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How The Permian Basin Region Is Helping Cimarex Energy Co (NYSE:XEC) Stock

Cimarex Energy Co (NYSE:XEC) Stock should benefit from higher oil prices, currently trading around $60.00 a barrel. That's the highest oil prices have been since June of 2015. Cimarex Energy Permian Basin Region averaged 628.2 MMcfe per day in the third quarter, a +21% increase from third quarter 2016. Oil volumes averaged 43,735 barrels per day, which represented +42% of the region's total equivalent production. Take a look at the graph below. 

Cimarex Energy Co. completed 29 gross (16 net) wells in the Permian Basin region during the third quarter.  There were 42 gross (16 net) wells waiting on completion at September 30.  Cimarex currently operates nine rigs in the Permian region. 

Cimarex Energy Co. (NYSE:XEC) is an independent oil and gas exploration and production company based in Denver Co, with principal operations in the Mid-Continent and Permian Basin areas of the U.S.