Oil, Gas and Shale
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CNX Resources Acquires Shirley-Pennsboro System from CNX Midstream Partners, W. Va.

Published: March 20, 2018 |

[Click image to enlarge]

[Click image to enlarge]

CNX Resources (CNX) has completed its acquisition of a 95 percent stake in the Shirley-Pennsboro gathering system in the US from CNX Midstream Partners (CNXM).

The Shirley-Pennsboro System gathers and transports gas in the core wet gas region of the Marcellus Shale in West Virginia across Doddridge, Tyler, Ritchie, and Pleasant counties and currently has approximately 180 million cubic feet equivalent per day of flowing production.

At the closing, the Shirley-Pennsboro System, which was previously held in CNX’s 95 percent owned subsidiary, CNX Midstream DevCo III, was transferred to CNXM’s 100 percent owned subsidiary, CNX Midstream DevCo I.

CNXM financed the transaction with a portion of the proceeds from the sale of $400 million aggregate principal amount of their 6.500 percent senior notes due 2026, which also closed on March 16, 2018.

Source: Energy Business Review


To stop by CNX Resources’ website, CLICK HERE

To stop by CNX Midstream’s website, CLICK HERE


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