The Cabot-Cimarex merger was a rare exception
Cabot deal may prove exception rather than rule
Merger showcases optimism in gas prospects but may not signal a wider shift towards multi-basin M&A
The merger between Delaware basin operator Cabot Energy and Marcellus dry gas producer Cimarex was a rare exception of geographical diversity over in-basin consolidation, the latter having been the dominant deal-making trend for US shale this year. The merger of equals will create a diversified company valued at approximately $17bn and leverage $100mn in annual cost synergies. But rather than consolidating a position in one basin—the industry’s prevailing strategy—the pro forma company is looking to broaden its portfolio across oil and gas. “Public E&Ps have been more likely to exit towards single basin status than strike out into new areas, as Oasis Petroleum did with its sale of Permia
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
