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Cimarex 4Q 2015 Update; Production, Well Activity & Reserves
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Cimarex reported 4Q-2015 update;
Capital ExpenditureCimarex invested $877 million in exploration and development in 2015. This was down significantly from the amount Cimarex invested in 2014 when E&D capital investment totaled $1.9 billion. Investments made in 2015 were funded with cash flow and cash on hand.
ReservesProved reserves at December 31, 2015 were 2.9 trillion cubic feet equivalent (Tcfe), down seven percent year over year. Cimarex added 429 Bcfe through extensions and discoveries and had 142 Bcfe in net performance revisions. As a result, the company replaced 159 percent of 2015 production (excludes negative price and operating cost revisions of 399 Bcfe and 19 Bcfe, respectively). Proved reserves are 75 percent proved developed. Prices used for 2015 proved reserve…
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