PITTSBURGH, Sept. 28, 2020 /PRNewswire/ -- CNX Resources
Corporation (NYSE: CNX) ("CNX") and CNX Midstream Partners LP
(NYSE: CNXM) ("CNX Midstream" or the "Partnership") today announced
that CNX has completed the acquisition of all of the outstanding
common units of CNX Midstream ("CNX Midstream common units") that
it did not already own. As a result of the transaction, CNX
Midstream common units have been suspended from trading on the New
York Stock Exchange.
About CNX Resources and CNX Midstream
CNX Resources Corporation (NYSE: CNX) is one of the largest
independent natural gas exploration, development and production
companies, with operations centered in the major shale formations
of the Appalachian basin. CNX deploys an organic growth strategy
focused on responsibly developing its resource base. As of
December 31, 2019, CNX had 8.4
trillion cubic feet equivalent of proved natural gas reserves. CNX
is a member of the Standard & Poor's Midcap 400 Index.
Additional information may be found at www.cnx.com. CNX is the
parent company of CNX Midstream, a master limited partnership that
owns, operates, develops and acquires gathering and other
midstream energy assets to service natural gas production in the
Appalachian Basin in Pennsylvania
and West Virginia. CNX Midstream's
assets include natural gas gathering pipelines and compression and
dehydration facilities, as well as condensate gathering,
collection, separation and stabilization facilities. More
information is available on CNX Midstream's website
www.cnxmidstream.com.
Cautionary Statements
Various statements in this release, including those that express
a belief, expectation or intention, may be considered
forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended) that involve risks and
uncertainties that could cause actual results to differ materially
from projected results. Without limiting the generality of the
foregoing, forward-looking statements contained in this
communication include statements relying on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors, many of which are outside the control of
CNX and CNX Midstream, which could cause actual results to differ
materially from such statements. Accordingly, investors should not
place undue reliance on forward-looking statements as a prediction
of actual results. The forward-looking statements may include, but
are not limited to, statements regarding the expected future
performance of CNX; CNX's anticipated use of tax refund proceeds;
and plans and objectives of management for future operations.
When we use the words "believe," "intend," "expect," "may,"
"should," "anticipate," "could," "estimate," "plan," "predict,"
"project," or their negatives, or other similar expressions, the
statements which include those words are usually forward-looking
statements. When we describe strategy that involves risks or
uncertainties, we are making forward-looking statements.
While CNX and CNX Midstream believe that the assumptions
concerning future events are reasonable, they caution that there
are inherent difficulties in predicting certain important factors
that could impact the future performance or results of their
businesses. Among the factors that could cause results to differ
materially from those indicated by such forward-looking statements
are: the failure to realize the anticipated costs savings,
synergies and other benefits of the transaction; the possible
diversion of management time on transaction-related issues; local,
regional and national economic conditions and the impact they may
have on CNX, CNX Midstream and their customers; the impact of
outbreaks of communicable diseases such as the novel highly
transmissible and pathogenic coronavirus (COVID-19) on business
activity, CNX's and CNXM's operations and national and global
economic conditions, generally; conditions in the oil and gas
industry, including a sustained decrease in the level of supply or
demand for oil or natural gas or a sustained decrease in the price
of oil or natural gas; the financial condition of CNX's or CNX
Midstream's customers; any non-performance by customers of their
contractual obligations; changes in customer, employee or supplier
relationships resulting from the transaction; changes in safety,
health, environmental and other regulations; the results of any
reviews, investigations or other proceedings by government
authorities; and the performance of CNX Midstream.
The forward-looking statements in this release speak only as of
the date of this release; we disclaim any obligation to update
these statements. We have based these forward-looking statements on
our current expectations and assumptions about future events. While
our management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. These risks, contingencies and
uncertainties relate to, among other matters, the risks and
uncertainties set forth in the "Risk Factors" section of CNX's
Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Reports on Form
10-Q for the three month periods ended March
31, 2020 and June 30, 2020,
and CNX Midstream's Annual Report on Form 10-K for the year ended
December 31, 2019, and Quarterly
Reports on Form 10-Q for the three month periods ended March 31, 2020 and June
30, 2020, each filed with the Securities and Exchange
Commission (the "SEC"), and any subsequent reports filed with the
SEC.
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SOURCE CNX Resources Corporation; CNX Midstream Partners LP
