Cimarex Energy
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.
Public | |
Traded as | |
Industry | Petroleum industry |
Founded | 2002 |
Headquarters | Denver, 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 | |
Total assets | |
Total equity | |
Number of employees | 987 (2019) |
Website | cimarex |
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.[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 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]
In March 2019, the company acquired Resolute Energy for $1.6 billion.[10]
References
- "Cimarex Energy 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Drilling Contractor to Spin Off Oil and Gas Business". The New York Times. Bloomberg News. February 26, 2002.
- "HELMERICH & PAYNE COMPLETES SPIN-OFF AND MERGER OF CIMAREX ENERGY CO" (Press release). Helmerich & Payne. September 30, 2002.
- "Cimarex, Magnum complete $2.1 billion merger". American City Business Journals. June 8, 2005.
- "Cimarex Energy buys 38,000 acres in Oklahoma". American City Business Journals. October 21, 2008.
- "Cimarex Announces Property Sale" (Press release). PR Newswire. November 6, 2012.
- "Cimarex Energy selling Texas properties for $294M". American City Business Journals. November 6, 2012.
- "Cimarex to Acquire Cana-Woodford Assets for $249 million" (Press release). PR Newswire. May 6, 2014.
- "Cimarex Agrees to Sell Ward County Assets for $570 million" (Press release). PR Newswire. May 24, 2018.
- "Cimarex announces closing of the acquisition of Resolute Energy" (Press release). PR Newswire. March 1, 2019.