Cimarex Energys Commitment to Excellence FINANCIAL STRENGTH Balance Sheet Strength Return on and of Capital Disciplined Investment Margin Expansion OPERATIONAL EXCELLENCE Maximize Capital Efficiency Resource Development &…
3Q Highlights CURRENTLY OPERATING FOUR DRILLING RIGS AND TWO COMPLETION CREWS 139MM OF FREE CASH FLOW AFTER DIVIDEND; 182MM YTD IMPLEMENTING RELAXED WELL SPACING INVESTED 83MM IN 3Q; 441MM YTD OIL PRODUCTION OF 71.6 MBBLS/D WELL…
Cash Flow Objectives and Investment Framework TARGET CAPITAL INVESTMENT OF 70-80% OF CASH FLOW; FREE CASH FLOW (FCF) OF 20-30% FREE CASH FLOW PRIORITIES: Strengthen balance sheet Continue regular dividend growth Consider variable…
Cost Structure Continues to Improve CASH COSTS PER BOE MBOE/D 222 278 250-255 10 9.36 2020 TOTAL CASH COSTS DOWN 13% FROM 2018-19 0.58 8.46 AVERAGE 8 1.55 0.37 7.72 LOE down 14%, 65% of savings driven by sustainable CASH COSTS…
Permian Region Well Cost Improvements WELL COST PER COMPLETED LATERAL FOOT (OPERATED) TOTAL CAPITAL ASSOCIATED 1,600 WELL COST PER 1,479 LATERAL FOOT = WITH COMPLETED WELLS2 LATERAL FEET COMPLETED 1,400 /COMPLETED LATERAL…
Strong Balance Sheet and Growing Dividend AMPLE LIQUIDITY, NO NEAR-TERM DEBT MATURITIES DIVIDEND HISTORY 1,600 1.00 DIVIDEND PAID PER SHARE 1,200 0.80 MILLIONS 800 0.60 400 0.40 0 LIQUIDITY 2024 2027 2029 0.20…
Activity Through Remainder of Year NET WELLS ON PRODUCTION 40 NET WELL COUNT Oct 20 15.5 12.5 Nov 1 1Q20A 2Q20A 3Q20A 4Q20E IN PROGRESS AT 12/31/20 Dec PERMIAN BASIN ANADARKO BASIN EXPECT TO BRING 49 NET WELLS ON…
Delaware Basin Well Performance XEC vs Other Operators DELAWARE BASIN CUMULATIVE OIL PRODUCTION BY COUNTY (8,500 LL, First Prod 2016, Upper Wolfcamp & Bone Spring Formations) CULBERSON REEVES LEA EDDY 450 400 CUMULATIVE OIL…
Redesigned Development Plans Increase Capital Efficiency EXAMPLE: COUNT FLEET DEVELOPMENT CURRENTLY DRILLING, EXPECTED ON LINE 2Q21 PREVIOUS DESIGN NEW RELAXED DESIGN 1596 X/Y SANDS X/Y SANDS UPPER WOLFCAMP UPPER WOLFCAMP…
ESG Innovation ENHANCED MONITORING INCLUDES ENVIRONMENTAL TECHNOLOGY Optical gas imaging (OGI) inspections in excess Tankless batteries could reduce methane emissions of EPA requirements by up to 98%; first tankless facility rolling out…
Cimarex Energy Investment Thesis FINANCIAL OPERATIONAL POSITIONED EXCELLENCE ESG FOCUS FOR SUCCESS TOP-TIER INVESTMENT GRADE QUALITY AND DEPTH OF LEADER IN ENVIRONMENTAL WELL-POSITIONED TO BALANCE SHEET ASSETS OPERATIONS AND…
APPENDIX APPENDIX 15
2020 Guidance 4Q20E 2020E Production (MBOE/d) 215 235 250 255 Oil Production (MBbls/d) 62.5 68.5 75.5 77.5 Capital Expenditures ( Million) D&C 430 Midstream & Saltwater Disposal (SWD) 40 Other 130 Total Capital 600 Expenses…
3Q: Capital YTD and Guidance MILLION 3Q YTD 2020E GUIDANCE DRILLING & COMPLETION (D&C)1 52 315 430 MIDSTREAM/SWD 3 28 40 OTHER2 29 98 130 TOTAL CAPITAL INVESTMENT 83 441 600 1 Includes well facilities, flow back and outside…
Delaware Basin 2020 Development Update NEW MEXICO CURRENTLY OPERATING FOUR DRILLING RIGS AND TWO COMPLETION CREWS TEXAS 2020 DEVELOPMENTS ON LINE PROJECT NAME WELLS % WI ON LINE 1 ELECTRIC STATE 5 100 1Q 9 4 2 CARRY BACK 2 80 1Q…
Delaware Basin Acreage NEW MEXICO 238,000 NET ACRES WITH THREE MAJOR PLAYS TEXAS 33% federal acreage, all in New Mexico DEVELOPMENT PLANS INCLUDE 5,000 FEDERAL ACRES THROUGH 2023 50 wells planned through 2023 FEDERAL PERMITS…
Mid-Continent OKLAHOMA 326,000 NET ACRES 13-8 WOODFORD: 135,625 NET UNDEVELOPED ACRES (HBP) AREA MERAMEC: 116,500 NET ACRES (98% HBP) LONE ROCK FOCUSING ON HIGH QUALITY INVENTORY SUBSET CIMAREX ACREAGE MERAMEC…
Permian Basin Takeaway OIL TRANSPORT AND SALES AGREEMENTS IN PLACE 90% of oil production on pipe Strategic partnerships in core producing areas provide strong flow assurance Oil sales arrangements with credit worthy counterparties…
Permian Basin Water Management OWN AND OPERATE SALTWATER DISPOSAL (SWD) SYSTEMS IN CULBERSON AND REEVES Improves operating costs RECYCLING PRODUCED WATER FOR COMPLETION OPERATIONS 63% of total water procured in 2019 was recycled…
Culberson County Stands Out RISER: XEC-ENGINEERED ACCESS FOR WATER REUSE 725-775 PER LATERAL FOOT OUR LOWEST DRILLING COST IN THE DELAWARE BASIN LOW PRODUCTION EXPENSE SWD INFRASTRUCTURE WOLFCAMP FRAC WATER Culberson: 1.85 per…
Non-GAAP Reconciliation ( MILLIONS) LTM 2017 2018 2019 9/30/20 TWELVE MONTHS ENDED DECEMBER 31, LTM Net income (loss) 494 792 (125) (2,376) ( MILLIONS) 2017 2018 2019 9/30/20 Income tax expense (benefit) 188 231 (26) (470) Interest…
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