Company:Cimarex Energy
 | |
| Type | Public |
|---|---|
| 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 |  US$2.362 billion (2019) |
| -US$0.124 billion (2019) | |
| Total assets | US$7.140 billion (2019) |
| Total equity | US$3.576 billion (2019) |
Number of employees | 987 (2019) |
| Website | cimarex |
| Footnotes / references [1] | |
Cimarex Energy Co. is an American company engaged in hydrocarbon exploration, particularly shale oil and gas drilling.[2] It is organized in Delaware and headquartered in Denver, Colorado, with operations primarily in Texas , Oklahoma, and New Mexico.[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.[2][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.[3] In September 2002, shareholders of Helmerich & Payne received shares in Cimarex.[4]
In 2005, the company acquired Magnum Hunter Resources in a $2.1 billion transaction.[5]
In 2008, the company bought 38,000 acres in Oklahoma from Chesapeake Energy for $180 million.[6]
In 2012, the company sold assets in Texas for $294 million.[7]
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.[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]
In May 2021, the company merged with Cabot Oil & Gas. Cabot will be the surviving company although Cimarex holders will have the slight majority of shares.[11]
References
- ↑ 1.0 1.1 1.2 1.3 "Cimarex Energy 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/1168054/000116805420000004/a12311910kxec.htm.
- ↑ 2.0 2.1 Kovaleski, Dave (2020-01-28). "Will Cimarex Energy Be a Turnaround Story?" (in en). https://www.fool.com/investing/2020/01/28/will-cimarex-energy-be-a-turnaround-story.aspx.
- ↑ "Drilling Contractor to Spin Off Oil and Gas Business". The New York Times. Bloomberg News. February 26, 2002. https://www.nytimes.com/2002/02/26/business/company-news-drilling-contractor-to-spin-off-oil-and-gas-business.html.
- ↑ "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. https://www.bizjournals.com/denver/stories/2005/06/06/daily33.html.
- ↑ "Cimarex Energy buys 38,000 acres in Oklahoma". American City Business Journals. October 21, 2008. https://www.bizjournals.com/denver/stories/2008/10/20/daily17.html.
- ↑ "Cimarex Energy selling Texas properties for $294M". American City Business Journals. November 6, 2012. https://www.bizjournals.com/denver/news/2012/11/06/cimarex-energy-selling-texas.html.
- ↑ "Cimarex to Acquire Cana Woodford Assets for $249 million". https://www.sec.gov/Archives/edgar/data/1168054/000110465914035481/a14-12109_1ex99d2.htm.
- ↑ "Denver company to sell Texas oil and gas assets for $570 million". https://www.bizjournals.com/denver/news/2018/05/24/denver-company-to-sell-texas-oil-and-gas-assets.html.
- ↑ "Cimarex closes $1.6B deal for Resolute Energy – Kallanish Energy News" (in en-US). https://www.kallanishenergy.com/2019/03/04/cimarex-closes-1-6b-deal-for-resolute-energy/.
- ↑ Krishna, Rithika; French, David (May 24, 2021), Cabot Oil & Gas, Cimarex to create $17 bln firm in 'surprise' merger, Reuters, https://www.reuters.com/business/energy/cabot-oil-gas-buy-cimarex-energy-735-bln-deal-2021-05-24/, retrieved June 2, 2021
External links
- Business data for Cimarex Energy:
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