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XEC - Cimarex Energy: The Impact Of Lower Prices For NGLs And Natural Gas
Cimarex Energy Co
Cimarex Energy (XEC) has seen a coupledowngrades in recent days due to concerns over low realised prices for NGLs and natural gas. Cimarex's production is heavily weighted towards those commodities (around 69% NGLs and natural gas), and it does appear that if prices stay where they are, the company would need to noticeably reduce its production growth estimates to maintain positive cash flow at $55 WTI oil. XEC forecast $600 million in positive cash flow from 2019 to 2021 along with 15% oil production growth per year before.