Independent E&P operator Cimarex (NYSE: XEC) just announced a massive cut to production for 2020, shutting down all but one producing rig starting in May. How much revenue can it make off of one oil rig? Thanks to management's hedging, quite a bit.
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Most energy firms have reacted to plummeting oil prices so far by pulling the first of many levers within management's reach: curtailing capital spending for the fiscal year.
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Source: Motley Fool
(April 18, 2020 - 8:44 AM EDT)
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