Exploration & Production | Forecast - Production | Capital Markets | Capital Expenditure
Cimarex to Spend Up to $1.1 Billion in 2015
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Cimarex Energy Co. plans to invest $0.9–1.1 billion in exploration and development in 2015. Investments in gathering and other assets are forecast to approximate $50-80 million.
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The capital program is expected to be funded with cash flow from operating activities and the $406 million of cash on hand at December 31, 2014. At the low end of capital guidance we project production growth of three to eight percent, with total company production expected to average 895-935 MMcfe per day in 2015. Incorporating recent Permian shut-ins relating to weather and pipeline maintenance, first quarter output is forecast to average 920-940 MMcfe per day. Sequentially, oil production in the first quarter is expected to grow approximately four percent while gas production exhibits a…
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