The acquisition of Cimarex Energy (XEC) by Cabot Oil & Gas (now renamed to Coterra Energy) has been completed, ending the stock market listing for XEC. The merger was approved by shareholders on September 29, 2021. As previously announced, Cimarex and Cabot entered into a definitive agreement on May 23, 2021, whereby the companies will combine in an all-stock transaction. Under the terms of the definitive agreement, each eligible share of Cimarex common stock issued and outstanding immediately prior to the effective time of the transaction will be exchanged for 4.0146 shares of Cabot common stock.
Cimarex last raised its quarterly dividend by 22.7 percent to 27 cents per share earlier in 2021. This followed a dividend hike of 10.0 percent to $0.22 per share in 2020 and marked 4 consecutive years of dividend increases by the independent oil and gas exploration and production company.
Cimarex Energy Co. is an independent oil and gas exploration and production company. The company operates in exploration and production (E&P) segment. All of the company's oil and gas assets are located in the United States with principal operations in the Mid-Continent and Permian Basin areas of the U.S. The company's operations are located in Oklahoma, Texas and New Mexico. Its E&P activities take place primarily in two areas: the Permian Basin and the Mid-Continent region. Its Permian Basin region encompasses west Texas and southeast New Mexico. Its Mid-Continent region consists of Oklahoma and the Texas Panhandle.
2021