Cimarex Energy

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

Cimarex Energy Co.
IndustryPetroleum industry
Founded2002 (2002)
DefunctOctober 1, 2021 (2021-10-01)
FateAcquired by Coterra
HeadquartersDenver, Colorado, U.S.
Key people
 Thomas E. Jorden, Chairman & CEO
G. Mark Burford, CFO
Production output
252.5 thousand barrels of oil equivalent (1,545,000 GJ) per day
RevenueDecrease US$1.558 billion (2020)
Decrease -US$1.967 billion (2020)
Total assetsDecrease US$4.621 billion (2020)
Total equityDecrease US$1.553 billion (2020)
Number of employees
747 (2020)
Footnotes / references
[1]
This article is about the company formerly having ticker symbol XEC. For the IBM 709x and GE-600 instruction, see execute instruction.

As of December 31, 2020, the company had 531 million barrels of oil equivalent (3.25×109 GJ) of estimated proved reserves, of which 43% was natural gas, 27% was petroleum, and 30% was natural gas liquids.[1]

In 2020, production averaged 252.5 thousand barrels of oil equivalent (1,545,000 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

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.[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]

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.[7]

In 2018, the company sold assets in Ward County, Texas for $570 million.[8]

In March 2019, the company acquired Resolute Energy for $1.6 billion.[9]

In October 2021, the company was acquired by Cabot Oil & Gas, forming Coterra.[10][11][12]

References
  1. "Cimarex Energy 2020 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 COMPLETES SPIN-OFF AND MERGER OF CIMAREX ENERGY CO" (Press release). Helmerich & Payne. September 30, 2002. Archived from the original on November 30, 2019. Retrieved March 9, 2019.
  4. "Cimarex, Magnum complete $2.1 billion merger". American City Business Journals. June 8, 2005.
  5. "Cimarex Energy buys 38,000 acres in Oklahoma". American City Business Journals. October 21, 2008.
  6. "Cimarex Energy selling Texas properties for $294M". American City Business Journals. November 6, 2012.
  7. "Cimarex to Acquire Cana Woodford Assets for $249 million". U.S. Securities and Exchange Commission.
  8. Troyer, Rebecca (May 24, 2018). "Denver company to sell Texas oil and gas assets for $570 million". American City Business Journals.
  9. "Cimarex announces closing of the acquisition of Resolute Energy" (Press release). PR Newswire. March 1, 2019.
  10. "Cabot Oil & Gas and Cimarex Energy Complete Combination, Forming Coterra Energy" (Press release). PR Newswire. October 1, 2021.
  11. Takahashi, Paul (October 1, 2021). "Cabot and Cimarex complete merger, reveal new name". Houston Chronicle.
  12. Gough, Paul J.; Pulsinelli, Olivia (October 1, 2021). "Cabot Oil & Gas, Cimarex Energy complete merger with new name". American City Business Journals.
    • Historical business data for Cimarex Energy:
    • SEC filings
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