Page 1

EX - 99.1 4 tm2117344d1_ex99-1.htm EXHIBIT 99.1 Cabot Oil & Gas + Corporation CIMAREX Press Release Exhibit 99.1 Cabot Oil & Gas and Cimarex Energy to Combine in All - Stock Merger of Equals Creating a Premier , Diversified Energy Company with a Strong Free Cash Flow Profile ; Positioned to Deliver Superior and Sustainable Returns HOUSTON and DENVER , May 24 , 2021 - Cabot Oil & Gas Corporation ( " Cabot " ) ( NYSE : COG ) and Cimarex Energy Co. ( " Cimarex " ) ( NYSE : XEC ) today announced that they have entered into a definitive agreement whereby the companies will combine in an all - stock merger of equals . The combination will bring together two industry - leading operators with top - tier oil and natural gas assets to create a diversified energy leader that is positioned to drive enhanced free cash flow generation and returns for investors through market cycles . Under the terms of the agreement , which has been unanimously approved by the Boards of Directors of both companies , Cimarex shareholders will receive 4.0146 shares of Cabot common stock for each share of Cimarex common stock owned . The exchange ratio , together with closing prices for Cabot and Cimarex on May 21 , 2021 , reflects an enterprise value for the combined companies of approximately $ 17 billion . Upon completion of the transaction , Cabot shareholders will own approximately 49.5 % and Cimarex shareholders will own approximately 50.5 % on a fully diluted basis . " The combination of Cabot and Cimarex will create a free cash flow focused , diversified energy company with the scale , inventory and financial strength to thrive across commodity price cycles , " Dan O. Dinges , Chairman , President and CEO of Cabot . " The combined business will be overseen by an experienced Board and a management team that is committed to a prudent strategy built on disciplined capital investment , strong free cash flow generation and increasing returns to shareholders . With its premier assets , increased resource diversity and a strong financial foundation , the company will be well positioned to deliver long - term value creation for its shareholders and other stakeholders . " " This transformational merger will combine our top - tier assets and advance our shared focus on delivering superior returns for investors , " said Thomas E. Jorden , Chairman , President and CEO of Cimarex . " We're building an even more resilient platform with greater financial strength in order to deliver sustainable , through - cycle returns on and of capital . We view commodity , geography and asset diversification as strategic advantages that will drive more resilient free cash flow and long - term value creation . We are aligned on our commitment to ESG and sustainability and look forward to bringing our talented teams together to unlock the tremendous potential of this compelling combination . "