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Coterra Energy Inc. (NYSE: CTRA) has announced a special cash dividend of $0.50 per share, with a payment date set for October 22, 2021. Shareholders on record as of October 14, 2021 will receive this dividend. CEO Thomas E. Jorden highlighted the company's commitment to providing strong capital returns and maintaining a robust balance sheet, ensuring value for shareholders through fluctuating commodity prices. The company aims to sustain its operational efficiency and capital allocation.
Coterra Energy Inc. (NYSE: COG) announced the successful merger of Cabot Oil & Gas and Cimarex Energy, creating a diversified energy company poised for superior shareholder returns. The combined entity will trade under the symbol 'CTRA' starting October 4, 2021. Key highlights include a commitment to return 50% of quarterly free cash flow to shareholders, a special cash dividend of $0.50 per share, and a robust asset base covering over 700,000 net acres. Coterra aims to enhance shareholder value and ensure sustainable operational practices.
Cabot Oil & Gas and Cimarex Energy announced shareholder approval for their merger on September 29, 2021. Over 99% of Cabot's shareholders and more than 90% of Cimarex's shareholders voted in favor. The merger, expected to close on October 1, 2021, will create a diversified energy company with enhanced cash flow potential. Each Cimarex share will convert to 4.0146 shares of Cabot common stock. The merger is anticipated to deliver significant benefits to shareholders and includes plans for a name and ticker change post-closing.
On September 22, 2021, Cabot Oil & Gas Corporation (NYSE: COG) and Cimarex Energy Co. (NYSE: XEC) announced the results of early participation in their previously announced Exchange Offers and Consent Solicitations. Holders of Existing Cimarex Notes tendered over $2 billion in aggregate principal amount for new Cabot notes and cash. The Exchange Offers and Consent Solicitations are conditioned upon the merger between Cabot and Cimarex, with an expiration date set for October 5, 2021. No withdrawal rights are available post the Early Tender Date.
Cabot Oil & Gas Corporation (NYSE: COG) and Cimarex Energy Co. (NYSE: XEC) announced the initiation of Exchange Offers to holders of Cimarex's outstanding notes. The offers involve exchanging up to $2 billion in new notes from Cabot for Cimarex's existing notes, alongside cash payments. Additionally, Cimarex is soliciting consents to amend indentures governing the existing notes. This initiative is part of the merger process between Cabot and Cimarex, anticipated to close following requisite shareholder approvals and other conditions.
Cabot Oil & Gas Corporation (NYSE: COG) reported strong financial results for Q2 2021, with a net income of $30.5 million ($0.08 per share) and adjusted net income of $105.5 million ($0.26 per share). EBITDAX was $245.1 million, contributing to significant cash flow with $178.9 million from operating activities. The company announced a merger with Cimarex Energy Co., aiming to create a diversified, free cash flow-focused entity. Second-quarter production was slightly below guidance due to operational delays.
On July 28, 2021, Cabot Oil & Gas Corporation (NYSE: COG) announced a quarterly base dividend of $0.11 per share. This dividend will be distributed on August 26, 2021, to all shareholders on record as of August 12, 2021. Cabot Oil & Gas, based in Houston, Texas, is a prominent natural gas producer with all resources located in the continental U.S.
Cabot Oil & Gas Corporation (NYSE: COG) announced plans to host its second quarter 2021 earnings conference call on July 30, 2021, at 8:30 a.m. ET. The company will release its financial and operating results earlier that morning. Investors can access the live audio webcast through the Investor Relations section of Cabot's website. A replay will also be available. Headquartered in Houston, Texas, Cabot is a leading independent natural gas producer focused entirely on the continental United States.
Cabot Oil & Gas and Cimarex Energy have announced an all-stock merger of equals, creating a diversified energy leader valued at approximately $17 billion. Under the agreement, Cimarex shareholders will receive 4.0146 shares of Cabot stock for each share owned, resulting in an ownership distribution of 49.5% for Cabot and 50.5% for Cimarex. Management emphasizes increased free cash flow and capital returns, targeting approximately $4.7 billion in free cash flow from 2022 to 2024. The merger aims to enhance financial strength and promote sustainable growth.
Cabot Oil & Gas reported strong first quarter results for 2021, showing over 175% growth in free cash flow and adjusted net income compared to the prior year. Key highlights include net income of $126.4 million ($0.32 per share) and adjusted net income of $150.0 million ($0.38 per share). The company announced a 10% increase in its quarterly dividend to $0.11 per share, reflecting confidence in sustainable cash flow. Daily production reached 2,287 Mmcfe, with a forecast production range of 2,225 to 2,275 Mmcfe for Q2 2021.
