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STACK, Permian E&P Ups Capex Again; Adds Fifth Rig to Fuel More Drilling
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Cimarex Energy Co. reported a second quarter 2016 update.
Key Points: Capital investment for exploration and development is now estimated to be $750 million in 2016, up from previous guidance of $650-$700 million ($50 million was already added after the first quarter of 2016). Increased operated rig count to five rigs for the remainder of 2016 (up from four) - this is a reversal from its original plan to continue to reduce rigs in the second half of 2016 This additional capital will be used primarily to fund further drilling in the Meramec play and to accelerate well completions in both the Permian Basin and Mid-Continent region Operations UpdateCimarex invested $156 million in exploration and development during the second quarter, bringing the total for the first half of 2016…
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