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Consolidated Energy Sells Some Non-Producing Assets to Cloud Peak for $170 Million

By Melodie Warner Consol Energy Inc. (CNX) agreed to sell its non-producing northern Powder River Basin assets for $170 million in cash to Cloud Peak Energy Inc. (CLD) as the coal and natural-gas producer continues to sell assets to fund its capital budget. The company's northern PRB assets, including Youngs Creek Mining Co. and CX Ranch, both of which are 50% owned by Chevron Corp. (CVX), and additional related properties are in and around Sheridan, Wyo. ConSuresol will retain an 8% production royalty interest on roughly 200 million tons of permitted fee coal. The company paid $3.47 billion for Dominion Resources Inc.'s (D) Appalachian exploration and production business in April 2010. Consol said that since that time, it has "been organically growing our coal and gas businesses in Appalachia while divesting properties that are more naturally suited to others." So far this year, Consol's asset sales have totaled $224 million. The company plans to put the cash towards its 2012 capital expenditure program, which includes both growth and maintenance projects. None of the assets sold in 2012 generated revenue for Consol. U.S. coal producers have battled stiff headwinds as natural gas prices dip to 10-year lows. But Consol Energy, which makes most of its income from coal, has seen strong profits in recent quarters, as its exports feed strong demand from steelmakers in emerging markets like China. Consol formed partnership with Hess Corp. (HES) to jointly developing its Utica Shale holdings in Ohio. But as natural gas prices continued to slide, the company said it was scaling back its development plans in the Marcellus Shale gas fields this year. Shares closed Friday at $30.24 and were inactive premarket. The stock is down 18% so far this year. Write to Melodie Warner at melodie.warner@dowjones.com

Stock News for Cons Energy (CNX)
DateTimeHeadline
08/15/201616:21:52Amended Statement of Ownership (sc 13g/a)
08/04/201606:45:00CONE Midstream Reports Second Quarter Results and Increases Guidance
08/02/201606:45:00CONSOL Energy Closes on Sale of Miller Creek and Fola Mine Complexes...
07/29/201610:48:08Quarterly Report (10-q)
07/26/201606:48:10Current Report Filing (8-k)
07/26/201606:45:00CONSOL Energy Reports Second Quarter Results; Record Quarterly...
07/25/201616:38:00CNX Coal Resources LP Announces Results for the Second Quarter...
07/25/201616:31:00CNX Coal Resources LP Announces Results for the Second Quarter...
07/25/201616:17:11Current Report Filing (8-k)
07/22/201606:45:00CONE Midstream Increases Quarterly Cash Distribution
07/11/201608:59:00CONE Midstream Schedules Earnings Release and Conference Call...
07/07/201609:44:00CNX Coal Resources Schedules Second Quarter 2016 Earnings Release...
06/30/201616:15:00CONSOL Energy Announces Second Quarter 2016 Earnings Release...
06/20/201612:13:20Annual Report of Employee Stock Plans (11-k)
06/20/201608:57:00CONE Midstream To Participate In Credit Suisse MLP & Energy Logistics...
06/20/201606:45:00CONSOL Energy to Participate at the 2016 DUG East Conference
06/08/201616:27:20Amended Statement of Beneficial Ownership (sc 13d/a)
06/03/201616:10:34Statement of Changes in Beneficial Ownership (4)
06/02/201616:30:00CONSOL Energy Releases Annual Corporate Responsibility Report
05/16/201617:40:53Statement of Changes in Beneficial Ownership (4)

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