Cimarex to acquire Permian rival

USA

DENVER, November 20, 2018 – Cimarex has struck an acquisition deal with Resolute Energy worth about USD 1.6 billion including USD 710 million of long-term debt, the companies announced on Monday.

The deal is expected to add significant Permian acreage to Cimarex’s portfolio at a premium of about 15% to Resolute’s closing price on November 16, 2018.

“This high-quality, bolt-on asset is tailor-made for Cimarex,” Thomas E. Jorden, Cimarex’s president and CEO, said. “It is a perfect fit with our existing Reeves County position and will allow us to leverage our knowledge and deliver superior results over a broader asset base for the benefit of both Cimarex and Resolute shareholders.”