Consol Energy to Spin Off Coal Operations

Consol Energy (NYSE:CNX) may spin off its flagship coal operations into another publicly traded company as it continues to shift its focus to natural gas.

As quoted in the press release:

Leaders haven’t decided on a structure for the master limited partnership (or MLP) or gotten approval from the company’s board, but are focused on thermal coal operations, which sell to power generators.

Mr David Khani CFO of Consol Energy said that “We expect to announce a direction before the year ends. We look to have a very active next six months.”

The announcement follows an already busy year highlighted by the sale in December of five coal mines, the opening of the Harvey mine, the recent sale of coal reserves in the Illinois Basin and huge growth in its gas business.

Click here to read the Consol Energy (NYSE:CNX) press release