Corporate
Update
July 2013
2
Forward-looking Statements
This presentation contains projections and
other forward-looking statements within the
meanin...
Corporate Profile
NYSE: XEC
Shares outstanding………… 86.6 MM Proved reserves3
…………….. 2.3 Tcfe
Market cap1
……………………...… $5.7...
Cimarex Identity
• Grow through drilling
- Generate our own drilling inventory
• Portfolio approach
- Multiple basins and ...
5
Core Operating Areas
2013 Capex - $1.5 billion
Q1 2013 Prod. 661 MMcfe/d
Mid-Continent
Permian
Gulf Coast
Mid-
Continent...
6
What’s New
• Joint Development Agreement signed with Chevron
• Seeing solid drilling results from 2013 program
- On trac...
7
Permian Basin
Summary Statistics
Proved reserves (YE 12) 696.7 Bcfe
60% liquids; 99% proved developed
Production (Q1 201...
Delaware Basin Focus
8
• Multi-stacked formations
• Oil & liquids-rich targets
• 12-14 operated rigs
focused on Bone Sprin...
Delaware Basin – Bone Spring
9
• 85-90 net Bone Spring
wells planned in 2013
• 2nd Bone Spring activity
increasing in Culb...
59 T2
59 T1
60 T2
60 T1
6 5 4 3
10987
18 17 16 15
22212019
30 29 28 27
34333231
42 41 40 39
46454443
3 2 1
121110
15 14 13...
Culberson County Focus Area
11
• 100,000+ net acres
• 2013 main objectives:
2nd Bone Spring
• Two rigs; ~20 gross wells
• ...
12
Culberson County Focus Area Summary
• Multiple opportunities
• Five prospective horizons
• Very large Wolfcamp shale
re...
Rigging up in Culberson County
13
Culberson Infrastructure
14
• Significant infrastructure investment
- Salt water disposal (SWD)
- Electrical power
- Roads...
Culberson County JT Plant
15
16
Mid-Continent Region
Summary Statistics
Proved reserves (YE 12) 1,528.3 Bcfe
35% liquids; 71% proved developed
Producti...
Cana-Woodford Shale
• Drilled or participated in
532 wells
• 120,000 net acres
- Avg. NRI’s ~81%
• Liquids-Rich Area
- Net...
Cana-Woodford –Infill Development
• Infill drilling in liquids-
rich core
• 2013E: 140 gross wells
- 100 non-operated
- 40...
Cana-Woodford Net Production
19
67
75
84
99 104
115
139
158 161
156
184
215
229
-
50
100
150
200
250
Q1A Q2A Q3A Q4A Q1A Q...
Cana-Woodford Summary
• Q1 13 production: 229 MMcfe/d
(42% increase over Q1 12)
• Significant resource potential:
Gas (MMc...
21
Oil & Liquids-rich Projects fuel
Growth in Proved Reserves
0.3 
0.6 
0.8 
1.0 
1.2 
1.3 
1.2 
1.3 
 ‐
 0.4
 0.8
 1.2
 1...
22
Production Growth Driven by
Permian Basin and Mid-Continent
219 
255 
293 
323 
365
161 
165 
194 
264 
305
83 
175 
10...
Summary Recap
• Well positioned for 2013 and beyond
- Primary focus on Permian projects
- Continued Cana development
- Gen...
24
Appendix
25
2013 Capital Investment Plan
Total Capital: $1.5 B By Region:
Permian Mid-Continent Gulf Coast/Other
• Invest $950 MM
•...
Hz Wolfcamp Type Curve*
26
72% 35% 21% 15% 13% 10% 9% 8% 7% 7%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
0
1
2
3
4
5
6
7
0 1 2 3...
Horizontal Wolfcamp Economics
27
17%
22%
28%
33%
39%
0%
10%
20%
30%
40%
50%
$75.00/$3.00 $80.00/$3.50 $85.00/$4.00 $90.00/...
2013 Guidance
28
2013E
Q2 Full-Year
Production
Total Equivalent (Mmcfe/d) 667-692 675 - 705
% Liquids 50% 50%
Expenses ($/...
Hedges
Oil
Weighted Average Price
Period Index Type Bbl/d Floor Ceiling Swap
Feb. - Dec. 2013 WTI Swap 6,000 NA NA $96.13
...
Dividend
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14 Mar‐06
Jul‐06
Nov‐06
Mar‐07
...
Non-GAAP Reconciliation
($ in Millions) 2008 2009 2010 2011 2012
Net income (loss) (902)$ (312)$ 575$ 530$ 354$
Income tax...
Non-GAAP Reconciliation
Reconciliation of cash flow from operations
32
2012
Net cash provided by operating activities $ 1,...
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July+corporate+update

  1. 1. Corporate Update July 2013
  2. 2. 2 Forward-looking Statements This presentation contains projections and other forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These projections and statements reflect the Company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission. Contact: Karen Acierno Director – Investor Relations kacierno@cimarex.com Mark Burford VP – Capital Markets & Planning Cimarex Energy Co. 1700 Lincoln Street, Suite 1800 Denver, CO 80203 303-295-3995
  3. 3. Corporate Profile NYSE: XEC Shares outstanding………… 86.6 MM Proved reserves3 …………….. 2.3 Tcfe Market cap1 ……………………...… $5.7 B % Natural gas…………………… 55% Long-term debt 2 …………….. $0.9 B % Proved developed………… 80% Enterprise value……………… $6.6 B R/P Ratio……………………..…… 9.9x Stockholders' equity2 ……… $3.5 B Production4 ……………..…….. 661 MMcfe/d Debt/Cap2 …………………………… 20% Quarterly dividend of $0.14/share 1 Share price as of June 21, 2013 2 As of March 31, 2013 3 As of December 31, 2012 4 For the three-months ended March 31, 2013 3
  4. 4. Cimarex Identity • Grow through drilling - Generate our own drilling inventory • Portfolio approach - Multiple basins and regions - Gas, NGLs and oil • Return driven - Current focus on liquids-rich and oil-prone projects - Expanding Permian Basin operations • Strong balance sheet • Foster Cimarex culture − Organic growth, idea-driven, analytical 4
  5. 5. 5 Core Operating Areas 2013 Capex - $1.5 billion Q1 2013 Prod. 661 MMcfe/d Mid-Continent Permian Gulf Coast Mid- Continent 31% Permian 62% Gulf Coast 5%
  6. 6. 6 What’s New • Joint Development Agreement signed with Chevron • Seeing solid drilling results from 2013 program - On track to invest approximately $1.5 billion - Production growth of 8-13% • Active Delaware Basin program ($950 million) - Drilling focused on Bone Spring and Wolfcamp formations - Wolfcamp play continues to expand - Culberson County emerging as a key multi-pay resource area • Mid-Continent ($450 million) - Cana-Woodford infill generating good returns - Identify, test and evaluate new opportunities
  7. 7. 7 Permian Basin Summary Statistics Proved reserves (YE 12) 696.7 Bcfe 60% liquids; 99% proved developed Production (Q1 2013) 275.1 MMcfe/d 71% liquids Net acres (YE 12) 438,000 Capital Investment 2013E 2012A E&D Capital (MM) $950 $889 Wells gross 175 182 net 115 122 Multiple Delaware Basin horizontal drilling projects with oil and liquids-rich shale objectives Permian
  8. 8. Delaware Basin Focus 8 • Multi-stacked formations • Oil & liquids-rich targets • 12-14 operated rigs focused on Bone Spring & Wolfcamp drilling • Active Wolfcamp project in Culberson County • Emerging Wolfcamp in Reeves County • 2nd Bone Spring activity transitioning to Culberson County
  9. 9. Delaware Basin – Bone Spring 9 • 85-90 net Bone Spring wells planned in 2013 • 2nd Bone Spring activity increasing in Culberson County – 2 rigs expected to drill ~20 wells • New Mexico 2nd/3rd Bone Spring wells average ~640 Boe/d; 90% oil (30-day IP) • Texas 3rd Bone Spring wells average ~1,000 Boe/d; 80% oil (30-day IP) Loving Reeves 2012 Drilling: 107 gross (60 net) wells • Hz Bone Spring wells
  10. 10. 59 T2 59 T1 60 T2 60 T1 6 5 4 3 10987 18 17 16 15 22212019 30 29 28 27 34333231 42 41 40 39 46454443 3 2 1 121110 15 14 13 242322 27 26 25 363534 39 38 37 484746 4 9 6 5 4 3 10987 18 17 16 15 22212019 30 29 28 27 34333231 42 41 40 39 46454443 3 2 1 121110 15 14 13 242322 27 26 25 363534 39 38 37 484746 34561234 6 5 4 3 2 1 121110987 18 17 16 15 14 13 242322212019 30 29 28 27 26 25 363534343231 42 41 40 39 38 37 484746454443 2 1 1211 14 13 2423 26 25 3635 38 37 4847 6 7 18 19 30 31 42 43 6 5 4 3 2 1 121110987 18 17 16 15 14 13 24232221 2019 30 29 28 27 26 25 363534333231 42 41 40 39 38 37 484746454443 2 1 1211 14 13 2423 26 25 3635 38 37 4847 43 42 31 30 19 18 7 6 2345612 1 2 1 6 5 4 3 34 2 51 26 51 6 12 79 10 11 8 9 8 11 12 7 81012 711 16 1517 16 14 18 17 18 13 13 14 13 17181514 21 2223 2424 19 20 21 232223 24 192019 20 28 2726 2530 29 28 27 26 25 25 30 26 30 29 29 33 34 31 32 35 3633 34 31 3236 35 35 36 31 32 2 14 36 5 5 42 1 3 26 1 6 5 10 1111 127 812 7 89 9 11 12 7 810 15 1414 17 1613 18 18 17 1613 14 13 18 1715 22 2323 2424 19 20 2023 24 21 1919 20 21 22 27 26 26 25 29 2826 29 30 30 25 25 29 2830 27 34 3536 31 35 36333235 3136 31 32 33 34 32 25S 27E25S 26E 26S 26E 26S 27E New Mexico Texas Eddy County Culberson County Culberson County Joint Development Area 10 Before 59 T2 59 T1 60 T2 60 T1 6 5 4 3 10987 18 17 16 15 22212019 30 29 28 27 34333231 42 41 40 39 46454443 3 2 1 121110 15 14 13 242322 27 26 25 363534 39 38 37 484746 4 9 6 5 4 3 10987 18 17 16 15 22212019 30 29 28 27 34333231 42 41 40 39 46454443 3 2 1 121110 15 14 13 242322 27 26 25 363534 39 38 37 484746 34561234 6 5 4 3 2 1 121110987 18 17 16 15 14 13 242322212019 30 29 28 27 26 25 363534343231 42 41 40 39 38 37 484746454443 2 1 1211 14 13 2423 26 25 3635 38 37 4847 6 7 18 19 30 31 42 43 6 5 4 3 2 1 121110987 18 17 16 15 14 13 24232221 2019 30 29 28 27 26 25 363534333231 42 41 40 39 38 37 484746454443 2 1 1211 14 13 2423 26 25 3635 38 37 4847 43 42 31 30 19 18 7 6 2345612 1 2 1 6 5 4 3 34 2 51 26 51 6 12 79 10 11 8 9 8 11 12 7 81012 711 16 1517 16 14 18 17 18 13 13 14 13 17181514 21 2223 2424 19 20 21 232223 24 192019 20 28 2726 2530 29 28 27 26 25 25 30 26 30 29 29 33 34 31 32 35 3633 34 31 3236 35 35 36 31 32 2 14 36 5 5 42 1 3 26 1 6 5 10 1111 127 812 7 89 9 11 12 7 810 15 1414 17 1613 18 18 17 1613 14 13 18 1715 22 2323 2424 19 20 2023 24 21 1919 20 21 22 27 26 26 25 29 2826 29 30 30 25 25 29 2830 27 34 3536 31 35 36333235 3136 31 32 33 34 32 25S 27E25S 26E 26S 26E 26S 27E New Mexico Texas Eddy County Culberson County After • 50/50 partner with Chevron on 104k gross acres • Cimarex operates • Solves drilling /development challenges of checkerboard acreage • Optimize field development and well locations • Drill longer laterals
  11. 11. Culberson County Focus Area 11 • 100,000+ net acres • 2013 main objectives: 2nd Bone Spring • Two rigs; ~20 gross wells • 4 wells to date with 30-day average IP of over 900 Boe/d Wolfcamp C&D • Two rigs; 15-20 gross wells • Drill to hold acreage • 34 wells to date with 30-day average IP of 6.4 MMcfe/d 59 T2 59 T1 60 T2 60 T1 6 5 4 3 10987 18 17 16 15 22212019 30 29 28 27 34333231 42 41 40 39 46454443 3 2 1 121110 15 14 13 242322 27 26 25 363534 39 38 37 484746 4 9 6 5 4 3 10987 18 17 16 15 22212019 30 29 28 27 34333231 42 41 40 39 46454443 3 2 1 121110 15 14 13 242322 27 26 25 363534 39 38 37 484746 34561234 6 5 4 3 2 1 121110987 18 17 16 15 14 13 242322212019 30 29 28 27 26 25 363534343231 42 41 40 39 38 37 484746454443 2 1 1211 14 13 2423 26 25 3635 38 37 4847 6 7 18 19 30 31 42 43 6 5 4 3 2 1 121110987 18 17 16 15 14 13 24232221 2019 30 29 28 27 26 25 363534333231 42 41 40 39 38 37 484746454443 2 1 1211 14 13 2423 26 25 3635 38 37 4847 43 42 31 30 19 18 7 6 2345612 1 2 1 6 5 4 3 34 2 51 26 51 6 12 79 10 11 8 9 8 11 12 7 81012 711 16 1517 16 14 18 17 18 13 13 14 13 17181514 21 2223 2424 19 20 21 232223 24 192019 20 28 2726 2530 29 28 27 26 25 25 30 26 30 29 29 33 34 31 32 35 3633 34 31 3236 35 35 36 31 32 2 14 36 5 5 42 1 3 26 1 6 5 10 1111 127 812 7 89 9 11 12 7 810 15 1414 17 1613 18 18 17 1613 14 13 18 1715 22 2323 2424 19 20 2023 24 21 1919 20 21 22 27 26 26 25 29 2826 29 30 30 25 25 29 2830 27 34 3536 31 35 36333235 3136 31 32 33 34 32 25S 27E25S 26E 26S 26E 26S 27E New Mexico Texas Eddy County Culberson County HZ Bone Spring HZ Wolfcamp
  12. 12. 12 Culberson County Focus Area Summary • Multiple opportunities • Five prospective horizons • Very large Wolfcamp shale resource potential • Per zone Wolfcamp development scenarios* - Four wells/section: 1.7 - 2.1 Tcfe; $3.6bn of capital; 500 wells - Eight wells/section: 3.4 - 4.1 Tcfe; $7.2bn of capital; 1000 wells * Assumes EUR of 5.4Bcfe/well, drilling cost of $7.2mm.
  13. 13. Rigging up in Culberson County 13
  14. 14. Culberson Infrastructure 14 • Significant infrastructure investment - Salt water disposal (SWD) - Electrical power - Roads and bridge - Triple Crown pipeline • Triple Crown Pipeline - 34 miles of 12” pipe - Central compression - Multiple sales points • JT Processing Facility (Joule-Thomson) - 50 MMcf/d capacity - Residue gas sales to El Paso Permian - NGLs trucked
  15. 15. Culberson County JT Plant 15
  16. 16. 16 Mid-Continent Region Summary Statistics Proved reserves (YE 12) 1,528.3 Bcfe 35% liquids; 71% proved developed Production (Q1 2013) 360.6 MMcfe/d 34% liquids Net acres (YE 12) 753,000 Capital Investment 2013E 2012A E&D Capital ($ MM) $450 $673 Wells drilled - gross 145 167 net 55 69 Mid-Continent Activity focused on Cana-Woodford infill development and new idea generation
  17. 17. Cana-Woodford Shale • Drilled or participated in 532 wells • 120,000 net acres - Avg. NRI’s ~81% • Liquids-Rich Area - Net acres: 75,000 - Gross pay: 100’ – 300’ - High oil and NGL content - Essentially all held by production (HBP) • Dry Gas - Net acres: 45,000 - 22% HBP XEC acreage Liquids Rich Dry Gas 17
  18. 18. Cana-Woodford –Infill Development • Infill drilling in liquids- rich core • 2013E: 140 gross wells - 100 non-operated - 40 operated • Two operated rigs by mid-year • Two-well pads drilling nine wells per section • Focus on drilling program efficiencies Operated well Non-operated well 18 2012 Infill Row
  19. 19. Cana-Woodford Net Production 19 67 75 84 99 104 115 139 158 161 156 184 215 229 - 50 100 150 200 250 Q1A Q2A Q3A Q4A Q1A Q2A Q3A Q4A Q1A Q2A Q3A Q4A Q1A 2010A 2011A 2012A 2013E MMcfe/d Gas (MMcf/d) NGL (MMcfe/d) Oil (MMcfe/d) Completion backlog increased as result of commencing infill development
  20. 20. Cana-Woodford Summary • Q1 13 production: 229 MMcfe/d (42% increase over Q1 12) • Significant resource potential: Gas (MMcf/d) 139        61% NGLs (b/d) 11,842  31% Oil (b/d) 3,147    8% Total (MMcfe/d) 229        Infill row looking east Resource Potential %  Liquid Net  Acres Net  Wells Net  Capital (Bcfe) ($ B) Proved reserves (YE 2012) 1,130 36% Risked upside (Core Liquids‐Rich) 3,300  46% 75,000     660      5.0       Total risked resource 4,430  44%
  21. 21. 21 Oil & Liquids-rich Projects fuel Growth in Proved Reserves 0.3  0.6  0.8  1.0  1.2  1.3  1.2  1.3   ‐  0.4  0.8  1.2  1.6  2.0  2.4 2009 2010 2011 2012 Tcfe Oil & NGLs (Bcfe) Gas (Bcf) 23% Liquids  77% Gas 33%  82%  77%  82% 80% 41%  45% % Proved Developed 1.5 2.3
  22. 22. 22 Production Growth Driven by Permian Basin and Mid-Continent 219  255  293  323  365 161  165  194  264  305 83  175  105  40  28  463  596  592  626  675‐705  ‐  200  400  600  800 2009 2010 2011 2012 2013E Mid‐Continent Permian Gulf Coast/Other MMcfe/d
  23. 23. Summary Recap • Well positioned for 2013 and beyond - Primary focus on Permian projects - Continued Cana development - Generating new ideas • Solid base of proved reserves and production - 80% proved developed; 10-year reserve life - Growing oil and NGL components • Maintain strong balance sheet - Debt to cap 20%; Debt to EBITDA < 1.0 • Long track record of profitable growth and conservative use of leverage 23
  24. 24. 24 Appendix
  25. 25. 25 2013 Capital Investment Plan Total Capital: $1.5 B By Region: Permian Mid-Continent Gulf Coast/Other • Invest $950 MM • Drill approximately 175 gross/ 115 net wells • 85-90 net Bone Spring, 15-20 net Wolfcamp, remainder shallow and other unconventional wells • Invest $450 MM • Cana development: $350 MM • Approximately 145 gross/ 55 net wells • Invest $100 MM • Working new 3D data • Approximately 6-9 net wells
  26. 26. Hz Wolfcamp Type Curve* 26 72% 35% 21% 15% 13% 10% 9% 8% 7% 7% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 1 2 3 4 5 6 7 0 1 2 3 4 5 6 7 8 9 10 Cumulative Production (Bcfe) Daily Rate (Mmcfe) End of Year Daily Rate (Mmcfe/d) Cumulative Prod. (Bcfe) Annual  Decline Rate: 30‐day avg:  6.4 MMcfe/d EUR:  4.5‐5.5 Bcfe  (47% gas, 30% NGL & 23% oil) *Culberson County well
  27. 27. Horizontal Wolfcamp Economics 27 17% 22% 28% 33% 39% 0% 10% 20% 30% 40% 50% $75.00/$3.00 $80.00/$3.50 $85.00/$4.00 $90.00/$4.50 $95.00/$5.00 A-taxIRR Realized Price - Oil ($/Bbl) & Gas ($/Mcf) Forward strip IRR : 34% ( 5-20-13 ) Completed well cost $7.2 MM NRI 75% EUR 5.4 Bcfe IP – 30 day average 6.4 MMcfe/d
  28. 28. 2013 Guidance 28 2013E Q2 Full-Year Production Total Equivalent (Mmcfe/d) 667-692 675 - 705 % Liquids 50% 50% Expenses ($/Mcfe): Production $ 1.10 - 1.22 Transportation 0.27 - 0.32 DD&A and ARO accretion 2.40 - 2.55 General and administrative 0.22 - 0.28 Taxes other than income (% of oil and gas revenue) 6.0% - 6.5% Capital Expenditures $1.5 billion 2013 Production, Unit Expense and Capital Guidance
  29. 29. Hedges Oil Weighted Average Price Period Index Type Bbl/d Floor Ceiling Swap Feb. - Dec. 2013 WTI Swap 6,000 NA NA $96.13 Feb. - Dec. 2013 WTI Collar 6,000 $85.00 $102.31 NA 12,000 Gas Weighted Average Price Period Index Type MMBTU/d Floor Ceiling May - June 2013 PEPL Collar 30,000 $3.50 $4.50 July - Dec. 2014 PEPL Collar 80,000 $3.51 $4.57
  30. 30. Dividend 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 Mar‐06 Jul‐06 Nov‐06 Mar‐07 Jul‐07 Nov‐07 Mar‐08 Jul‐08 Nov‐08 Mar‐09 Jul‐09 Nov‐09 Mar‐10 Jul‐10 Nov‐10 Mar‐11 Jul‐11 Nov‐11 Mar‐12 Jul‐12 Nov‐12 Mar‐13 Annual Yield Quarterly Dividend (cents/share) Quarterly Dividend Per Share Yield
  31. 31. Non-GAAP Reconciliation ($ in Millions) 2008 2009 2010 2011 2012 Net income (loss) (902)$ (312)$ 575$ 530$ 354$ Income tax expense (benefit) (529) (177) 339 312 207 Interest expense, net of capitalized 11 16 7 7 14 Depreciation, depletion and amortization 547 266 304 402 527 EBITDA (873) (206) 1,225 1,250 1,102 Asset retirement obligation expense 12 12 7 11 13 Impairment of oil and gas properties 2,243 791 - - - Adjusted EBITDA 1,383$ 597$ 1,232$ 1,261$ 1,115$ Reconciliation of Net Income to EBITDA and Adjusted EBITDA 31
  32. 32. Non-GAAP Reconciliation Reconciliation of cash flow from operations 32 2012 Net cash provided by operating activities $ 1,193 Change in operating assets and liabilities (58) Adjusted cash flow fromoperations $ 1,135 YE (in millions) 2013 Long-termdebt $ 870 Stockholders' Equity 3,475 Total capitalization $ 4,345 Long-termdebt/total capitalization 20% March 31, (in millions) Debt/Cap Calculation 2012 ProvedReserves adds (Bcfe) Revisions of previous estimates (257.3) Extensions & discoveries [C] 757.3 Purchase of reserves 0.2 Total adds [A] 500.2 Total capital $MM[B] 1,656$ All-sources F&D ($/Mcfe) [B]/[A] 3.31$ Drilling (excl. revisions) F&D ($/Mcfe) [B]/[C] 2.19$ Finding & development (F&D) cost

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