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Cabot, Cimarex Merge to Create New Drilling Company Worth $17B

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. ....

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Cabot-Cimarex merger puzzles both analysts and investors

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 Marcellus shale basin in Appalachia.
Although the two companies are following a path blazed by other shale explorers of late in clinching a deal involving almost no takeover premium, it wasnât enough to win over investors. Shares of both drillers plunged the most on an intraday basis in more than a year. ....

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Cabot to merge with Cimarex Energy at a per-share offer value of $71.50.

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 you looking for fast-news, hot-tips and market analysis? ....

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Cimarex, Cabot Combination 'Building an Ark, Not a Party Boat' in Lower 48 Oil, Natural Gas

Cimarex, Cabot Combination ‘Building an Ark, Not a Party Boat’ in Lower 48 Oil, Natural Gas
Cimarex Energy Co. and Cabot Oil & Gas Corp. on Monday agreed to combine in an all-stock merger, tying together their extensive operations in the Marcellus Shale, Permian and Anadarko basins.
Denver-based Cimarex controls 560,000 net acres combined in the Permian and Anadarko, while Houston-based Cabot has 173,000 net acres in the Marcellus. Cabot CEO Dan Dinges has been tapped as executive chairman, while Cimarex chief Tom Jorden would be CEO of the to-be-named company.
The merger is “the start of the next chapter in our histories,” Dinges said. Management has “long understood the long-term benefits of expanding geographically and beyond the Marcellus and adding more scale to our operations. ....

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Cabot Oil, Cimarex Energy To Combine In All-Stock Merger Of Equals

Cabot Oil, Cimarex Energy To Combine In All-Stock Merger Of Equals
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