On Wednesday, Cabot Oil & Gas Corp and Cimarex Energy Co shareholders approved the proposed merger between the two companies, forming one of the largest oil and gas firms in the U.S., according to Reuters.
The merger was announced in May. It brings together Cabot’s gas-rich Marcellus shale positions and Cimarex’s oil-heavy acres in West Texas. The combined entity, which will be called Coterra Energy, has an estimated enterprise value of $17 billion.
The deal is expected to close in the fourth quarter of 2021. Cimarex shareholders will receive 4.0146 shares of Cabot common stock for each share held and own 50.5% of the combined entity and Cabot shareholders the rest.
Learn more: Reuters > Cabot, Cimerax shareholders approve merger to create oil & gas giant
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