CNX Midstream Partners Completes Acquisition of Shirley-Pennsboro System from CNX Resources Corp.

3/18/18

CNX Resources Corporation (NYSE: CNX) and CNX Midstream Partners LP (NYSE: CNXM) jointly announced today that CNXM has completed its previously announced acquisition of a 95% interest in the Shirley-Pennsborogathering system from CNX.

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% owned subsidiary, CNX Midstream DevCo III, was transferred to CNXM's 100% 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% senior notes due 2026, which also closed on March 16, 2018.

About CNX Resources

CNX Resources Corporation (NYSE: CNX) is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. CNX deploys an organic growth strategy focused on responsibly developing its resource base. As of December 31, 2017, CNX had 7.6 trillion cubic feet equivalent of proved natural gas reserves. CNX is a member of the Standard & Poor's Midcap 400 Index. Additional information may be found at www.cnx.com.

About CNX Midstream Partners

CNX Midstream Partners LP (NYSE: CNXM) is a master limited partnership that owns, operates, develops and acquires gathering and other midstream energy assets to service natural gas production in the Appalachian Basin in Pennsylvania and West Virginia. CNXM's assets include natural gas gathering pipelines and compression and dehydration facilities, as well as condensate gathering, collection, separation and stabilization facilities. More information is available on CNXM's website www.cnxmidstream.com.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.