2Q20 EARNINGS PRESENTATION August 2020 Forward-looking Statements - PowerPoint PPT Presentation

2Q20 EARNINGS PRESENTATION August 2020

Forward-looking Statements This presentation contains projections and other forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These projections and statements reflect the Company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission. Actual results may differ materially from company projections and other forward-looking statements and can be affected by a variety of factors outside the control of the company including among other things: oil, NGL and natural gas price levels and volatility, including those resulting from demand destruction from the COVID-19 pandemic; disruptions to the availability of workers and contractors due to illness and stay at home orders related to the COVID-19 pandemic; disruptions to gathering, pipeline, refining, transportation and other midstream and downstream activities due to the COVID-19 pandemic; disruptions to supply chains and availability of critical equipment and supplies, including as a result of the COVID-19 pandemic; the effectiveness of controls over financial reporting; declines in the values of our oil and gas properties resulting in impairments; impairments of goodwill; higher than expected costs and expenses, including the availability and cost of services and materials, which may be negatively impacted by the COVID-19 pandemic; our ability to successfully integrate the March 2019 acquisition of Resolute Energy Corporation; compliance with environmental and other regulations; costs and availability of third party facilities for gathering, processing, refining and transportation; risks associated with concentration of operations in one major geographic area; environmental liabilities; the ability to receive drilling and other permits and rights-of-way in a timely manner, which may be negatively impacted by COVID-19 restrictions on regulatory personnel who process and approve those matters; development drilling and testing results; the potential for production decline rates to be greater than expected; performance of acquired properties and newly drilled wells; regulatory approvals, including regulatory restrictions on federal lands which may be negatively impacted by a change in administration; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions and disposal of produced water, which may be negatively impacted by a change in administration; unexpected future capital expenditures; economic and competitive conditions; the availability and cost of capital; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; changes in estimates of proved reserves; derivative and hedging activities; the success of the company's risk management activities; title to properties; litigation; the ability to complete property sales or other transactions; and other factors discussed in the company's reports filed with the SEC. Cimarex Energy Co. encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, the company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances. Contact: Karen Acierno Vice President – Investor Relations 303-285-4957 kacierno@cimarex.com FORWARD-LOOKING STATEMENTS 2

Cimarex Energy: Pillars of Successful Strategy PLANNING COST CONTROL EXPLORATION DIGITAL INNOVATION ENVIRONMENT CIMAREX ENERGY: PILLARS OF SUCCESSFUL STRATEGY 3

Operational Highlights 2Q UPDATES FLARING UPDATE GENERATED CASH FROM OPERATING ACTIVITIES OF $145MM 2020 PERMIAN FLARING INTENSITY $26MM OF FREE CASH FLOW AFTER TARGET: 1.44% DIVIDEND STRETCH: 0.96% OIL PRODUCTION OF 78.0 MBBLS/D YTD: 1.08% TOTAL PRODUCTION OF 254.7 MBOE/D Flaring Intensity = Flared Gas Volumes (Mcf)/Gross Permian Gas Production (Mcf) TOTAL COMPANY CASH OPERATING COSTS DOWN 14% FROM 2Q19 AND DOWN 12% SEQUENTIALLY 12 NET WELLS BROUGHT ON PRODUCTION IN 2Q, $9.00 11 IN THE PERMIAN BASIN PER BOE $8.00 GO FORWARD AVERAGE $7.00 PERMIAN WELL COSTS 8.08 7.89 6.92 OF $800 – 900 PER FOOT $6.00 2Q19A 3Q19A 4Q19A 1Q20A 2Q20A Cash operating costs include: LOE, Workover, Transportation, Production Tax, G&A OPERATIONAL HIGHLIGHTS 4

Adjusting to the Changing Environment OIL PRICES HAVE IMPROVED, HEADWINDS REMAIN EMPLOYEE HEALTH & SAFETY RESPONSE • Focused on Free Cash Flow • Multi-disciplinary approach to COVID-19 pandemic • Reduced capital investment  COVID-19 Task Force • Curtailed May production; brought back on line in June  Return to Office Task Force • Measured return to activity • Field protocols in place  Adding three rigs in 3Q and restarting • 50% of office staff continue to work from completions in September home • Improved efficiencies • Following CDC guidelines to implement phased return to office  Lower well costs and LOE ADJUSTING TO THE CHANGING ENVIRONMENT 5

Resuming Activity in 3Q NET WELLS ON PRODUCTION 46 Jul NET WELL COUNT 20 Aug 12.5 10 Sep 1Q20A 2Q20A 3Q20E 4Q20E IN PROGRESS AT 12/31/20 PERMIAN BASIN ANADARKO BASIN ADDING ONE DRILLING RIG PER MONTH AND BROUGHT 12.5 NET WELLS ON PRODUCTION IN 2Q TWO COMPLETION CREWS IN SEPTEMBER EXPECT TO BRING 43 NET WELLS ON PRODUCTION IN 2020 46 wells in progress at year end 2020 • RESUMING ACTIVITY IN 3Q 6

Capital Investment Update UPDATED 2020E YTD $ MILLION 1QA 2QA GUIDANCE DRILLING & COMPLETION (D&C) 1 $ 214 $ 49 $ 263 $ ~ 430 MIDSTREAM/SWD 27 - 27 ~ 40 OTHER 2 33 35 68 ~ 130 TOTAL CAPITAL INVESTMENT $ 274 $ 84 $ 358 $ ~ 600 1 Includes well facilities, flow back and outside operated wells 2 Capitalized overhead, production capital, land and technology CAPITAL INVESTMENT UPDATE 7

Updated 2020 Delaware Basin Plans WELLS ON LINE AVERAGE LATERAL D&C BY COUNTY LENGTH BY COUNTY CAPITAL 10,000 8,000 WOLFCAMP EDDY 6,000 4,000 40 REEVES $415 MM NET WELLS 2,000 LEA 0 CULBERSON EDDY REEVES LEA BONE SPRING CULBERSON BASIN AVERAGE: 9,000 UPDATED 2020 DELAWARE BASIN PLANS 8

Delaware Basin 2020 – Development Update CURRENTLY OPERATING THREE DRILLINGS RIGS NEW MEXICO 2020 DEVELOPMENTS ON LINE PROJECT NAME WELLS % WI ON LINE TEXAS 1 ELECTRIC STATE 5 100 1Q 2 CARRY BACK 2 80 1Q 3 RIVERBEND 5 86 1Q 4 VACA DRAW 6 50 1Q 5 GOAT 7 96 2Q 9 4 15 3 6 HIS EMINENCE 5 50 2Q 8 19 7 DIXIELAND 7 97 4Q20E 12 DEVELOPMENTS IN PROGRESS 12/31/20 11 14 8 RED HILLS 6 57 1Q21E 2 18 6 9 CRAWFORD 4 100 1Q21E 16 13 10 BIG SKY STATE 6 100 1Q21E 5 7 11 BURGOO KING 7 50 2Q21E 1 10 17 12 TIM TAM 6 50 2Q21E 13 NORTH TABLE 4 100 2Q21E 14 COUNT FLEET 7 50 2Q21E 15 DOS EQUIS 4 59 2Q21E CIMAREX ACREAGE 16 CAPPLETON 7 93 3Q21E FEDERAL ACREAGE 17 SNOWSHOE 5 100 3Q21E WOLFCAMP 18 SPECTACULAR BID 8 50 3Q21E BONE SPRING 19 TAR HEEL 8 100 4Q21E AVALON DELAWARE BASIN 2020 – DEVELOPMENT UPDATE 9

Delaware Basin Acreage NEW MEXICO 238,000 NET ACRES WITH THREE MAJOR PLAYS 33% federal acreage, all in New Mexico • TEXAS DEVELOPMENT PLANS INCLUDE ~5,000 FEDERAL ACRES THROUGH 2023 • 46 wells planned through 2023 FEDERAL PERMITS FOR WELLS ON RIG SCHEDULE PERMIT STATUS THROUGH 2023 * APPROVED 32 IN PROGRESS 14 *Includes 16 wells which require extension before spud date CIMAREX ACREAGE ~28% OF 2020 D&C CAPITAL INVESTMENT ON FEDERAL ACREAGE FEDERAL ACREAGE WOLFCAMP BONE SPRING FEDERAL ACREAGE AVALON DELAWARE BASIN ACREAGE 10

Permian Region Well Cost Improvements WELL COST PER COMPLETED LATERAL FOOT (OPERATED) $1,600 TOTAL CAPITAL ASSOCIATED $1,479 WELL COST PER = WITH COMPLETED WELLS 2 LATERAL FOOT $1,400 LATERAL FEET COMPLETED $/COMPLETED LATERAL FEET $1,200 $1,106 2020 WELL COSTS TRENDING BELOW $900 – 1,000 EXPECTATIONS $1,000 $800 GO FORWARD WELL COSTS: Culberson: $750-800 per foot • $600 • Reeves: $800-850 per foot $400 Lea: $900-1,000 per foot • 67 NET WELLS 76 NET WELLS 49 NET WELLS 1 $200 COMPLETED COMPLETED 515,000 FEET 708,000 FEET 426,000 FEET $- PERMIAN PROGRAM AVERAGE 2018A 2019A 2020E OF $800-900 PER FOOT $ PER COMPLETED LATERAL FOOT 1 Wells completed, but not necessarily on line in 2020 PERMIAN REGION WELL COST IMPROVEMENTS 11 2 Total capital includes D&C, facilities and flow back associated with wells completed in the period

Culberson: Top-Tier Oil Wells DELAWARE BASIN CUMULATIVE OIL PRODUCTION BY COUNTY (>8,500 LL, First Prod >2016, Upper Wolfcamp & Bone Spring Formations) 6 MONTHS 12 MONTHS 18 MONTHS 24 MONTHS 450 400 CUMULATIVE OIL (MBBLS) 350 300 250 200 150 55 WELLS 100 50 34 22 17 81 51 43 23 271 199 128 77 231 187 147 95 256 185 122 69 86 63 44 38 507 396 300 196 0 XEC CULBERSON OTHER CULBERSON LEA* LOVING* EDDY* WARD* REEVES* COUNTY * Includes XEC wells ATTRIBUTES OF CULBERSON COUNTY LONG LATERALS Competitive Oil Production • Shallow Declines • Low Operating Costs (LOE) • CULBERSON: TOP-TIER OIL WELLS 12