Cimarex Energy Co. released its 2014 capital plan of $1.8 billion, 78 percent of which is earmarked for projects in the Delaware Basin. Total company production is expected to grow to an average 760-800 MMcfe per day in 2014, a midpoint increase of 13 percent over 2013. Estimated growth in oil production of 17-19 percent will outpace natural gas liquids (NGL) and natural gas production growth. The capital program will be funded with cash flow from operating activities and bank debt.
Tom Jorden, Cimarex Chairman and CEO said, "Cimarex uncovered significant, new high rate-of-return opportunities in the Delaware Basin during 2013, particularly in the Wolfcamp shale. Our goal this year is to more fully understand this large resource and how best to develop it. We have multiple pilot programs planned that are designed to do just that."