Cimarex Energy
Cimarex Energy was a U.S. oil and natural-gas exploration and production company focused on shale resources in the Permian Basin and Mid-Continent.
Last updated August 31, 2026
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Overview
Cimarex Energy Co. was a U.S. independent exploration and production company engaged primarily in the discovery, development, and production of crude oil, natural gas, and natural-gas liquids. Organized in Delaware and headquartered in Denver, Colorado, the company operated mainly in Texas, Oklahoma, and New Mexico, with its resource base concentrated in the Permian Basin and the Mid-Continent oil province. The company began operations in 2002 through a corporate separation from Helmerich & Payne. The transaction was intended to separate Helmerich & Payne's exploration and production activities from its drilling business, and Helmerich & Payne shareholders received shares in the newly established Cimarex. This structure gave Cimarex an independent public-company identity while preserving its roots in the U.S. oilfield-services and exploration sector. Cimarex expanded through a mixture of acquisitions, acreage purchases, development programs, and asset sales. Its 2005 acquisition of Magnum Hunter Resources was a major early step in building scale. It later acquired additional Oklahoma acreage from Chesapeake Energy and expanded its position in the Cana-Woodford play through a 2014 transaction. The company also sold selected assets, including properties in Texas and Ward County, as it refined its portfolio and redirected capital toward areas with stronger development potential. In 2019, Cimarex acquired Resolute Energy, increasing its exposure to oil-weighted assets in the Permian Basin. Operationally, Cimarex was a shale-focused producer rather than an integrated energy company. Its activities included leasing mineral interests, drilling horizontal wells, hydraulic fracturing, gathering and processing coordination, and the sale of produced hydrocarbons. In 2020, average production was reported at approximately 252.5 thousand barrels of oil equivalent per day. About 69 percent came from the Permian Basin, while the remaining 31 percent came from the Mid-Continent region, particularly the Cana-Woodford area in western Oklahoma. At the end of 2020, estimated proved reserves were reported at approximately 531 million barrels of oil equivalent, consisting of natural gas, petroleum, and natural-gas liquids. Cimarex ceased to exist as an independent company after its combination with Cabot Oil & Gas in October 2021. The transaction created Coterra Energy, a larger U.S. natural-gas and oil producer. Accordingly, Cimarex is best understood today as a former corporate brand and operating company whose assets and operations became part of Coterra's portfolio.
History
Cimarex Energy was established in 2002 through the separation of Helmerich & Payne's exploration and production business from its drilling operations. In September of that year, Helmerich & Payne shareholders received shares in Cimarex, creating an independent publicly traded upstream energy company. The new company was organized in Delaware and headquartered in Denver, Colorado. Cimarex pursued growth through acquisitions and strategic acreage transactions. In 2005, it acquired Magnum Hunter Resources in a transaction reported at approximately $2.1 billion. The deal materially increased Cimarex's production base and resource position. In 2008, the company purchased about 38,000 acres in Oklahoma from Chesapeake Energy, reinforcing its presence in the Mid-Continent region. The company also used divestitures to reshape its portfolio. In 2012, Cimarex sold Texas assets, while in 2018 it sold properties in Ward County, Texas. These transactions were part of a broader approach in which the company recycled capital from selected assets and concentrated development spending in its core resource areas. In 2014, Cimarex acquired assets in the Cana-Woodford play. The transaction added approximately 140 billion cubic feet equivalent of proved reserves and 50,000 net acres, making the area an important part of the company's Oklahoma operations. Cimarex subsequently developed a portfolio spanning the Permian Basin in West Texas and southeastern New Mexico, as well as the Mid-Continent, including the Cana-Woodford area in western Oklahoma. Cimarex's business model centered on upstream exploration and production. It did not operate as a fully integrated oil major; instead, it focused on leasing acreage, drilling and completing wells, managing field development, and marketing produced crude oil, natural gas, and natural-gas liquids. Its shale program relied heavily on horizontal drilling and hydraulic fracturing, technologies that enabled the commercial development of large unconventional resource positions. In March 2019, Cimarex acquired Resolute Energy in a transaction valued at approximately $1.6 billion. Resolute's assets increased Cimarex's exposure to the Permian Basin and supported a more oil-oriented production mix. By the end of 2020, Cimarex reported estimated proved reserves of about 531 million barrels of oil equivalent. The reserve mix was approximately 43 percent natural gas, 27 percent petroleum, and 30 percent natural-gas liquids. Average 2020 production was approximately 252.5 thousand barrels of oil equivalent per day, with roughly 69 percent generated in the Permian Basin and 31 percent in the Mid-Continent. Cimarex's independent corporate history ended in October 2021, when it was acquired by Cabot Oil & Gas. The combination formed Coterra Energy, bringing together Cimarex's oil- and liquids-oriented Permian and Mid-Continent assets with Cabot's natural-gas business. After the transaction, Cimarex no longer operated as a separate public company or standalone brand.
- 2021
Combination with Cabot Oil & Gas
[1]Cabot Oil & Gas acquired Cimarex, and the combined company became Coterra Energy.
- 2019
Resolute Energy acquisition
[1]Cimarex acquired Resolute Energy, adding Permian Basin assets and increasing its oil-weighted resource exposure.
- 2018
Ward County asset sale
[1]The company sold assets in Ward County, Texas, continuing its selective portfolio optimization.
- 2014
Expansion into Cana-Woodford
[1]Cimarex acquired Cana-Woodford assets, including approximately 140 billion cubic feet equivalent of proved reserves and 50,000 net acres.
- 2012
Texas asset divestiture
[1]Cimarex sold Texas assets as part of its portfolio-management and capital-allocation program.
- 2008
Oklahoma acreage acquisition
[1]The company bought approximately 38,000 acres in Oklahoma from Chesapeake Energy.
- 2005
Magnum Hunter Resources acquisition
[1]Cimarex acquired Magnum Hunter Resources in a major transaction that expanded its upstream operating base.
- 2002
Cimarex is established through a Helmerich & Payne spin-off
[1]Helmerich & Payne separated its exploration and production business from its drilling operations, and shareholders received shares in the newly formed Cimarex.
Products and positioning
Independent U.S. upstream oil and gas producer focused on shale exploration, horizontal drilling, and development of oil, natural-gas, and natural-gas-liquid resources.
Hydrocarbon production
Crude oil
Crude oil was one of Cimarex's principal upstream products, particularly from its Permian Basin operations. The company developed oil-bearing shale resources using horizontal drilling and hydraulic fracturing, then sold produced hydrocarbons through regional gathering, transportation, and marketing arrangements.
Hydrocarbon production
Natural gas
Natural gas formed a substantial part of Cimarex's reserve and production portfolio. Gas was produced alongside oil and natural-gas liquids in the Permian and Mid-Continent regions, including the Cana-Woodford play in western Oklahoma.
Hydrocarbon production
Natural-gas liquids
Natural-gas liquids were recovered from Cimarex's upstream production streams and represented a significant portion of its proved reserve mix. These liquids complemented the company's crude-oil and natural-gas output and contributed to its diversified hydrocarbon sales profile.
Brand decisions
2021
Combine with Cabot Oil & GasM&ABackground
Cimarex and Cabot Oil & Gas combined their U.S. upstream portfolios.
Action taken
Cabot Oil & Gas acquired Cimarex in October 2021, creating Coterra Energy.
Aftermath
Cimarex ceased to exist as an independent company, and its assets became part of Coterra's operating portfolio.
2019
Acquire Resolute EnergyM&ABackground
Cimarex sought to expand its Permian Basin presence and add oil-weighted development assets.
Action taken
The company acquired Resolute Energy in a transaction reported at approximately $1.6 billion.
Aftermath
The acquisition increased Cimarex's exposure to the Permian Basin and strengthened its upstream resource base.
Transaction value. (2019 acquisition)
2002
Separate exploration and production from drilling operationsStrategyBackground
Helmerich & Payne sought to distinguish its exploration and production business from its drilling business.
Action taken
The exploration and production operations were spun off as Cimarex Energy, with Helmerich & Payne shareholders receiving shares.
Aftermath
Cimarex operated as an independent publicly traded upstream company until its 2021 combination with Cabot Oil & Gas.
Recent events
- 2021
Cimarex combines with Cabot Oil & Gas to form Coterra[1]
M&A · Leadership change
Cimarex was acquired by Cabot Oil & Gas in a transaction that created Coterra Energy and ended Cimarex's existence as an independent public company.
- 2019
Cimarex acquires Resolute Energy[1]
M&A
Cimarex completed its acquisition of Resolute Energy, strengthening its position in the Permian Basin and adding oil-weighted development assets.
- 2014
Cimarex acquires Cana-Woodford assets[1]
M&A
Cimarex acquired Cana-Woodford interests that included substantial proved reserves and approximately 50,000 net acres.
- 2008
Cimarex purchases Oklahoma acreage from Chesapeake Energy[1]
M&A
The company acquired approximately 38,000 acres in Oklahoma from Chesapeake Energy as it expanded its Mid-Continent position.
- 2005
Cimarex Energy acquires Magnum Hunter Resources[1]
M&A
Cimarex completed a major acquisition of Magnum Hunter Resources, expanding its U.S. exploration and production portfolio.
Sources4 sources
- 1Cimarex Energyen.wikipedia.org
- 2Blackbuck Resources acquires Whites City water infrastructure from Cimarex Energyworldoil.com
- 3Cimarex Announces 2020 Capital Investment Plans and Production and Expense Guidanceprnewswire.com
- 4Cimarex Announces 2021 Capital Investment Plans and Production and Expense Guidanceprnewswire.com
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