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XOM - Why Cimarex Can Stay Afloat With Big Cuts to Capex
Exxon Mobil Corporation
Independent E&P operator Cimarex(NYSE: XEC) just announced a massive cut to production for 2020, shutting down all but one producing rig starting in May. How much revenue can it make off of one oil rig? Thanks to management's hedging, quite a bit.
IMAGE SOURCE: GETTY IMAGES
Most energy firms have reacted to plummeting oil prices so far by pulling the first of many levers within management's reach: curtailing capital spending for the fiscal year.