Cimarex Energy

Last updated
Cimarex Energy Co.
Industry Petroleum industry
Founded2002;20 years ago (2002)
DefunctOctober 1, 2021;5 months ago (2021-10-01)
FateAcquired by Coterra
Headquarters Denver, 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
RevenueDecrease2.svg US$1.558 billion (2020)
Decrease2.svg -US$1.967 billion (2020)
Total assets Decrease2.svgUS$4.621 billion (2020)
Total equity Decrease2.svgUS$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]

Contents

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]

Related Research Articles

The ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.

Ovintiv American energy company

Ovintiv Inc., formerly Encana Corporation, is a hydrocarbon exploration and production company organized in Delaware and headquartered in Denver, United States. It was founded and headquartered in Calgary, Alberta, and was the largest energy company and largest natural gas producer in Canada. The company was rebranded as Ovintiv and relocated to Denver in 2019–20.

Occidental Petroleum American oil company

Occidental Petroleum Corporation is an American company engaged in hydrocarbon exploration in the United States, the Middle East, and Colombia as well as petrochemical manufacturing in the United States, Canada, and Chile. It is organized in Delaware and headquartered in Houston. The company is ranked 167th on the Fortune 500 and 669th on the Forbes Global 2000.

Marathon Oil American company engaged in hydrocarbon exploration headquartered in Houston, Texas

Marathon Oil Corporation is an American company engaged in hydrocarbon exploration incorporated in Ohio and headquartered in the Marathon Oil Tower in Houston, Texas.

Chesapeake Energy Corporation is an American energy company engaged in hydrocarbon exploration. It is headquartered in Oklahoma City. The company is named after the founder's love for the Chesapeake Bay region.

Devon Energy American energy company

Devon Energy Corporation is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its primary operations are in the Barnett Shale, STACK Formation in Oklahoma, Delaware Basin, Eagle Ford Group shale, and the Rocky Mountains.

Anadarko Petroleum American energy company

Anadarko Petroleum Corporation was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in two skyscrapers in The Woodlands, Texas: the Allison Tower and the Hackett Tower, both named after former CEOs of the company. In 2019, the company was acquired by Occidental Petroleum.

APA Corporation American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 595th on the Fortune 500.

EOG Resources American energy company engaged in hydrocarbon exploration

EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.

Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.

Pioneer Natural Resources Company is an American company engaged in hydrocarbon exploration headquartered in Irving, Texas. It operates in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder.

Plains Exploration & Production Defunct energy company in Houston, Texas

Plains Exploration & Production was a petroleum and natural gas exploration company based in Houston, Texas. In May 2013, it was acquired by Freeport-McMoRan.

Newfield Exploration Former energy company; acquired by Encana

Newfield Exploration Company was a petroleum, natural gas and natural gas liquids exploration and production company organized in Delaware and headquartered in Houston, Texas, USA. In February 2019, the company was acquired by Encana.

Laredo Petroleum, Inc. is an American company engaged in hydrocarbon exploration incorporated in Delaware with its principal operational headquarters located in Tulsa, Oklahoma.

Helmerich & Payne Petroleum Drilling Corporation

Helmerich & Payne, Inc. is an American petroleum contract drilling company engaged in oil and gas well drilling and related services for exploration and production companies headquartered in Tulsa, Oklahoma, with operations throughout the world. Their FlexRigs, introduced in 1998, have been used extensively in drilling unconventional shale formations, such as the Bakken formation in North Dakota and the Permian Basin and Eagle Ford formation in Texas. H&P is the largest on-shore driller in the United States of America with over 20% of the American land drilling market share and over 40% of the super-spec American land drilling market share.

WPX Energy, Inc. was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In 2021, the company merged with Devon Energy.

Whiting Petroleum Corporation American Energy Production Company

Whiting Petroleum Corporation is an American company engaged in hydrocarbon exploration. It is a publicly traded enterprise formally organized and incorporated in Delaware with its operational headquarters located in Denver, Colorado.

Oasis Petroleum US Energy Company

Oasis Petroleum is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin as well as in the Delaware Basin of the Permian Basin in West Texas. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota.

American Energy Partners, LP

American Energy Partners, LP, also known as AELP, was an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company managed affiliates responsible for natural shale gas and oil production and exploration in the United States, as well as management of assets, minerals, royalties and nonoperated properties. It was headquartered in Oklahoma City, Oklahoma, and employed over 450 people as of August 2015. AELP announced on May 18th, 2016, two months after McClendon's death, it would end operations and close by the end of summer 2016.

Concho Resources Inc. was a company engaged in hydrocarbon exploration, incorporated & organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin. In 2021, the company was acquired by ConocoPhillips.

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 .
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.