Upgrading Cimarex's Economic Moat to Narrow and Increasing Our Fair Value Estimate to $89
We are upgrading Cimarex's moat rating to narrow from none based on three factors: 1) the positive impact to the company's cost structure from its recently implemented long-lateral, increased-sand-volume drilling program, 2) a more granular analysis of the company's drilling inventory across the Permian and midcontinent, which indicates additional locations beyond what we had previously assumed, and 3) the positive impact from the addition of the Meramec to the company's portfolio, where early r...Cimarex Energy is an independent oil and gas exploration and production company. The company's operations are mainly located in Texas, New Mexico, and Oklahoma. The company's operations are focused in two main areas: the Permian Basin and the Mid-Continent. The company's Permian Basin region encompasses west Texas and southeast New Mexico. The company's Mid-Continent region consists of Oklahoma and the Texas Panhandle.
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