CHARLESTON, W.Va. (WDTV) -- Consol Energy is splitting into two companies.
According to reports, the corporation announced Tuesday that it will be splitting, creating a separate natural gas coal companies.
Reports indicate that the coal company (called CoalCo) will become independent and Consol will retain no ownership of it. The new name for the company will be Consol Energy Inc. and it will own three underground mines in Pennsylvania.
Consol Energy will change its name to CNX Resources Corporation.
A stock distribution will complete the deal on November 28. Stockholders of Consol will retain their shares, but they will represent CNX Resources Corporation.
CNX Coal Resources LP will change its name to Consol Coal Resources LP, with its ticker symbol changing to “CNXC.”
Consol Energy Inc. will have the ticker symbol “CEIX”.