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Cabot Oil & Gas and Cimarex to merge in all-stock deal valued at about $17 billion

Cabot Oil & Gas and Cimarex to merge in all-stock deal valued at about $17 billion
Cabot Oil & Gas Corp. and Cimarex Energy Co. said Monday they have agreed to an all-stock merger of equals in a deal with an enterprise value of about $17 billion. Under the terms of the deal, Cimarex shareholders will receive 4.0146 shares of Cabot common stock for each share owned. Once the deal closes, Houston-based Cabot’s shareholders will own about 49.5% of the combined company, while Denver-based Cimarex’s shareholders will own the remaining 50.5%. The deal is expected to close in the fourth quarter. The deal “will create a free cash flow focused, diversified energy company with the scale, inventory and financial strength to thrive across commodity price cycles,” Dan O. Dinges, CEO of Cabot, said in a statement. The companies expect the deal to generate cost synergies of $100 million within 18 months to 2 years of closing. The deal will combine Cabot’s roughly 173,000 net acres ....

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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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