CNX Midstream (CNXM) is a "captive" division of CNX Resources (CNX). The attraction to investors was the low leverage and the well-covered dividend. Unfortunately, for the shareholders of CNX Midstream, CNX Resources management made a grab for both in the process of raising badly needed cash. They obviously succeeded at the expense of CNX Midstream shareholders.
Source: CNX Midstream Fourth Quarter 2019, Conference Call Slide Presentation
CNX Resources management badly dented the distribution coverage by negotiating a cash payment as well as 3 million shares of Class B units that would