Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Cimarex Lowering 2020 Spending 45%
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Cimarex Energy Co. reported that it expects a 40-50% reduction in its 2020 capital investment program from its original guidance of $1.25-$1.35 billion.
This would bring 2020 estimated planned spending to $625-810 million (~$720 at the midpoint).
No other changes were disclosed.
Cimarex Chairman, President and CEO, Tom Jorden, said, "We are taking action in these challenging times. Our top priority is to preserve our balance sheet strength. Our revised outlook assumes $30 per barrel WTI price for the remainder of 2020. Under this scenario, Cimarex will not incur additional debt in 2020 and will generate sufficient free cash flow to preserve payment of our dividend to our shareholders." He went on to say, "This capital level holds annual oil production flat with 2019 levels and the…
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