On Wednesday, the shareholders of Cabot Oil & Gas Corp. and Cimarex Energy Co. approved the planned merger between the two firms to establish one of the biggest US energy entities.
Previously, in May, the merger was announced with the value of the combined enterprise pegged at USD17 billion. The merger will bring together Cabot’s gas-rich Marcellus shale positions in the US northeast and Cimarex’s oil-heavy acres in West Texas.
Cimarex shareholders will own 50.5% of the combined entity, receiving 4.0146 shares of Cabot common stock for each share held. Cabot shareholders will take the rest.
The arrangement is predicted to complete in the fourth quarter of 2021.
