CORPORATE UPDATE May 2019 Forward-Looking Statements

CORPORATE UPDATE May 2019 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.

Contact: Karen Acierno Vice President – Investor Relations [email protected] 303-285-4957

FORWARD-LOOKING STATEMENTS 2 Cimarex Energy Snapshot

NYSE SYMBOL: XEC

MARKET CAP1: $6.8 BILLION

ENTERPRISE VALUE1: $8.8 BILLION

DEBT/EBITDA2: 1.3X

QUARTERLY DIVIDEND: $0.20/SHARE

2019E OIL PRODUCTION GROWTH: 18 - 30%

1 As of May 6, 2019 CIMAREX ENERGY SNAPSHOT 3 2 As of and for the twelve months ended 3/31/19. See Appendix for non-GAAP definitions and reconciliations to nearest comparable GAAP measure. Cimarex Energy: Maximizing Returns

PREMIERE PORTFOLIO Core positions in the Permian and Anadarko Basins

IDEA GENERATION Driven by rigorous technical evaluation

FOCUSED EXECUTION Focused on maximizing ROR and NPV

LOOKBACK EVALUATION Improves economic returns & operational efficiencies

FINANCIAL DISCIPLINE Strong returns, cash flow growth, liquidity & optionality

CIMAREX ENERGY: MAXIMIZING RETURNS 4 1Q19 Highlights

RESOLUTE ACQUISITION CLOSED: 1Q19 PRODUCTION: 258.9 MBOE/D; 79.4 MBBL/D ADDED 21,100 NET ACRES IN DELAWARE BASIN 26%

1Q18 2Q18 3Q18 4Q18 1Q19

REAFFIRMED 2019 CAPITAL GUIDANCE 2019E OIL PRODUCTION: 80-88 MBO/D

18-30%

2018A 2019E

1Q19 HIGHLIGHTS 5 Maximizing Value: Understanding Fracture Surface Area

No Interference – Not Maximizing PV: < $130mm

CUMULATIVE PROJECT: PV vs. ROR

CUMULATIVE PV ($MM) ROR (%)

$150 90% C A $140 80%

Increased Interference – Destroying PV: < $130mm

$130 70% ($MM)

$120 A 60%

$110 50% B B $100 40%

PROJECT ROR (%) ROR PROJECT Optimal Spacing – PV: $130-140mm

$90 30% CUMULATIVE PV PV CUMULATIVE

$80 20% 8 10 12 13 14 15 16

WELLS PER SECTION C

Interference

MAXIMIZING VALUE: UNDERSTANDING FRACTURE SURFACE AREA 6 Maximizing Value – PV vs ROR

CUMULATIVE PROJECT: PV vs. ROR INCREMENTAL WELL: PV vs. ROR

CUMULATIVE PV ($MM) ROR (%) INCREMENTAL PV ($MM) ROR (%) $35 90% $6 90%

) $30 80% $4 60%

$MM $25 70%

$20 60% $2 30%

$15 50% $0 0%

$10 40%

PROJECT ROR (%) ROR PROJECT ($2) -30% PER WELL ROR (%) ROR WELL PER

$5 30% ($MM) PV WELL PER CULMULATIVE PV ( PV CULMULATIVE $0 20% ($4) -60% 2 4 5 6 7 8 10 2 4 5 6 7 8

WELLS PER SECTION WELLS PER SECTION

IN SOME RESERVOIRS, JUST ONE INCREMENTAL WELL CAN DESTROY VALUE • Competitive cumulative returns; negative PV and ROR on incremental well

MAXIMIZING VALUE – PV VS ROR 7 2019 Capital Investment Program

AVALON OTHER 2% 2% BONE SPRING E&D CAPITAL OF $1.35 – 1.45 BILLION 4% WOLFCAMP • Free cash flow neutral at $52.50 WTI; $50 WTI WOODFORD 78% 4% excluding dividend

MERAMEC D&C CAPITAL $1.10 – 1.20 BILLION 10% • 84% of E&D capital • Permian Basin ~85% • Mid-Continent Region ~15%

D&C CAPITAL ADDITIONAL $60 – 70 MILLION BUDGETED FOR $1.1 – 1.2 BILLION MIDSTREAM

CURRENTLY OPERATING NINE RIGS • Eight in Permian • One in Mid-Continent

2019 CAPITAL INVESTMENT PROGRAM 8 Capital Investment – Q1

$ MILLIONS 1Q19A 2019E

DRILLING & COMPLETION1 (D&C) $ 319 $ 1,100 - 1,200

EXPLORATION & DEVELOPMENT2 (E&D) $ 368 $ 1,350 - 1,450

MIDSTREAM 18 60 - 70

TOTAL CAPITAL INVESTMENT $ 386 $ 1,410 - 1,520

1 Drilling, completion, flowback, batteries, well connections/flowlines, SWD system costs 2D&C1 + capitalized overhead, production capital, land, technology

CAPITAL INVESTMENT – Q1 9 2019 Net Wells on Production

2019 ACTIVITY: 82 NET WELLS (AVERAGE OPERATED LATERAL LENGTH: 9,050’) 38

30 26

1QA 2QE 3QE 4QE WELLS WAITING ON COMPLETION AT 12/31/19

PERMIAN BASIN MID-CONTINENT

2019 NET WELLS ON PRODUCTION 10 2019 Delaware Basin Plans

D&C WELLS DRILLED AVERAGE LATERAL CAPITAL BY COUNTY LENGTH BY COUNTY

10,000

8,000 WOLFCAMP EDDY REEVES 6,000

LEA 4,000 $935–$1,020MM 65 NET WELLS

2,000

0 CULBERSON

BONE LEA SPRING EDDY

AVALON REEVES CULBERSON

2019 DELAWARE BASIN PLANS 11 Delaware Basin – Overview

NEW MEXICO

TEXAS

259,000 TOTAL NET ACRES

85% OF 2019 D&C BUDGET

CURRENTLY RUNNING 8 RIGS, 3 COMPLETION CREWS

STACKED PAY OPPORTUNITIES • Provides multi-zone development opportunities • Upper and Lower Wolfcamp • Second and Third Bone Spring • Avalon

CIMAREX ACREAGE WOLFCAMP BONE SPRING AVALON

DELAWARE BASIN – OVERVIEW 12 Delaware Basin – Reeves County, TX

SKY PILOT 4 WELLS

RESOLUTE ACQUISITION CLOSED

82,853 NET ACRES SANDLOT 4 WELLS SENTINEL 5 WELLS 38% OF 2019 D&C CAPITAL

HARDSCRABBLE 6 WELLS TARGETING UPPER WOLFCAMP

FOUR DEVELOPMENTS ON PRODUCTION IN 2019 • Sandlot development flowing back NEW MEXICO CIMAREX ACREAGE TEXAS UPPER WOLFCAMP OPERATED SWD

DELAWARE BASIN – REEVES COUNTY, TX 13 Delaware Basin – Culberson/White City

NEW MEXICO

TEXAS

OWL DRAW 3 WELLS 100,000+ NET ACRES

JDA WITH CHEVRON IN CULBERSON ARISTIDES 6 WELLS SIR BARTON 34% OF 2019 D&C CAPITAL 7 WELLS • Targeting Upper Wolfcamp & Bone Spring

BROKERS TIP 7 WELLS FIVE DEVELOPMENTS ON PRODUCTION IN 2019 • Sir Barton & Brokers Tip flowing back OLD ROSEBUD 4 WELLS

CIMAREX ACREAGE UPPER WOLFCAMP LOWER WOLFCAMP OPERATED SWD

DELAWARE BASIN – CULBERSON/WHITE CITY 14 Culberson: Top-Tier Oil Wells

DELAWARE BASIN CUMULATIVE OIL PRODUCTION BY COUNTY (>8,500 LL, First Prod >2016, Upper Wolfcamp & Bone Spring Formations)

6 MONTH 12 MONTH 18 MONTH XEC CULBERSON LOVING LEA EDDY WARD REEVES 400 350

350 300

300 250

250

OIL 200 - 200 150 150

100 MBBLS 100 50

50 23 WELLS 23 19 15 122 80 47 103 63 32 92 47 15 15 14 12 245 167 106 (MBBL) OIL CUMULATIVE 0 0 0 3 6 9 12 15 18 XEC CULBERSON LOVING LEA EDDY WARD REEVES COUNTY MONTHS

ATTRIBUTES OF CULBERSON COUNTY LONG LATERALS • Competitive Oil Production • Shallow Declines • Low Operating Costs (LOE)

CULBERSON: TOP-TIER OIL WELLS 15 Culberson: Water Infrastructure Driving Efficiencies

RISER: XEC-ENGINEERED ACCESS FOR WATER REUSE SALTWATER DISPOSAL (SWD) • Own & operate the system • Improves operating costs • System redundancy reduces downtime • System expanding efficiently with additional development

WATER REUSE DRIVES EFFICIENCY SWD INFRASTRUCTURE WOLFCAMP FRAC WATER • On-demand recycled water lowers cost • Wolfcamp completions used 97% recycled RECYCLED PURCHASED water in 2018 • Saved $1.54/bbl for procured water

ENVIRONMENTAL BENEFITS XEC ACREAGE • Avoids surface storage of produced water INFRASTRUCTURE • OPERATED SWD 97% Permanent underground flow helps to prevent spills 87% • Reduces need for fresh water 32%

2016 2017 2018

CULBERSON: WATER INFRASTRUCTURE DRIVING EFFICIENCIES 16 Culberson: Resilient Long Lateral Returns

FRAC GENERATIONS – INCREASING PRODUCTIVITY UPPER WOLFCAMP BTAX IRR*

GEN 1 GEN 2 GEN 3 GEN 4 $1/Mcf $2/Mcf 700 250%

600 200% 500

400 150%

300 100%

200 50% 100

0 0%

0 200 400 600 800 1,000 1,200 1,400 $30 $40 $50 $60 $70 CUMULATIVE OIL PRODUCTION (MBBL) (MBBL) PRODUCTIONOIL CUMULATIVE

DAYS ON PRODUCTION NYMEX OIL PRICE

PAYOUT IN ~15 MONTHS AT $50 OIL*

BASIN-LOW LOE

INVESTMENT OPPORTUNITY HAS TRIPLED SINCE 2016

*Assumes NYMEX oil pricing, realized gas pricing, NGL price is 30% of oil price – assumes full NGL recovery CULBERSON: RESILIENT LONG LATERAL RETURNS 17 Delaware Basin – Lea County, NM

31,384 NET ACRES

VACA DRAW TARGETING: 6 WELLS • Upper Wolfcamp • Avalon • Bone Spring

ONE DEVELOPMENT ON PRODUCTION IN 2019

NEW MEXICO CIMAREX ACREAGE

TEXAS UPPER WOLFCAMP AVALON BONE SPRING

DELAWARE BASIN – LEA COUNTY, NM 18 Mid-Continent – Overview

OKLAHOMA

326,000 NET ACRES BILLY WORT MISS MARY 2 WELLS 3 WELLS 5 WELLS WOODFORD: 135,625 NET UNDEVELOPED ACRES (HBP)

MERAMEC: 116,500 NET ACRES (>98% HBP) • Three developments on production in 2019 • Billy development on flow back

15% OF 2019 D&C CAPITAL

CIMAREX ACREAGE MERAMEC OUTLINE WOODFORD OUTLINE

MID-CONTINENT – OVERVIEW 19 Disciplined Financial Positioning

XEC DEBT/TTM EBITDA

3.0x

2.5x LIQUIDITY • $1.3 billion of liquidity, including $21 MM of cash

2.0x (3/31/2019)

1.5x CONSERVATIVE LEVERAGE • 1.3x Debt/TTM EBITDA (3/31/19)

1.0x INVESTMENT GRADE DEBT • $500 million 4.375% senior unsecured notes due in 2029 0.5x • $750 million 3.900% senior unsecured notes due in 2027 • $750 million 4.375% senior unsecured notes due in 2024 0.0x 2014 2015 2016 2017 2018 1Q19

DEBT/TTM EBITDA AVERAGE

DISCIPLINED FINANCIAL POSITIONING 20 Cash Operating Margin Expansion

DECLINING CASH COSTS SUPPORTING MARGIN EXPANSION

$50 80%

70% $40 68% 70% 65% 66%

$30 60% 55% 54%

$20 50% MARGIN MARGIN %

$10 40% $14.2 $10.7

$9.5 $9.6 $8.6 $8.3 $/BOE OPEX & CASH MARGIN $/BOECASH & OPEX $0 30% 2014 2015 2016 2017 2018 1Q19

CASH OPERATING COSTS MARGIN MARGIN %

Cash operating costs include: LOE, Transportation, Production Tax, G&A; Realized prices exclude hedge gain/loss

CASH OPERATING MARGIN EXPANSION 21 Cimarex Energy Overview

PROVEN STRONG PREMIER ENDURING TRACK FINANCIAL PORTFOLIO CULTURE RECORD POSITION

CREATING VALUE CORE POSITIONS IN MAXIMIZING FULL- LOW LEVERAGE AND AND GENERATING THE PERMIAN AND CYCLE RETURN ON LIQUIDITY PROVIDES TOP-TIER RETURNS ANADARKO BASINS INVESTED CAPITAL OPPORTUNITIES

CIMAREX ENERGY OVERVIEW 22 APPENDIX

APPENDIX 23 2019 Guidance

2Q19E FY19E

Production (MBOE/d) 263 - 275 260 – 275 Oil Production (MBO/d) 79.5 – 85.5 80.0 – 88.0

Capital Expenditures ($billion) E & D $1.35 – 1.45 D & C $1.10 – 1.20 Midstream/Other $0.06 – 0.07

Expenses ($/BOE) Production $3.20 – 3.70 Transportation, processing & other $2.10 – 2.50 DD&A and ARO accretion $7.75 – 8.75 General and administrative $1.00 – 1.25 Taxes other than income (% of oil and gas revenue) 5.5 – 6.5%

2019 GUIDANCE 24 Hitting Our Stride: Generating Free Cash Flow*

CUMULATIVE FREE CASH FLOW ($MM) CUMULATIVE FREE CASH FLOW: 2016 - 2018A 2019 - 2021E • ‘19-’21E: $100-$600 MM $600 • ‘16-’18A: $532 MM outspend $600 AVERAGE ANNUAL OIL GROWTH: $400 • ‘19-’21E: 15% • ‘16-’18A: 11% $200 $100 AVERAGE ANNUAL TOTAL CAPITAL*: $53 WTI $0 • ‘19-’21E: $1.50 billion $50 WTI $55 WTI • ‘16-’18A: $1.25 billion

($200) PERFORMANCE DRIVERS: • Consistent development program enhancing efficiencies ($400) • Increasing well productivity • Leveraging infrastructure ($600) ($532) • Lowering production and capital costs

*Free Cash Flow = Cash Flow from Operations – CAPEX – Dividend (Annual $0.80); CAPEX = E&D + Midstream + Other

HITTING OUR STRIDE: GENERATING FREE CASH FLOW* 25 What are Fully-Burdened Returns?

% OF FULLY-BURDENED RETURNS FULLY- BURDENED 100%

90% HALF CYCLE 80%

70%

60%

50%

40%

30%

20%

10%

0% DRILLING & MIDSTREAM SWD OVERHEAD LAND - $1,500/ACRE COMPLETION

ATAX IRR

2017 XEC project – includes 36 gross wells. Assumes flat oil & natural gas realized prices of $55.00/$2.00

WHAT ARE FULLY-BURDENED RETURNS? 26 Animal Kingdom Well Performance – Corrected

AVERAGE CUMULATIVE PRODUCTION vs TIME

WOLFCAMP C, 3 WELLS WOLFCAMP D, 5 WELLS 450 EIGHT WELLS ON PRODUCTION FOR 225 DAYS 400

350 POSITIVE RESULTS FROM LOWER WOLFCAMP SPACING PILOT 300 • Eight wells tested 14 wells per section 250

BOE 200 2,786 MBOE PRODUCED IN FIRST 225 DAYS • Wolfcamp C wells average 37% oil 150 • Wolfcamp D wells average 21% oil 100

50 LOWER WOLFCAMP DEVELOPMENT PLANS

- TO BE DETERMINED 0 25 50 75 100 125 150 175 200 225 DAYS ON PRODUCTION

ANIMAL KINGDOM WELL PERFORMANCE 27 Permian Basin Water Management

OWN AND OPERATE SALT WATER DISPOSAL (SWD) SYSTEMS IN CULBERSON, EDDY AND REEVES • Improves operating costs

RECYCLING PRODUCED WATER FOR COMPLETION OPERATIONS • 53% of total water procured in 2018 was recycled • Cost savings of ~$1.20/bbl of water

CULBERSON WOLFCAMP WELLS USE 97% RECYCLED WATER FOR COMPLETIONS; REEVES WOLFCAMP WELLS USE 48%

SECURED SWD AGREEMENTS IN LEA COUNTY

PERMIAN BASIN WATER MANAGEMENT 28 Permian Basin Takeaway

SALES AGREEMENTS IN PLACE FOR OIL VOLUMES THROUGH 2019 • ~80% of oil production on pipe

STRATEGIC PARTNERSHIPS IN CORE AREAS • Pipelines in place • Purchase obligations • Midland index pricing

GAS SALES AGREEMENTS IN PLACE • 96% of forecasted production through 2019; 75% in 2020 • El Paso or Waha index pricing

OWN AND OPERATE TWO GAS GATHERING SYSTEMS CIMAREX ACREAGE • Triple Crown – Culberson/Eddy Counties PLAINS PIPELINE • Matterhorn – Reeves County PLAINS PIPELINE (UNDER CONSTRUCTION) • Connected to multiple gas processors with inter- and ENERGY TRANSFER PIPELINE intrastate outlets EAGLECLAW • Long-term sales agreements in place for NGL volumes OFFLOADING SITE

PERMIAN BASIN TAKEAWAY 29 2018 Growth in Production and Reserves

PROVED RESERVES (MMBOE) DAILY PRODUCTION (MBOE)

559 591 250 600 222 190 482 200 161 150

300 100

0 0 2016 2017 2018 2016 2017 2018

OIL NGL NATURAL GAS OIL NGL NATURAL GAS

YE18 PROVED RESERVES: 591 MMBOE OIL/BOE GROWTH OF 18%/17% Y/Y • Increase of 6% Y/Y • Pro Forma Ward sale, Oil/BOE growth of 24%/19% • PDP now 85% of total proved • Reserve replacement of 168% of 2018 production TOTAL E&D CAPITAL – $1.57 BILLION • D&C capital of $1.34 billion • 122 net wells brought online

2018 GROWTH IN PRODUCTION AND RESERVES 30 Oil Hedges as of May 8, 2019

2019 2020 OIL 2Q 3Q 4Q 1Q 2Q WTI Oil Collars1 Volume (Bbl/d) 34,000 32,000 24,000 16,000 8,000 Weighted Average Floor 53.68 54.81 56.42 56.13 52.25 Weighted Average Ceiling 66.57 68.60 69.40 70.08 64.31

WTI Oil Basis Swaps2 Volume (Bbl/d) 40,500 35,500 27,500 15,000 7,000 Weighted Average Differential3 (6.51) (7.36) (8.36) (0.13) (0.40)

WTI Oil Swaps2 Volume (Bbl/d) 5,000 5,000 5,000 - - Weighted Average Fixed3 64.54 64.54 64.54 - -

WTI Oil Sold Call Volume (Bbl/d) 3,670 3,670 3,670 - - Weighted Average Ceiling 64.36 64.36 64.36 - -

Notes: 1 WTI refers to West Texas Intermediate oil prices as quoted on the New York Mercantile Exchange 2 Index price on basis swaps is WTI Midland as quoted by Argus Americas Crude 3 Index price on basis swaps is WTI NYMEX less weighted average differential shown in table

OIL HEDGES AS OF MAY 8, 2019 31 Gas Hedges as of May 8, 2019

2019 2020 GAS 2Q 3Q 4Q 1Q 2Q PEPL Gas Collars1 Volume (MMBtu/d) 150,000 120,000 90,000 60,000 30,000 Weighted Average Floor 2.03 1.94 1.94 1.96 1.95 Weighted Average Ceiling 2.39 2.32 2.37 2.38 2.26

El Paso Perm Gas Collars2 Volume (MMBtu/d) 90,000 70,000 40,000 20,000 10,000 Weighted Average Floor 1.67 1.49 1.40 1.45 1.50 Weighted Average Ceiling 1.95 1.79 1.73 1.92 2.13

Waha Gas Collars3 Volume (MMBtu/d) 40,000 60,000 60,000 50,000 30,000 Weighted Average Floor 1.41 1.48 1.48 1.50 1.57 Weighted Average Ceiling 1.73 1.82 1.82 1.87 1.97

Total Natural Gas Collars Volume (MMBtu/d) 280,000 250,000 190,000 130,000 70,000

Henry Hub Gas Swaps Volume (MMBtu/d) 35,000 35,000 35,000 - - Weighted Average Floor 3.00 3.00 3.00 - -

Notes: 1 PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent as quoted on Platt’s Inside FERC 2 El Paso Perm refers to El Paso Permian Basin index as quoted on Platt’s Inside FERC 3 Waha refers to West Texas Natural Gas Index (“Waha”) as quoted in Platt’s Inside FERC.

GAS HEDGES AS OF MAY 8, 2019 32 Non-GAAP Reconciliation

LTM ($ in Millions) 2016 2017 2018 3/31/19

Net income (loss) $ (409) $ 494 $ 792 $ 632 Income tax expense (benefit) (214) 188 231 182 Interest expense, net of capitalized 62 52 47 47 DD&A and ARO accretion 400 462 598 656 EBITDA (161) 1,196 1,668 1,517

Impairment of oil and gas 758 — — — Adjusted EBITDA 597 1,196 1,668 1,517

LTM 2017 2018 3/31/2019

Basic shares outstanding (in 000s) 95,437 95,756 101,408 Debt adjusted shares outstanding YE Debt, net 1,099,466 699,334 1,979,070 TTM stock price 114.00 93.77 85.36 Equivalent shares issued using TTM stock price 9,644 7,458 23,185 Debt adjusted shares using TTM stock price 105,082 103,214 124,593

1The above table provides a reconciliation from generally accepted accounting principles (GAAP) net income (loss) to non-GAAP EBITDA and non-GAAP adjusted EBITDA, which excludes ceiling test impairments

NON-GAAP RECONCILIATION 33 Non-GAAP Reconciliation

Three Months Ended Mar 31, March 31, ($ in Millions) 2019 ($ in Millions) 2018 2019 Long-term debt (principal) 2,000 Net cash provided by operating activities $ 383 $ 250 Redeemable preferred stock 82 Change in operating assets and liabilities (16) 101 Stockholders equity 3,761 Adjusted cash flow from operations $ 367 $ 351 Total capitalization 5,843

Long-term debt/total capitalization 36% 2018

Additions to proved reserves (MMBOE) Twelve Months Ended December 31, LTM Revisions of previous estimates (22.7) ($ in Millions) 2017 2018 3/31/19 Extensions & discoveries 158.5 Purchase of reserves — Long-term debt (principal) $1,500 $1,500 $2,000 Total Additions (all sources) 135.8

Total Capital ($MM) $ 1,570 Adjusted EBITDA 1,196 1,668 1,517

F&D Costs (all sources) ($/BOE) $ 11.56 Debt/Adjusted EBITDA 1.3x 0.9x 1.3x

Drilling F&D cost (extensions & discoveries) ($/BOE) $ 9.91

1Management uses the non-GAAP measure of adjusted cash flow from operations as a means of measuring the company's ability to fund its capital program and dividends, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of cash flow from operating activities. Management believes this non-GAAP measure provides useful information to investors for the same reasons, and that it is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.

NON-GAAP RECONCILIATION 34