Consol & Noble Energy Form Pipeline Venture
NEW YORK (AP) — Oil and gas producers Consol Energy and Noble Energy said that they plan to form a new publicly traded joint venture that will operate natural-gas pipelines in the Marcellus Shale region in the Eastern U.S.
The two companies said they plan to create a master limited partnership. Consol and Noble said they filed confidential paperwork to the U.S. Securities and Exchange Commission about the joint venture's initial public offering.
The offering is expected to be completed before the end of the year.
Shares of both companies rose in premarket trading after the announcement. Noble Energy Inc., which is based Houston, rose less than 1 percent to $76, and shares of Pittsburgh-based Consol Energy Inc. rose 1.5 percent to $47.70.