CIMAREX ENERGY $111.84 (New York symbol XEC; TSINetwork Rating: Extra Risk) (303-295-3995; www.cimarex.com; Shares outstanding: 86.8 million; Market cap: $9.7 billion; Dividend yield: 0.5%) plans to spend $1.8 billion on exploration and development in 2014, up 12.5% from $1.6 billion in 2013.
The company expects to spend 78% of that on projects in the Delaware Basin, which is part of the larger Permian Basin area of western Texas and southeastern New Mexico.
Cimarex operated 12 horizontal drilling rigs in the Permian Basin last year; it raised that to 16 at the end of January 2014.
As a result of its spending, the company expects its production to average 760 million to 800 million cubic feet of natural gas equivalent per day (including oil) in 2014. That’s at least 13% higher than 2013 levels.
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