CNX Midstream Partners LP (NYSE: CNXM) (the “Partnership”) announced today a strategic transaction in connection with its sponsor, CNX Resources Corporation (NYSE: CNX) (“CNX”), and HG Energy II Appalachia, LLC (“HG”), which includes the amendment of the Partnership’s Gas Gathering Agreements with both HG and CNX. As part of the transaction, the Partnership agreed to relinquish its 5% interest in the midstream assets of DevCo II and its 5% interest in the Moundsville midstream assets located in DevCo III, and also to release from dedication approximately 280,000 acres. In exchange therefor, the Partnership received a combined 16,100 Utica acre dedication in Southwest Pennsylvania and Central Pennsylvania, a 40-well minimum well commitment from CNX, a 12-well minimum well commitment from HG, a 100% interest in the Majorsville-to-Markwest pipeline, and $2.0 million in cash from CNX.
Baker Botts L.L.P. represented the Conflicts Committee of the board of directors of the general partner of the Partnership.
Baker Botts Lawyers/Office Involved:
Corporate: Joshua Davidson (Partner, Houston)
; Leslie Daniel
Oil and Gas: Scott Looper
(Senior Associate, Houston)
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