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]

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]

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. 1 2 3 4 "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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