Consol Energy’s CNX Coal Resources to File For IPO

Reuters reported that CNX Coal Resources LP, a master limited partnership (MLP) owned by Consol Energy (NYSE:CNX).

As quoted in the publication:

CNX Coal’s initial assets are expected to consist of a 20 percent interest and operational control over Consol’s Pennsylvania mining complex, which consists of three underground mines, the company said in a statement.

MLPs have become increasingly popular as they distribute most of their cash flow as dividend.

CNX Coal’s revenue rose 21 percent to about $334 million in the year ended Dec. 31. The company’s net income rose about 30 percent to $84 million.

The filing had a nominal fundraising target of $250 million.

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