Saturday, May 01, 2010
Consol Energy Acquires Dominion Resources
WEST VIRGINIA....
In a deal that closed Friday, Canonsburg, Pa.-based Consol Energy announced it's completed a $3.475 billion acquisition of Virginia-based Dominion Resources Inc.'s Appalachian natural gas and oil exploration and production business. The deal gives Consol a larger stake in the Marcellus shale, which stretches from New York across Pennsylvania to West Virginia and is believed to contain trillions of cubic feet of natural gas. Consol, which is known as a major coal producer, says it's expanding its gas business through the deal and the buyout of minority shareholders in CNX Gas Corp. To fund the purchase, Consol raised $4.58 billion through stock and debt offerings.
In a deal that closed Friday, Canonsburg, Pa.-based Consol Energy announced it's completed a $3.475 billion acquisition of Virginia-based Dominion Resources Inc.'s Appalachian natural gas and oil exploration and production business. The deal gives Consol a larger stake in the Marcellus shale, which stretches from New York across Pennsylvania to West Virginia and is believed to contain trillions of cubic feet of natural gas. Consol, which is known as a major coal producer, says it's expanding its gas business through the deal and the buyout of minority shareholders in CNX Gas Corp. To fund the purchase, Consol raised $4.58 billion through stock and debt offerings.
# posted by Homer Owens @ 11:00 AM 
