Cimarex Energy: Pillars of Successful Strategy PLANNING COST CONTROL EXPLORATION DIGITAL INNOVATION ENVIRONMENT CIMAREX ENERGY: PILLARS OF SUCCESSFUL STRATEGY 3
1Q20 Operational Highlights 2019 ESG UPDATE LIVE AT CIMAREX.COM OIL PRODUCTION AT MIDPOINT OF GUIDANCE 89.8 MBbls/d vs 87.5 91.5 MBbls/d CH4 43 MM HEDGE GAIN IN Q1 2019 METHANE 2019 PERMIAN FLARING 64% PERMIAN BASIN INTENSITY…
Responding to Current Challenges COVID-19 HAS CAUSED EXTREME WEAKNESS IN OIL PRICES DUE TO LOWER DEMAND EMPLOYEE HEALTH & SAFETY FOCUS ON FREE CASH FLOW Implemented remote work for all office Cut capital 55-60% from February…
Capital Investment Flexibility in Turbulent Times FEB 2020E UPDATED 2020E MILLION 1Q20A DIFFERENCE GUIDANCE GUIDANCE DRILLING & 214 950 1,050 300 400 58% 71% COMPLETION (D&C)1 MIDSTREAM/SWD 27 100 40 60% OTHER2 33 200 160 20%…
Permian Region Well Cost Improvements WELL COST PER COMPLETED LATERAL FOOT (OPERATED) 1,600 1,479 1,400 /COMPLETED LATERAL FEET -24% TOTAL CAPITAL ASSOCIATED 1,200 WELL COST PER 1,106 LATERAL FOOT = WITH COMPLETED WELLS2…
Long-Term Strategy, Near-Term Priorities STRATEGY PRIORITIES Capital discipline and Employee health and safety asset optimization Focused execution Financial strength Free cash flow generation and balance sheet strength…
Net Wells on Production 47 NET WELL COUNT BROUGHT 20 NET WELLS ON PRODUCTION IN Q1 20 EXPECT TO BRING 36 NET WELLS ON PRODUCTION IN 2020 13 47 wells in progress at year end 2020 2 1 1Q20A 2Q20E 3Q20E 4Q20E IN PROGRESS…
Updated 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 33 285 385 MM NET WELLS 2,000 LEA 0 EDDY CULBERSON LEA…
Delaware Basin 2020 6 Developments On Production NEW MEXICO OPERATING ONE DRILLING RIG BY MID-MAY TEXAS 2020 DEVELOPMENTS ON LINE PROJECT NAME WELLS % WI ON LINE 1 ELECTRIC STATE 5 100 1Q 2 CARRY BACK* 2 80 1Q 9 4 3 RIVERBEND 5 79…
Culberson: Top-Tier Oil Wells DELAWARE BASIN CUMULATIVE OIL PRODUCTION BY COUNTY (8,500 LL, First Prod 2016, Upper Wolfcamp & Bone Spring Formations) 6 MONTHS 12 MONTHS 18 MONTHS 24 MONTHS 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…
Permian Basin Takeaway OIL TRANSPORT AND SALES AGREEMENTS IN PLACE 87% of oil production on pipe Strategic partnerships in core producing areas provide strong flow assurance Oil sales arrangements with credit worthy counterparties…
Mid-Continent OKLAHOMA 326,000 NET ACRES WOODFORD: 135,625 NET UNDEVELOPED ACRES (HBP) MERAMEC: 116,500 NET ACRES (98% HBP) 4% OF 2020 CAPITAL (PRIMARILY NON-OP) IMPROVING COMMODITY ENVIRONMENT CIMAREX ACREAGE MERAMEC…
Cimarex Energy Overview PROVEN STRONG PREMIER ENDURING TRACK FINANCIAL PORTFOLIO CULTURE RECORD POSITION CREATING VALUE CORE POSITIONS IN MAXIMIZING FULL- LIQUIDITY PROVIDES AND GENERATING THE PERMIAN AND CYCLE RETURN ON…
APPENDIX APPENDIX 18
Hedges as of May 6, 2020 2020 2021 OIL 2Q 3Q 4Q 1Q 2Q 3Q 4Q WTI OIL COLLARS1 Volume (Bbl/d) 34,341 41,000 41,000 33,000 23,000 14,000 14,000 Weighted Average Floor 48.29 40.91 40.91 38.71 34.00 29.71 29.71 Weighted Average Ceiling…
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) 2017 2018 2019 LTM 3/31/20 Net income (loss) 494 792 (125) (925) Income tax expense (benefit) 188 231 (26) (51) Interest expense, net of 52 47 37 capitalized 35 DD&A and ARO accretion 462…
Non-GAAP Reconciliation THREE MONTHS ENDED MARCH 31, MARCH 31, ( IN MILLIONS) 2020 ( IN MILLIONS) 2019 2020 Long-term debt (principal) 2,000 Net cash provided by operating activities 250 309 Redeemable preferred stock 82 Change in…
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