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Cabot Oil & Gas, Cimarex Energy to merge to create $17 bln producer 05/24/2021 | 06:49am EDT Send by mail : Message : Required fields May 24 (Reuters) - Cabot Oil & Gas Corp and Cimarex Energy Co on Monday agreed to merge to form a U.S. oil and gas producer with an enterprise value of about $17 billion, the latest deal in a sector rebounding from one of its worst downturns. The deal frenzy reflects hopes to ride a recovery in oil and gas prices as fuel demand picks up from pandemic lows, while also allowing for savings by eliminating cost duplication. The companies expect to save $100 million...

The new entity will hold a combined 730,000 net acres of US shale.

Cabot, Cimarex Merge to Create New Drilling Company Worth $17B 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. A Cabot Oil and Gas natural gas drill is viewed at a hydraulic fracturing site 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.

Cabot-Cimarex merger puzzles both analysts and investors By David Wethe on 5/24/2021 click to enlarge HOUSTON (Bloomberg) --Shale investors have been demanding more consolidation in the 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 ...

Cimarex shareholders will own 50.5% of the $17 billion joint company. Cabot’s CEO Dan Dinges will take on the role of executive chair of the board. Cabot Oil & Gas Corporation (NYSE: COG) said on Monday it will merge with Cimarex Energy Co (NYSE: XEC), forming a new oil and gas producer in the United States worth about $17 billion (£12 billion). Cabot shares tanked over 3% in premarket trading on Monday and lost another 3% on market open to trade at $16.66 per share that matches the price at which the stock started the year 2021. The deal will result in cost savings for both companies Are ...