Cimarex cuts additional 2020 capital; curtails 30% of May volumes

Cimarex Energy Co., Denver, expects a 55-60% reduction in its 2020 capital investment program from its original guidance of $1.25-1.35 billion due to the continued weakness in oil prices. The company has deferred completion activities and will drop all but one drilling rig in early May. The company has curtailed 30% of its volumes for the month of May.

In March, the company noted plans to cut 40-50% from its original capital investment program, then assuming a $30/bbl WTI price (OGJ Online, Mar. 18, 2020).

Additional details are expected as part of the company’s first quarter earnings release on May 6.