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1 1 The Oil & Gas Conference Denver August 17 20, 2015
2 Forward looking Statements This presentation contains projections and other forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of These projections and statements reflect the Company s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company s periodic reports filed with the U.S. Securities and Exchange Commission. Contact: Karen Acierno Director Investor Relations kacierno@cimarex.com Mark Burford VP Capital Markets & Planning Cimarex Energy Co Lincoln Street, Suite 3700 Denver, CO
3 Who is Cimarex? Market cap... $9.9B Debt/Adj. EBITDA 1 1.2x Production (2Q15) Proved reserves. 1.0 Bcfe/d 3.1 Tcfe % Natural gas 53% % Proved developed 77% R/P Ratio x Quarterly dividend of $0.16/share 1 LTM, as of June 30,
4 What s Important Our balanced portfolio of assets Premier position in the Delaware Basin and Mid Con region Provides flexibility through commodity cycles Idea generation and track record of strong execution Strong financial position Conservative debt levels and ample liquidity May equity offering supplements cash flow $730mm net proceeds 4 4
5 Sound Decisions = Solid Growth 3,500 3,000 2,500 Proved Reserves (Bcfe) 2,259 2,497 3,132 1, Daily Production (MMcfe) % , , , x 0.6x 0.7x E Oil NGL Gas Net Debt/EBITDA Oil & NGL Natural Gas 5 5
6 Regional Diversity Provides Flexibility Second Quarter 2015 Production Mix Permian Basin Mid Continent 6
7 2015 E&D Investment Plan Post Equity Offering Drilling & Completion Capital $790mm Total: $1.0 billion Drilling & completion capital increased $100mm Spud Culberson Wolfcamp A downspacing pilot in 4Q Bone Spring & Meramec see more activity in 2015 Seven rigs currently One rig added in White City Bone Spring 7
8 2016 How it looks today Capital Allocation* Drilling & Completion Sixteen rigs in Sixteen Multiple projects/multiple zones Delaware Basin Begin Wolfcamp C/D development in Culberson County Continue Wolfcamp A pilot Bone Spring sands (oil) First Reeves infill development Mid Continent region Woodford infill Meramec spacing pilots *Total 2016 capital investment estimated using cash flow (at current strip) plus remaining proceeds from equity raise. 8
9 Apples to Apples Well Design Total Well Cost Reduction Culberson Wolfcamp D 10,000 foot lateral Woodford Infill Well 5,000 foot lateral 20% 30% *2014 peak well cost calculated using current well design 9
10 Biggest Opportunity Delaware Basin Wolfcamp ~235,000 net acres in the fairway Multiple Wolfcamp Targets Culberson/White City Area 100,000+ net acres Wolfcamp A, C & D JDA with Chevron Reeves County 80,000 net acres Wolfcamp A & B/C Ward County 37,000 net acres 10
11 Culberson Area Wolfcamp Details 100,000+ net net acres; acresjda with Chevron 2013 main objectives 11 Wolfcamp D long laterals Drilling to hold acreage Avg. 30 day peak IP of 2,255 Wolfcamp BOE/d (25% C oil; & D45% gas; 30% NGL) Two rigs; ~20 wells 10k feet; 41 wells ~40 stage to date; completion 30 day average IP of 6.5 MMcfe/d 4 Wolfcamp A long laterals Product mix of 45% gas; Avg. 30 day 26% oil; peak 29% IP NGL of 1,266 BOE/d (47% oil; 32% gas; 21% NGL) 7,500 First feet; 20 stage 30 stage test completion has 30 day Downspacing average IP pilot of 8.4 spuds MMcfe/d in 4Q Upsize frac stages Oil Testing gathering Wolfcamp by 4Q15 A Experiment Fee based agreement with long laterals Stacked Improve lateral realizations test $25mm Design on downspacing infrastructure pilot in
12 Long Lateral Performance Culberson Wolfcamp D Cumulative Production (MBOE) Eleven 10,000 foot laterals Average 30 day peak IP of 2,255 BOE/d (25% oil; 45% gas; 30% NGL) % Increase ,000 ft. lateral 5,000 ft. lateral 12
13 Long Laterals provide Upsized Returns Culberson County Wolfcamp D ,000 ft. 10,000 ft. BOE/day lateral lateral Well Cost ($MM) $7.1 $11.5 BTAX IRR 48% 78% NPV10 ($MM) $5.2 $14.1 Assumptions: Oil $50/Bbl; Gas $3.00/Mcf; NGL $17.50/Bbl (full recovery) Months 10,000 ft. lateral 5,000 ft. lateral 13 13
14 Sensitivity to Crude Oil Prices Culberson County Wolfcamp D BTax IRR Strip dated: 7/20/15 139% 57% 78% 68% 106% 90% 37% 19% 32% 48% 10,000 ft. lateral; 43 stages 5,000 ft. lateral; 20 stages $30 $40 $50 $60 $70 Realized Oil Price Assumptions: Gas $3.00/Mcf; NGL 35% of oil price (full recovery) 14 14
15 Culberson County Downspacing Pilot Results Barbaro Two four well pilots; 5,000 ft laterals Barbaro Pilot 80 acre spacing (8 wells/section) 20 stage completion; 1,200 lbs/foot Prewit Omaha Pilot 107 acre spacing (6 wells/section) 16 stage completion;1,200 lbs/foot Results lead to design of first Wolfcamp D infill development Prewit-Omaha 15 15
16 Culberson County Wolfcamp C/D Development 7,500 Sunday Silence Assault Silver Charm Sea Hero Three miles Four section infill development 1.5 mile sections (7,500 foot laterals) Stacked/staggered well pattern Southern sections spud in January Four rigs drilling two sections First production June 2016 Northern sections spud in 2Q16 first production expected 1Q17 $9mm well cost Assault & & Sea Hero Silver Charm Sunday Silence Wolfcamp C D 16 16
17 Upsized Frac Improves Second Bone Spring Results White City Area Cumulative Production (MBOE) Focus Area % Increase Upsized Completion Original Completion 15 wells with average 30 day peak IP of 1,344 BOE/d* (910 bo/d) 15 stages from nine 100 locations identified Latest 7,000 ft lateral has average 30 day peak IP of 2,753 BOE/d* (68% oil) HBP acreage; infrastructure in place *Three stream. 17
18 2015 Activity in Reeves & Ward Counties Reeves County 7 Wolfcamp A 10k ft. laterals Average 30 day peak IP of 1,646 BOE/d (50% oil; 28% gas; 22% NGL) Best well in Upper A zone Big Timber well has avg. 30 day peak IP of 3,309 BOE/d (49% oil; 30% gas; 21% NGL) 2016 plans First Wolfcamp A infill development Drilling begins in 2Q First production in 4Q 18 18
19 Delaware Basin Avalon Shale: Spacing Pilots Four spacing pilots; 18 total wells Testing 6 & 8 wells/section Average 30 day peak rate of 1,012 BOE/d (70% oil; 17% gas; 13% NGL) ~250 locations Includes Avalon and Leonard Assumes 80 acre spacing 13,700 net acres identified as prospective in Lea County All HBP Indicates spacing pilot 19
20 Mid Continent Woodford Shale Opportunity Cana Woodford Activity Map Golden Section Haley Section Operated Well Non operated Well Row 4 Infill 2015 capex of ~$190mm Strong results at Haley infill Avg. 30 day peak IP of 10.3 MMcfe/d (55% gas; 18% oil; 27% NGL) Row 4 completions started Impacts 4Q15 production 2016 plans Eastern core infill: drilling in 1Q; completions in 2Q Planning for long lateral infill in 2H16 128,000 net prospective Woodford acres (86%HBP) Hartz Section 20
21 Performance of Upsized Fracs in Cana Woodford Core (MMcfe/d) 12 Golden Section Haley Section Hartz Section 30 day IP 6 Days Days day average 2 0 Golden Hartz Haley Oil Yield (Bbl/MMcf)
22 Meramec: The Big Picture Downdip Updip Ten Meramec wells to date w/ avg. 30 day peak IP of 9.3 MMcfe/d Oil yield ranges from15 Bbl/MMcf to 332 Bbl/MMcf Next Steps Test long laterals High grade frac design Spacing pilots 115,000 net prospective acres 60% downdip; 40% updip 70,000 de risked Producing Meramec well Meramec play outline Cana core 22
23 Well positioned for 2015 and Beyond Strong financial position Diverse asset portfolio with good returns Flexibility to adapt to any commodity environment Emphasis on improved productivity 23 23
24 Appendix 24 24
25 2015 Guidance 2015 Production, Unit Expense and Capital Guidance Third Quarter Full Year Production* Total Equivalent (Mmcfe/d) % Liquids 53% 53% Expenses ($/Mcfe): Production $0.90 $1.05 Transportation, processing & other DD&A and ARO accretion* General and administrative Taxes other than income (% of oil and gas revenue) % *Excludes the impact of any ceiling test write downs Capital Expenditures $1.0 billion 25 25
26 Hedges Gas Weighted Average Price Period Index (1) Type MMBTU/d Floor Ceiling Jan. - Dec. '16 PEPL Collar 10,000 $2.70 $2.85 (1) PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent index, as quoted in Platt s Inside FERC. 26
27 Cana Area Production 450 MMcfe/day Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Gas NGL Oil 27 27
28 Permian Basin Production 100 MBOE/day Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Oil NGL Gas 28 28
29 Strong Performance from Key Culberson Wolfcamp Wells Shallow Decline of Upsized Fracs (BOE/d) Wolfcamp D Wolfcamp A 3, day IP 1,600 2,500 2,000 Days Days day average 2,500 2,450 1,200 1,250 1,095 1,500 1,500 1, , Tim Tam 5,000 ft. lateral Gallant Fox 10,000 ft. lateral Twenty Grand 5,000 ft. lateral First Year Cum: 1.0 Bcf (wet gas) 89 Mbbls First Year Cum: 2.1 Bcf (wet gas) 149 Mbbls First Year Cum: 0.6 Bcf (wet gas) 135 Mbbls 29
30 Permian Region Provides Multiple Opportunities Multiple projects/multiple zones Wolfcamp shale (oil & gas) Bone Spring sands (oil) Avalon Shale (oil window) 2015 Focus Wolfcamp Long Laterals Meeting acreage obligations White City Bone Spring 30
31 Thick, Multi pay Wolfcamp Section Culberson Area 100,000 net acres Reeves County 80,000 net acres Ward County 37,000 net acres IIndicates producing zone
32 Culberson County Wolfcamp Pilots Stacked Lateral Test Wolfcamp C & D Two wells Producing/Evaluating 80 acre Spacing Pilot Wolfcamp D Four wells Producing/Evaluating 32 32
33 Reeves County Wolfcamp Pilots 80 acre Spacing Pilot Wolfcamp A Four wells Producing/Evaluating Stacked/Staggered Spacing Pilot Wolfcamp A Six wells Flowing Back 33 33
34 Reeves County Stacked/Staggered Spacing Pilot Six infill wells plus parent well Upper A infill wells Produce at higher rates Avg. IP of 1,068 BOE/d Lower A infill wells Avg. IP of 761 BOE/d Carbonate in landing zone made wells difficult to frac Parent well Landed in the lower A Avg. IP of 960 BOE/d 34 34
35 Stacked/Staggered Pilot Reeves County Wolfcamp A BOE/day 1,200 Upper Wells 1,000 Lower Wells day IP Days Days Days % Oil 59% 58% 59% 57% 56% 49% 50% 43% 35 35
36 Non GAAP Reconciliation Reconciliation of Net Income to EBITDA and Adjusted EBITDA ($ in Millions) LTM Net income (loss) $ 354 $ 565 $ 507 $ (795) Income tax expense (benefit) (442) Interest expense, net of capitalized DD&A and ARO accretion EBITDA 1,102 1,541 1,659 (312) Impairment of oil and gas properties ,571 Adjusted EBITDA 1,102 1,541 1,659 1,
37 Non GAAP Reconciliation Reconciliation of cash flow from operations Debt/Cap Calculation Net cash provided by operating activities $ 257 $ 422 Change in operating assets Three months Ended June 30 (in millions) and liabilities (5) 21 Adjusted cash flow from operations $ 252 $ 443 Finding & development (F&D) cost 2014 Proved Reserves adds (Bcfe) Revisions of previous estimates Extensions & discoveries [C] Purchase of reserves Total adds [A] 1,052.3 Total capital $MM [B] $ 2,131 All-sources F&D ($/Mcfe) [B]/[A] $ 2.03 Drilling (excl. revisions) F&D ($/Mcfe) [B]/[C] $ 2.62 June 30, 2015 (in millions) Long-term debt $ 1,500 Stockholders' Equity 4,196 Total capitalization $ 5,696 Long-term debt/total capitalization 26% Debt/Adj. EBITDA Calculation Twelve months Ended December 31, LTM /30/15 Long-term debt 924 1,500 1,500 Adj. EBITDA 1,541 1,659 1,259 Debt/Adj. EBITDA 0.6x 0.9x 1.2x 37 37
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