Merger creates new major Permian Basin oil and gas operator

After two Permian Basin oil and gas producers merged earlier this year, they announced the formation of a new company

Shareholders from Cabot Oil and Gas Corporation and Cimarex Energy approved of the merger in September after the $9.3 billion sale of Cimarex’s assets to Cabot was announced in May.

And on Oct. 1, the combined company announced it would be called Coterra Energy, operating in the Permian Basin along with the Marcellus in Pennsylvania and Anadarko Basin in western Oklahoma and the northern Texas panhandle.

More:New Mexico Gov. Michelle Lujan Grisham calls for unity with oil and gas in climate goals

Chief Executive Officer Thomas Jorden, formerly CEO of Cimarex said the new company would increase profits for its investors by focusing on developing existing assets in the three basins where it operates.