Cabot Oil & Gas merged with Cimarex Energy in an all-stock $17 billion deal, forming Coterra Energy. The combined company holds approximately 600,000 net acres across the Marcellus, Permian, and Anadarko basins.
The deal created a diversified upstream operator with both natural gas (Marcellus) and oil (Permian) exposure.
Coterra established a hybrid capital return framework that became a model for U.S. independent E&Ps.