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CONSOL Energy Inc. and its Marcellus Shale joint venture partner, Noble Energy, Inc., intend to form a master limited partnership (MLP) to provide midstream gathering services for production from their jointly owned acreage in the Marcellus Shale.
In furtherance of that intention, CONSOL Energy and Noble Energy have caused a draft registration statement on Form S-1 to be confidentially submitted to the U.S. Securities and Exchange Commission (SEC) for an initial public offering of common units of the MLP. The offering is expected to be completed late in the third quarter or early in the fourth quarter of 2014.
Following the closing of the initial public offering, CONSOL Energy and Noble Energy will control the general partner of the MLP, which will own the incentive distribution rights, and will collectively own a majority of the limited partner interests of the MLP.
Whether CONSOL Energy and Noble Energy proceed with an initial public offering of an MLP is subject to a number of factors, including the approval of Noble Energy and market conditions, and there can be no assurance that there will be an initial public offering of the MLP or any other transaction.
A registration statement relating to the securities of the MLP that would be sold in the offering has not been filed with the Securities and Exchange Commission or become effective. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. The offering will be made only by means of a prospectus. This announcement is being issued pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended.