Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Susquehanna County
Proxy Advisor Glass Lewis in Favor of Cimarex/Cabot Merger
In May MDN told you about one of the oddest combinations in recent memory–the merger of Permian driller Cimarex Energy with Marcellus driller Cabot Oil & Gas (see HUGE NEWS: Permian Driller Cimarex Buying Out Cabot Oil & Gas). Given the negative reaction by stock analysts and investors, we had hoped maybe the deal would fall apart (see Markets “Baffled” by “Unexpected” Cabot Merger with Cimarex). It looks like our hopes are dashed. A major national proxy advisor, Glass Lewis, is recommending shareholders from both companies approve the merger on September 29 when they vote.
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Last week only Pennsylvania issued new permits for new shale well drilling–14 of them scattered around the state. Both Ohio (for the seventh week in a row) and West Virginia did not issue new shale permits last week.
Northeast Pennsylvania high schoolers are getting a look at what a career in the shale energy field looks like. The Susquehanna County Career and Technology Center in Dimock, in cooperation with Cabot Oil & Gas, is hosting its annual week-long Energy and Oilfield Career Experience summer camp. Susquehanna County, the only county where Cabot drills, is the #1 producer of natural gas in PA. Has been for years.
Cabot Oil & Gas announced on Friday as part of its second quarter 2021 update the company will *increase* production during the second half of this year. Cabot CEO Dan Dinges said because the Williams Leidy South Expansion Project will be fully online in 4Q and because the gas price outlook this winter is strong, the company plans to increase production by 4% in 3Q, and by a full 10% in 4Q. Finally! Somebody willing to drill more and produce more and make a profit doing it.