Houston's Cabot Oil & Gas and Cimarex Energy merge to become Coterra Energy

Houston-based Cabot Oil & Gas and Oklahoma's Cimarex Energy have completed a $9 billion merger approved by shareholders and rebranded to become Coterra Energy.

Dan O. Dinges, executive chairman of Coterra, said that the new company would be beneficial to all parties involved.

"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 long-term value for all our stakeholders," Dinges said.  

Conterra will trade as "CTRA" on the New York Stock Exchange on the morning of Oct. 4, according to a press release.

Thomas E. Jorden, chief executive officer, president and director of Coterra, said he was happy about bringing the two companies together.

"Today marks the beginning of our journey as one Coterra team,” Jordan said. “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."

The moniker Conterra signifies the merger of Cabot and Climarex to establish a stronger platform to deliver sustainably higher returns.

The Cimarex common stock will no longer be listed for trading.