Seeking Alpha

Cimarex sells oil and gas assets for $326M

  • Cimarex Energy (XEC +0.9%) says it signed various purchase and sale agreements to sell $326M of oil and gas assets.
  • Included is the sale of 4,200 net acres and associated wells in the Texas Midland Basin for $242M, with an additional $84M of non-core properties in the Mid-Continent and Gulf Coast also being sold.
  • In total, the properties contain ~47B cfe of proved developed reserves (63% natural gas) and production of ~11M cfe/day.
  • Topeka Capital edges its XEC price target higher to $153 from $150, as the sale allows the company to redeploy additional proceeds to its high rate-of-return projects in the Delaware Basin and Cana-Woodford (Briefing.com).
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Comments (1)
  • PalmDesertRat
    , contributor
    Comments (3320) | Send Message
     
    did XEC get a good price for the properties?
    26 Aug 2014, 09:55 AM Reply Like
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