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technology, global footprint, diverse product “We believe that this take-in transaction schedules earnings call to
portfolio, and customer-centric business of CNX Midstream Partners is the optimal
model, NOV is positioned to exit this down- solution for all relevant stakeholders given the discuss second -quarter
cycle stronger than ever before.” near- and long-term view of the MLP market,”
NATIONAL OILWELL VARCO, July 27, 2020 commented Nicholas J. DeIuliis, president and 2020 results
CEO. “We expect the combined entity to be
an even stronger company with a lower cost Black Stone Minerals today announced an
MOVES of capital and increased investable free cash update on the two previously announced asset
flow.” sales and declared the distribution attributable
CNX Resources Corporation the completion of the transaction, CNX is to the second quarter of 2020. Additionally,
Don W. Rush, CFO, added: “Following
the partnership announced the date of its
to Acquire Remaining Public expected to be the lowest cost producer in the second quarter 2020 earnings call.
Appalachian Basin, with increased operational
On July 21, 2020, the company closed on
Stake in CNX Midstream flexibility and basin leading operational the previously announced sale of undivided
metrics. Stockholders of CNX and unitholders
interests across parts of Black Stone’s Delaware
Partners LP of CNX Midstream are expected to benefit and Midland Basin positions for total
consideration of $95.5mn, after customary
from a combination of synergies including
CNX Resources and CNX Midstream improved equity trading liquidity, enhanced closing adjustments. The effective date of the
Partners today announced that they have financial flexibility to optimise cash flows, and transaction was July 1, 2020. The sale of the
entered into a definitive merger agreement an improved credit profile.” Midland Basin interests has an effective date
pursuant to which CNX will acquire all of CNX RESOURCES AND CNX MIDSTREAM of May 1, 2020, and is scheduled to close on
the outstanding common units of CNX PARTNERS, July 27, 2020 July 28, 2020. Total consideration for this
Midstream that it does not already own in transaction is anticipated to be $54.5mn after
exchange for CNX common stock valued at Black Stone Minerals customary closing adjustments.
approximately $357mn, based on the most Proceeds from the two transactions will be
recent closing price of CNX common stock. announces update on used to reduce outstanding borrowings under
Under the merger agreement, each the company’s revolving credit facility. Black
outstanding common unit of CNX Midstream previously announced asset Stone expects total debt outstanding at the
that CNX does not already own will be end of July 2020 to be approximately $160mn,
converted into 0.88 shares of CNX common sales, declares distribution a reduction of $234mn from the $394mn of
stock, representing a 15% premium to the total debt as of year-end 2019.
average exchange ratio during the 30 trading for common units, and BLACK STONE MINERALS, July 27, 2020
days ended July 24, 2020.

Week 30 30•July•2020 www. NEWSBASE .com P19