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CNX Midstream acquires Shirley-Pennsboro System from CNX Resources

Published 19 March 2018

CNX Resources (CNX) has completed its acquisition of a 95% stake in the Shirley-Pennsboro gathering system in the US from CNX Midstream Partners (CNXM).

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.

Source: Company Press Release