Cimarex Energy Co (XEC) Q4 2019 Earnings Call Transcript

Cimarex Energy Co (XEC) Q4 2019 Earnings Call Transcript

I would now like to turn the conference over to Vice President of Investor Relations, Karen Acierno.. Good morning, everyone, and welcome to our fourth quarter and full year 2019 conference call.. We plan to file our 10-K for the year ended December 31, 2019, by the end of next week.. Our oil production came in above the midpoint of our guidance range and was up almost 3% sequentially led by Permian oil volumes, which grew 5% sequentially.. We are using a $50 WTI price and $2.25 NYMEX gas price in our capital planning over the next three years.. Our organization has made tremendous progress on all these fronts.. Our new slide deck, which is posted on our website, shows an updated three year plan.. When we generate free cash as planned, debt retirement will be a high priority.. Our operational team has done an outstanding job of optimizing our field operations.. Our facilities group has continued to develop fit-for-purpose production facilities, implement state-of-the-art automation and safety systems and deliver them at lower costs.. Total well cost, measured by dollars per lateral length, decreased 24% from 2018 to 2019.. We had a great fourth quarter with total well costs below