Markets “Baffled” by “Unexpected” Cabot Merger with Cimarex

Yesterday we shared the devastating (for us) news that Cabot Oil & Gas, one of the premier drillers in the Marcellus, is merging with (being acquired by) Permian driller Cimarex (see HUGE NEWS: Permian Driller Cimarex Buying Out Cabot Oil & Gas). Now that the bombshell news has had time to sink in, it appears we were not the only ones baffled by this merger. Investors were baffled too. Cimarex shares fell 7.2% to $66.07, while Cabot's stock fell 6.9% to $16.59. Below we have reactions to the surprise announcement.

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