XEC - Cimarex Energy: Oil Production Continues To Grow Amidst Headwinds From Prices Of Non-Oil Production
Cimarex Energy's (XEC) realised prices for NGLs and natural gas were even lower than I expected in Q2 2019, with negative prices for its Permian natural gas production. This means that XEC is likely looking at over $100 million in cash burn in 2019 after the effect of its dividends.
Cimarex is demonstrating improved capital efficiency and has raised its total production guidance by 3% and its oil production guidance by 2% since its initial guidance, without changing its capex plans. It will continue to have some near-term challenges as long as prices