Cimarex Energy Co. 2021 budget GUIDANCE $750 million and reported production of 225,000 barrels of oil equivalent (BOE) per day.
Cimarex Energy Co. 2021, oil production is projected to average 75 – 81 thousand barrels of oil (MBbls) per day, up two percent at the midpoint from 2020 levels. Total equivalent production is expected to average 235 – 255 thousand barrels of oil equivalent (MBOE) per day. Oil production in the first quarter of 2021 is expected to average 65 – 69 MBbls per day. First quarter total production is expected to average 205 – 225 MBOE per day. First quarter guidance includes an estimated five to seven percent negative impact on production volumes due to downtime associated with recent weather conditions in the Permian and Mid-Continent regions.
Tom Jorden, Cimarex Chairman and CEO, said, “We remain committed to a disciplined investment approach and targeting a 70-80 percent reinvestment rate. At a $35 flat WTI oil price, we expect to generate free cash flow after the dividend at the $700 million midpoint of our planned 2021 capital investment budget. At recent strip prices, this same plan results in a significantly lower reinvestment rate, with the potential additional free cash flow targeted toward debt reduction.” Mr. Jorden went on to say, “As we look at 2021 and beyond, Cimarex’s asset quality, cost structure, and organization positions us to generate significant returns, free cash flow and value for our owners.”
Cimarex intends to invest $500 – 600 million budget on the drilling and completion of wells in 2021 with 73 net wells expected to begin producing during the period. Over 90 percent of the D&C capital budget will be invested in the Permian region with the remainder in the Mid-Continent. Permian activities will continue to focus on long lateral Wolfcamp and Bone Spring wells in Culberson and Reeves counties in Texas, and in Lea and Eddy counties in New Mexico.
Cimarex Energy Co. Mid-con Well Permits Download
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Cimarex Energy Co.Mid-con Well Permits & Wells Spud
The oil and gas industry is highly regulated by Government agencies. One of the responsibilities is to approve well permits. A well permit is the intent of an oil & gas operator to drill a new well. Well permits include oil wells, gas wells, water wells and more..
Spudding is the process of beginning to drill a well in the oil and gas industry. … After the surface hole is completed, the main drill bit—which performs the task of drilling to the total depth—is inserted and this process can also be referred to as “spudding in.”
Cimarex Energy Co. Mid-con Wells Drilled Last 2 Years Map
Permian Basin is a shale basin about 250 miles wide and 300 miles long, spanning parts of west Texas and southeastern New Mexico. It includes the highly-prolific Delaware and Midland sub-basins.
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About Cimarex Energy Co.
Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Permian Basin and Mid-Continent areas of the U.S. 2021 budget will be invested in the Permian region with the remainder in the Mid-Continent. Permian activities will continue to focus on long lateral Wolfcamp and Bone Spring wells in Culberson and Reeves counties in Texas, and in Lea and Eddy counties in New Mexico.
Permian Basin is a shale basin about 250 miles wide and 300 miles long, spanning parts of west Texas and southeastern New Mexico. It includes the highly-prolific Delaware and Midland sub-basins.
Wolfcamp formation extends across the Delaware Basin, Central Basin Platform, and Midland Basin—the three sub-basins that comprise the Permian Basin. The Wolfcamp play has helped drive overall crude oil and natural gas production growth in the Permian Basin during the past decade. Crude oil production in the Wolfcamp accounts for nearly one-third of total Permian crude oil production and more than one-third of Permian natural gas production.
Delaware Basin is a hydrocarbon rich sedimentary basin that lies within the Permian Basin. The Delaware Basin covers around 6.4 million acres in far West Texas and South Eastern New Mexico. It is located in an arid southwestern portion of the United States of America