Energy Sector Review: Cimarex Speaks Volumes, Devon’s Record Reserves
Cimarex Energy Co. (NYSE:XEC): Sees 2012 Gulf Coast volumes average 35-40 Mmcfe/D. Sees 2012 Mid-Continent, Permian production volumes up 19%-25%. Sees 2012 Mid-Continent, Permian production averaging between 580-610 Mmcfe/D.
The shares closed at $81.59, up $12.81, or 18.62%, on the day. Its market capitalization is $7.00 billion.
Devon Energy Corporation (NYSE:DVN): At December 31, Devon’s estimated proved reserves reached a record 3B oil-equivalent barrels, or Boe’s. During 2011, the company added 386M Boe through successful drilling, including extensions, discoveries, and revisions other than price. Associated drill-bit capital invested during the year totaled $6.9B, including $1.5B spent on exploration and acreage acquisitions. At year end, total natural gas production was 952.5M Bcf, while total oil equivalent was 240.1M.
The shares closed at $71.70, up $4.8, or 7.17%, on the day. Its market capitalization is $28.96 billion.
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