Cimarex Energy

Cimarex Energy Co.
Public
Traded as
Industry Petroleum industry
Founded 2002 (2002)
Headquarters Denver, Colorado
Key people
 Thomas E. Jorden, Chairman & CEO
G. Mark Burford, CFO
Production output
 1,142 MMcfe of natural gas equivalent per day
Revenue Increase $1.918 billion (2017)
Increase $0.494 billion (2017)
Total assets Increase $5.043 billion (2017)
Total equity Increase $2.568 billion (2017)
Number of employees
 910 (2017)
Website cimarex.com
Footnotes / references
[1]

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

Current operations

As of December 31, 2017, the company had 3.354 trillion cubic feet of natural gas equivalent of estimated proved reserves, of which 48% was natural gas, 25% was petroleum, and 28% was natural gas liquids.[1]

In 2017, production averaged 1,142 million cubic feet of natural gas equivalent per day, 55% of which came from the Permian Basin and 44% of which came from the [Mid-Continent], 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][5][6]

In 2008, the company bought 38,000 acres in Oklahoma from Chesapeake Energy for $180 million.[7]

In 2012, the company sold assets in Texas for $294 million.[8][9]

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.[10]

References

  1. 1 2 3 4 "Cimarex Energy 2017 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 Announces Record and Distribution Dates for Spin-off Of Cimarex Energy Co" (Press release). PR Newswire. September 20, 2002.
  4. ↑ "Cimarex Energy to Acquire Magnum Hunter" (Press release). PR Newswire. January 26, 2005.
  5. ↑ "Cimarex Energy and Magnum Hunter Announce Completion of Merger" (Press release). PR Newswire. June 7, 2005.
  6. ↑ "Cimarex acquires Magnum Hunter in $2.1 billion deal". American City Business Journals. January 26, 2005.
  7. ↑ "Cimarex Energy buys 38,000 acres in Oklahoma". American City Business Journals. October 21, 2008.
  8. ↑ "Cimarex Announces Property Sale" (Press release). PR Newswire. November 6, 2012.
  9. ↑ "Cimarex Energy selling Texas properties for $294M". American City Business Journals. November 6, 2012.
  10. ↑ "Cimarex to Acquire Cana-Woodford Assets for $249 million" (Press release). PR Newswire. May 6, 2014.
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