Cimarex Energy Co. (Cimarex) is an independent energy company engaged in the exploration, development and production of crude oil and natural gas in several regions of the US. The company's operations can be divided in to three regions of Mid-Continent, Permian Basin and Gulf Coast. The major areas of operation for the company in the Mid-Continent region include Oklahoma, southwest Kansas and the Texas Panhandle. As of December 2011, the net acreage owned by the company in the Mid-Continent region was around 729,000acres. In the Permian basin, the company encompasses the areas in West Texas and Southeast New Mexico and the net acreage owned by Cimarex in the Permian region in 2011 was nearly 438,000acres. The Gulf Coast region of the company consists of operations in Southeast Texas, with a net acreage of around 81,000acres. As of December 2011, the company had a total reserve base of around 340.9 million barrels of oil equivalent (MMboe) of which around 81.5% came from developed oil and gas reserves.
Scope
Key Highlights: This section provides detailed analysis on the company's overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
SWOT: The report's SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
Production and Development Overview: This section highlights the company's crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company's producing and development assets.
Exploration: This section includes detailed explanation and analysis on the company's exploration assets resulted due to new discoveries, new drilling and other activities.
M&A trends: This section mainly provides information and analysis on the company's recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company's status as a buyer or seller during the analyzed period.
Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
Peer Group Analysis: This section compares the company's performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
Financial and Operational Metrics: This section covers the company's historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy
The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
Provide detailed analysis to those who are interested in knowing the companies' existing and future business strategies.
Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Keywords
Valuation Report, NAV, Oil and gas valuation, Strategic Evaluation, Strategic and Operational Analysis, Forecasted financial Statements, SWOT, Capital expenditure, Market Scenario, Revenue, Financial Ratios, Production, Reserves, Peer Group Comparison, DCF, Outlook, Investment Thesis, Investment Summary, Cimarex
Table of Contents
TOC
1 Table of Contents
1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6
2 Cimarex Energy Co., Company Overview 8
3 Cimarex Energy Co., Key Highlights 12
3.1 Focus on Exploration Activities Coupled with Huge Inventory of Undeveloped Assets to Further Strengthen Reserve Base 12
3.2 Strong Liquidity Position to Support Future Growth Plans 14
3.3 Cana-Woodford Shale Play; A Strategic Area of Growth 16
4 Cimarex Energy Co., SWOT Analysis 17
4.1 Strengths 17
4.1.1 Expertise in Adding Reserves through Organic Route 17
4.2 Weaknesses 17
4.2.1 Comparatively Lower Reserve Life Index 17
4.3 Opportunities 18
4.3.1 Potential to Increase Oil Production 18
4.4 Threats 18
4.4.1 High Focus on E&D Compared to Production Might Adversely Impact Cimarex's Cash Flows in the Long Run 18
5 Cimarex Energy Co., Goals and Strategies 19
5.1 Expansion of Upstream Assets through the Organic Route 19
5.2 Maintain Strong Financial Position 20
6 Cimarex Energy Co., Production Overview 21
6.1 Production Profile 21
6.2 Assets Portfolio 22
6.2.1 Mid-Continent Region 22
6.2.2 Permian Basin 22
6.2.3 Gulf Coast 23
7 Cimarex Energy Co., Exploration and Development Overview 24
7.1 Mid-Continent Region 26
7.2 Permian Basin 27
7.3 Gulf Coast 28
8 Capital Expenditure 30
8.1 Costs Incurred 31
9 Acreage 32
10 Cimarex Energy Co., Mergers and Acquisitions Highlights 33
11 Cimarex Energy Co., Forecast Production and Financial Statements 34
11.1 Income Statement (2009-2016) 35
11.2 Balance Sheet (2009-2016) 36
11.3 Cash Flow Statement (2009-2016) 37
11.4 Financial Ratios 38
12 Cimarex Energy Co., Valuation 41
12.1 Net Asset Value 41
13 Cimarex Energy Co., Peer Comparision 43
13.1 Share Price Performance 43
13.2 Operational and Financial Performance 44
13.3 Key Financial and Operational Ratio 47
14 Cimarex Energy Co., Detailed Operational and Financial Metrics 49
14.1 Cimarex Energy Co., Total Oil and Gas, Reserves and Production 49
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011 49
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011 50
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 52
14.2 Cimarex Energy Co., Crude Oil/Liquids Production and Reserve 53
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011 53
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011 54
Table 23: Cimarex Energy Co., Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 57
Table 24: Cimarex Energy Co., Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011 59
Table 25: Cimarex Energy Co., Natural Gas Reserve Changes, Bcf, 2007-2011 60
Table 26: Cimarex Energy Co., Oil and Gas Reserves Life Index, Years, 2007-2011 61
Table 27: Cimarex Energy Co., Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011 63
Table 28: Cimarex Energy Co., Upstream Capital Expenditure, $m, 2007-2011 64
Table 29: Cimarex Energy Co., Proved and Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 66
Table 30: Cimarex Energy Co., Exploration and Development Costs, By Country/Region, $m, 2007-2011 68
Table 31: Cimarex Energy Co., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 69
Table 32: Cimarex Energy Co., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2007-2011 72
Table 33: Cimarex Energy Co., Oil and Gas Production Replacement Ratio, %, 2007-2011 73
Table 34: Cimarex Energy Co., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011 78
Table 35: Cimarex Energy Co., Revenue and Expenses, $m, 2007-2011 79
Table 36: Cimarex Energy Co., Revenue and Expenses, By Country/Region, $m, 2007-2011 83
Table 37: Cimarex Energy Co., Oil and Gas Revenue and Expenses, $/boe, 2007-2011 84
Table 38: Cimarex Energy Co., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011 88
Table 39: Cimarex Energy Co., Oil and Gas Performance Metrics, 2007-2011 89
Table 40: Cimarex Energy Co., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 90
Table 41: Cimarex Energy Co., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011 93
Table 42: Cimarex Energy Co., Producible Oil and Gas Wells, 2007-2011 94
Table 43: Cimarex Energy Co., Producible Oil and Gas Wells, By Country/Region, 2007-2011 98
Table 44: Cimarex Energy Co., Exploratory and Developed Wells, 2007-2011 99
Table 45: Cimarex Energy Co., Exploratory and Developed Wells, By Country/Region, 2007-2011 100
List of Figures
1.2 List of Figures
Figure 1: Cimarex Energy Co., the US Operations Map, 2012 8
Figure 2: Cimarex Energy Co. , Financial and Operational Overview, 2008-2011 9
Figure 3: Cimarex Energy Co., Share Price Movement, April 2011- April 2012 10
Figure 4: Cimarex Energy Co., Exploration and Development Parameters, 2008-2011 12
Figure 5: Cimarex Energy Co. Vs Peer Group, Net Undeveloped Acreage, million acres, 2008-2011 13
Figure 6: Cimarex Energy Co., Comparison of Capex and Operating Cash Flow, $m, 2008-2011 14
Figure 7: Cimarex Energy Co., Inflow, Outflow and Net Cash Position, $m, 2008-2011 15
Figure 8: Cimarex Energy Co., Cana-Woodford Shale Play Operations Map, 2012 16
Figure 9: Cimarex Energy Co., Reserve Life Index in Comparison with Peer Group (Years), 2008-2011 17
Figure 10: Cimarex Energy Co., Total Reserve Additions and Contribution of Organic Reserve Addition in Total Reserve Additions, 2008-2011 19
Figure 11: Cimarex Energy Co., Production Forecast, 2008-2016 21
Figure 12: Cimarex Energy Co., Production Mix (%), 2008-2011 22
Figure 13: Cimarex Energy Co., the Bone Spring Formation, Permian Basin Region, 2012 23
Figure 14: Cimarex Energy Co., Net Productive and Dry Exploratory and Development Wells, 2008-2011 24
Figure 15: Cimarex Energy Co., Net/ Gross Oil and Gas Ratio for Wells, 2008-2011 25
Figure 16: Cimarex Energy Co., Total Oil and Gas Successful Exploratory Wells, 2008-2011 26
Figure 37: Cimarex Energy Co., Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 57
Figure 38: Cimarex Energy Co., Gas Reserves, End of Period, By Country/Region, Bcf, 2007-2011 58
Figure 39: Cimarex Energy Co., Gas Production, By Country/Region, Bcf, 2007-2011 58
Figure 40: Cimarex Energy Co., Natural Gas Reserve Changes, Bcf, 2011 60
Figure 41: Cimarex Energy Co., Oil and Gas Reserves Life Index, Years, 2007-2011 61
Figure 42: Cimarex Energy Co., Gas Reserve Life Index, By Country/Region, Years, 2007-2011 62
Figure 43: Cimarex Energy Co., Oil & Gas Reserve Life Index, By Country/Region, Years, 2007-2011 62
Figure 44: Cimarex Energy Co., Oil Reserve Life Index, By Country/Region, Years, 2007-2011 63
Figure 45: Cimarex Energy Co., Upstream Capital Expenditure, $m, 2007-2011 64
Figure 46: Cimarex Energy Co., Proved Acquisition Costs, By Country/Region, $m, 2007-2011 65
Figure 47: Cimarex Energy Co., Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 65
Figure 48: Cimarex Energy Co., Development Costs, By Country/Region, $m, 2007-2011 67
Figure 49: Cimarex Energy Co., Exploration Costs, By Country/Region, $m, 2007-2011 67
Figure 50: Cimarex Energy Co., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011 69
Figure 51: Cimarex Energy Co., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 70
Figure 52: Cimarex Energy Co., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 70
Figure 53: Cimarex Energy Co., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 71
Figure 54: Cimarex Energy Co., Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 71
Figure 55: Cimarex Energy Co., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011 73
Figure 56: Cimarex Energy Co., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011 75
Figure 57: Cimarex Energy Co., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011 75
Figure 58: Cimarex Energy Co., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011 76
Figure 59: Cimarex Energy Co., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011 76
Figure 60: Cimarex Energy Co., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011 77
Figure 61: Cimarex Energy Co., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011 77
Figure 62: Cimarex Energy Co., Revenue and Expenses, $m, 2007-2011 79
Figure 63: Cimarex Energy Co., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 80
Figure 64: Cimarex Energy Co., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 80
Figure 65: Cimarex Energy Co., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 81
Figure 66: Cimarex Energy Co., Oil & Gas Revenue, By Country/Region, $m, 2007-2011 81
Figure 67: Cimarex Energy Co., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 82
Figure 68: Cimarex Energy Co., Production Costs, By Country/Region, $m, 2007-2011 82
Figure 69: Cimarex Energy Co., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 83
Figure 70: Cimarex Energy Co., Oil and Gas Revenue and Expenses, $/boe, 2007-2011 84
Figure 71: Cimarex Energy Co., Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011 85
Figure 72: Cimarex Energy Co., Lifting Cost per boe, By Country/Region, $/boe, 2007-2011 85
Figure 73: Cimarex Energy Co., Annual Net Income per boe, By Country/Region, $/boe, 2007-2011 86
Figure 74: Cimarex Energy Co., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011 86
Figure 75: Cimarex Energy Co., Total DD&A per boe, By Country/Region, $/boe, 2007-2011 87
Figure 76: Cimarex Energy Co., Total Revenue per boe, By Country/Region, $/boe, 2007-2011 87
Figure 77: Cimarex Energy Co., Oil and Gas Performance Metrics, 2007-2011 89
Figure 78: Cimarex Energy Co., Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 90
Figure 79: Cimarex Energy Co., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011 91
Figure 80: Cimarex Energy Co., Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011 91
Figure 81: Cimarex Energy Co., Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011 92
Figure 82: Cimarex Energy Co., Total Net Developed Acreage, By Country/Region, Acres, 2007-2011 92
Figure 83: Cimarex Energy Co., Producible Oil and Gas Wells, 2007-2011 94
Figure 84: Cimarex Energy Co., Gross Productive Gas Wells, By Country/Region, Number, 2007-2011 95
Figure 85: Cimarex Energy Co., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 95
Figure 86: Cimarex Energy Co., Gross Productive Oil Wells, By Country/Region, Number, 2007-2011 96
Figure 87: Cimarex Energy Co., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011 96
Figure 88: Cimarex Energy Co., Net Productive Gas Wells, By Country/Region, Number, 2007-2011 97
Figure 89: Cimarex Energy Co., Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 97
Figure 90: Cimarex Energy Co., Net Productive Oil Wells, By Country/Region, Number, 2007-2011 98
Figure 91: Cimarex Energy Co., Exploratory and Developed Wells, 2007-2011 99
Cimarex Energy Co., Company Intelligence Report published by GlobalData in April 30, 2012. This report consists of Pages: 103 and the price starts from US $ 1000.
