Consol Energy Files To Separate Into Two Publicly-traded Companies

Consol Energy Inc. announced Tuesday the filing with the Securities and Exchange Commission as it moves forward with its previously-announced plan to separate into two publicly-traded companies, a coal company and and natural-gas exploration and production company. As part of the separation, the company said it will spin off its Pennsylvania mining operations and other coal assets. Jimmy Brock has been appointed chief executive of the coal business and David Khani will be the chief financial officer. Nick DeIuliis will be CEO of the E&P business and Don Rush will be CFO. "This strategic separation will enable both businesses to focus on their inherent strengths and unlock value for their shareholders," said DeIuliis, Consol's current CEO. The stock, which was still inactive in premarket trade, has tumbled 18% year to date, while the SPDR Energy Select Sector ETF has lost 15% and the S&P 500 has gained 8.4%.