85% of drilling CapEx will go to the Delaware
By Richard Rostad, analyst, Oil & Gas 360

Cimarex Energy (ticker: XEC) announced fourth quarter results and reserves today, showing $316.2 million in net income, or $3.32 per share.

This result is nearly double the $174.7 million the company earned in Q4 2017, though when results are adjusted for special charges the Q4 2018 income of $189.7 million is only moderately above the $140.0 recorded in Q4 2017.

Cimarex produced 251.3 MBOEPD in Q4, up 25% year-over-year. The company reports 591 MMBOE of reserves, up 6% from last year. Reserve additions replaced 168% of production in the year.

Like WPX, Cimarex has been testing the 3rd Bone Spring on its Delaware Basin acreage this quart...

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