2019 Highlights GENERATED 141 MILLION IN FREE CASH FLOW, EXITED 2019 WITH 95 MILLION CASH YOY 2019A ADJUSTED CASH FLOW FROM OPERATIONS Change TOTAL 1.5 BILLION Oil Production (MBbls/d) 86.2 27% 1.32 BILLION OF TOTAL CAPITAL INVESTMENT,…
Capital Investment TOTAL COMPANY MILLION 2019A 2020E 1 DRILLING & COMPLETION (D&C) 944 950 1,050 MIDSTREAM/SWD 149 100 OTHER 2 222 200 TOTAL CAPITAL INVESTMENT 1,315 1,250 1,350 1 Includes well facilities, flow back and…
Permian Region Well Cost Improvements WELL COST PER LATERAL FOOT (OPERATED) 1,600 1,468 TOTAL CAPITAL* ASSOCIATED WELL COST PER 1,400 LATERAL FOOT = WITH COMPLETED WELLS /COMPLETED LATERAL FEET -24% LATERAL FEET COMPLETED…
Cost Reductions and Margin PERMIAN REGION DECLINING OPERATING EXPENSES MAINTAINS % MARGIN 35 75% 80% 72% 70% /BOE OPEX & CASH MARGIN 30 70% 62% FOCUS ON LOE HELPS MARGINS 60% 25 Ownership and control of midstream and…
Net Wells on Production 2020 BY QUARTER 92 TOTAL: 90 NET BROUGHT 23 NET WELLS ON NET WELL COUNT PRODUCTION IN 4Q19 54 12 wells ahead of schedule Added 1,200 Bbl/d to 4Q19 production 38 35 EXPECT TO BRING 90 NET WELLS ON…
2019 Growth in Production and Reserves PROVED RESERVES (MMBOE) 620 591 600 559 400 200 0 2017 2018 2019 OIL NGL NATURAL GAS YE19 PROVED RESERVES: 620 MMBOE Increase of 5% Y/Y Oil reserves up 16% PDP now 86% of…
Long-Term Strategy, Near-Term Priorities STRATEGY PRIORITIES Capital discipline, consistent Optimize capital allocation investment across cycles and development program Focused execution Maximize project returns and financial…
2020 Free Cash Flow Generation 2020E FREE CASH FLOW SENSITIVITY 500 12% 2020 PLAN HIGHLIGHTS 10% 400 1.25 - 1.35 billion total capital investment FREE CASH FLOW (MM) FREE CASH FLOW YIELD 8% 300 950 1,050 million total D&C…
Three Year Free Cash Flow Outlook FREE CASH FLOW SENSITIVITY 2020E - 2022E 2,500 CUMULATIVE FREE CASH FLOW (MM) RATABLE ACTIVITY LEADS TO 10% OIL GROWTH IN 2,000 EACH OF THE NEXT THREE YEARS 1,500 CASH FLOW PRIORITIES Fund…
2020 Capital Investment Program MID-CONTINENT MERAMEC & WOODFORD 10% TOTAL CAPITAL OF 1.25 1.35 BILLION BONE SPRING 17% D&C CAPITAL 950 1,050 MILLION 77% of total capital D&C CAPITAL Permian Basin 90% 950 1,050 MILLION…
2020 Delaware Basin Plans D&C WELLS ON LINE AVERAGE LATERAL CAPITAL BY COUNTY LENGTH BY COUNTY 10,000 8,000 WOLFCAMP EDDY 6,000 REEVES 4,000 77 855 945 MM NET WELLS 2,000 LEA 0 BONE EDDY CULBERSON LEA…
Delaware Basin 2020 15 New Developments NEW MEXICO 2020 DEVELOPMENT PROJECTS TEXAS ESTIMATED PROJECT NAME WELLS % WI ON LINE 1 ELECTRIC STATE 5 100 1Q 2 CARRY BACK* 2 80 1Q 11 10 3 RIVERBEND 5 81 1Q 3 4 15 4 VACA DRAW 6 57…
Culberson: Top-Tier Oil Wells DELAWARE BASIN CUMULATIVE OIL PRODUCTION BY COUNTY (8,500 LL, First Prod 2016, Upper Wolfcamp & Bone Spring Formations) 6 MONTH 12 MONTH 18 MONTH 24 MONTH 450 400 CUMULATIVE OIL (MBBLS) 350…
Culberson: Water Infrastructure Driving Efficiencies RISER: XEC-ENGINEERED ACCESS FOR WATER REUSE SALTWATER DISPOSAL (SWD) Own & operate the system Improves operating costs System redundancy reduces downtime System expanding…
Culberson: Strong Productivity, Low LOE FRAC GENERATIONS INCREASING PRODUCTIVITY 2019 CULBERSON VS PERMIAN BASIN PRODUCTION EXPENSE GEN 1 GEN 2 GEN 3 GEN 4 800 4.00 CUMULATIVE OIL PRODUCTION (MBBL) 700 PRODUCTION EXPENSE PER…
Mid-Continent 2020 326,000 NET ACRES OKLAHOMA WOODFORD: 135,625 NET UNDEVELOPED ACRES (HBP) MERAMEC: 116,500 NET ACRES (98% HBP) 1 10% OF 2020 D&C CAPITAL 3 2020 DEVELOPMENT PROJECTS ESTIMATED PROJECT NAME WELLS % WI ON…
Cimarex Energy Overview PROVEN STRONG PREMIER ENDURING TRACK FINANCIAL PORTFOLIO CULTURE RECORD POSITION CREATING VALUE CORE POSITIONS IN MAXIMIZING FULL- LOW LEVERAGE AND AND GENERATING THE PERMIAN AND CYCLE RETURN ON…
APPENDIX APPENDIX 21
2020 Guidance 1Q20E 2020E Production (MBOE/d) 272 288 270 286 Oil Production (MBbls/d) 87.5 91.5 91 97 Capital Expenditures ( Million) D&C 950 - 1,050 Midstream & Saltwater Disposal (SWD) 100 Other 200 Total Capital 1,250…
Hedges as of February 19, 2020 2020 2021 OIL 1Q 2Q 3Q 4Q 1Q 2Q WTI OIL COLLARS1 Volume (Bbl/d) 39,000 31,000 23,000 23,000 15,000 5,000 Weighted Average Floor 52.40 50.43 49.80 49.80 49.70 50.00 Weighted Average Ceiling 64.48 61.55…
Permian Basin Takeaway SALES AGREEMENTS IN PLACE FOR OIL VOLUMES THROUGH 2020 88% of oil production on pipe STRATEGIC PARTNERSHIPS IN CORE AREAS Pipelines in place Purchase obligations Midland index pricing GAS SALES AGREEMENTS…
Permian Basin Water Management OWN AND OPERATE SALT WATER DISPOSAL (SWD) SYSTEMS IN CULBERSON, EDDY AND REEVES Improves operating costs RECYCLING PRODUCED WATER FOR COMPLETION OPERATIONS 63% of total water procured in 2019 was…
Non-GAAP Reconciliation ( IN MILLIONS) 2016 2017 2018 2019 Net income (loss) (409) 494 792 (125) Income tax expense (benefit) (214) 188 231 (26) Interest expense, net of capitalized 62 52 47 37 DD&A and ARO accretion 400 462 598…
Non-GAAP Reconciliation TWELVE MONTHS ENDED DECEMBER 31, ( IN MILLIONS) DECEMBER 31, 2019 ( IN MILLIONS) 2018 2019 Net cash provided by operating activities 1,551 1,344 Long-term debt (principal) 2,000 Change in operating assets…
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