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Cimarex Ups Capex 56% to $1.2B; 18 Rigs Active by Year-End 2017
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Cimarex Energy has detailed its 2017 capital budget.
Key Points: 2017 capex of $1.1-1.2 billion (up +56% from 2016) An additional $60 million is earmarked for midstream and other infrastructure Production guidance of 1.06-1.11 Bcfe/d (up +13% YOY) Currently running 11 rigs - will add 7 (total of 18) by Q4 2017 At year-end 2017 Cimarex estimates that 86 gross (47 net) wells will be drilling or waiting on completion. This includes 50 gross (23 net) in Mid-Continent region and 36 gross (24 net) in the Permian Basin.Below are the 2017 expected completions by region:
Cimarex intends to invest $850 - 900 million on drilling and completion during 2017. Approximately 66 percent of the 2017 capital will be invested in the Permian region and the remainder in the Mid-Continent…
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