Exploration & Production | Top Story | Capital Markets | Capital Expenditure
Cimarex Bets Big on the Wolfcamp for 2014; Squeezes in Cana-Woodford
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Cimarex Energy Co. has reported its 2014 capital plan of $1.8 billion, 78 percent of which is earmarked for projects in the Delaware Basin.
Highlights include: 2014 capital spending of $1.8 billion; up $200 million from 2013 levels 2014 production estimated to average 760-800 MMcfe/day Culberson Wolfcamp A well averages 1,251 BOE/day (672 barrels of oil/day) Successful Wolfcamp B/C test in Reeves County produces 465 barrels of oil/dayTotal company production is expected to grow to an average 760-800 MMcfe per day in 2014, a midpoint increase of 13 percent over 2013. Estimated growth in oil production of 17-19 percent will outpace natural gas liquids (NGL) and natural gas production growth. The capital program will be funded with cash flow from operating activities and bank debt.
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