2Q20 EARNINGS PRESENTATIONAugust 2020

2FORWARD-LOOKING STATEMENTS

Forward-looking Statements

Contact:

Karen AciernoVice President – Investor Relations

303-285-4957kacierno@cimarex.com

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. SecuritiesExchange 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 factorsis included in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission.

Actual results may differ materially from company projections and other forward-looking statements and can be affected by a variety of factors outside the control of the company includingamong other things: oil, NGL and natural gas price levels and volatility, including those resulting from demand destruction from the COVID-19 pandemic; disruptions to the availability ofworkers and contractors due to illness and stay at home orders related to the COVID-19 pandemic; disruptions to gathering, pipeline, refining, transportation and other midstream anddownstream activities due to the COVID-19 pandemic; disruptions to supply chains and availability of critical equipment and supplies, including as a result of the COVID-19 pandemic; theeffectiveness of controls over financial reporting; declines in the values of our oil and gas properties resulting in impairments; impairments of goodwill; higher than expected costs andexpenses, including the availability and cost of services and materials, which may be negatively impacted by the COVID-19 pandemic; our ability to successfully integrate the March 2019acquisition of Resolute Energy Corporation; compliance with environmental and other regulations; costs and availability of third party facilities for gathering, processing, refining andtransportation; risks associated with concentration of operations in one major geographic area; environmental liabilities; the ability to receive drilling and other permits and rights-of-way in atimely manner, which may be negatively impacted by COVID-19 restrictions on regulatory personnel who process and approve those matters; development drilling and testing results; thepotential for production decline rates to be greater than expected; performance of acquired properties and newly drilled wells; regulatory approvals, including regulatory restrictions onfederal lands which may be negatively impacted by a change in administration; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions and disposal ofproduced water, which may be negatively impacted by a change in administration; unexpected future capital expenditures; economic and competitive conditions; the availability and cost ofcapital; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; changes inestimates of proved reserves; derivative and hedging activities; the success of the company's risk management activities; title to properties; litigation; the ability to complete property sales orother transactions; and other factors discussed in the company's reports filed with the SEC. Cimarex Energy Co. encourages readers to consider the risks and uncertainties associated withprojections and other forward-looking statements. In addition, the company assumes no obligation to publicly revise or update any forward-looking statements based on future events orcircumstances.

3CIMAREX ENERGY: PILLARS OF SUCCESSFUL STRATEGY

Cimarex Energy: Pillars of Successful Strategy

PLANNING

EXPLORATION

ENVIRONMENT

COST CONTROL

DIGITAL INNOVATION

4OPERATIONAL HIGHLIGHTS

Operational Highlights

FLARING UPDATE

GENERATED CASH FROM OPERATING ACTIVITIES OF $145MM

$26MM OF FREE CASH FLOW AFTER DIVIDEND

OIL PRODUCTION OF 78.0 MBBLS/D

TOTAL PRODUCTION OF 254.7 MBOE/D

12 NET WELLS BROUGHTON PRODUCTION IN 2Q, 11 IN THE PERMIAN BASIN

GO FORWARD AVERAGE PERMIAN WELL COSTS OF $800–900 PER FOOT

8.08 7.89 6.92$6.00

$7.00

$8.00

$9.00

2Q19A 3Q19A 4Q19A 1Q20A 2Q20A

TOTAL COMPANY CASH OPERATING COSTS DOWN 14% FROM 2Q19 AND DOWN 12% SEQUENTIALLY

Cash operating costs include: LOE, Workover, Transportation, Production Tax, G&A

PE

R B

OE

2020 PERMIANFLARING INTENSITY

TARGET: 1.44%STRETCH: 0.96%

YTD: 1.08%

2Q UPDATES

Flaring Intensity = Flared Gas Volumes (Mcf)/Gross Permian Gas Production (Mcf)

5ADJUSTING TO THE CHANGING ENVIRONMENT

Adjusting to the Changing Environment

EMPLOYEE HEALTH & SAFETY

• Multi-disciplinary approach to COVID-19 pandemic

COVID-19 Task Force

Return to Office Task Force

• Field protocols in place

• 50% of office staff continue to work from home

• Following CDC guidelines to implement phased return to office

RESPONSE

• Focused on Free Cash Flow

• Reduced capital investment

• Curtailed May production; brought back on line in June

• Measured return to activity

Adding three rigs in 3Q and restarting completions in September

• Improved efficiencies

Lower well costs and LOE

OIL PRICES HAVE IMPROVED, HEADWINDS REMAIN

6RESUMING ACTIVITY IN 3Q

Resuming Activity in 3Q

ADDING ONE DRILLING RIG PER MONTH AND TWO COMPLETION CREWS IN SEPTEMBER

Jul

Aug

Sep

20

10

46

1Q20A 2Q20A 3Q20E 4Q20E IN PROGRESS AT12/31/20

NE

T W

EL

L C

OU

NT

PERMIAN BASIN ANADARKO BASIN

BROUGHT 12.5 NET WELLS ON PRODUCTION IN 2Q

EXPECT TO BRING 43 NET WELLS ON PRODUCTION IN 2020

• 46 wells in progress at year end 2020

NET WELLS ON PRODUCTION

12.5

$ MILLION 1QA 2QA YTDUPDATED 2020E

GUIDANCE

DRILLING & COMPLETION (D&C)1 $ 214 $ 49 $ 263 $ ~ 430

MIDSTREAM/SWD 27 - 27 ~ 40

OTHER2 33 35 68 ~ 130

TOTAL CAPITAL INVESTMENT $ 274 $ 84 $ 358 $ ~ 600

7CAPITAL INVESTMENT UPDATE

Capital Investment Update

1 Includes well facilities, flow back and outside operated wells2 Capitalized overhead, production capital, land and technology

Updated 2020 Delaware Basin Plans

0

2,000

4,000

6,000

8,000

10,000

CU

LB

ER

SO

N

ED

DY

RE

EV

ES

LE

A

8UPDATED 2020 DELAWARE BASIN PLANS

REEVES

CULBERSON

LEA

EDDY

WELLS ON LINE BY COUNTY

40NET WELLS

WOLFCAMP

BONE SPRING

$415 MM

D&CCAPITAL

AVERAGE LATERAL LENGTH BY COUNTY

BASIN AVERAGE: 9,000

2020 DEVELOPMENTS ON LINE

PROJECT NAME WELLS % WI ON LINE

1 ELECTRIC STATE 5 100 1Q

2 CARRY BACK 2 80 1Q

3 RIVERBEND 5 86 1Q

4 VACA DRAW 6 50 1Q

5 GOAT 7 96 2Q

6 HIS EMINENCE 5 50 2Q

7 DIXIELAND 7 97 4Q20E

DEVELOPMENTS IN PROGRESS 12/31/20

8 RED HILLS 6 57 1Q21E

9 CRAWFORD 4 100 1Q21E

10 BIG SKY STATE 6 100 1Q21E

11 BURGOO KING 7 50 2Q21E

12 TIM TAM 6 50 2Q21E

13 NORTH TABLE 4 100 2Q21E

14 COUNT FLEET 7 50 2Q21E

15 DOS EQUIS 4 59 2Q21E

16 CAPPLETON 7 93 3Q21E

17 SNOWSHOE 5 100 3Q21E

18 SPECTACULAR BID 8 50 3Q21E

19 TAR HEEL 8 100 4Q21E

9DELAWARE BASIN 2020 – DEVELOPMENT UPDATE

Delaware Basin 2020 – Development Update

34

2

5

6

1

NEW MEXICO

TEXAS

CURRENTLY OPERATING THREE DRILLINGS RIGS

12

9

8

11

7

14

CIMAREX ACREAGE

WOLFCAMP

BONE SPRING

AVALON

FEDERAL ACREAGE

16

19

13

17 10

15

18

10DELAWARE BASIN ACREAGE

Delaware Basin AcreageNEW MEXICO

TEXAS

FEDERAL ACREAGE

238,000 NET ACRES WITH THREE MAJOR PLAYS• 33% federal acreage, all in New Mexico

DEVELOPMENT PLANS INCLUDE ~5,000 FEDERAL ACRES THROUGH 2023• 46 wells planned through 2023

~28% OF 2020 D&C CAPITAL INVESTMENT ON FEDERAL ACREAGE

CIMAREX ACREAGE

WOLFCAMP

BONE SPRING

AVALON

FEDERAL ACREAGE

FEDERAL PERMITS FOR WELLS ON RIG SCHEDULE

PERMIT STATUS THROUGH 2023

APPROVED 32

IN PROGRESS 14

*Includes 16 wells which require extension before spud date

*

11PERMIAN REGION WELL COST IMPROVEMENTS

Permian Region Well Cost ImprovementsWELL COST PER COMPLETED LATERAL FOOT (OPERATED)

$1,479

$1,106

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2018A 2019A 2020E

$/C

OM

PL

ET

ED

LA

TE

RA

L F

EE

T

$900 – 1,000

515,000 FEET 708,000 FEET 426,000 FEET

67 NET WELLSCOMPLETED

76 NET WELLSCOMPLETED

49 NET WELLS1

LATERAL FEET COMPLETED

TOTAL CAPITAL ASSOCIATED WITH COMPLETED WELLS2

=WELL COST PER LATERAL FOOT

2020 WELL COSTS TRENDING BELOW EXPECTATIONS

GO FORWARD WELL COSTS:

• Culberson: $750-800 per foot

• Reeves: $800-850 per foot

• Lea: $900-1,000 per foot

PERMIAN PROGRAM AVERAGE OF $800-900 PER FOOT

1Wells completed, but not necessarily on line in 20202Total capital includes D&C, facilities and flow back associated with wells completed in the period

$ PER COMPLETED LATERAL FOOT

55 W

EL

LS

81 271 231 256 86 50734 51 199 187 185 63 39622 43 128 147 122 44 30017 23 77 95 69 38 1960

50

100

150

200

250

300

350

400

450

XEC CULBERSON OTHER CULBERSON LEA* LOVING* EDDY* WARD* REEVES*

6 MONTHS 12 MONTHS 18 MONTHS 24 MONTHS

12CULBERSON: TOP-TIER OIL WELLS

Culberson: Top-Tier Oil Wells

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

CU

MU

LA

TIV

E O

IL (

MB

BL

S)

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

COUNTY

*Includes XEC wells

13CULBERSON: WATER INFRASTRUCTURE DRIVING EFFICIENCIES

Culberson: Water Infrastructure Driving Efficiencies

SALTWATER DISPOSAL (SWD)• Own & operate the system• Improves operating costs• System redundancy reduces downtime• System expanding efficiently with additional

development

WATER REUSE DRIVES EFFICIENCY• On-demand recycled water lowers cost• Wolfcamp completions used 94% recycled

water in 2019 • Saved $1.78/bbl for procured water

ENVIRONMENTAL BENEFITS• Avoids surface storage of produced water• Permanent underground flow helps to

prevent spills• Reduces need for fresh water

RISER: XEC-ENGINEERED ACCESS FOR WATER REUSE

XEC ACREAGE

INFRASTRUCTURE

OPERATED SWD

SWD INFRASTRUCTURE WOLFCAMP FRAC WATER

32%

87%

97%

94%

100%

2016 2017 2018 2019 1H20

RECYCLED PURCHASED

14MID-CONTINENT

Mid-Continent

326,000 NET ACRES

WOODFORD: 135,625 NET UNDEVELOPED ACRES (HBP)

MERAMEC: 116,500 NET ACRES (>98% HBP)

FOCUSING ON HIGH QUALITY INVENTORY SUBSET, LOWERING COSTS AND A RISING COMMODITY ENVIRONMENT TRANSLATES INTO STRONG ECONOMICS

OKLAHOMA

CIMAREX ACREAGE

MERAMEC OUTLINE

WOODFORD OUTLINE

LONEROCK

13-8 AREA

15LONG-TERM STRATEGY, NEAR-TERM PRIORITIES

Long-Term Strategy, Near-Term Priorities

Return on and of capital

Capital discipline andasset optimization

Focused execution

STRATEGY PRIORITIES

Employee health and safety

Free cash flow generation and balance sheet strength

Returning capital to shareholdersthrough our dividend

Financial strength

16FREE CASH FLOW OUTLOOK STRONG

Free Cash Flow Outlook Strong

1Assuming current strip prices for the balance of the year2$35 WTI, $2.50 Henry Hub, 45% NGL of WTI

2020

PROJECTING $150-200MM1 OF FCF AFTER THE DIVIDEND

• Production expected to decline into 4Q20, before modest growth in December

• 2H20 activity ramp will drive meaningful 1H21 oil growth

2021-20242021

ASSUMING SIMILAR CAPITAL YEAR-OVER-YEAR:

• Excess FCF after the dividend at $35 WTI2

• Oil volumes flat to slightly up year-over-year

• Dividend increase a priority

• Strengthen balance sheet

• 2021 capital plans to be determined

TARGETS INCLUDE:

• Excess FCF after the dividend at $35 WTI2, while maintaining flat to single digit production growth

• Annual dividend increase

• Generate FCF to retire notes in 2024

• Debt/EBITDA <1.0x

17STRONG BALANCE SHEET, CONSERVATIVE FINANCIAL POSITION

Strong Balance Sheet, Conservative Financial Position

INVESTMENT GRADE RATED

NO NEAR-TERM DEBT MATURITIES

$1.3 BILLION OF LIQUIDITY, INCLUDING $44 MILLION OF CASH (6/30/2020)

EXPECT NO ADDITIONAL BORROWINGS IN 2020

AMPLE LIQUIDITY, NO NEAR-TERM DEBT MATURITIES

CASH CREDIT FACILITY DEBT

XEC DEBT/TTM EBITDA

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

LIQUIDITY6/30/20

2024 2027 2029

$ M

ILL

ION

S

DEBT MATURITIES

0.0x

0.5x

1.0x

1.5x

2.0x

2017A 2018A 2019A 1Q20A 2Q20A

CREATING VALUEAND GENERATINGTOP-TIER RETURNS

PROVENTRACK

RECORD

18CIMAREX ENERGY OVERVIEW

Cimarex Energy Overview

PREMIER PORTFOLIO

CORE POSITIONS INTHE PERMIAN ANDANADARKO BASINS

ENDURINGCULTURE

MAXIMIZING FULL-CYCLE RETURN ON INVESTED CAPITAL

STRONGFINANCIALPOSITION

LIQUIDITY PROVIDES FLEXIBILITY

19APPENDIX

APPENDIX

20RESUMING 2020 GUIDANCE

Resuming 2020 Guidance3Q20E 2020E

Production (MBOE/d) 230 – 250 240 – 250

Oil Production (MBbls/d) 69 – 74 75 – 78

Capital Expenditures ($ Million)

D&C ~ $430

Midstream & Saltwater Disposal (SWD) ~ 40

Other ~ 130

Total Capital ~ $600

Expenses ($/BOE)

Production $2.90 – 3.30

Transportation, processing & other $2.10 – 2.40

DD&A and ARO accretion $7.40 – 7.90

General and administrative $0.95 – 1.15

Taxes other than income (% of oil and gas revenue) 6.0% – 8.0%

21HEDGES AS OF AUGUST 5, 2020

Hedges as of August 5, 2020

Notes:1 WTI refers to West Texas Intermediate oil prices as quoted on the New York Mercantile Exchange2 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

4 PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent as quoted on Platt’s Inside FERC5 El Paso Perm refers to El Paso Permian Basin index as quoted on Platt’s Inside FERC6 Waha refers to West Texas Natural Gas Index (“Waha”) as quoted in Platt’s Inside FERC

2020 2021 2022OIL 3Q 4Q 1Q 2Q 3Q 4Q 1Q

WTI OIL COLLARS1

Volume (Bbl/d) 41,000 41,000 40,000 30,000 21,000 21,000 7,000

Weighted Average Floor 40.91 40.91 38.06 34.23 31.48 31.48 35.00

Weighted Average Ceiling 49.84 49.84 46.45 42.25 39.67 39.67 45.28

WTI OIL BASIS SWAPS2

Volume (Bbl/d) 32,000 32,000 31,000 25,000 20,000 20,000 7,000Weighted Average Differential3 0.18 0.18 0.03 (0.10) (0.38) (0.38) 0.11

WTI OIL ROLL DIFFERENTIAL SWAPS1

Volume (Bbl/d) - - 7,000 7,000 7,000 7,000 7,000Weighted Average Price - - (0.24) (0.24) (0.24) (0.24) (0.24)

GAS 3Q 4Q 1Q 2Q 3Q 4Q 1Q

PEPL GAS COLLARS4

Volume (MMBtu/d) 100,000 100,000 100,000 90,000 70,000 70,000 40,000

Weighted Average Floor 1.78 1.78 1.83 1.83 1.88 1.88 2.00

Weighted Average Ceiling 2.21 2.21 2.23 2.22 2.29 2.29 2.40

EL PASO PERM GAS COLLARS5

Volume (MMBtu/d) 70,000 70,000 70,000 70,000 50,000 50,000 20,000

Weighted Average Floor 1.36 1.36 1.50 1.50 1.64 1.64 1.85

Weighted Average Ceiling 1.64 1.64 1.79 1.79 1.95 1.95 2.18

WAHA GAS COLLARS6

Volume (MMBtu/d) 70,000 70,000 90,000 90,000 70,000 70,000 40,000

Weighted Average Floor 1.43 1.43 1.52 1.52 1.65 1.65 1.77

Weighted Average Ceiling 1.73 1.73 1.83 1.83 1.98 1.98 2.15

22PERMIAN BASIN TAKEAWAY

Permian Basin Takeaway

OIL TRANSPORT AND SALES AGREEMENTS IN PLACE• ~89% of oil production on pipe• Strategic partnerships in core producing areas provide

strong flow assurance• Oil sales arrangements with credit worthy counterparties

GAS SALES AGREEMENTS IN PLACE• 97% of remaining 2020 production has been sold forward• Local pricing• Committed 125,000 MMBtu per day to Whistler Pipeline

Project; 10 year firm commitment, provides access to Gulf Coast pricing, expected online 3Q21

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

CIMAREX ACREAGE

ENERGY TRANSFER PIPELINE

EAGLECLAW

OFFLOADING SITE

PLAINS PIPELINE

23PERMIAN BASIN WATER MANAGEMENT

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• 63% of total water procured in 2019 was recycled• Cost savings of ~$0.65/bbl of water

IN 2019 – CULBERSON WOLFCAMP WELLS USED 94% RECYCLED WATER FOR COMPLETIONS; REEVES WOLFCAMP WELLS USED 25%

SECURED SWD AGREEMENTS IN LEA COUNTY

24NON-GAAP RECONCILIATION

Non-GAAP Reconciliation($ MILLIONS) 2017 2018 2019 LTM

6/30/20

Net income (loss) $ 494 $ 792 $ (125) $ (1,960)

Income tax expense (benefit) 188 231 (26) (357)

Interest expense, net of capitalized 52 47 37 38

DD&A and ARO accretion 462 598 891 899

EBITDA 1,196 1,668 777 (1,380)

Impairment of oil and gas — — 619 1,894

Impairment of goodwill — — — 714

ADJUSTED EBITDA1 1,196 1,668 1,396 1,228

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

THREE MONTHS ENDEDJUNE 30,

($ MILLIONS) 2020 2019

Net cash provided by operating activities $ 145 $ 414

Change in operating assets and liabilities - (78)

Adjusted cash flow from operations2 145 336

Oil and gas expenditures (153) (379)

Other capital expenditures (12) (22)

Change in capital accruals 69 61

Free cash flow 49 (4)

Dividends paid (24) (21)

Free cash flow after dividend $ 26 $ (25)

TWELVE MONTHS ENDEDDECEMBER 31, LTM

($ MILLIONS) 2017 2018 2019 6/30/20

Long-term debt (principal) $1,500 $1,500 $2,000 $2,000

Adjusted EBITDA 1,196 1,668 1,396 1,228

Debt/Adjusted EBITDA 1.3x 0.9x 1.4x 1.6x

2019

ADDITIONS TO PROVED RESERVES (MMBOE)

Revisions of previous estimates (50.7)

Extensions & discoveries 119.3

Purchase of reserves 63.0

TOTAL ADDITIONS (ALL SOURCES) 131.6

2Management uses the non-GAAP financial measures of adjusted cash flow from operations, free cash flow and free cash flow after dividend as means of measuring our ability to fund our capital program and dividends, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of net cash provided by operating activities. Management believes these non-GAAP financial measures provide useful information to investors for the same reason, and that they are also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.