CorporateUpdate

July 2013

2

Forward-looking Statements

This presentation contains projections andother forward-looking statements within themeaning of Section 27A of the U.S. SecuritiesAct of 1933 and Section 21E of the U.S.Securities Exchange Act of 1934. Theseprojections and statements reflect theCompany’s current views with respect tofuture events and financial performance. Noassurances can be given, however, that theseevents will occur or that these projections willbe achieved, and actual results could differmaterially from those projected as a result ofcertain factors. A discussion of these factorsis included in the Company’s periodic reportsfiled with the U.S. Securities and ExchangeCommission.

Contact:

Karen AciernoDirector – Investor Relationskacierno@cimarex.com

Mark BurfordVP – Capital Markets & Planning

Cimarex Energy Co.1700 Lincoln Street, Suite 1800Denver, CO 80203

303-295-3995

Corporate Profile

NYSE: XEC

Shares outstanding………… 86.6 MM Proved reserves3…………….. 2.3 Tcfe

Market cap1……………………...… $5.7 B % Natural gas…………………… 55%

Long-term debt 2…………….. $0.9 B % Proved developed………… 80%

Enterprise value……………… $6.6 B R/P Ratio……………………..…… 9.9x

Stockholders' equity2……… $3.5 B Production4

……………..…….. 661 MMcfe/d

Debt/Cap2…………………………… 20%

Quarterly dividend of $0.14/share

1 Share price as of June 21, 20132 As of March 31, 20133 As of December 31, 20124 For the three-months ended March 31, 2013

3

Cimarex Identity

• Grow through drilling- Generate our own drilling inventory

• Portfolio approach- Multiple basins and regions- Gas, NGLs and oil

• Return driven - Current focus on liquids-rich and oil-prone

projects- Expanding Permian Basin operations

• Strong balance sheet• Foster Cimarex culture

− Organic growth, idea-driven, analytical

4

5

Core Operating Areas2013 Capex - $1.5 billion

Q1 2013 Prod. 661 MMcfe/d

Mid-Continent

PermianGulf Coast

Mid-Continent

31%

Permian62%

Gulf Coast5%

6

What’s New

• Joint Development Agreement signed with Chevron• Seeing solid drilling results from 2013 program

- On track to invest approximately $1.5 billion

- Production growth of 8-13%

• Active Delaware Basin program ($950 million)- Drilling focused on Bone Spring and Wolfcamp formations

- Wolfcamp play continues to expand

- Culberson County emerging as a key multi-pay resource area

• Mid-Continent ($450 million)- Cana-Woodford infill generating good returns

- Identify, test and evaluate new opportunities

7

Permian Basin

Summary StatisticsProved reserves (YE 12) 696.7 Bcfe

60% liquids; 99% proved developed

Production (Q1 2013) 275.1 MMcfe/d71% liquids

Net acres (YE 12) 438,000

Capital Investment2013E 2012A

E&D Capital (MM) $950 $889

Wells gross 175 182 net 115 122

Multiple Delaware Basin horizontal drilling projects with oil and liquids-rich shale objectives

Permian

Delaware Basin Focus

8

• Multi-stacked formations• Oil & liquids-rich targets• 12-14 operated rigs

focused on Bone Spring & Wolfcamp drilling

• Active Wolfcamp project in Culberson County

• Emerging Wolfcamp in Reeves County

• 2nd Bone Spring activity transitioning to Culberson County

Delaware Basin – Bone Spring

9

• 85-90 net Bone Spring wells planned in 2013

• 2nd Bone Spring activity increasing in Culberson County – 2 rigs expected to drill ~20 wells

• New Mexico 2nd/3rd Bone Spring wells average ~640 Boe/d; 90% oil (30-day IP)

• Texas 3rd Bone Spring wells average ~1,000 Boe/d; 80% oil (30-day IP)

Loving

Reeves

2012 Drilling: 107 gross (60 net) wells

• Hz Bone Spring wells

59 T2

59 T1

60 T2

60 T1

6 5 4 3

10987

18 17 16 15

22212019

30 29 28 27

34333231

42 41 40 39

46454443

3 2 1

121110

15 14 13

242322

27 26 25

363534

39 38 37

484746

4

9

6 5 4 3

10987

18 17 16 15

22212019

30 29 28 27

34333231

42 41 40 39

46454443

3 2 1

121110

15 14 13

242322

27 26 25

363534

39 38 37

484746

34561234

6 5 4 3 2 1

121110987

18 17 16 15 14 13

242322212019

30 29 28 27 26 25

363534343231

42 41 40 39 38 37

484746454443

2 1

1211

14 13

2423

26 25

3635

38 37

4847

6

7

18

19

30

31

42

43

6 5 4 3 2 1

121110987

18 17 16 15 14 13

242322212019

30 29 28 27 26 25

363534333231

42 41 40 39 38 37

484746454443

2 1

1211

14 13

2423

26 25

3635

38 37

4847

43

42

31

30

19

18

7

6

2345612 1

2 1 6 54 3 342 51 26 51 6

12 79 10 118 9 811 12 7 81012 711

16 1517 16 14 18 1718 13

13 14 13 17181514

21 2223 2424 19 20 21 23222324 192019 20

28 2726 2530 29 28 27 2625 25 3026 30 29 29

33 3431 32 35 3633 34 31 3236 3535 36 31 32

2 14 36 5 5 42 1 3 26 1 6 5

10 1111 127 812 7 89 9 11 12 7 810

15 1414 17 1613 18 18 17 1613 14 13 18 1715

22 2323 2424 19 20 2023 2421 1919 20 21 22

27 26 26 2529 28262930 3025 25 29 2830 27

34 3536 31 35 363332353136 31 32 33 34 32

25S 27E25S 26E

26S 26E 26S 27E

New Mexico

Texas

Eddy County

Culberson County

Culberson County Joint Development Area

10

Before

59 T2

59 T1

60 T2

60 T1

6 5 4 3

10987

18 17 16 15

22212019

30 29 28 27

34333231

42 41 40 39

46454443

3 2 1

121110

15 14 13

242322

27 26 25

363534

39 38 37

484746

4

9

6 5 4 3

10987

18 17 16 15

22212019

30 29 28 27

34333231

42 41 40 39

46454443

3 2 1

121110

15 14 13

242322

27 26 25

363534

39 38 37

484746

34561234

6 5 4 3 2 1

121110987

18 17 16 15 14 13

242322212019

30 29 28 27 26 25

363534343231

42 41 40 39 38 37

484746454443

2 1

1211

14 13

2423

26 25

3635

38 37

4847

6

7

18

19

30

31

42

43

6 5 4 3 2 1

121110987

18 17 16 15 14 13

242322212019

30 29 28 27 26 25

363534333231

42 41 40 39 38 37

484746454443

2 1

1211

14 13

2423

26 25

3635

38 37

4847

43

42

31

30

19

18

7

6

2345612 1

2 1 6 54 3 342 51 26 51 6

12 79 10 118 9 811 12 7 81012 711

16 1517 16 14 18 1718 13

13 14 13 17181514

21 2223 2424 19 20 21 23222324 192019 20

28 2726 2530 29 28 27 2625 25 3026 30 29 29

33 3431 32 35 3633 34 31 3236 3535 36 31 32

2 14 36 5 5 42 1 3 26 1 6 5

10 1111 127 812 7 89 9 11 12 7 810

15 1414 17 1613 18 18 17 1613 14 13 18 1715

22 2323 2424 19 20 2023 2421 1919 20 21 22

27 26 26 2529 28262930 3025 25 29 2830 27

34 3536 31 35 363332353136 31 32 33 34 32

25S 27E25S 26E

26S 26E 26S 27E

New Mexico

Texas

Eddy County

Culberson County

After

• 50/50 partner with Chevron on 104k gross acres• Cimarex operates• Solves drilling /development challenges of checkerboard acreage

• Optimize field development and well locations• Drill longer laterals

Culberson County Focus Area

11

• 100,000+ net acres

• 2013 main objectives:

2nd Bone Spring• Two rigs; ~20 gross wells• 4 wells to date with 30-day

average IP of over 900 Boe/dWolfcamp C&D• Two rigs; 15-20 gross wells• Drill to hold acreage • 34 wells to date with 30-day

average IP of 6.4 MMcfe/d

59 T2

59 T1

60 T2

60 T1

6 5 4 3

10987

18 17 16 15

22212019

30 29 28 27

34333231

42 41 40 39

46454443

3 2 1

121110

15 14 13

242322

27 26 25

363534

39 38 37

484746

4

9

6 5 4 3

10987

18 17 16 15

22212019

30 29 28 27

34333231

42 41 40 39

46454443

3 2 1

121110

15 14 13

242322

27 26 25

363534

39 38 37

484746

34561234

6 5 4 3 2 1

121110987

18 17 16 15 14 13

242322212019

30 29 28 27 26 25

363534343231

42 41 40 39 38 37

484746454443

2 1

1211

14 13

2423

26 25

3635

38 37

4847

6

7

18

19

30

31

42

43

6 5 4 3 2 1

121110987

18 17 16 15 14 13

242322212019

30 29 28 27 26 25

363534333231

42 41 40 39 38 37

484746454443

2 1

1211

14 13

2423

26 25

3635

38 37

4847

43

42

31

30

19

18

7

6

2345612 1

2 1 6 54 3 342 51 26 51 6

12 79 10 118 9 811 12 7 81012 711

16 1517 16 14 18 1718 13

13 14 13 17181514

21 2223 2424 19 20 21 23222324 192019 20

28 2726 2530 29 28 27 2625 25 3026 30 29 29

33 3431 32 35 3633 34 31 3236 3535 36 31 32

2 14 36 5 5 42 1 3 26 1 6 5

10 1111 127 812 7 89 9 11 12 7 810

15 1414 17 1613 18 18 17 1613 14 13 18 1715

22 2323 2424 19 20 2023 2421 1919 20 21 22

27 26 26 2529 28262930 3025 25 29 2830 27

34 3536 31 35 363332353136 31 32 33 34 32

25S 27E25S 26E

26S 26E 26S 27E

New Mexico

Texas

Eddy County

Culberson County

HZ Bone Spring

HZ Wolfcamp

12

Culberson County Focus Area Summary

• Multiple opportunities• Five prospective horizons• Very large Wolfcamp shale

resource potential• Per zone Wolfcamp

development scenarios*- Four wells/section: 1.7 - 2.1

Tcfe; $3.6bn of capital; 500 wells

- Eight wells/section: 3.4 - 4.1 Tcfe; $7.2bn of capital; 1000 wells

* Assumes EUR of 5.4Bcfe/well, drilling cost of $7.2mm.

Rigging up in Culberson County

13

Culberson Infrastructure

14

• Significant infrastructure investment - Salt water disposal (SWD)- Electrical power- Roads and bridge- Triple Crown pipeline

• Triple Crown Pipeline- 34 miles of 12” pipe- Central compression- Multiple sales points

• JT Processing Facility (Joule-Thomson)

- 50 MMcf/d capacity - Residue gas sales to El Paso Permian- NGLs trucked

Culberson County JT Plant

15

16

Mid-Continent Region

Summary StatisticsProved reserves (YE 12) 1,528.3 Bcfe

35% liquids; 71% proved developed

Production (Q1 2013) 360.6 MMcfe/d34% liquids

Net acres (YE 12) 753,000

Capital Investment2013E 2012A

E&D Capital ($ MM) $450 $673

Wells drilled - gross 145 167 net 55 69

Mid-Continent

Activity focused on Cana-Woodford infill development and new idea generation

Cana-Woodford Shale

• Drilled or participated in 532 wells

• 120,000 net acres - Avg. NRI’s ~81%

• Liquids-Rich Area- Net acres: 75,000- Gross pay: 100’ – 300’- High oil and NGL

content- Essentially all held by

production (HBP)

• Dry Gas- Net acres: 45,000- 22% HBP

XEC acreage

Liquids Rich

Dry Gas

17

Cana-Woodford –Infill Development

• Infill drilling in liquids-rich core

• 2013E: 140 gross wells - 100 non-operated- 40 operated

• Two operated rigs by mid-year

• Two-well pads drilling nine wells per section

• Focus on drilling program efficiencies

Operated wellNon-operated well

18

2012 Infill Row

Cana-Woodford Net Production

19

67 75

84

99 104 115

139

158 161 156

184

215 229

-

50

100

150

200

250

Q1A Q2A Q3A Q4A Q1A Q2A Q3A Q4A Q1A Q2A Q3A Q4A Q1A

2010A 2011A 2012A 2013E

MM

cfe/

d

Gas (MMcf/d) NGL (MMcfe/d) Oil (MMcfe/d)

Completion backlog increased as result of

commencing infill development

Cana-Woodford Summary

• Q1 13 production: 229 MMcfe/d (42% increase over Q1 12)

• Significant resource potential:

Gas (MMcf/d) 139        61%

NGLs (b/d) 11,842  31%

Oil (b/d) 3,147    8%

Total (MMcfe/d) 229       

Infill row looking east

Resource Potential% 

Liquid

Net Acres

Net Wells

Net Capital

(Bcfe) ($ B)

Proved reserves (YE 2012) 1,130 36%

Risked upside (Core Liquids‐Rich) 3,300  46% 75,000     660      5.0      Total risked resource 4,430  44%

21

Oil & Liquids-rich Projects fuel Growth in Proved Reserves

0.3 

0.6 

0.8 

1.0 

1.2 

1.3 

1.2 

1.3 

 ‐

 0.4

 0.8

 1.2

 1.6

 2.0

 2.4

2009 2010 2011 2012

Tcfe

Oil & NGLs (Bcfe) Gas (Bcf)

23%Liquids 

77% Gas33% 

82%  77%  82% 80%

41%  45%

% Proved Developed

1.5

2.3

22

Production Growth Driven byPermian Basin and Mid-Continent

219 255 

293 323 

365161 

165 

194 

264 

305

83 

175 105 

40 

28 

463 

596  592 626 

675‐705

 ‐

 200

 400

 600

 800

2009 2010 2011 2012 2013E

Mid‐Continent Permian Gulf Coast/Other

MMcfe/d

Summary Recap

• Well positioned for 2013 and beyond- Primary focus on Permian projects- Continued Cana development- Generating new ideas

• Solid base of proved reserves and production- 80% proved developed; 10-year reserve life- Growing oil and NGL components

• Maintain strong balance sheet- Debt to cap 20%; Debt to EBITDA < 1.0

• Long track record of profitable growth and conservative use of leverage

23

24

Appendix

25

2013 Capital Investment Plan

Total Capital: $1.5 B By Region:

Permian Mid-Continent Gulf Coast/Other• Invest $950 MM• Drill approximately 175

gross/ 115 net wells• 85-90 net Bone Spring,

15-20 net Wolfcamp, remainder shallow and other unconventional wells

• Invest $450 MM• Cana development: $350 MM • Approximately 145 gross/ 55

net wells

• Invest $100 MM• Working new 3D data• Approximately 6-9 net

wells

Hz Wolfcamp Type Curve*

26

72% 35% 21% 15% 13% 10% 9% 8% 7% 7%0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0

1

2

3

4

5

6

7

0 1 2 3 4 5 6 7 8 9 10

Cumulative Prod

uctio

n (Bcfe)

Daily Rate (M

mcfe)

End of Year

DailyRate(Mmcfe/d)

CumulativeProd.(Bcfe)

Annual Decline Rate:

30‐day avg:  6.4 MMcfe/d EUR: 4.5‐5.5 Bcfe 

(47% gas, 30% NGL & 23% oil)

*Culberson County well

Horizontal Wolfcamp Economics

27

17%22%

28%33%

39%

0%

10%

20%

30%

40%

50%

$75.00/$3.00 $80.00/$3.50 $85.00/$4.00 $90.00/$4.50 $95.00/$5.00

A-ta

x IRR

Realized Price - Oil ($/Bbl) & Gas ($/Mcf)

Forward strip IRR : 34% ( 5-20-13 )

Completed well cost $7.2 MMNRI 75%EUR 5.4 BcfeIP – 30 day average 6.4 MMcfe/d

2013 Guidance

28

2013EQ2 Full-Year

ProductionTotal Equivalent (Mmcfe/d) 667-692 675 - 705

% Liquids 50% 50%

Expenses ($/Mcfe):Production $ 1.10 - 1.22Transportation 0.27 - 0.32 DD&A and ARO accretion 2.40 - 2.55General and administrative 0.22 - 0.28Taxes other than income (% of oil and gas revenue) 6.0% - 6.5%

Capital Expenditures $1.5 billion

2013 Production, Unit Expense and Capital Guidance

Hedges

OilWeighted Average Price

Period Index Type Bbl/d Floor Ceiling Swap

Feb. - Dec. 2013 WTI Swap 6,000 NA NA $96.13 Feb. - Dec. 2013 WTI Collar 6,000 $85.00 $102.31 NA

12,000

GasWeighted Average Price

Period Index Type MMBTU/d Floor Ceiling

May - June 2013 PEPL Collar 30,000 $3.50 $4.50 July - Dec. 2014 PEPL Collar 80,000 $3.51 $4.57

Dividend

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14Mar‐06

Jul‐0

6

Nov

‐06

Mar‐07

Jul‐0

7

Nov

‐07

Mar‐08

Jul‐0

8

Nov

‐08

Mar‐09

Jul‐0

9

Nov

‐09

Mar‐10

Jul‐1

0

Nov

‐10

Mar‐11

Jul‐1

1

Nov

‐11

Mar‐12

Jul‐1

2

Nov

‐12

Mar‐13

Annu

al Yield

Qua

rterly Dividen

d (cen

ts/sha

re)

Quarterly Dividend Per Share Yield

Non-GAAP Reconciliation

($ in Millions) 2008 2009 2010 2011 2012

Net income (loss) (902)$ (312)$ 575$ 530$ 354$ Income tax expense (benefit) (529) (177) 339 312 207 Interest expense, net of capitalized 11 16 7 7 14 Depreciation, depletion and amortization 547 266 304 402 527 EBITDA (873) (206) 1,225 1,250 1,102

Asset retirement obligation expense 12 12 7 11 13 Impairment of oil and gas properties 2,243 791 - - - Adjusted EBITDA 1,383$ 597$ 1,232$ 1,261$ 1,115$

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

31

Non-GAAP Reconciliation

Reconciliation of cash flow from operations

32

2012

Net cash provided by operating activities $ 1,193 Change in operating assets and liabilities (58)

Adjusted cash flow from operations $ 1,135

YE

(in millions)2013

Long-term debt $ 870

Stockholders' Equity 3,475

Total capitalization $ 4,345

Long-term debt/total capitalization 20%

March 31,

(in millions)

Debt/Cap Calculation

2012

Proved Reserves adds (Bcfe)Revisions of previous estimates (257.3) Extensions & discoveries [C] 757.3 Purchase of reserves 0.2

Total adds [A] 500.2

Total capital $MM [B] 1,656$

All-sources F&D ($/Mcfe) [B]/[A] 3.31$

Drilling (excl. revisions) F&D ($/Mcfe) [B]/[C] 2.19$

Finding & development (F&D) cost