Deals - Acquisition, Mergers, Divestitures
CONSOL Sells Northern PRB Assets
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CONSOL Energy Inc. has sold its non-producing Northern Powder River Basin (PRB) assets for $170 million in cash to Cloud Peak Energy. Additionally, CONSOL Energy has structured the transaction to retain an 8% production royalty interest on approximately 200 million tons of permitted fee coal. The transaction is effective as of June 29, 2012.
CONSOL Energy's Northern PRB assets consist of three separate parcels, including Youngs Creek Mining Company LLC and CX Ranch, both of which are 50% owned by Chevron, and additional related properties in and around Sheridan, Wyoming.
"Since the 2010 acquisition of the Dominion Appalachian gas assets, CONSOL Energy has been able to pull value forward and focus on its near-term opportunity set," commented J. Brett Harvey, Chairman and CEO. "As a…
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