The merger of Cabot Oil & Gas and Cimarex Energy has been finalized, creating a diversified energy company called Coterra Energy.
The former Cimarex, based in Denver, has extensive operations in the Permian and Anadarko basins, while Houston-based Cabot has operations in the Marcellus Shale region, primarily concentrated in northeast Pennsylvania. Its properties are principally located in Susquehanna County, Pa., where Coterra currently holds approximately 175,000 net acres in the dry gas window of the play.
“We are proud to complete our transaction and launch Coterra, which will build upon the impressive legacies and many strengths of both Cabot and Cimarex. Driven by a commitment to operating accountably, sustainably and safely, Coterra will be well positioned to increase returns to shareholders and deliver long-term value for all our stakeholders,” Dan Dinges, executive chairman of Coterra, said.
Coterra’s asset base includes over 700,000 net acres, with Marcellus, Permian and Anadarko Basins inventory and a combined production base of approximately 605 MBoepd.
“We couldn’t be more excited to bring together our teams and form a new E&P company that is positioned to succeed in the next phase of the shale revolution and beyond. With tremendous flexibility between premier oil and natural gas assets and a focus on operating efficiently, driving substantial cash flows and generating capital returns through commodity cycles, Coterra is poised to deliver enhanced value to our shareholders,” Thomas Jorden, CEO, president and director of Coterra, said.
Jordan will be the president and CEO of Coterra while Scott Schroeder, previously Cabot’s executive vice president and chief financial officer, will serve as EVP and CFO of Coterra.
Coterra’s common stock began trading on the New York Stock Exchange under the ticker symbol CTRA.