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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.
Cimarex Energy Co. (NYSE: XEC) announced that Chairman, President, and CEO Tom Jorden will present at the 2021 Barclays CEO Energy-Power Conference. The presentation is scheduled for September 8, 2021, at 8:55 AM MT (10:55 AM ET). A live audio webcast will be accessible on the company's website and will be archived after the event.
Cimarex, based in Denver, specializes in oil and gas exploration and production in the Permian Basin and Mid-Continent areas of the U.S.
Cimarex Energy Co. (NYSE: XEC) announced a cash dividend of $20.3125 per share on its 8⅛ percent Series A Cumulative Perpetual Convertible Preferred Stock. This dividend is payable on October 15, 2021, to shareholders on record as of October 1, 2021, covering the period from July 16, 2021 to October 15, 2021.
Cimarex Energy Co. (NYSE: XEC) reported strong second-quarter 2021 results with a net income of $113.4 million, or $1.10 per share, impacted by a $125.7 million derivative loss. Adjusted net income was $215.6 million, or $2.09 per share. Cash flow from operations reached $364 million, generating $195 million in free cash flow. Oil production was 72.7 MBopd, while average realized prices increased to $32.38 per Boe. Cimarex reaffirmed capital expenditures of $650-$750 million and highlighted a merger with Cabot Oil & Gas, expected to close in Q4 2021.
Cimarex Energy Co. (XEC) has scheduled its quarterly earnings conference call for August 5, 2021, at 11:00 AM ET. The company will announce its second-quarter 2021 results before the market opens on the same day. Interested parties can join the live call through designated dial-in numbers or access the live webcast via the company's Investor Relations website. A replay of the call will be available post-event.
Cimarex operates primarily in the Permian Basin and Mid-Continent regions of the U.S.
Cimarex Energy Co. (NYSE: XEC) announced that its Chairman, President, and CEO, Tom Jorden, will present at the 2021 J.P. Morgan Energy, Power & Renewables Virtual Conference on June 22 at 1:20 PM MT (3:20 PM ET). A live webcast of the presentation will be available on the company's website, with an archive accessible post-event. Cimarex, based in Denver, is an independent oil and gas exploration and production company focused on the Permian Basin and Mid-Continent regions.
Cimarex Energy Co. (NYSE: XEC) announced that its Chairman, President, and CEO, Tom Jorden, will present at the 2021 Virtual Wells Fargo Energy Conference on June 3, 2021, at 1:20 PM MT (3:20 PM ET). A live audio webcast will be available on the company's website, with an archived version accessible afterward. Cimarex, based in Denver, focuses on oil and gas exploration and production, particularly in the Permian Basin and Mid-Continent areas.
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.
