UPDATE 2-Cimarex to buy Resolute Energy in $1.6 bln Permian deal [Reuters]
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Source: Reuters
Cimarex Energy to buy smaller rival Resolute Energy in $1.6 billion deal | Reuters 2 Min Read (Reuters) - Oil and gas producer Cimarex Energy Co ( XEC.N ) said on Monday it would buy smaller rival Resolute Energy Corp ( REN.N ) in a deal valued at $1.6 billion, including debt, as it seeks to expand its assets in the shale-rich Permian Basin. Oil producers have been cementing their positions in the Permian Basin of West Texas and New Mexico, the country’s fastest growing oil field. Earlier this year, Concho Resources Inc ( CXO.N ) paid $8 billion in stock, or more than $70,000 per acre, for West Texas shale rival RSP Permian, while Diamondback Energy Inc ( FANG.O ) agreed to buy shale rival Energen Corp ( EGN.N ) in an all-stock deal valued at $9.2 billion. As part of the offer, Resolute shareholders have the option to receive 0.3943 shares of Cimarex common stock, $35 per share in cash, or a combination of $14 per share in cash and 0.2366 share of Cimarex common stock. For t
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