Deal expands Cimarex’s Reeves County position
The oil and gas M&A frenzy continues, as Cimarex Energy (stock ticker: XEC) announced its acquisition of Resolute Energy (stock ticker: REN) today.

Resolute Energy is a pure-play Delaware player, with 21,100 net acres in Reeves County. The company is currently producing 34.8 MBOEPD, 45% of which is oil. Much of this acreage is directly contiguous with Cimarex’s existing acreage in the Delaware, meaning it should be relatively easy for the company to incorporate this new land.

The deal will increase Cimarex’s Reeves County acreage by 34%, though the company’s overall Delaware position will only grow by 8%. Pro forma Cimarex is producing 253.4 MBOEPD, up 16%. The assets are not yet cash...

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