Cimarex Releases 2019 Capital Investment Plans and Production and Expense Guidance
Cimarex Energy Co (XEC)
Last cimarex energy co earnings: 2/19 04:01 pm
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cimarex.com
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Source: PR Newswire
DENVER, Feb. 20, 2019 /PRNewswire/ -- Exploration & development capital investment estimated at $1.35 - 1.45 billion Includes drilling and completion capital of $1.1-1.2 billionGenerates year-over-year production growth of 13-22% Led by oil growth of 15-30%Cash flow neutral at $50 oil; $52.50 including dividendCimarex Energy Co. (NYSE: XEC) today announced its projected 2019 exploration and development (E&D) capital investment of $1.35 - 1.45 billion, an 11 percent decrease from 2018 levels at the midpoint. The company estimates $60-70 million of additional capital for midstream and other infrastructure. All projections in this release assume closing of the pending Resolute Energy Corporation acquisition on March 1, 2019.Total company production for 2019 is projected to average 250 - 270 thousand barrels of oil equivalent (MBOE) per day, with oil production expected to average 78-88 thousand barrels of oil (MBO) per day.Tom Jorden, Cimarex Chairman and CEO, said, "Cimarex is using a
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