Coterra Energy Expands Permian Presence with Two Deals Worth $3.95B
The deals mark the first acquisitions made by Coterra after its creation - a merger between Cabot Oil & Gas and Cimarex Energy - in 2021.
Coterra Energy Inc. has unveiled plans to expand its presence in the Permian Basin through major acquisitions valued at $3.95 billion. This strategic move reflects Coterra's commitment to growth and innovation in the energy sector.
The deals mark the first acquisitions made by Coterra after its creation - a merger between Cabot Oil & Gas and Cimarex Energy - in 2021.
Coterra's New Mexico and Permian net locations will increase by about 75% and 25%, respectively, the company said, after the completion of the deals.
The deal comprises $2.95 billion in cash and an additional $1.0 billion in Coterra common stock. The company intends to finance the cash portion through existing cash reserves and strategic borrowings, signifying a robust financial strategy.
Projections suggest that these acquisitions will enhance Coterra's discretionary cash flow and free cash flow by more than 15% from 2025 to 2027. Additionally, the company's oil production is expected to reach 150-170 MBOD, with total equivalent production estimated at 720-760 MBOED by 2025.
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