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BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co.

Cimarex Energy Co. · Sep 1, 2013 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

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  1. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 1
    Barclays CEO Energy-Power Conference September 2013 1
  2. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 2
    Corporate Profile Shares outstanding 86.6 MM Proved reserves3.. 2.3 Tcfe Market cap1... 7.4 B % Natural gas 55% Long-term debt 2.. 0.9 B % Proved developed 80% Enterprise value 8.3 B R/P Ratio.. 9.9x Stockholders' equity2 3.7…
  3. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 3
    Whats New Affirmed 2013 guidance 800 MMcfe/d 680-700 MMcfe/d; +9-12% 690 Daily Production (MMcfe) 627 2013 drilling program 592 341 600 324 generating solid results 329 On track to invest 1.5 billion Active Delaware Basin 400…
  4. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 4
    Production Profile 2Q 2013 Production Mix Revenue Contribution Natural Oil Gas 32% 26% Natural Gas 50% Oil NGL 63% 11% NGL 18% Production averaged 687 MMcfe per day Up 16% year-over-year Led by strong oil production in…
  5. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 5
    2013 Capital Investment Plan Total Capital: 1.5 B By Region: Facilities 3% Other Land, 7% Seismic & Cap. Overhead Mid- 16% Continent 31% Permian 62% Drilling 81% Permian Mid-Continent Gulf Coast/Other Invest 950 MM…
  6. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 6
    Growth Driven by Permian Basin and Mid-Continent 800 Daily Production (MMcfe) 680-700 687 700 661 626 592 600 500 400 300 200 100 - 2011 2012 2013E Q1 13 Q2 13 Permian Mid-Continent Gulf Coast/Other 7
  7. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 7
    Permian Basin Region Delaware Basin focus Multiple plays Current activity Bone Spring sands Wolfcamp shale Emerging plays Avalon shale Delaware sands 8
  8. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 8
    Delaware Basin - Bone Spring Activity 85-90 net wells planned in 2013 Three areas New Mexico 2nd & 3rd Bone Spring (Eddy & Lea Counties) 42 gross wells drilled YTD . 30-day average IP: 650 BOE/d; 80% oil Texas 3rd Bone Spring…
  9. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 9
    Delaware Basin Wolfcamp Fairway 170,000 net acres in the fairway Multiple Wolfcamp Targets Culberson/White City Area 100,000+ net acres D & C benches producing A bench being tested Reeves County 40,000+ net acres Two wells…
  10. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 10
    Culberson Focus Area Wolfcamp 100,000+ net acres 2013 main objectives Drilling to hold acreage Wolfcamp C & D Two rigs; 20 wells 39 wells to date with 30-day average IP of 6.2 MMcfe/d Product mix of 43% gas; 27% oil; 30% NGL…
  11. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 11
    Culberson Infrastructure Invested 80mm to date Triple Crown Pipeline 34 miles of 12 pipe Central Compression Multiple Sales Points JT Processing Facility (Joule- Thomson) 50 MMcf/d capacity Residue gas sales to El Paso Permian…
  12. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 12
    Wolfcamp Production Growth 70 MMcfe/day 60 57 50 49 50 13 47 12 12 17 12 40 36 15 15 14 8 30 27 25 26 11 7 5 6 20 16 8 8 6 11 2 5 12 27 23 23 10 2 22 2 6 5 4 17 4…
  13. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 13
    Culberson Area Upside Multiple opportunities Five prospective horizons Large Wolfcamp Shale resource potential Per zone Wolfcamp development scenarios: 160-acre spacing: 1.7-2.1 Tcfe; 3.6bn of capital; 500 net wells 80-acre…
  14. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 14
    Mid-Continent Highlights 2013 Capex 450mm for the 250 Cana-Woodford Production region MMcfe/day 222 Cana-Woodford infill 200 generating good returns & 179 driving production growth 150 Ethane rejection of 1,600 129 b/d of NGL in…
  15. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 15
    Cana-Woodford Activity Map 2013 Capex of 350mm Good returns 20-25% after tax IRR Operated Well Non-operated Well Driving production growth 12 rigs running; 2 operated Risked upside - 3.3 Tcfe 75,000 acres in liquids-rich core…
  16. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 16
    Summary Recap Well positioned for 2013 and beyond Primary focus on Permian projects Continued Cana development Generating new ideas Solid base of proved reserves and production 80% proved developed; 10-year reserve life Growing…
  17. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 17
    Appendix 18 18
  18. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 18
    Hz Wolfcamp Type Curve* 7 4.0 30day avg: 6.4 MMcfe/d DailyRate(Mmcfe/d) EUR: 4.55.5 Bcfe CumulativeProd.(Bcfe) (47% gas, 30% NGL & 23% oil) 3.5 6 3.0 5 Cumulative Production (Bcfe) 2.5 Daily Rate (Mmcfe) 4 2.0…
  19. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 19
    Horizontal Wolfcamp Economics 50% 39% 40% 33% 30% 28% 22% 20% 17% 10% 0% 75.00/3.00 80.00/3.50 85.00/4.00 90.00/4.50 95.00/5.00 Completed Well Cost 7.2 mm EUR 5.4 Bcfe NRI 75% 30-day Ave. IP - 6.4 MMcfe 20 20
  20. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 20
    Cana-Woodford Production Growth 250 MMcfe/day 229 215 216 200 184 158 161 156 150 139 115 104 100 50 - Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Gas NGL Oil 21 21
  21. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 21
    2013 Guidance 2013 Production, Unit Expense and Capital Guidance Third Quarter Full-Year Production Total Equivalent (Mmcfe/d) 675-700 680-700 % Liquids 50% 51% Expenses (/Mcfe): Production 1.10 - 1.22 Transportation 0.30 -…
  22. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 22
    Hedges Oil Weighted Average Price Period Index Type Bbl/d Floor Ceiling Swap July - Dec. 2013 WTI Swap 6,000 NA NA 96.13 July - Dec. 2013 WTI Collar 6,000 85.00 102.31 NA 12,000 Gas Weighted Average Price Period Index Type…
  23. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 23
    Non-GAAP Reconciliation Reconciliation of Net Income to EBITDA and Adjusted EBITDA ( in Millions) 2008 2009 2010 2011 2012 Net income (loss) (902) (312) 575 530 354 Income tax expense (benefit) (529) (177) 339 312 207 Interest…
  24. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 24
    Non-GAAP Reconciliation Reconciliation of cash flow from operations Debt/Cap Calculation YE June 30, 2012 2013 (in millions) (in millions) Net cash provided by operating activities 1,193 Long-term debt 892 Change in operating…
  25. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 25
    Sources and Uses YTD 2013 Sources: Cash flow from operations 638.7 Sale of assets 45.6 Stock Option exercises 1.7 Total 686.0 Uses: Exploration and development (776.10) Other capex (25.50) Dividends (22.40) Working Capital…
  26. BARCLAYS CEO ENERGY POWER CONFERENCE – Cimarex Energy Co. – slide 26
    Balance Sheet 12/31/2012 6/30/2013 Cash 69.5 4.5 Other current assets 400.6 482.0 Oil and gas properties 5,004.8 5,498.2 Goodwill 620.2 620.2 Other 210.0 191.5 6,305.1 6,796.4 Current liabilities 645.9 671.8 Debt 750.0 892.0…

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