XEC
Cimarex Energy Co.NYSE
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  • Mon, Jun. 20, 2:25 PM
    • Marathon Oil (MRO +10.4%) powers higher after snapping up P-E-backed PayRock Energy for $888M, increasing its footprint in Oklahoma's prolific STACK oil play.
    • MRO expects internal rates of return for the new addition of 60%-80% before taxes at a WTI price of $50/bbl.
    • CEO Lee Tillman says MRO would ratchet up drilling activity if crude prices held above $50/bbl for a while, and that the Oklahoma oil region is profitable enough that it can compete for capital against the company’s other oil plays.
    • SunTrust analysts consider ~60% of Payrock’s position to be in the core STACK, and estimates the core acreage value at ~$15K/acre, which appears in line with recent transactions.
    • The firm also thinks MRO's move is good news for core STACK players Newfield Exploration (NFX +0.5%), Cimarex Energy (XEC +1.3%), Continental Resources (CLR +1.2%), Devon Energy (DVN +4.6%) and Chesapeake Energy (CHK +3.3%).
    | Mon, Jun. 20, 2:25 PM | 14 Comments
  • Dec. 3, 2015, 7:51 AM
    • Devon Energy (NYSE:DVN) is in talks to buy Felix Energy for ~$2B, including debt, Reuters reports.
    • DVN owns oil acreage and an interest in oil and gas pipelines located close to Felix's assets in northern Oklahoma.
    • A deal would represent a bet by DVN that crude oil prices will recover from their current $40/bbl lows to ~$65 sooner rather than later, according to the report.
    • Besides DVN, other major players with investments in the are where Felix operates include Marathon Oil (NYSE:MRO), Newfield Exploration (NYSE:NFX), Continental Resources (NYSE:CLR) and Cimarex Energy (NYSE:XEC).
    | Dec. 3, 2015, 7:51 AM | 2 Comments