CONE Midstream Partners announce IPO

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CONE Midstream Partners announce IPO

CONE Midstream Partners LP, a Delaware limited partnership formed by CONSOL Energy Inc. and Noble Energy, Inc., has launched its initial public offering of 17,500,000 common units representing limited partner interests.

The common units are expected to trade on the New York Stock Exchange under the ticker symbol "CNNX." The underwriters of the offering will have a 30-day option to purchase up to an additional 2,625,000 common units to cover over-allotments, if any.

The common units being offered in the offering represent a 29.4% limited partner interest in CONE Midstream Partners. Each of CONSOL and Noble Energy will own a 34.3% limited partner interest in CONE Midstream Partners .

In addition, CONSOL and Noble Energy will 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 of the offering.

CONE Midstream Partners will own, operate, develop and acquire natural gas gathering and other midstream energy assets. Its initial assets include natural gas gathering pipelines and compression and dehydration facilities, as well as condensate gathering, collection, separation and stabilization facilities.

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