Capital Markets | Capital Expenditure
Cimarex Bets on Permian, Woodford for 2013
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Cimarex Energy Co. has reported its 2013 capital budget and allocation plans.
Total company 2013 volumes are projected to average 675-705 MMcfe per day, an increase of 8-13% over 2012. Adjusting for the impact of property sales, growth for 2013 totals 10-15%. Liquids are projected to account for 51% of total equivalent production, up from 48% in 2012. Mid-Continent and Permian 2013 production volumes are projected to grow 11-15% over 2012, averaging between 652-673 MMcfe per day. Gulf Coast volumes are projected to average 23-32 MMcfe per day for 2013, or 4% of total estimated company volumes.
Full-year 2013 capital expenditures are expected to range from $1.4-$1.5 billion. Nearly all the 2013 capital is directed towards drilling oil or liquids-rich gas in the Permian and…
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