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Looking for an entry on CTRACabot Oil & Gas and Cimarex Energy Complete Combination, Forming Coterra Energy 9:08 am ET October 1, 2021 (PR Newswire) Coterra Energy Inc. ("Coterra" or the "Company") (NYSE: COG) today announced the successful completion of the combination of Cabot Oil & Gas Corporation ("Cabot") and Cimarex Energy Co. ("Cimarex"), creating a premier, diversified energy company with a strong free cash flow profile, well positioned to deliver superior and sustainable returns to shareholders through commodity cycles. Coterra's common stock will trade on the New York Stock Exchange under the ticker symbol "CTRA" at the open of trading on October 4, 2021 and under the symbol "COG" until then. https://mma.prnewswire.com/media/1640474/Coterra_Logo.jpg The Coterra name reflects two companies coming together, combining teams and assets to create a stronger platform to deliver sustainably higher returns. Dan O. Dinges, Executive Chairman of Coterra, said, "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." Thomas E. Jorden, Chief Executive Officer, President and Director of Coterra, said, "Today marks the beginning of our journey as one Coterra team. 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." With the transaction now closed, Coterra is positioned to drive enhanced shareholder value by: -- Facilitating significant capital returns, with an increased base dividend, a variable dividend reflecting the Company's commitment to return 50% of quarterly free cash flow ("FCF") to shareholders and a special cash dividend of $0.50 per share post-closing. -- Delivering substantial and sustained cash generation across cycles and supporting a more resilient free cash flow profile with the flexibility to leverage commodity specific cycles in allocating capital. -- Leveraging a top tier asset base across over 700,000 net acres, with high-return Marcellus, Permian and Anadarko Basins inventory and a combined production base of approximately 605 MBoepd as of the second quarter of 2021. -- Ensuring a strong financial profile through enhanced scale and a stronger balance sheet characterized by increased liquidity and reduced volatility, including an improved credit rating, a favorable net debt-to-EBITDAX ratio and $100 million in targeted G&A synergies. -- Strengthening its commitment to ESG through industry leading practices and policies, a commitment to further improvement across critical sustainability metrics and the alignment of executive compensation with shareholder value creation and environmental sustainability. |
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Msg # | Subject | Author | Recs | Date Posted |
3 | Re: Looking for an entry on CTRA | delt1970 | 0 | 10/13/2021 12:12:40 PM |