Coterra Solidifies Permian Position With $3.95B New Mexico Deal

According to its latest strategy, Coterra Energy Inc. (CTRA) has entered into an accord with two companies whereby it will acquire certain Permian Basin assets from Franklin Mountain Energy and Avant Natural Resources for $3.95 billion. The acquisition will be closed via a cash and stock deal, financed through$2.95 billion in cash and $1 billion in Coterra stock. The cash portion will consist of cash in hand and new borrowings and the company will issue 40.9 million shares of Coterra stock valued at$1 bil ...