.13 billion in the form of a 1/3 drilling carry of certain Consol working interest obligations as the acreage is developed. Also, Noble will pay $160 million at closing for Consol's existing Marcellus Shale wells and $59 million for 50% interest in the gathering assets. The joint development plan calls for the rig count to increase from four rigs currently drilling in the Marcellus to eight rigs in 2012 and 12 rigs in 2013, eventually reaching 16 in 2015. Consol will operate in the dry gas areas of the acreage, and after a transition period, Noble will operate the wet gas acreage, making up about 20% of the acreage. Consol also reaffirmed its 2015 production target of 350 billion cubic feet. The deal is expected to close Sept. 30. -By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com

Stock News for Cons Energy (CNX)
DateTimeHeadline
04/08/201417:04:29MARKET SNAPSHOT: U.S. Stocks Edge Higher After 3-session Slide
04/08/201416:44:25MARKET SNAPSHOT: U.S. Stocks Post Modest Gains
04/08/201413:36:39MARKET SNAPSHOT: U.S. Stocks Waver As Ukraine Fears Hit Global...
01/31/201409:32:15U.S. Hot Stocks: Hot Stocks to Watch
12/10/201308:39:05Dominion to Lease Marcellus Rights to Consolidated in West Virginia
11/15/201308:27:47S.A.C. Capital Advisors LP 3Q 13F: Holdings As Of -2-
11/15/201308:27:47S.A.C. Capital Advisors LP 3Q 13F: Holdings As Of Sep 30
11/15/201307:34:04TPG-Axon Capital 3Q 13F: Largest Purchases
11/15/201307:34:04TPG-Axon Capital 3Q 13F: Holdings As Of Sep 30
11/15/201307:04:38Bridgewater Associates LP 3Q 13F: Largest Sales
11/15/201306:57:24Millennium Management 3Q 13F: Holdings As Of Sep -2-
11/15/201306:57:23Millennium Management 3Q 13F: Holdings As Of Sep 30
11/14/201307:21:26GAMCO Asset Management Inc. 3Q 13F: Largest Purchases
11/14/201307:21:26GAMCO Asset Management Inc. 3Q 13F: Largest -2-
11/14/201307:21:23GAMCO Asset Management Inc. 3Q 13F: Holdings As -2-
11/14/201307:21:23GAMCO Asset Management Inc. 3Q 13F: Holdings As Of Sep 30
10/14/201306:58:01U.S. Hot Stocks Futures: Hot Stocks to Watch
01/31/201307:59:56Consolidated Energy 4th-Quarter Net Down 23% on Lower Coal Production
01/25/201315:44:04WEEK AHEAD: Earnings Reporting to Continue with Tech, Energy
12/17/201209:10:03U.S. HOT STOCKS FUTURES: HOT STOCKS TO WATCH

Cons Energy and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad