Cimarex plans $1.8B in 2014 capex, eyes 13% production growth

|About: Cimarex Energy Co. (XEC)|By:, SA News Editor

Cimarex Energy (XEC) says it plans $1.8B in capital spending in 2014, 78% of which is earmarked for projects in the Delaware Basin.

XEC expects total production to grow to 760M-800M cfe/in 2014, a ~13% Y/Y increase; estimated 17%-19% growth in oil production will outpace natural gas liquids and natural gas production growth.

XEC says its first Wolfcamp A test well had an average 30-day peak production rate of 1,251 boe/day (54% oil).