EFTA01357808Set 10
2015-01-131p487w
January 2015
HY Corporate Credit
Energy
Cimarex Energy
Relative Value
Cimarex (XEC) ranks relatively high within the peer group in context of facing
the current commodity downturn. Its strong financial ... major factors in determining the FY 15 capex program. Besides
a solid financial profile, XEC's asset quality and strong operational momentum
are both unparalleled. In its core Permian play ... Permian
capex budget), XEC has successfully drilled longer laterals with upsized fracs
providing solid upside to well returns. In a recent update, XEC noted that its
traditional Wolfcamp well
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01357808.pdf
EFTA01357809Set 10
2015-01-031p225w
January 2015
NY Corporate Credit
Energy
Overall, XEC is well positioned for the current situation driven by strong
financial profile, quality assets, solid operating momentum and conservative
management. The only ... negative in the overall positive picture is XEC's
unhedged nature; that being said this hedging approach is not new to
management and in the medium term this is largely ... large integrateds despite the drop in commodity
prices - this is observed by looking at XEC's strong stock performance other
oily BB names (NFX, CXO, SM and DNR) over
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01357809.pdf