CNX Midstream Partners LP (NYSE: CNXM) (the “Partnership”) announced today that it had entered into a definitive agreement with CNX Gathering LLC (“CNX Gathering”) to acquire the 95% interest in the Shirley-Pennsboro gathering system it does not already own. The Shirley-Pennsboro system gathers and transports gas in the core wet gas region of the Marcellus Shale in West Virginia across Doddridge, Tyler, Ritchie, and Pleasant counties and currently has approximately 180 million cubic feet equivalent per day of flowing production. As consideration for the acquisition, the Partnership has agreed to pay CNX Gathering $265 million in cash. In addition, the parties will amend their gas gathering agreement to obligate CNX to provide a minimum volume commitment on approximately 70% of its planned production in the area through 2031.
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:
: Joshua Davidson (Partner, Houston)
; Leslie Daniel
Oil and Gas: Scott Looper
(Senior Associate, Houston)
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