U.S. oil and gas operators continue to reduce spending and pull back on activity in light of the plummet in demand from Covid-19 and miserable oil prices.
Articles from Cimarex
The management team of Denver-based Cimarex Energy Co., whose operations are concentrated in the Permian Basin and Midcontinent, wants to be an active participant in how national policies are set for environmental stewardship, but first it has to walk the walk, CEO Tom Jorden said last week.
Denver-based Cimarex Energy Co. said it will cut its capital budget for 2019 and pivot to developing assets in the Permian Basin over the Midcontinent, but it won’t drop any rigs as it looks to grow its total production by double digits.
Denver-based Cimarex Energy Co., whose exploration efforts are concentrated in the Anadarko and Permian basins, agreed Monday to buy cross-town operator Resolute Energy Corp. in a $1.6 billion deal that builds the West Texas portfolio.
Cimarex Energy Co. said it plans to increase crude oil production up to 25% year/year (y/y) while Permian pure-player Parsley Energy Inc. has increased its spending plans and year-end production guidance to reflect shorter cycle times not seen since a wave of asset integrations.
Permian Basin-focused Callon Petroleum Co. has picked up more West Texas acreage in a $750 million deal with Cimarex Energy Co. that would allow it to drill longer lateral wells.
Cimarex Energy Co. has agreed to sell more than 98% of its projected natural gas production in the Permian Basin through October 2019, on concerns that operators will continue to be impacted by increased local price differentials until additional pipeline capacity is brought online.
Onshore-focused explorers Cimarex Energy Co., Laredo Petroleum Inc. and Diamondback Energy Inc. each reported increased oil production in 2017 and in some cases broke company records, and all three plan to operate within cash flows in 2018.
Cimarex Energy Co., exclusively focused on the Permian Basin and the Midcontinent, said a pair of test wells targeting the Upper and Lower Wolfcamp formations in New Mexico and Texas showed enough promising results to increase full-year production guidance.
Cimarex Energy Co. missed its production guidance for the third quarter, and lowered it for the upcoming fourth. The company said it still plans to add a rig by the end of the year to form a nine-rig drilling program going into 2017.