Houston-based Coterra Energy is the new company formed by closing of the $17 billion merger of Cabot Oil & Gas Corp. and Cimarex Energy Co. Coterra will operate in more than 700,000 acres in Permian, Anadarko and Marcellus basins that produced 605,000 boed in 2021Q2. The assets include Cimarex’s 560,000 net acres in Delaware Basin and Anadarko. Cimarex shareholders own 50.5 percent of the new entity to be led by CEO Thomas Jordan, formerly CEO of Cimarex.
Dan Dinges, executive chairman, said Oct. 1, “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.” Houston Chronicle reported, “Companies are combining forces to pool resources and cut costs to better weather market downturns and the uncertainty over the energy transition.”