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Coterra Energy was formed by the merger of Cabot Oil & Gas (Marcellus gas driller) with Cimarex Energy (Permian gas driller) last October (see Cimarex Takes Over Cabot, Merged Co. Called “Coterra Energy”). Cabot CEO Dan Dinges took on the largely ceremonial role of Executive Chairman of the Board, while Cimarex CEO Tom Jorden became
Cabot Oil & Gas and Cimarex Energy agree merger deal Share Sign up here for GlobalData's free bi-weekly Covid-19 report on the latest information your industry needs to know. US-based Cabot Oil & Gas has agreed to merge with Cimarex Energy to create a combined business valued at almost $17bn. As per the terms of the all-stock ‘merger of equals’, Cimarex Energy shareholders will be entitled to 4.0146 shares of Cabot Oil & Gas stock for each share held. Cabot Oil & Gas’ shareholders will hold a stake of around 49.5% in the combined company, while Cimarex Energy’s shareholders will have ...
Shale investors have been demanding more consolidation in the U.S. oil patch. But not exactly a deal like this one. (Bloomberg) -- Shale investors have been demanding more consolidation in the U.S. oil patch. But not exactly a deal like this one. The merger of Cabot Oil & Gas Corp. with Cimarex Energy Co. announced Monday has confounded investors and analysts, leaving them to question the logic behind a tie-up that the companies say will increase diversification. Cimarex is mostly an oil explorer in Texas and Oklahoma, while Cabot is focused on natural gas drilling in the Marcellus shale basi...
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The deal is the latest sign that USA drillers are getting increasingly acquisitive. (Bloomberg) -- Cabot Oil & Gas Corp. and Cimarex Energy Co. agreed to merge, forming a new Houston-based shale driller with a value of about $17 billion. The deal is the latest sign that U.S. drillers are getting increasingly acquisitive as a sustained rise in oil prices brightens the outlook for energy demand. The volume of shale deals has doubled to more than $10 billion this year compared with the same period in 2020, according to data compiled by Bloomberg. Cimarex investors will receive 4.0146 shares of C...