NEW YORK (TheStreet) -- CONSOL Energy Inc. (CNX) announced earlier on Thursday that it agreed to a partnership with Noble Energy Inc. (NBL) to form a publically traded pipeline venture that will run natural-gas pipelines in the Marcellue Shale region of the U.S., the Associated Press reported.
The producer of coal and natural gas for global energy's stock rose 1.5% to $47.70 in pre-market trading today based off of the announcement, but then tanked after the bell, finishing the day down -4.64% to $44.82 on heavy volume.
The companies said they are planning to create a master limited partnership, and the offering should be completed by the end of the year.
Must Read: Warren Buffett's 25 Favorite Stocks
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV