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.

Traded as	NYSE: XEC
Industry	Petroleum industry
Founded	2002; 23 years ago (2002)
Defunct	October 1, 2021; 3 years ago (2021-10-01)
Fate	Acquired by Coterra
Headquarters	Denver, 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
Revenue	US$1.558 billion (2020)
Net income	-US$1.967 billion (2020)
Total assets	US$4.621 billion (2020)
Total equity	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. For the virus, see Variants of SARS-CoV-2 § Variants under monitoring (WHO).

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]