Facilitating significant capital returns, with an increased base dividend, a variable dividend reflecting the Company's commitment to return 50% of quarterly free cash flow ("FCF") to shareholders and a special cash dividend of $0.50 per share post-closing.With the transaction now closed, Coterra is positioned to drive enhanced shareholder value by: With tremendous flexibility between premier oil and natural gas assets and a focus on operating efficiently, driving substantial cash flows and generating capital returns through commodity cycles, Coterra is poised to deliver enhanced value to our shareholders." We couldn't be more excited to bring together our teams and form a new E&P company that is positioned to succeed in the next phase of the shale revolution and beyond. Jorden, Chief Executive Officer, President and Director of Coterra, said, "Today marks the beginning of our journey as one Coterra team. Driven by a commitment to operating accountably, sustainably and safely, Coterra will be well positioned to increase returns to shareholders and deliver long-term value for all our stakeholders." Dinges, Executive Chairman of Coterra, said, "We are proud to complete our transaction and launch Coterra, which will build upon the impressive legacies and many strengths of both Cabot and Cimarex. The Coterra name reflects two companies coming together, combining teams and assets to create a stronger platform to deliver sustainably higher returns.ĭan O.
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