Welcome to our dedicated page for CNXM news (Ticker: CNXM), a resource for investors and traders seeking the latest updates and insights on CNXM stock.
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CNX Resources Corporation has completed the acquisition of all outstanding common units of CNX Midstream Partners LP, suspending the latter's trading on the NYSE. This strategic move consolidates CNX's position in the natural gas sector, enhancing its operational capabilities in the Appalachian Basin where it holds 8.4 trillion cubic feet of proved natural gas reserves. The merger is expected to yield cost savings and benefits, although potential risks exist, including economic conditions and integration challenges.
CNX Midstream Partners LP (NYSE: CNXM) reported its financial results for Q2 and the first half of 2020, highlighting a decline in net income to $32.6 million from $46.7 million year-over-year. Adjusted EBITDA fell to $49.7 million from $59.3 million, while distributable cash flow decreased to $37.1 million from $46.9 million. The distribution coverage ratio dropped significantly to 0.83x. Additionally, CNX Resources announced a take-private transaction to acquire all outstanding CNXM units for approximately $357 million.
CNX Resources Corporation (NYSE: CNX) has reached a merger agreement to acquire CNX Midstream Partners LP (NYSE: CNXM) for approximately $357 million in CNX common stock. Each common unit of CNX Midstream will be exchanged for 0.88 shares of CNX common stock, representing a 15% premium to the average exchange ratio. The merger is anticipated to enhance liquidity, operational flexibility, and financial metrics, making CNX the lowest cost producer in the Appalachian Basin. The transaction is expected to close in Q4 2020, subject to customary approvals.
CNX Resources Corp. (NYSE: CNX) and CNX Midstream Partners LP (NYSE: CNXM) will release their Q2 2020 earnings on July 30 at 6:45 a.m. ET. This will be followed by conference calls: CNX at 10:00 a.m. and CNXM at 11:00 a.m. ET. The calls will be accessible via dial-in or webcasts, with materials available on their respective Investor Relations pages. CNX holds 8.4 trillion cubic feet of proved natural gas reserves as of Dec 31, 2019, operating primarily in the Appalachian basin.
