Cabot Oil merges with Climarex Energy
Cabot and Climarex are teaming up to build an enterprise that might be the next big thing in the American oil and gas industry.
May 25, 2021
American oil and energy companies, Cabot Oil & Gas and Climarex Energy, have announced a merger that is to birth a new oil and gas enterprise worth $17 billion.
Following the announcement of the merger, both companies witnessed a sharp decline in their respective stock market performance with Climarex dropping by 7.2% to $66.07 while Cabot came down by 6.9% to $16.59.
The ownership division of the new organization to be birthed by Cabot Oil and Climarex’s merger is 50:50 with Climarex shareholders getting 4.0146 shares from Cabot’s stocks.
