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CSFB Energy SummitFebruary 25, 2015

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Forward‐looking StatementsThis 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.

Contact:

Karen AciernoDirector – Investor Relationskacierno@cimarex.com303‐285‐4957

Mark BurfordVP – Capital Markets & Planning

Cimarex Energy Co.1700 Lincoln Street, Suite 3700Denver, CO 80203303‐295‐3995

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Corporate Profile

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Shares outstanding………………..…87.7 MM Proved reserves3……………..…….. 3.1 Tcfe

Market cap1……………………...…….....….$10.1 B % Natural gas…………………….. 53%

Long-term debt 2……………...…………...………..$1.5 B % Proved developed……………………..…………….77%

Enterprise value……………………...…..$11.6 B R/P Ratio……………………..…………….13.7x

Stockholders' equity2………………….………..$4.5 B Production4

………………...…….. 950 MMcfe/d

Debt/Cap2……………………………...……..25%

Quarterly dividend of $0.16/share

1 Share price as of February 23, 20152 At December 31,20143 As of December 31, 20144 Fourth quarter 2014

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• Focused on idea generation and execution

• Diverse portfolio of assets provides flexibility

— Balanced commodity mix: Proved reserves are 53% natural gas— Regional optionality: Permian Basin and Mid‐Continent

• Strong balance sheet

— No bank debt— Sale of non‐core assets provides cash at year end— Debt/total capitalization: 25%

• Long‐term time horizon

Cimarex Value Proposition

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5

5

0.6x 0.6x0.7x

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2012 2013 2014

Oil NGL Gas Net Debt/EBITDA

357

444

348

425705

869

0

250

500

750

1,000

2013 2014 2015E

Oil & NGL Natural Gas

+3‐8%895‐935

Daily Production(MMcfe)

Proved Reserves(Bcfe)

Solid Growth and Financial Discipline

2,2592,497

3,132+25%

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Realized Prices: $64.94/Bbl; $3.95/Mcf; $25.32/Bbl (NGL)

Product and Regional Diversity – 4Q 2014

RevenueMix Area

Daily Production: 950 MMcfe

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2015 E&D Investment PlanTotal Capital: $0.9‐$1.1 billion

$312 million$350 million

Drilling & Completion

Mid‐ContinentPermian

Drilling & Completion 76%

Drilling & Completion 76%

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• Multiple projects in multiple zones— Wolfcamp shale (oil & gas)— Bone Spring sands (oil)— Avalon Shale (oil window)

• 2015 Focus— Wolfcamp Long Laterals

• Culberson Wolfcamp A & D

— Reeves County acreage obligations

— White City Bone Spring

Permian Basin Region

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• ~235,000 net acres in the fairway

• Multiple Wolfcamp Targets— Culberson/White City Area

• 100,000+ net acres• Wolfcamp A, C & D• JDA with Chevron

— Reeves County • 80,000 net acres• Wolfcamp A & B/C

— Ward County• 38,000 net acres• Wolfcamp A & B/C

Delaware Basin Wolfcamp Fairway

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• 100,000+ net acres• 2013 main objectives— Drilling to hold acreage— Wolfcamp C & D

• Two rigs; ~20 wells• 41 wells to date; 30‐day

average IP of 6.5 MMcfe/d• Product mix of 45% gas;

26% oil; 29% NGL

— Upsize frac stages• First 20‐stage test has 30‐day

average IP of 8.4 MMcfe/d

— Testing Wolfcamp A — Experiment with long laterals— Stacked lateral test— Design downspacing pilot

• 100,000 net acres• 2015 focus on long laterals in

Wolfcamp A & D• Five new Wolfcamp D long

laterals have ave. 30‐day peak IP 2,236 BOE/d (26% oil; 45% gas)

• First Wolfcamp A long lateral has ave. 30‐day peak IP of 1,491 BOE/d (50% oil; 30 % gas)— 7,500 feet; 30‐stage completion— 25% uplift to 5,000 foot test

• Oil gathering by 4Q15— Fee‐based agreement — Improve realizations

• $25mm infrastructure spend in 2015

Culberson Focus Area Wolfcamp

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Shallow Decline of Upsized Fracs

(BOE/d)

Performance of Key Culberson County Wolfcamp Wells

1,365

2,450

1,500

2,500

‐

500

1,000

1,500

2,000

2,500

3,00030‐day IP

Days 30‐60

Days 60‐90

90 day average1,0951,250

‐

400

800

1,200

1,600

Wolfcamp D Wolfcamp A

Twenty Grand5,000 ft. lateral

First Year Cum:0.6 Bcf (wet gas)

135 Mbbls

Tim Tam5,000 ft. lateral

First Year Cum:1.0 Bcf (wet gas)

89 Mbbls

Gallant Fox10,000 ft. lateral

First Year Cum:2.1 Bcf (wet gas)

149 Mbbls

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Culberson County Focus Area: Wolfcamp D Type Curves

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Lower well costs = partial offset to oil price declines

0

500

1000

1500

2000

2500

3000

0 12 24 36 48

Months

10,000 ft. lateral; 43 stages 5,000 ft. lateral; 20 stages

BOE/day

5,000 ft. Lateral 10,000 ft. LateralPrevious Go‐Forward Previous Go‐Forward

Well Cost ($MM) $9.0 $7.6 $13.5 $11.9BT IRR 32% 49% 56% 73%NPV10 ($MM) $4.3 $5.7 $12.2 $13.7

Assumptions: Oil ‐ $50/Bbl; Gas ‐ $3.00/Mcf; NGL ‐ $17.50/Bbl (full recovery)

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Sensitivity to Crude Oil Prices

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Culberson County Wolfcamp D

Assumptions: $3.00 gas, NGLs 35% of oil, Full NGL recovery.

Before Tax IRR

52%

73%

99%

133%

33%

49%

68%

90%

$40 $50 $60 $70

Wolfcamp D ‐ 10,000 ft. lateral; 43 stages Wolfcamp D ‐ 5,000 ft. lateral; 20 stages

Realized Oil Price ($/Bbl)

IRR at strip dated 2/16/15

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Reeves County • Weather & pipeline issues cause

delays in reporting new long lateral results including fourth pilot

• 2015 focus on meeting acreage obligations— Spud eight wells; $70mm

• $5mm midstream investment in 2015

Ward County• Minimal lease expirations in

2015

Reeves & Ward Counties

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• Completion upsized to 15 stages from nine

• 64% increase in cum production over 180 days

• 90 locations identified• HPB acreage; infrastructure in

place

White City Second Bone Spring

64% Increase

Cumulative Production (MBOE/d)

Focus Area

0

20

40

60

80

100

120

140

160

180

0 30 60 90 120 150 180

Upsized Completion (15 stages) Original Completion (9 stages)

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• E&D capex of $312mm • Cana Core capex of

~$179mm— Includes seven section infill

program

• 128,000 net prospective Woodford acres (86%HBP)

Mid‐Continent Highlights

Operated WellNon‐operated Well

Cana‐Woodford Activity Map

Golden Section

Hartz Section

2015 Infill

$8.2$7.0

$3

$4

$5

$6

$7

$8

$9

4Q14 2015E

‐15%

Cana‐Woodford Well Cost (MM)

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Upsized Fracs Show Sustained Production Strength

(MMcfe/d)Golden Section

Hartz Section

8.78.210.2

9.2

0

2

4

6

8

10

12

Golden Hartz

30‐day IP

Days 30‐60

Days 60‐90

90 day average

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• First six wells had average 30‐day peak IP of 10.2 MMcfe/d— Updip: 49% oil, 27% NGL, 24%

gas— Downdip: 16% oil, 30% NGL,

54% gas

• 115,000 net prospective Meramec acres— Results to‐date have de‐risked

70,000 net acres

Mid‐Continent: Meramec is an Exciting New Opportunity

Updip

Downdip

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Mid‐Continent Focus: Cana‐Woodford and Meramec

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Culberson Area100,000 net acres

Reeves County80,000 net acres

Ward County38,000 net acres

IIndicates producing zone.

MMcfe/day

0

2

4

6

8

10

12

0 12 24 36 48

Months

Meramec ‐ 5,000 ft. lateral; 23 stages Woodford ‐ 5,000 ft. lateral; 23 stages (Row 4 infill well)

Cana Infill MeramecWell Cost ($MM) $7.0 $7.3BTAX IRR 39% 59%NPV10 ($MM) $5.4 $7.0Oil Yield (bbl/MMcf) 17 68

Assumptions: Oil ‐ $50/Bbl; Gas ‐ $3.00/Mcf; NGL ‐ $17.50/Bbl (full recovery)

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Mid‐Continent Economics: Cana‐Woodford & Meramec

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Culberson Area100,000 net acres

Reeves County80,000 net acres

Ward County38,000 net acres

IIndicates producing zone.

40%

59%

78%

102%

31%

39%

49%

61%

$40 $50 $60 $70

Crude Oil ($/Bbl)*

Meramec ‐ 5,000 ft. lateral; 23 stages Woodford ‐ 5,000 ft. lateral; 23 stages (Row 4 infill well)

BTAX IRR

Economic Sensitivity to Crude Oil Prices

*Realized prices. Assumes $3.00 gas, NGLs 35% of Crude Oil

IRR at strip dated 2/16/15

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• Diverse portfolio with strong returns

—Multiple Delaware Basin opportunities — Cana‐Woodford infill & re‐delineation— Emerging Meramec play— Continuous generation of ideas

• Strong balance sheet

— Sale of non‐core assets provides cash at year end

• Near‐term focus on maintaining financial position

• Long track record of profitable growth

Well Positioned for 2015 and beyond

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Appendix

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23

23

MMcfe/day

Cana‐Woodford Production

161 156

184

215 229

216 217 226

255

310

406

384

‐

50

100

150

200

250

300

350

400

450

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

Gas NGL Oil

24

24

Permian Production Growth

40 41

46 49

46

53

59

55 58

6668

‐

10

20

30

40

50

60

70

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

Oil NGL Gas

MBOE/day

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2015 Guidance

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First Quarter Full‐YearProduction*Total Equivalent (Mmcfe/d) 920‐940 895‐935

% Liquids 52% 52%

Expenses ($/Mcfe):Production $1.07 ‐ $1.17Transportation, processing & other 0.58 ‐ 0.68

DD&A and ARO accretion* 2.55 ‐ 2.65

General and administrative 0.24 ‐ 0.28

Taxes other than income (% of oil and gas revenue)

5.3 ‐ 5.7%

*Excludes the impact of any ceiling test write‐downs

Capital Expenditures $0.9 ‐ $1.1 billion

2015 Production, Unit Expense and Capital Guidance

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• Invested $337mm in 2014 to drill 81 gross (44 net) wells

• Three areas■ New Mexico 2nd & 3rd Bone

Spring (Eddy & Lea Counties)• 23 operated wells in 2014• 30‐day average peak IP*: 962

BOE/d; 749 bo/d■ Texas 3rd Bone Spring (Ward

County)• 12 operated wells in 2014• 30‐day average peak IP*:

1,022 BOE/d (801 bo/d)■ Culberson County 2nd Bone

Spring• 16 operated wells in 2014• 30‐day average peak IP*:

1,018 BOE/d (594 bo/d)

*Two stream.

Bone Spring Play

.

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Thick, Multi‐pay Wolfcamp Section

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Culberson Area100,000 net acres

Reeves County80,000 net acres

Ward County38,000 net acres

IIndicates producing zone.

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Culberson County Wolfcamp Pilots

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Stacked Lateral Test• Wolfcamp C & D• Two wells• Producing/Evaluating

80‐acre Spacing Pilot• Wolfcamp D• Four wells• Producing/Evaluating

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80‐acre Spacing Pilot• Wolfcamp A• Four wells• Producing/Evaluating

Stacked/Staggered Spacing Pilot• Wolfcamp A• Six wells• Flowing Back

Reeves County Wolfcamp Pilots

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Upsized Wolfcamp Frac

Old Frac Design:

5,000‐foot lateral; 12 stages; 4mm lbs of sand

5,000‐foot lateral; 20 stages; 6mm lbs of sand

New Frac Design:

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Non‐GAAP Reconciliation

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($ in Millions) 2012 2013 2014

Net income (loss) 354$ 565$ 507$

Income tax expense (benefit) 207 329 299

Interest expense, net of capitalized 14 23 37

DD&A and ARO accretion 527 624 816

EBITDA 1,102 1,541 1,659

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

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Non‐GAAP Reconciliation

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2014 2013

Net cash provided by operating activities $ 1,619 $ 1,324

Change in operating assets

and liabilities 15 64

Adjusted cash flow from operations $ 1,634 $ 1,388

(in millions)

Twelve months

Ended December 31,

Debt/Cap Calculation

2014

Proved Reserves adds (Bcfe)

Revisions of previous estimates 104.9

Extensions & discoveries [C] 813.9

Purchase of reserves 133.6

Total adds [A] 1,052.4

Total capital $MM [B] 2,131$

All-sources F&D ($/Mcfe) [B]/[A] 2.02$

Drilling (excl. revisions) F&D ($/Mcfe) [B]/[C] 2.62$

Reconciliation of cash flow from operations

Finding & development (F&D) cost

2014

Long-term debt $ 1,500

Stockholders' Equity 4,501

Total capitalization $ 6,001

Long-term debt/total capitalization 25%

December 31,

(in millions)

Net Debt/EBITDA Calculation

Twelve months

Ended December 31,

2012 2013 2014

Long-term debt 750 924 1,500

Cash & cash equivalents 70 5 406

Net Debt 680 919 1,094

EBITDA 1,102 1,541 1,659

Net Debt/EBITDA 0.6x 0.6x 0.7x