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Cimarex buying Resolute for nearly $1B as Permian consolidates

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Cimarex buying Resolute for nearly $1B as Permian consolidates

Cimarex Energy has said that it will be buying its smaller Denver rival Resolute Energy for approximately $1 billion in a combination of two major companies that are primarily focused on West Texas’ booming Permian Basin.

The cash-and-stock deal is said to continue the wave of corporate consolidation in the Permian, which in turn gives Cimarex over 21,000 acres in emerging Delaware Basin portion of the Permian in well known Reeves County.

“It can be considered as a perfect fit with our current Reeves County position, and will also be allowing us to leverage our knowledge and deliver quality results over a broader asset base for the benefit of the share holders of both Resolute and Cimarex.” Cimarex CEO Thomas Jorden told.

The deal is known to be worth $1.6 billion overall, including the assumption of almost $700 million in Resolute’s long-term debt.

The deal is likely to close by the end of March 2019.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Foming a Limited Company in UK has Become Easy Now

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It is a big decision to take to go from being self-employed to becoming the director of your own Limited company. Being a sole trader may be a good way to run a business. But there are many advantages of taking your business a step further while operating as a full-fledged limited company.

In the UK, setting yourself as a self-employed sole trader is a simple process, but it has some conditions. That is why thousands of new sole traders are choosing to open a limited company each year. To register online with HMRC for self-assessment, you need a personal tax code reference number.

If you are earning more than 1,000-pound sterling between 6 April of one year and 5 April of the following year, you can set yourself up as a sole trader. Further, you need to prove your self employed to claim Tax-Free Childcare. In addition, you also need to make voluntary Class 2 national insurance payments to qualify for the benefits of being the sole trader. There are so many conditions for the sole trader, hence it will be a good decision to open a limited company rather than going for a sole trader.

There are many advantages of incorporating a UK company after going through the company formation process. It also involves a little more work than simply registering as self-employed. Financial and statutory administrative duties to run the limited company enables you to gain many advantages of having a limited company status.

Paying tax as a self-employed could bring you financial crisis sometimes. But as a registered limited company owner, you have to pay less personal tax than a self-employed sole trader. As you will be the director of your company, you can select to take a small salary from the business and then can take more income in the form of shareholder dividends. By doing so you can reduce the amount of National Insurance Contribution which you need to pay.

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