XEC - Cimarex Energy: A Few Thoughts On The Cabot Oil And Gas Merger

• Pricing has degraded in each company since the merger, although the contract ratio remains pretty close.
• We think there is a case for prices of COG to rise from increasing gas prices over the next few months.
• We make the point that investors who are already interested in Cimarex could receive additional value upon completion of the merger later this year.

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