Coterra Energy Inc. announced the successful completion of the combination of Cabot Oil & Gas Corporation (“Cabot”) and Cimarex Energy Co. (“Cimarex”), creating a premier, diversified energy company with a strong free cash flow profile, well positioned to deliver superior and sustainable returns to shareholders through commodity cycles. Coterra’s common stock will trade on the New York Stock Exchange under the ticker symbol “CTRA” at the open of trading on October 4, 2021 and under the symbol “COG” until then.
The Coterra name reflects two companies coming together, combining teams and assets to create a stronger platform to deliver sustainably higher returns.
Dan O. Dinges, Executive Chairman of Coterra, said, “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 longterm value for all our stakeholders.”
Thomas E. Jorden, Chief Executive Officer, President and Director of Coterra, said, “Today marks the beginning of our journey as one Coterra team. 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.”
This strategic puts Coterra in a great position for the next phase of the shale revolution. They now have over 700,000 net acres spread across the Marcellus, Permian, and Anadarko basins, giving them access to some of the best natural gas and oil assets in the country.
As previously announced, joining Mr. Jorden as a member of Coterra’s senior leadership team is Scott C. Schroeder, previously Cabot’s Executive Vice President and Chief Financial Officer, who will serve as EVP and CFO of the combined business.