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THE OIL & GAS CONFERENCE – Cimarex Energy Co.

Cimarex Energy Co. · Aug 1, 2013 · 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. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 1
    The Oil & Gas Conference Denver August 2013
  2. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 2
    Corporate Profile Shares outstanding 86.6 MM Proved reserves3.. 2.3 Tcfe Market cap1... 6.6 B % Natural gas 55% Long-term debt 2.. 0.9 B % Proved developed 80% Enterprise value 7.5 B R/P Ratio.. 9.9x Stockholders' equity2 3.7…
  3. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 3
    Whats New Affirmed 2013 guidance 800 MMcfe/d 680-700 MMcfe/d; +9-12% 690 Daily Production (MMcfe) 627 2013 drilling program 592 341 600 324 generating solid results 329 On track to invest 1.5 billion Active Delaware Basin 400…
  4. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 4
    Production Profile 2Q 2013 Production Mix Revenue Contribution Natural Oil Gas 32% 26% Natural Gas 50% Oil NGL 63% 11% NGL 18% Production averaged 687 MMcfe per day Up 16% year-over-year Led by strong oil production in…
  5. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 5
    2013 Capital Investment Plan Total Capital: 1.5 B By Region: Other 7% Mid- Continent 31% Permian 62% Permian Mid-Continent Gulf Coast/Other Invest 950 MM Invest 450 MM Invest 100 MM Drill approximately Cana Capex: 350…
  6. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 6
    Growth Driven by Permian Basin and Mid-Continent 800 Daily Production (MMcfe) 680-700 687 700 661 626 592 600 500 400 300 200 100 - 2011 2012 2013E Q1 13 Q2 13 Permian Mid-Continent Gulf Coast/Other
  7. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 7
    Permian Basin Region Delaware Basin focus Multiple plays Current activity Bone Spring sands Wolfcamp shale Emerging plays Avalon shale Delaware sands
  8. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 8
    Delaware Basin - Bone Spring Activity 85-90 net wells planned in 2013 Three areas New Mexico 2nd & 3rd Bone Spring (Eddy & Lea Counties) 42 gross wells drilled YTD . 30-day average IP: 650 BOE/d; 80% oil Texas 3rd Bone Spring…
  9. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 9
    Delaware Basin Wolfcamp Fairway 170,000 net acres in the fairway Multiple Wolfcamp Targets Culberson/White City Area 100,000+ net acres D & C benches producing A bench being tested Reeves County 40,000+ net acres Two wells…
  10. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 10
    Culberson Focus Area Wolfcamp 100,000+ net acres 2013 main objectives Drilling to hold acreage Wolfcamp C & D Two rigs; 20 wells 39 wells to date with 30 day average IP of 6.2 MMcfe/d Product mix of 43% gas; 27% oil; 30% NGL…
  11. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 11
    Culberson Infrastructure Triple Crown Pipeline 34 miles of 12 pipe Central Compression Multiple Sales Points JT Processing Facility (Joule- Thomson) 50 MMcf/d capacity Residue gas sales to El Paso Permian Trucking solution…
  12. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 12
    Wolfcamp Production Growth 70 MMcfe/day 60 57 50 49 50 13 47 12 12 17 12 40 36 15 15 14 8 30 27 25 26 11 7 5 6 20 16 8 8 6 11 2 5 12 27 23 23 10 2 22 2 6 5 4 17 4…
  13. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 13
    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…
  14. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 14
    Mid-Continent Highlights Capex 450mm 250 Cana-Woodford Production Cana-Woodford infill MMcfe/day 222 generating good returns & 200 driving production growth 179 Capex 350mm 12 rigs running; 2 operated 150 129 Cana risked upside -…
  15. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 15
    Summary Recap Well positioned for 2013 and beyond Primary focus on Permian projects Continued Cana development Generating new ideas Solid base of proved reserves and production 80% proved developed; 10-year reserve life Growing…
  16. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 16
    Appendix 17
  17. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 17
    Hz Wolfcamp Type Curve* 7 4.0 30day avg: 6.4 MMcfe/d DailyRate(Mmcfe/d) EUR: 4.55.5 Bcfe CumulativeProd.(Bcfe) (47% gas, 30% NGL & 23% oil) 3.5 6 3.0 5 Cumulative Production (Bcfe) 2.5 Daily Rate (Mmcfe) 4 2.0…
  18. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 18
    Horizontal Wolfcamp Economics 50% 39% 40% 33% 30% 28% 22% 20% 17% 10% 0% 75.00/3.00 80.00/3.50 85.00/4.00 90.00/4.50 95.00/5.00 Completed Well Cost 7.2 mm EUR 5.4 Bcfe NRI 75% 30-day Ave. IP - 6.4 MMcfe 19
  19. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 19
    Cana-Woodford Activity Map 2013 Capex of 350mm Good returns 20-25% after tax IRR Operated Well Non-operated Well Driving production growth 12 rigs running; 2 operated Risked upside - 3.3 Tcfe 75,000 acres in liquids-rich core…
  20. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 20
    2013 Guidance 2013 Production, Unit Expense and Capital Guidance Third Quarter Full-Year Production Total Equivalent (Mmcfe/d) 675-700 680-700 % Liquids 50% 51% Expenses (/Mcfe): Production 1.10 - 1.22 Transportation 0.30 -…
  21. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 21
    Hedges Oil Weighted Average Price Period Index Type Bbl/d Floor Ceiling Swap July - Dec. 2013 WTI Swap 6,000 NA NA 96.13 July - Dec. 2013 WTI Collar 6,000 85.00 102.31 NA 12,000 Gas Weighted Average Price Period Index Type…
  22. THE OIL & GAS CONFERENCE – 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. THE OIL & GAS CONFERENCE – Cimarex Energy Co. – slide 23
    Non-GAAP Reconciliation Reconciliation of cash flow from operations Debt/Cap Calculation YE June 30, 2012 2013 (in millions) (in millions) Net cash provided by operating activities 1,193 Long-term debt 892 Change in operating…

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