Cimarex Energy backs FY17 CapEx view $1.1B-$1.2B
Cimarex is maintaining its estimated full-year exploration and development capital investment of $1.1 - 1.2 billion for 2017. Estimated capital investment is allocated 62 percent to the Permian and 37 percent to the Mid-Continent. Daily production for 2017 is estimated to average 1,120 - 1,140 MMcfe (186.7 - 190.0 Mboe), up slightly from previous guidance. Oil volumes are expected to grow 24-29 percent year-over-year. Third quarter output is expected to average 1,100 - 1,140 MMcfe (183.3-190.0 Mboe) per day, down slightly from second quarter volumes. A pick up in well completions late in the third quarter is expected to drive production higher in the fourth quarter. Oil production is anticipated to grow 30-35 percent in fourth quarter 2017 versus fourth quarter 2016.