The former natural gas division of Consol Energy Inc., newly formed CNX Resources, recently reached an agreement to acquire Noble Energy’s stake in a Canonsburg-based pipeline and natural gas gathering master limited partnership, according to the Pittsburgh Business Times.
CNX will acquire Noble’s 50 percent membership interest in Cone Gathering LLC for $305 million and the release of claims. Cone owns the general partnership interest in Cone Midstream Partners LP. Nobel will keep 21.7 million common limited partner units and divest those over the next few years.
The recent move caps years of work between then Consol and Nobel Energy, which formed a joint venture in 2011 to develop Marcellus Shale acreage.