Cimarex Energy Co. operates as an independent oil and gas exploration and production company primarily in Oklahoma, Texas and New Mexico. The company’s exploration and production activities take place primarily in two areas: the Permian Basin and the Mid-Continent region. The Permian region encompasses west Texas and southeast New Mexico. The company’s Permian Basin efforts are located in the western half of the Permian Basin known as the Delaware Basin. In 2014, the company focused on drilling horizontal wells that yielded oil and liquids-rich gas from the Wolfcamp shale, the Bone Spring formation, and the Avalon shale. The Permian region produced 399 million cubic feet equivalent per day in 2014. The company’s Mid-Continent region consists of Oklahoma and the Texas Panhandle. Its activity in 2014 in the Mid-Continent was focused in the Cana-Woodford shale in Oklahoma.The Mid-Continent region is the company’s major producing area. In 2014, the company drilled or participated in 312 gross (174.6 net) wells, of which it operated 185 gross (144.5 net) wells. As of December 31, 2014, the company was in the process of drilling or participating in 8 gross (4.0 net) wells and there were 54 gross (31.9 net) wells waiting on completion. The company owned an interest in 10,620 gross (3,240 net) productive oil and gas wells. As of December 31, 2014, the company had a total proved oil and gas reserves of 3.1 trillion cubic feet equivalent (Tcfe) consisting of 1.7 trillion cubic feet of natural gas; and 0.7 Tcfe each of oil and natural gas liquids. Marketing The company sells its oil and gas to a portfolio of customers. In 2014, its major customers included Enterprise Products Partners L.P. (Enterprise), Sunoco Logistics Partners L.P. (Sunoco) and Oneok Partners, L.P. (Oneok). Enterprise and Sunoco each accounted for 19% of the company’s consolidated revenues in 2014. Oneok accounted for 10% of the company’s 2014 consolidated revenues. Strategy The key elements to the company’s strategy include investing in a diversified portfolio of drilling opportunities with varying geologic characteristics, in different geographic areas and with assorted exposure to oil, natural gas and natural gas liquids; and tracking predicted versus actual results in a centralized exploration management system, providing feedback to improve results. 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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