CORPORATE PRESENTATION August 2018 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 Contact: future events and financial performance. No Karen Acierno assurances can be given, however, that Director – Investor Relations these events will occur or that these [email protected] projections will be achieved, and actual 303-285-4957 results could differ materially from those Cimarex Energy Co. 1700 Lincoln Street, Suite 3700 projected as a result of certain factors. A Denver, CO 80203 discussion of these factors is included in the 303-295-3995 Company’s periodic reports filed with the U.S. Securities and Exchange Commission. 2 XEC – Statistical Summary Market Cap1 $ 9.0 billion Debt/Adj. EBITDA2 1.1x Daily Production (2Q18) 211 MBOE/d Proved Reserves (YE 17) 559 MMBOE — % Natural gas 48% — % Proved Developed 83% — R/P Ratio 8.0x Quarterly Dividend $0.16/share 1 As of August 6, 2018 2 As of and for the twelve months ended 6/30/18. See Appendix for non-GAAP definitions and reconciliations to nearest comparable GAAP measure. 3 Who is Cimarex? . Returns driven E&P company – Focused on full cycle returns . Balanced portfolio of assets – Premier position in the Delaware Basin and Mid-Continent region – Flexibility through commodity cycles . Continuous idea generation . Strong, disciplined execution . Solid financial position – Conservative debt levels and ample liquidity – $411 million in cash at June 30, 2018 . Decades of drilling inventory 4 Recent Accomplishments . Sale of Ward County assets announced – $570 million – Portfolio Optimization . High-grading of investment opportunities . Enhanced completion design continues to yield improved well performance . Additional spacing tests and developments underway – Infill development to maximize returns and resource recovery 5 Focused on Full-Cycle Economics D&C Capital as a % of Total E&D . Cimarex culture built on Actual Project Results* maximizing fully burdened after-tax rate of return on investment Half Cycle IRR . Rigorous technical evaluation of all aspects Fully Burdened IRR of E&D to improve economic return . Pre-drill and post-drill lookback evaluation of expected to actual D&C + Midstream + SWD + Overhead + Land results Capital $1500/acre *2017 project with 36 gross wells. 6 Solid History of Returns and a Bright Future Ahead Cash Return on Capital Employed (CROCE) 50% Three-year outlook*: 40% . Maintenance capital of $700mm per year projected 30% to keep production flat . $1.2 billion of D&C capital 20% per year generates ~10% 10% production CAGR – ~13% oil production CAGR 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 – CROCE of 30% XEC Peer Avg.*** At $55 oil/$2.00 gas realized prices, XEC can grow production 10% per year and generate $500-600mm of cumulative free cash flow** *2019-2021 **Free cash flow is defined as cash provided by operating activities less D&C capital, capitalized overhead, production and midstream capital and dividends. It excludes proceeds from announced asset sale. ***Peer avg. comprised of members of the S&P 500 E&P Index. 7 Return driven production growth continues in 2018 Daily Production (MBOE) 214-221 . 14-18% pro forma* year-over- 190 year growth – Oil up 20-25% 164 161 145 31% 31% 30% 30% 28% 2014 2015 2016 2017 2018E *for the previously announced sale of assets in Ward County. Oil NGL Natural Gas 8 2018 Production Growth Daily Production Net Wells Online (MBOE) 49 214-221 211 206 206-215 190 38 37 23 15 2017A 1QA 2QA 3QE 4QE 2018E 1QA 2QA 3QE 4QE Wells Drilling or Oil Permian Mid-Continent WOC at 12/31/18 9 2018 Capital Investment Program . E&D Capital of $1.6 – 1.7 billion – 29% increase from 2017 Other – Within cash available . D&C Capital $1.3 – 1.4 billion Meramec – 82% of Total E&D capital – Permian Basin ~70% D&C Capital – Mid-Continent ~30% $1.3 – 1.4 billion Woodford Wolfcamp . Additional $80 – 90 million budgeted for midstream/other Avalon . Operating 13 drilling rigs Bone Spring – Ten in Permian – Three in Mid-Continent . Six completion crews – Five in Permian – One in Mid-Continent 10 2018 Delaware Basin Plans Total D&C Capital Economies of Scale Activity by Area Ward Single Bone well Eddy Spring Reeves Avalon $885 – 935mm 82 Net Wells Lea Multi-well Wolfcamp Culberson 11 Delaware Basin Wolfcamp Overview 2017/18 wells Lower Wolfcamp . 196,000 net acres in the Upper Wolfcamp Bone Spring fairway . Multiple Wolfcamp Targets – Culberson/White City Area . 100,000+ net acres . Upper & Lower Wolfcamp . JDA with Chevron – Reeves County . 59,000 net acres . Upper Wolfcamp – Lea County . 31,000 net acres – Ward County . Sale close expected 3Q . 204 Wolfcamp wells drilled – 112 long laterals (>7,000’) 12 Well Productivity Improvements Long Lateral Upper Wolfcamp Wells (Culberson and Reeves Counties) . 49 –10,000-ft. lateral Upper Completion Generation IP180 (BOE/d) Wolfcamp wells drilled in Permian Basin since 2013 2,000 . Improvement in well productivity seen through enhanced 1,500 completion design . Returns get better with each design change 1,000 – Current wells have IRRs that range from 90-140% ATAX . Provides strong fully burdened returns 500 0 Gen 1 Gen 2 Gen 3 Gen 4 Oil (b/d) 13 Resilient Long Lateral Returns Culberson Long Lateral Wolfcamp BTAX IRR* 400% 300% 200% 100% 0% $30 $40 $50 $60 $70 Realized Oil Price Upper Wolfcamp - $2/Mcf Lower Wolfcamp - $2/Mcf Upper Wolfcamp - $1/Mcf Lower Wolfcamp - $1/Mcf *Assumes full NGL recovery, NGL price is 30% of oil price 14 Culberson / White City Wolfcamp Details Lower Wolfcamp Upper Wolfcamp Operated SWD . 100,000+ net acres; JDA with Chevron in Culberson County . 75 long lateral wells . Animal Kingdom Lower Owl Draw 12 2,521 BOE/d Wolfcamp infill – completing (1,393 b/d) . Positive results from Western Culberson Upper Wolfcamp Carry Back 6 delineation State A 1H Currently – Five wells with average 30-day Flowing Back peak initial production of 2,724 BOE/d (56% oil) Charismatic 5 3,271 BOE/d (1,882 b/d) Old Rosebud 37 2H 2,750 BOE/d (1,158 b/d) 15 Culberson County – Tim Tam Development Lower Wolfcamp Cumulative Production . Tim Tam infill wells generated 67%+ (MBOE) ATAX return 700 . Infills have surpassed parent wells in both landing zones 600 Tim Tam spacing 500 1,756’ 400 200’ 1,756’ 300 WolfcampLower 200 . Results lead to 14 wells per section test 100 – Animal Kingdom waiting on 0 completion 0 60 120 180 240 300 360 Days Animal Kingdom spacing Parent well (lower landing) 225’ 1,216’ Tim Tam Infill well (lower landing) Parent well ( upper landing) 225’ 1,216’ Tim Tam Infill well (upper landing) WolfcampLower 16 Reeves County Focus Area . 36 long lateral wells – Targeting Upper Wolfcamp . 28 – 10,000-ft. laterals producing – Average 30-day peak IP of 1,809 BOE/d (49% oil) Dixieland State 55-6 2,505 BOE/d . Two downspacing pilots producing (1,464 b/d) – Wood State (12 wells/section) – Pagoda State (16 wells/section) Snowshoe . Snowshoe development flowing back Pagoda State – 8 wells; 3 landings (18 wells/section) Wood State Upper Wolfcamp Operated SWD 17 Reeves County – Strong Infill Well Results Cumulative Production (MBOE) . Upper Wolfcamp 600 – 10,000-ft. laterals . 500 Wood State: 6 wells testing 12 wells per section 400 – Surpassed Big Timber, previously best long lateral to date 300 – Average well performing 28% above parent well 200 . Pagoda State: 4 wells testing 16 100 wells per section – Average well performing 16% above 0 parent well 0 60 120 180 240 300 360 Days Big Timber well Pagoda spacing Wood State spacing Wood State parent well 680’ 880’ Average Wood State well 340’ 340’ Average Pagoda State well 680’ 880’ Upper WolfcampUpper Upper WolfcampUpper 18 Lea County Thyme APY Coriander AOC 1-12 4,600’ Lateral 9,500’ Lateral 2,059 BOE/d 3,333 BOE/d (1,416 b/d) (2,248 b/d) . Exciting multi-pay area Upper Wolfcamp Avalon . 2018 Capex: $225 million Bone Spring . Two Avalon wells brought online in 1Q18 – Coriander AOC 1-12 State 1H Triste Draw – Thyme APY Fed 9H . Avalon activity – 24,000 net prospective acres Red Tank – Triste Draw infill spacing pilot Red Hills waiting on completion Hallertau Infill 4,200’ Avg Lateral . Wolfcamp activity 6 Well Avg 1,295 BOE/d (783 b/d) – 31,000 net prospective acres – Hallertau six well infill spacing pilot producing . IP30 Avg: 1,295 Boe/d (783 Bbls/d), 4,200’ avg lateral 19 Permian Basin – Residue Gas Takeaway . Sales agreements in place – 98% of forecasted production through December 2019 – El Paso or Waha index pricing . Own and operate two gas gathering systems – Triple Crown – Culberson/Eddy Counties – Matterhorn – Reeves County – Connected to multiple gas processors with inter- and intrastate outlets – Long-term sales agreements in place for NGL volumes 20 Permian Basin – Oil Takeaway . Sales agreements in place for oil volumes through 2019 . Strategic partnerships in core areas – Pipelines in place – Purchase obligations – Midland index pricing . ~70% of oil production on pipe; increasing to >80% by YE18 Gas Plains pipeline Plains pipeline (under construction) NGL Energy Transfer pipeline Oil Offloading Site 2Q18 Permian Revenue 21 Permian Basin Water Management . Own and operate salt water Saltwater Disposal System disposal (SWD) systems in Culberson, Eddy and Reeves – Improves operating costs . Recycling produced water for completion operations – 40% of total water procured in 2017 was recycled – Cost savings of ~$1.10/bbl of water .