CONSOL Energy Board Approves Separation Of Coal And E&P Businesses - Quick Facts

(RTTNews) - CONSOL Energy Inc. (CNX) announced its board has given final approval of the company's previously announced separation into two publicly-traded companies - a coal company and a natural gas exploration and production company. The company has declared a pro rata distribution of all of the outstanding shares of CONSOL Mining Corporation common stock to the company's stockholders. On November 28, 2017, the expected distribution date, CONSOL stockholders will receive one share of common stock of CONSOL Mining Corporation for every eight shares of CONSOL Energy common stock held as of the close of business on the record date of November 15, 2017.

The current parent CONSOL Energy will change its name to CNX Resources Corporation, and will retain its ticker symbol, CNX, on the NYSE. CONSOL Mining will change its name to CONSOL Energy Inc., and its common stock will trade on the NYSE under the ticker symbol, CEIX.

On September 5, 2017, CONSOL's board approved a one-year share repurchase program of up to $200 million, under which approximately $81 million of its common stock had been repurchased as of October 30, 2017, through a Rule 10b5-1 plan that will terminate on November 1, 2017. On October 30, 2017, the board approved an increase in the aggregate amount of the repurchase plan to $450 million.