Consol Energy Inc would be divesting some of its assets to Murray Energy Corp. Proceeds from the asset sale would be used by Consol to finance the expansion of its production of natural gas from shale deposits. The assets included five thermal coal mines in West Virginia. The price tag for the sale was USD 850 million. Consol would also be able to earn future royalties and other payments worth USD 184 million from the transaction. As part of the agreement, Murray would be shouldering liabilities worth USD 2.4 billion. The transaction would be completed by the end of the year.

According to a report from Bloomberg Businessweek, Consol looking at ways to increase the firm's share price in July. It initially thought of splitting off its coal business which comprised majority of the firm's revenues. However, Consol decided to retain its Pennsylvania and Virginia mines as well as its terminal in Baltimore. Doing so would enable the firm to capitalize on the growing export demand for thermal and metallurgical coal, the report said.