LONDON, UK / ACCESSWIRE / July 13, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for CONSOL Energy Inc. (NYSE: CNX), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CNX. The Company announced on July 11, 2017, the filing of a registration statement on Form 10 with the US Securities and Exchange Commission (SEC), an important milestone in the Company's previously announced plan to separate the Company into two publicly-traded entities, namely, a Coal Company and a natural gas exploration and production (E&P) Company. The spin-off, according to the Company, would provide current shareholders an ownership in two leading Companies, where each of them is focused on capitalizing on distinct opportunities for future growth and profitability. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Form 10

The initial Form 10 was filed by CONSOL Mining Corporation, a subsidiary of the Company that would hold the coal business at the time of the spin-off. The coal business according to the filing will be comprised of Pennsylvania Mining Complex, which further consists of the Bailey Mine, the Enlow Fork Mine and the Harvey Mine and the related coal preparation plan. The coal business will further include the Company's ownership interest in CNX Coal Resources, L.P., a publicly traded master limited partnership that holds a 25% undivided interest in the Pennsylvania Mining Complex (NYSE: CNXC), the coal export terminal at the Port of Baltimore, undeveloped coal reserves located in the Northern Appalachian, Central Appalachian and Illinois basins, and certain related coal assets and liabilities. The initial Form 10 is preliminary and subject to amendment prior to the completion of the separation.

Management Update

According to the Form 10, filed with the SEC, Jimmy Brock, who currently serves as the CEO of the coal business, the COO-Coal of the Company, and the CEO and director of the general partner of CNX Coal Resources, L.P., will be appointed as the Chief Executive Officer of the coal business, and Katharine Fredriksen will hold the role of President of the Coal business. Katharine Fredriksen formerly served as the Senior Vice President for Diversified Business Units and Environmental Affairs of the Company. Post-August 02, 2017, David Khani will serve as the CFO of the coal business and Don Rush, a current Vice President of the Company, will assume the role of Executive Vice President and Chief Financial Officer of the Company. Post the separation, Nick Dellius will serve as the President and the Chief Executive Officer of the E&P business, while Don Rush will serve as the Executive Vice President and Chief Financial Officer of the E&P business.

The Form 10 also states that the coal business will operate under the name, CONSOL Energy, Inc., post the spin-off, while the E&P Company will operate under a new name, which is yet to be announced. The Company plans to separate its coal and gas business and expects to be in a position to execute the separation as early as 2017.

Company Growth Prospects

During Q1 FY17, according to the results reported on May 02, 2017, the Company noted that it operated two horizontal rigs and drilled nine wells. Seven of them were located in Monroe County, Ohio, and were dry Utica Shale Wells, while two Marcellus Shale wells are located in Washington County, Pennsylvania. The Ohio well averages about 9,900 lateral feet, while averaging 21.5 drilling days per well, against the 24 drilling days per well during Q4 FY16.

The prospects of such an agreement, for the division of the Companies was visible in the October 03, 2016, release where the CONSOL Energy, Inc. and CNX Coal Resources L.P. announced that CNX Coal Resources has acquired an additional 5% undivided interest in the Pennsylvania Mining Complex and associated infrastructure from CONSOL Energy, Inc. for $88.8 million. This transaction, effective September 30, 2016, increased CNX Coal's net undivided interest in the Pennsylvania Mining Complex to 25%.

Last Close Stock Review

On Wednesday, July 12, 2017, the stock closed the trading session at $15.59, dropping 1.39% from its previous closing price of $15.81. A total volume of 2.43 million shares has exchanged hands. CONSOL Energy's stock price advanced 4.21% in the last one month. The stock has a dividend yield of 0.26% and currently has a market cap of $3.63 billion.

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