Buchanan Ingersoll & Rooney Advises CONSOL Energy Inc. on Spin-off of Company Into Separate Coal and Gas E&P Businesses
PITTSBURGH – November 29, 2017 – Buchanan Ingersoll & Rooney served as lead counsel to CONSOL Energy Inc. in connection with its separation into two separate, publicly traded companies – a coal company and a natural gas exploration and production (E&P) company. Specifically, CNX Resources Corporation (formerly named CONSOL Energy Inc.) has spun off CONSOL Energy Inc. (formerly known as CONSOL Mining Corporation).
CNX Resources Corporation continues as a Pittsburgh-based energy producer, and one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. It deploys an organic growth strategy focused on developing its substantial resource base. As of December 31, 2016, CNX Resources had 6.3 trillion cubic feet equivalent of proved natural gas reserves. CNX Resources is a member of the Standard & Poor's Midcap 400 Index.
“The E&P company is now one of the premiere pure-play natural gas E&P companies with a significant Marcellus and Utica Shale legacy acreage position, low-cost structure, and stacked pay opportunities, while the coal company holds some of the best coal assets in the world and is positioned to dominate the coal space for years to come," said CNX Resources President and CEO Nicholas J. DeIuliis in a prepared statement.
“It is incredibly gratifying to be given the opportunity to partner with a long-standing client to help them achieve a truly transformative event and help them to write the next chapter. A transaction of this scope and magnitude allowed our firm to utilize resources from virtually every practice – the level of collaboration and teamwork required to make this transaction a success for the client was significant,” said Jennifer R. Minter, shareholder and chair of Buchanan’s Corporate practice.
Jennifer R. Minter and Brian S. Novosel led the Buchanan corporate team advising CONSOL and included Adam G. Wicks, Brian S. North, Michael E. Fink, and Christopher B. Toner, with significant assistance from James W. Forsyth in the tax section, Philip J. Weis and John E. McGrady III in the executive compensation and benefits group and Robert L. Burns, Jr. in our environmental group, among many others who participated in the transaction.
Buchanan’s Corporate practice is known for complex transactions, deal structures and negotiations designed to meet clients’ operational and strategic objectives. Attorneys are experienced in multiple areas of focus, such as mergers and acquisitions, commercial contracts, executive compensation, private equity and venture capital, emerging companies, securities and SEC, and technology transactions. The practice is nationally recognized by Corporate Counsel as a “go-to” firm for corporate law and ranks as a national Tier 1 practice in the U.S. News - Best Lawyers “Best Law Firms” report.