CONE Midstream Partners LP priced its IPO of 17,500,000 common units representing limited partner interests at a price of $22 per common unit. The common units are scheduled to begin trading on the New York Stock Exchange on Sept. 25 under the ticker symbol “CNNX.” The underwriters of the offering have a 30-day option to purchase up to an additional 2,625,000 common units.
When the offering concludes, the public will own a 29.4% limited partner interest in CONE Midstream Partners (or a 33.8% interest if the underwriters purchase the additional common units offered). CONSOL Energy Inc. and Noble Energy Inc. will each own a 34.3% limited partner interest (or a 32.1% limited partner interest if the underwriters purchase the additional units offered). CONSOL and Noble Energy will also own, through their Marcellus Shale midstream joint venture, CONE Gathering LLC, a 2% general partner interest and the incentive distribution rights in CONE Midstream Partners.
Wells Fargo Securities, BofA Merrill Lynch, Citigroup, J.P. Morgan, Baird, Barclays, Deutsche Bank Securities, Goldman, Sachs & Co., Morgan Stanley, Credit Suisse and RBC Capital Markets are acting as book-running managers of the offering. MUFG, PNC Capital Markets LLC, BB&T Capital Markets, BBVA, BNP PARIBAS, DNB Markets, Mizuho Securities and TD Securities are acting as co-managers.
Recommended Reading
PGS Wins 3D Contract Offshore South Atlantic Margin
2024-04-08 - PGS said a Ramform Titan-class vessel is scheduled to commence mobilization in June.
Going with the Flow: Universities, Operators Team on Flow Assurance Research
2024-03-05 - From Icy Waterfloods to Gas Lift Slugs, operators and researchers at Texas Tech University and the Colorado School of Mines are finding ways to optimize flow assurance, reduce costs and improve wells.
Sapura Acquires Exail Rovins’ Nano Inertial Navigation System
2024-02-01 - Exail Rovins’ Nano Inertial Navigation System is designed to enhance Sapura’s subsea installment capabilities.
TGS Commences Multiclient 3D Seismic Project Offshore Malaysia
2024-04-03 - TGS said the Ramform Sovereign survey vessel was dispatched to the Penyu Basin in March.
Subsea Tieback Round-Up, 2026 and Beyond
2024-02-13 - The second in a two-part series, this report on subsea tiebacks looks at some of the projects around the world scheduled to come online in 2026 or later.