CONE Midstream Partners L.P. filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) on Tuesday. The total filing was $350 million for common units representing limited partner interests. The units will be listed on the New York Stock Exchange under the symbol CNNX.

The outfit is a master limited partnership (MLP) that was formed by CONSOL Energy Inc. (NYSE: CNX) and Noble Energy Inc. (NYSE: NBL). CONE Midstream was created to acquire and develop natural gas gathering and other midstream energy assets. Ultimately this will service CONSOL and Noble’s growing production in the Marcellus Shale in Pennsylvania and West Virginia, which has a net acreage of 496,000.

CONE Midstream plans to generate all of its revenues under long-term, fixed-fee gathering agreements that it has entered into with both CONSOL and Noble. The intent of this is to mitigate the direct commodity price exposure and enhance the stability of the company’s cash flows.

There were three underwriters for the in the offering: Wells Fargo Securities, Bank of America Merrill Lynch and Baird.

To represent how complex this is, as with most MLP IPO filings, the company said:

We are managed and operated by the board of directors and executive officers of CONE Midstream GP LLC, our general partner. CONE, in which each of CONSOL and Noble own a 50% membership interest, is the sole owner of our general partner and has the right to appoint the entire board of directors of our general partner, including the independent directors appointed in accordance with the listing standards of the NYSE. Unlike shareholders in a publicly traded corporation, our unitholders will not be entitled to elect our general partner or the board of directors of our general partner.

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