Skip to main content EnerCom The Oil & Service's Conference – Cimarex Energy Co. Investor Presentation | Shale Experts
Loading...
Pm

EnerCom The Oil & Service's Conference – Cimarex Energy Co.

Cimarex Energy Co. · Feb 20, 2013 · 30 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.

Slides

  1. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 1
    EnerComs The Oil & Services Conference 11 February 20, 2013
  2. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 2
    2012 Highlights Production grew 6% averaging 626.5 MMcfe/d Oil +17%, NGL +11%, gas -2% O&G Sales of 1.6 B in 2012 vs. 1.7 B in 2011 Revenue flat; higher production offset by lower prices: gas 2.88/Mcf (-35%), NGL 30.66/bbl (-28%) & oil…
  3. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 3
    2012 Highlights (Cont.) Proved reserves grew 10% to 2.3 Tcfe 13% excluding property sales Oil reserves grew 18% (excluding property sales) Added 757.3 Bcfe from extensions and discoveries (51% liquids) Replaced 330% of production…
  4. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 4
    Core Operating Areas YE 2012 Reserves 2.3 Tcfe Mid-Continent Permian Q4 2012 Prod. 677 MMcfe/d Gulf Coast 5
  5. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 5
    Proved Reserves 2.4 1.0 2.0 0.8 0.6 1.6 0.3 Tcfe 1.2 1.3 1.3 1.2 1.2 0.8 0.4 67% Gas 59% Gas 55% Gas 77% Gas 77% Gas 2009 2010 2011 2012 77% PD 82% PD 80% PD 82% PD Gas (Bcf) Oil & NGLs (Bcfe) 6
  6. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 6
    Proved Reserves by Region 2,400 2,259 2,045 2,000 1,884 1,600 1,535 697 620 Bcfe 1,200 561 800 487 400 730 1,029 1,376 1,528 2009 2010 2011 2012 MidContinent Permian Gulf Coast Other 7
  7. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 7
    2013 Activity Expect to invest 1.4-1.5 B Solid returns in oil and liquids-rich areas Reserve/production projected to average 40-50% oil and natural gas liquids Permian Basin average 12-14 operated rigs Bone Spring 110 gross wells…
  8. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 8
    Capital Investment 1,800 70% 1,623 1,580 61 4% Mid-Point 108 7% 60% 1,500 889 1,450 55% 731 100 7% 46% 900 50% 62% 1,200 999 40% MM 128 13% 900 418 30% 42% 741 600 47% 673 524 41% 20% 73 14% 194 452…
  9. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 9
    2013E Capital Investment Total Capital: 1.4-1.5 B Total Capital by Region: 1.4-1.5 B Permian Mid-Continent Gulf Coast/Other Run 11-14 operated rigs Continued Cana infill Working new 3D data Expect to drill approximately…
  10. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 10
    PB/MC Production Growth 800 80000% +813% 700 675705 70000% 2535 626 592 650670 600 40 60000% 105 586 500 50000% MMcfe/d 487 400 40000% 300 30000% 200 Yearoveryear % growth 20000% 100 10000% 16% 20%…
  11. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 11
    Permian Oil Production (Mbbl/d) 30.0 70% 60% 25.0 24.825.8 23.9 50% 20.0 40% Mbbl/d 15.0 14.5 30% 10.0 20% Yearoveryear % growth Growth excl. 5.0 asset sales 10% 8-12% 4% 64% 48% 0% 2011A 2012A 2013E…
  12. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 12
    Permian Basin Summary Statistics Proved reserves (YE 12) 696.7 (Bcfe) 60% liquids; 99% proved developed Production (Q4 12) 292.1 (MMcfe/d) 71% liquids Net acres (YE 12) 438 (000s) Permian Capital Investment 2013E 2012A E&D…
  13. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 13
    Permian Bone Spring In 2012 drilled 107 gross (60 2012 Bone Spring Drilling net) Bone Spring wells - 64 gross (34 net) in New Mexico - 43 gross (26 net) in Texas Strong New Mexico 2nd/3rd Bone performance: 30-day IPs for 2012…
  14. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 14
    Permian Horizontal Wolfcamp 31 32 33 34 35 36 31 32 33 35 36 Southern Eddy Cty. NM /northern 2 RINGER FED 11 1 12 6 7 5 8 4 9 10 3 2 11 1 12 6 7 5 8 WHITE CITY 14 4 9…
  15. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 15
    Permian Horizontal Wolfcamp Net Operated Wolfcamp Production (Assumes Full NGL Recovery) 50 New Pipeline In Place 40 Drilling and Completion 30 Delays Due to Pipeline MMcfe/d Constraints 20 10 0 1 2 3 4 1 2 3…
  16. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 16
    Horizontal Wolfcamp Type Curve 7 4.0 30-day avg: 6.4 MMcfe/d Daily Rate (Mmcfe/d) EUR: 4.5-5.5 Bcfe (47% gas, 30% NGL & 23% oil) Cumulative Prod. (Bcfe) 3.5 6 3.0 5 Cumulative Production (Bcfe) 2.5 Daily Rate…
  17. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 17
    Horizontal Wolfcamp Economics 50% Forward strip IRR : 34% ( 2-11-13 strip) 39% 40% 33% 30% 28% 22% IRR 20% 17% 10% 0% 75.00/3.00 80.00/3.50 85.00/4.00 90.00/4.50 95.00/5.00 Realized Price - Oil (/Bbl) & Gas (/Mcf)…
  18. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 18
    Horizontal Wolfcamp Summary Emerging key area Improving economics - Seeing consistent and improving well results - Decreasing well cost Completed well costs: - 2011: 9 - 11 MM - 2012: 8 - 9.5 MM - Current estimate 7-7.5 MM -…
  19. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 19
    Mid-Continent Region Summary Statistics Proved reserves (YE 12) 1,528.3 (Bcfe) 35% liquids; 71% proved developed Production (Q4 12) 351.2 (MMcfe/d) 31% liquids Net acres (YE 12) 753 (000s) Mid-Continent Capital Investment 2013E…
  20. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 20
    Cana-Woodford Shale From inception drilled or non-op in 492 wells through Q4-12 Strong land position: 75,000 Acres 120,000 net acres w/ (Liquids Rich) NRIs 81% Liquids Rich Area 45,000 Acres - Net acres: 75,000 (Gas Rich) -…
  21. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 21
    Cana-Woodford Infill Development Infill drilling in liquids- rich core Currently 4 operated rigs Drilling off two well 2012 Infill Row pads with 9 wells/section 21 net wells waiting to be completed at x4 yearend 2013E: 125…
  22. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 22
    Cana-Woodford Net Production 250 Completion backlog increase as result of 215 commencing infill development 200 184 158 161 156 150 139 MMcfe/d 115 99 104 100 84 75 67 50 Q1A Q2A Q3A Q4A Q1A Q2A…
  23. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 23
    Cana-Woodford Summary Infill row looking east Q4-12 production: 215 MMcfe/d (36% increase over Q4-11) Gas (MMcf/d) 133 62% NGLs (b/d) 10,463 29% Oil (b/d) 3,168 9% Equivalent (MMcfe/d) 215 100% Significant resource…
  24. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 24
    2013 Guidance 2013 Production, Unit Expense and Capital Guidance 2013E Q1E Full-Year Production Total Equivalent (Mmcfe/d) 642 - 667 675 - 705 % Liquids 50% 51% Expenses (/Mcfe): Production expense 1.05 - 1.17 Transportation…
  25. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 25
    Summary Recap Record production and reserves in 2012 - Production up 6% - Proved reserves up 10% Well positioned for 2013 - Primary focus on Permian projects - Continued production and reserve growth in Cana Maintain strong…
  26. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 26
    Appendix 27
  27. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 27
    Hedges Oil Average Price Daily (2) Period Index Type Volume(1) Floor Ceiling Swap Feb. - Dec. 2013 WTI Swap 6,000 NA NA 96.13 Feb. - Dec. 2013 WTI Collar 6,000 85.00 102.31 NA 12,000 (1) Oil volume = bbls/d (2) WTI = NYMEX…
  28. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 28
    Quarterly Dividend (cents/share) 0.00 0.02 0.04 0.06 0.08 0.10 0.12 Mar06 0.14 Jul06 Nov06 Mar07 Dividend Jul07 Nov07 Mar08 Jul08 Nov08 Mar09 Jul09 Nov09 Mar10 Quarterly Dividend Per Share Jul10 Nov10 Mar11…
  29. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 29
    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 expense,…
  30. EnerCom The Oil & Service's Conference – Cimarex Energy Co. – slide 30
    Non-GAAP Reconciliation Reconciliation of cash flow from operations Debt/Cap Calculation YE YE 2012 2012 (in millions) (in millions) Net cash provided by operating activities 1,193 Long-term debt 750 Change in operating assets…

From the store

Browse maps, data & reports in the Shale Experts store