Cimarex Energy Co. operates as an independent oil and gas exploration and production company. The company’s operations are primarily located in Oklahoma, Texas, and New Mexico. Reserves The company’s proved oil and gas reserves, as of December 31, 2013, totaled 2.5 trillion cubic feet equivalent, consisting of 1.3 trillion cubic feet of natural gas, 108,533 thousand barrels (MBbls) of oil and 92,044 MBbls of natural gas liquids. Exploration and Production The company’s exploration and production activities are conducted primarily in two main areas: the Permian Basin and the Mid-Continent region. Permian Basin: The company’s Permian Basin operations cover west Texas and southeast New Mexico. In total, the company drilled 175 gross (115 net) wells in this area during 2013, completing 174 gross (114 net) as producers. Drilling principally occurred in the Delaware Basin portion of New Mexico and west Texas, mainly targeting the Bone Spring and Wolfcamp formations. The company drilled and completed 73 gross (40 net) New Mexico Bone Spring wells in 2013. Texas Third Bone Spring drilling totaled 39 gross (28 net) wells. In addition, the company drilled and completed 26 gross (21 net) horizontal Wolfcamp shale wells in Culberson and Reeves counties, Texas in 2013. The company has approximately 180,000 net acres prospective for the Wolfcamp shale formation in the Delaware Basin. Mid-Continent: The Mid-Continent region encompasses operations in Oklahoma, southwest Kansas and the Texas Panhandle. The company drilled 183 gross (65 net) Mid-Continent wells during 2013, completing all as producers. The bulk of this drilling activity was in the Anadarko Basin of western Oklahoma, where the company drilled 149 gross (54 net) wells which were primarily infill development wells. Customers The company sells oil and gas to a broad portfolio of customers. Its major customers during 2013 were Enterprise Products Partners L.P. (Enterprise) and Sunoco Logistics Partners L.P. (Sunoco). Strategy Main elements of the company’s strategy include the following: maintaining a diversified portfolio of drilling opportunities, with varying geologic characteristics, in different geographic areas and commodity type exposure; detailed evaluation of drilling decisions based on risk-adjusted discounted cash flow rate of return on investment; tracking predicted and actual results in a centralized exploration management system that provides feedback to improve results; attracting quality employees and maintaining integrated teams of geoscientists, landmen and engineersl maximizing profitability by efficiently operating properties; and maintaining a strong financial structure. History Cimarex Energy Co., a Delaware corporation, was founded in 2002.
cimarex energy co (XEC:New York)
1700 Lincoln Street
Denver, CO 80203
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