Cimarex Energy

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Cimarex Energy Co.
Public company
Traded asNYSEXEC
S&P 500 Index component
IndustryPetroleum industry
Founded2002; 17 years ago (2002)
HeadquartersDenver, Colorado, United States
Key people
Thomas E. Jorden, Chairman & CEO
G. Mark Burford, CFO
Production output
221.9 thousand barrels of oil equivalent (1,358,000 GJ) per day
RevenueIncrease $1.918 billion (2018)
Increase $0.494 billion (2018)
Total assetsIncrease $6.062 billion (2018)
Total equityIncrease $3.329 billion (2018)
Number of employees
955 (2018)
Websitewww.cimarex.com
Footnotes / references
[1]

Cimarex Energy Co. is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado, with operations primarily in Texas, Oklahoma, and New Mexico.

As of December 31, 2018, the company had 591 million barrels of oil equivalent (3.62×109 GJ) of estimated proved reserves, of which 45% was natural gas, 25% was petroleum, and 30% was natural gas liquids.[1]

In 2018, production averaged 221.9 thousand barrels of oil equivalent (1,358,000 GJ) per day, 57% of which came from the Permian Basin and 43% of which came from the Mid-Continent oil province, particularly the Cana–Woodford in western Oklahoma.[1]

History[edit]

The company was founded in 2002.[1] The company was a corporate spin-off of Helmerich & Payne, which sought to separate its exploration and production business from its drilling business.[2] In September 2002, shareholders of Helmerich & Payne received shares in Cimarex.[3]

In 2005, the company acquired Magnum Hunter Resources in a $2.1 billion transaction.[4]

In 2008, the company bought 38,000 acres in Oklahoma from Chesapeake Energy for $180 million.[5]

In 2012, the company sold assets in Texas for $294 million.[6][7]

In 2014, the company acquired assets in the Cana-Woodford, including 140 billion cubic feet equivalent of proved reserves and 50,000 net acres, in a $249 million transaction.[8]

In 2018, the company sold assets in Ward County, Texas for $570 million.[9]

References[edit]

  1. ^ a b c d "Cimarex Energy 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Drilling Contractor to Spin Off Oil and Gas Business". The New York Times. Bloomberg News. February 26, 2002.
  3. ^ "HELMERICH & PAYNE COMPLETES SPIN-OFF AND MERGER OF CIMAREX ENERGY CO" (Press release). Helmerich & Payne. September 30, 2002.
  4. ^ "Cimarex, Magnum complete $2.1 billion merger". American City Business Journals. June 8, 2005.
  5. ^ "Cimarex Energy buys 38,000 acres in Oklahoma". American City Business Journals. October 21, 2008.
  6. ^ "Cimarex Announces Property Sale" (Press release). PR Newswire. November 6, 2012.
  7. ^ "Cimarex Energy selling Texas properties for $294M". American City Business Journals. November 6, 2012.
  8. ^ "Cimarex to Acquire Cana-Woodford Assets for $249 million" (Press release). PR Newswire. May 6, 2014.
  9. ^ "Cimarex Agrees to Sell Ward County Assets for $570 million" (Press release). PR Newswire. May 24, 2018.

External links[edit]