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BMO Capital Markets – Cimarex Energy Co.

Cimarex Energy Co. · Jan 14, 2014 · 23 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. BMO Capital Markets – Cimarex Energy Co. – slide 1
    BMO Capital Markets 11th Annual Unconventional Resources Conference January 14, 2014 1
  2. BMO Capital Markets – Cimarex Energy Co. – slide 2
    Corporate Profile Shares outstanding 86.6 MM Proved reserves3.. 2.3 Tcfe Market cap1... 8.3 B % Natural gas 55% Long-term debt 2.. 0.9 B % Proved developed 80% Enterprise value 9.2 B R/P Ratio.. 9.9x Stockholders' equity2 3.8…
  3. BMO Capital Markets – Cimarex Energy Co. – slide 3
    Whats New 2014 Capex of 1.8 billion MMcfe/d +13% 760800 up 12% y-o-y Daily Production (MMcfe) Expected production growth of 13% (midpoint) Delaware Basin generating more opportunities Wolfcamp Shale expanding Invest 600 million…
  4. BMO Capital Markets – Cimarex Energy Co. – slide 4
    2014 Capital Investment Plan Total Capital: 1.8 billion By Region: Facilities 2% Other Land, 3% Seismic & Cap. Overhead Mid- Continent 16% 19% Permian 78% Drilling 82% Robust Permian opportunity set commands 78% of…
  5. BMO Capital Markets – Cimarex Energy Co. – slide 5
    Production Profile 3Q 2013 Production Mix Revenue Contribution Natural Gas Oil 21% Natural 33% Gas NGL 48% 11% Oil NGL 68% 19% 717 MMcfe per day; up 13% year-over-year Led by strong oil production in the Permian Basin…
  6. BMO Capital Markets – Cimarex Energy Co. – slide 6
    Growth Driven by Permian Basin 800 Daily Production 717 700 (MMcfe) 687 661 626 592 600 500 400 300 200 100 - 2011 2012 Q1 13 Q2 13 Q3 13 Permian Mid-Continent Gulf Coast/Other 7
  7. BMO Capital Markets – Cimarex Energy Co. – slide 7
    Permian Basin Region Delaware Basin focus Several zones producing 2nd & 3rd Bone Spring sands Multiple Wolfcamp zones Culberson area: D, C & A zones Reeves County: A & B/C Avalon Shale emerging 200-250 locations identified 8
  8. BMO Capital Markets – Cimarex Energy Co. – slide 8
    Delaware Basin - Bone Spring Activity Invest 375mm in 2014 Three areas New Mexico 2nd & 3rd Bone Spring (Eddy & Lea Counties) 60 gross wells YTD 9/30/13 30-day average IP: 670 . BOE/d; 560 bo/d Texas 3rd Bone Spring (Ward…
  9. BMO Capital Markets – Cimarex Energy Co. – slide 9
    Delaware Basin Wolfcamp Fairway 180,000 net acres in the fairway Multiple Wolfcamp Targets Culberson/White City Area 100,000+ net acres Three benches producing JDA with Chevron Reeves County New focus area 40,000+ net acres…
  10. BMO Capital Markets – Cimarex Energy Co. – slide 10
    Thick, Multi-pay Wolfcamp Section Culberson Area Reeves County Ward County 100,000 net acres 40,000 net acres 32,000 net acres 11 11
  11. BMO Capital Markets – Cimarex Energy Co. – slide 11
    Culberson Focus Area Wolfcamp 100,000+ 100,000+ net net acres acres Wolfcamp 2013 mainDobjectives &C 41 wellsto Drilling (through 9/30/13); hold acreage 30-day average IP of 6.5 Wolfcamp C & D MMcfe/d Two Product…
  12. BMO Capital Markets – Cimarex Energy Co. – slide 12
    Culberson Infrastructure Invested 80mm to date Triple Crown Pipeline 34 miles of 12 trunkline 96 miles of gathering Central compression Multiple sales points JT Processing Facility 50 MMcf/d capacity Residue gas sales to El Paso…
  13. BMO Capital Markets – Cimarex Energy Co. – slide 13
    Reeves & Ward Counties Emerging Wolfcamp Reeves County Wolfcamp A wells have 30-day IP of 925 BOE/d; 583 bo/d (63%) First 10,000 ft. lateral had 30- day IP of 1,816 BOE/d; 1,016 bo/d (56%) First Wolfcamp B/C test yields 465 bo/d…
  14. BMO Capital Markets – Cimarex Energy Co. – slide 14
    Wolfcamp Production Growth 70 67 MMcfe/day 60 59 17 54 50 15 50 47 19 15 12 17 12 40 36 15 15 14 8 30 27 27 25 11 6 7 5 20 16 8 8 8 12 2 30 11 5 23 24 27 10 2 22…
  15. BMO Capital Markets – Cimarex Energy Co. – slide 15
    Mid-Continent Highlights Cana-Woodford Activity Map Total 2014 capex of 350 for the region Cana capex of 250mm Operated Well Non-operated Well Two operated rigs in 2014 Field production expected to grow 4% in 2014 Well cost…
  16. BMO Capital Markets – Cimarex Energy Co. – slide 16
    Summary Recap Well positioned for 2014 and beyond Primary focus on multiple Permian projects Generating new ideas Solid base of proved reserves and production 80% proved developed; 10-year reserve life Growing oil and NGL…
  17. BMO Capital Markets – Cimarex Energy Co. – slide 17
    Appendix 18 18
  18. BMO Capital Markets – Cimarex Energy Co. – slide 18
    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…
  19. BMO Capital Markets – Cimarex Energy Co. – slide 19
    Cana-Woodford Production Growth 250 MMcfe/day 229 215 216 217 200 184 158 161 156 150 139 115 104 100 50 - Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Gas NGL Oil 20 20
  20. BMO Capital Markets – Cimarex Energy Co. – slide 20
    2013 Guidance 2013 Production, Unit Expense and Capital Guidance Fourth Quarter Full-Year Production* Total Equivalent (Mmcfe/d) 714-734 695-700 % Liquids 51% 51% Expenses (/Mcfe): Production 1.11 - 1.16 Transportation 0.40 -…
  21. BMO Capital Markets – Cimarex Energy Co. – slide 21
    Hedges Oil Weighted Average Price Period Index Type Bbl/d Floor Ceiling Swap Oct. - Dec. '13 WTI Swap 6,000 NA NA 96.13 Oct. - Dec. '13 WTI Collar 6,000 85.00 102.31 Jan. - Dec. '14 WTI Collar 6,000 85.00 105.68 Gas Weighted…
  22. BMO Capital Markets – Cimarex Energy Co. – slide 22
    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…
  23. BMO Capital Markets – Cimarex Energy Co. – slide 23
    Non-GAAP Reconciliation Reconciliation of cash flow from operations Debt/Cap Calculation September 30, September 30, 2013 2013 (in millions) (in millions) Net cash provided by operating activities 941 Long-term debt 900 Change in…

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