Cimarex Energy

Cimarex Energy Co.
Public company
Traded as NYSE: XEC
S&P 500 Component
Industry Petroleum industry
Founded 2002[1]
Headquarters Denver, Colorado, United States
Key people
 Thomas E. Jorden, CEO
Production output
 985 MMcfe of natural gas equivalent per day [1]
Revenue Decrease US$1.453 billion (2015) [1]
Decrease -US$2.409 billion (2015) [1]
Total assets Decrease US$5.243 billion (2015) [1]
Total equity Decrease US$2.798 billion (2015) [1]
Number of employees
 925 (2015) [1]
Website www.cimarex.com

Cimarex Energy Co. is a petroleum and natural gas exploration and production company headquartered in Denver, Colorado, with operations primarily in Texas, Oklahoma, and New Mexico.

Current operations

As of December 31, 2015, the company had 2.9 trillion cubic feet of natural gas equivalent of estimated proved reserves, of which 52% was natural gas and the remainder was petroleum and natural gas liquids. [1]

In 2015, production averaged 985 million cubic feet of natural gas equivalent per day, 55% of which came from the Permian Basin and 44% of which came from the Rocky Mountains, particularly the Cana–Woodford in western Oklahoma.[1]

History

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 October 2002, shareholders of Helmerich & Payne received shares in Cimarex.[3]

In 2005, the company acquired Magnum Hunter Resources in a $1.5 billion transaction.[4]

In 2012, the company sold assets in Texas for $294 million.[5]

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.[6]

References

  1. 1 2 3 4 5 6 7 8 9 10 Cimarex Energy 2015 Form 10-K
  2. ↑ "Drilling Contractor to Spin Off Oil and Gas Business". New York Times. February 26, 2002.
  3. ↑ "Helmerich & Payne Announces Record and Distribution Dates for Spin-off Of Cimarex Energy Co.". PRNewswire. September 20, 2002.
  4. ↑ "Cimarex Energy to Acquire Magnum Hunter". PRNewswire. January 26, 2005.
  5. ↑ "Cimarex Announces Property Sale". PRNewswire. November 6, 2012.
  6. ↑ "Cimarex to Acquire Cana-Woodford Assets for $249 million". PRNewswire. May 6, 2014.

External links

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