Consol Energy Inc., Pittsburgh, will be split into a coal company and a natural gas exploration and production company focused on the Marcellus and Utica shale plays of the Appalachian basin.
The company’s directors have approved pro rata distribution of all outstanding shares of Consol Mining Corp. to the shareholders, after which the coal unit will be an independent, publicly traded company in which Consol will have no ownership.
The name of the current parent will be changed to CNX Resources Corp. Consol Mining will be renamed Consol Energy Inc.
The company said its third-quarter production from the Marcellus shale increased 17% from the same quarter a year earlier to 60.4 bcfe. Its Utica shale production fell 11% from a year earlier during the quarter to 20.1 bcfe.