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Dozens laid off in Colorado ahead of $1.6 billion oil company merger

Greg Avery
Dozens laid off in Colorado ahead of $1.6 billion oil company merger

Dozens of Denver workers are being laid off as two locally headquartered oil and gas companies combine in a $1.6 billion deal. Resolute Energy Corp. will cut 57 positions March 1 as a result of the company’s pending merger into Denver-based Cimarex Energy Co. Resolute Natural Resources Co., a business of Resolute Energy (NYSE: REN), said in a filing to Colorado Department of Labor and Employment that the downsizing is cutting 80 percent of its 71-person headquarters staff, including CEO Richard Betz. Cimarex Energy inked a cash and stock deal in November to buy Resolute, an acquisition that expands Cimarex’s oil and gas operations and untapped reserves in the Delaware Basin in West Texas.