Post Tagged with: "Cimarex Energy"

Cimarex Produced 206 MBOEPD in Q1, with 55% from the Permian

Cimarex Produced 206 MBOEPD in Q1, with 55% from the Permian

Cimarex running 13 rigs: 10 in the Permian, 3 Mid-Con Cimarex Energy Co. (ticker: XEC) reported first quarter 2018 net income of $186.3 million, or $1.96 per share. Total company production for the quarter came in at the high end of guidance, Cimarex said, averaging 206.1 MBOEPD, with oil production averaging 65,212 BPD. Cimarex invested $313 million in exploration and development (E&D) during the first quarter, 61% in the Permian and 38% in the Mid-Continent. Out of $313 million, $264 million went to D&C activities. According to the company, Q1 investments were funded with cash flow from operations. Permian, Mid-Continent During the quarter, Cimarex brought 54 gross (15 net) wells on production – 17 gross wells were in the Permian, and the remaining 37 were in the Mid-Continent. As of March 31, 2018, 125 gross (48 net) wells were waiting on completion. Permian Production from the Permian region averaged 114,218[Read More…]

EnerCom’s 2017 Conference Day Two Breakout Notes: Cimarex Energy

EnerCom’s 2017 Conference Day Two Breakout Notes: Cimarex Energy

Cimarex Energy Breakout Notes Thomas E. Jorden, president and CEO of Cimarex Energy, (ticker: XEC) presented today at EnerCom’s The Oil & Gas Conference® 22. Cimarex Energy’s core acreage exists in the Mid-Continent and in the Permian. The company is actively drilling and completing wells in both basins. The company announced net income of $97.3 million during Q2, 2017 and, during that same quarter, averaged 1.156 Bcfe per day of production—equivalent to 192.7 MBOEPD. Cimarex spent $602 million in exploration and development capital so far in 2017, $296 million of which was spent during Q2. The company has allocated between $1.1 and $1.2 billion for 2017 exploration and development capital, 62% of which is dedicated to its Permian assets. During the company’s breakout session, management was asked the following questions: You spoke about understanding downhole physics, can you talk about some of what you’re doing to understand it? Do you[Read More…]

Cimarex: Permian Drives Up Production

Cimarex: Permian Drives Up Production

Cimarex Energy (ticker: XEC) raised its 2017 production guidance to 1.13 Bcfe per day from 1.09 Bcfe per day following the establishment of increased Q1 production. The company, which has operations based in the Mid-Continent and in the Permian basin, cited improvements in well results, a period of good weather, and a lack of significant outages all as reasons for upping the ante. In Q1, 2017, Cimarex reported an average production of 1.063 Bcfe per day. In oil volume alone, Cimarex reported 51,181 BOPD across both its Permian oil assets and its Mid-Continent liquids assets. Cimarex holds approximately 128,000 net acres in the Mid-Continent, where it focuses on liquids rich plays. In the Permian, Cimarex holds approximately 225,000 net acres. In the company’s Q1, 2017 earnings call on May 5th, 2017, Thomas Jorden, the CEO of Cimarex, noted that the company’s exploration and development capital was between $1.1 and $1.2[Read More…]

The STACK and SCOOP Valued at $40 Billion with Upside

The STACK and SCOOP Valued at $40 Billion with Upside

Oklahoma’s STACK and SCOOP plays are dominated by five players – 2nd most active U.S. plays With roughly 31% of active rigs in the U.S. focusing on the Permian, it’s easy to say plays like the Delaware Basin have become the focus of the industry. Despite that, there remains a tremendous potential in the STACK and SCOOP plays, according to a report released by Capital One Southcoast (COS). Coming in behind the Permian as the second-most active play in the United States, The STACK and SCOOP plays are dominated by: Continental Resources (ticker: CLR) Devon Energy (ticker: DVN) Marathon Oil (ticker: MRO) Newfield Exploration (ticker: NFX) Cimarex Energy (ticker: CVX) Combining the total value COS ascribes to these five companies in the area, the analysts’ estimates for the value of the play “reaches upwards of $40 billion,” a figure they believe still has significant upside potential given the relative newness[Read More…]

Texas oil production - Oil & Gas 360

Texas’ Top Performers by Basin

Most wells testing in the top 20:  EOG leads the Eagle Ford, Pioneer leads the Midland, Cimarex leads the Delaware KLR Group released a research note Thursday covering well data provided by the Texas Railroad Commission for the third quarter of the year, noting that activity is down overall, but that test rates are increasing per well. July 2016 production was down about 0.3% month-over-month and 8.4% year-over-year, but test rates have increased in the Eagle Ford and Midland by 22% and 16%, respectively. Despite a rash of deals in the Delaware Basin recently, test rates are down about 27% to approximately 859 BOEPD versus 1,174 BOEPD in the second quarter. Best in the Eagle Ford: 4,416 BOEPD In the Eagle Ford, EOG Resources (ticker: EOG) drilled 11 of the top 20 wells during the third quarter, including the highest test rate per 1,000 lateral feet with the Hickok 4H[Read More…]

Interview with Thomas Jorden of Cimarex Energy at The Oil & Gas Conference® 20

Interview with Thomas Jorden of Cimarex Energy at The Oil & Gas Conference® 20

Cimarex Energy CEO Tom Jorden spoke with Oil & Gas 360® in an exclusive video interview at EnerCom’s The Oil & Gas Conference® 20.  Jorden talked about his company’s capital spending plans and new developments in the Wolfcamp in the Permian basin and the Woodford Mid-Continent asset, including significant improvements from longer laterals and increased stages.

September 9, 2015 - 3:45 pm Oil and Gas 360 Articles, Straight Answers, TOGC, Videos
Experts Discuss OPEC v. Shale, Lifting Crude Oil Export Ban

Experts Discuss OPEC v. Shale, Lifting Crude Oil Export Ban

On the final day of EnerCom’s The Oil & Gas Conference®, a number of energy experts shared their insight into energy market opportunities. James Constas, EnerCom Managing Director EnerCom Managing Director James Constas gave a presentation called “Saudi America: the Unexpected Swing Producer.” Constas made the case that three primary factors have determined a cartel’s pricing power: a physical commodity, inelastic demand and both the ability and willingness to control its price. Constas said that when OPEC changed its policy from preserving oil price stability to protecting market share last November, the move implicitly shifted control of supply over to North America’s shale producers—making the shale oil industry the unexpected swing producer. As Constas put it, “once a cartel loses control of supply, it loses the ability to set price.” He posed that may be one reason OPEC has avoided production cuts up to this point, “What if OPEC cut[Read More…]

Cimarex Energy – Day Two Breakout Notes

Cimarex Energy – Day Two Breakout Notes

Thomas E. Jorden, President, Chairman and Chief Executive Officer of Cimarex Energy (NYSE: XEC), presented today at EnerCom’s The Oil & Gas Conference 20®. Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent and Permian Basin areas of the U.S. Total company production averaged 1,000 Bcfe/d during the second quarter 2015, a 22% increase from second quarter 2014.  Cimarex now estimates total production volumes for 2015 to average 960-980 MMcfe per day, a midpoint increase of 12% over 2014 volumes. During the company’s breakout session, management was asked the following questions: Where do you think the well costs will go once you move into the Wolfcamp? How’s the full cycle return in the company? Delaware economics has a great impact on your NGLs pricing – what does the company look at on the NGL market? What kind of conversation[Read More…]

August 19, 2015 - 2:09 pm 2015 TOGC Two, Oil and Gas 360 Articles