By Jessica Casey

January 5, 2021 - CONSOL Energy Inc. (CEIX) and CONSOL Coal Resources LP (CCR) have announced that, at a special meeting held on December 29, 2020, the shareholders of CEIX approved the issuance of shares of CEIX's common stock (the CEIX stock issuance) in connection with the previously announced merger of a wholly owned subsidiary of CEIX with and into CCR (the merger) pursuant to which CCR would survive as an indirect, wholly owned subsidiary of CEIX. More than 99% of the total votes cast in person or by proxy at CEIX's special meeting were voted in favour of approving the CEIX stock issuance.

In addition, CCR's limited partners approved the merger and the adoption of the merger agreement relating to the merger. The holders of more than 83% of CCR's outstanding limited partner interests approved the merger and the adoption of the merger agreement related thereto via written consent.

Following the approval of the CEIX stock issuance by the CEIX stockholders, the approval of the merger and the adoption of the merger agreement related thereto by the CCR limited partners, CEIX completed the acquisition of all of the outstanding common units of CCR (CCR common units) that it did not already own. As a result of the transaction, CCR common units have been suspended from trading on the New York Stock Exchange.

"The completion of this merger allows the equity holders of both companies to benefit from a simplified corporate structure, improved consolidated credit metrics, elimination of dual public company costs and improved financial flexibility," said Jimmy Brock, President and CEO of CONSOL Energy Inc.