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Cimarex to Retire 50% of Rigs by 2H16; Adds to Budget for Woodford Ops
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Cimarex Energy Co. has reported its first quarter 2016 results.
Key Points: Increased 2016 capital budget by $50 million to $650-$700 million - it will fund the acceleration of Woodford drilling Completed 22 gross (5 net) wells during the quarter. Cimarex is currently operating nine drilling rigs with a reduction to four rigs planned by the end of the second quarter. Cimarex reported a first quarter 2016 net loss of $186.1 million, or $2.00 per share. Cimarex now estimates total production volumes for 2016 to average 940970 MMcfe per day, a midpoint decrease of three percent over 2015 volumes. 2016 OutlookCimarex now estimates total production volumes for 2016 to average 940970 MMcfe per day, a midpoint decrease of three percent over 2015 volumes. Second quarter output is expected to…
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