Cimarex Energy

Cimarex Energy Co. is an American company engaged in hydrocarbon exploration, particularly shale oil and gas drilling.[2] It is organized in Delaware and headquartered in Denver, Colorado, with operations primarily in Texas, Oklahoma, and New Mexico.[1]

Cimarex Energy Co.
TypePublic
IndustryPetroleum industry
Founded2002 (2002)
HeadquartersDenver, Colorado, U.S.
Key people
 Thomas E. Jorden, Chairman & CEO
G. Mark Burford, CFO
Production output
278.5 thousand barrels of oil equivalent (1,704,000 GJ) per day
Revenue US$2.362 billion (2019)
-US$0.124 billion (2019)
Total assets US$7.140 billion (2019)
Total equity US$3.576 billion (2019)
Number of employees
987 (2019)
Websitecimarex.com
Footnotes / references
[1]

As of December 31, 2019, the company had 619 million barrels of oil equivalent (3.79×109 GJ) of estimated proved reserves, of which 42% was natural gas, 27% was petroleum, and 31% was natural gas liquids.[1]

In 2019, production averaged 278.5 thousand barrels of oil equivalent (1,704,000 GJ) per day, 69% of which came from the Permian Basin and 31% of which came from the Mid-Continent oil province, particularly the Cana–Woodford in western Oklahoma.[2][1]

History

Cimarex was founded in 2002. The company was a corporate spin-off of Helmerich & Payne, which sought to separate its exploration and production business from its drilling business.[3] In September 2002, shareholders of Helmerich & Payne received shares in Cimarex.[4]

In 2005, the company acquired Magnum Hunter Resources in a $2.1 billion transaction.[5]

In 2008, the company bought 38,000 acres in Oklahoma from Chesapeake Energy for $180 million.[6]

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

In 2014, Cimarex 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]

In March 2019, the company acquired Resolute Energy for $1.6 billion.[10]

References
  1. "Cimarex Energy 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Kovaleski, Dave (2020-01-28). "Will Cimarex Energy Be a Turnaround Story?". The Motley Fool. Retrieved 2020-07-09.
  3. "Drilling Contractor to Spin Off Oil and Gas Business". The New York Times. Bloomberg News. February 26, 2002.
  4. "HELMERICH & PAYNE COMPLETES SPIN-OFF AND MERGER OF CIMAREX ENERGY CO" (Press release). Helmerich & Payne. September 30, 2002.
  5. "Cimarex, Magnum complete $2.1 billion merger". American City Business Journals. June 8, 2005.
  6. "Cimarex Energy buys 38,000 acres in Oklahoma". American City Business Journals. October 21, 2008.
  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". www.sec.gov. Retrieved 2020-07-09.
  9. "Denver company to sell Texas oil and gas assets for $570 million". www.bizjournals.com. Retrieved 2020-07-09.
  10. "Cimarex closes $1.6B deal for Resolute Energy – Kallanish Energy News". Retrieved 2020-07-09.
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