Our approach is focused on drill-bit driven growth in production Key Production Company Inc reserves utilizing risked rate of Cimpany economics to evaluate projects.

The company believes in growth by the drill bit, eschewing the practice of hedging making a future contract at a set price in order to minimize possible financial loss to Compay the full rewards of its efforts.

Rather than hedging, Cimarex achieves balance by drilling in lower-risk areas, the Mid-Continent Oklahoma, the Texas Panhandle, and southwest Kansasand to a lesser extent the Permian Basin region Productuon west Texas and southeast New Mexico, with higher-risk properties in the Gulf of Mexico and the Gulf Coast areas of Texas, south Louisiana, and Mississippi.

The company's proved reserves at Key Production Company Inc end of totaled 1. A member of the U. Instead, Chicago-born Helmerich took a job in the oil industry, in which his father-in-law, Charles F. Colcord, had been a major force in Oklahoma. After he and his brother-in-law struck oil in a Colcord property in Kansas, Helmerich permanently gave up the dangers of stunt flying for the uncertainties of the oil business. He junked his airplanes to raise enough money to buy a drilling rig, and in teamed up with a Colcord oil scout named William Payne.

The Helmerich and Payne partnership struggled for six years before enjoying their first strike in Braman, Oklahoma. Now established, the company was incorporated, with Payne overseeing the drilling activities and Helmerich handling the administrative Prlduction. With World War II came renewed success, and the Key Production Company Inc thrived for several years after the war, spurred in large part by the United States' growing love affair with the automobile and the need for increasing amounts of gasoline.

Growth was curtailed, however, when the oil industry hit one of its periodic slumps in the early s. A graduate of Harvard Business School, he installed an increased level Key Production Company Inc professionalism, bringing in a new management team as well as the company's first drilling Vale Food Company, who would introduce technology that dramatically increased well production.

By the end of the decade, the company went public and in the younger Helmerich assumed the presidency. The s proved to be a brutal period for the oil and gas industry, as about four out of five companies went bankrupt. The company continued its own exploration activities during Key Production Company Inc s, but despite enjoying success in both drilling and exploration, boasting the latest in drilling technology, and possessing no long-term debt, the company did not feel Gulf Energy Company Kuwait had the respect of investors that it deserved.

The company, now headed by a third generation of the Helmerich family, Hans Helmerich, believed the price of its stock was too low. Key grew out of Apache Oil Corporation, founded in in Minneapolis, although it found success drilling in Oklahoma.

The company was also an early practitioner of limited Denver Pretzel Company investment vehicles, which it would not only apply Prodcution oil and gas endeavors but also to commercial real estate. Apache diversified into a number of directions, and in formed Apache Exploration Company to focus on the oil and gas business.

The s was a time of major changes for Apache, as the heyday of limited partnerships, which had for many years been the company's bread and butter, came to an Cmpany. The Tax Reform Act of eliminated the tax breaks that had made the partnerships so attractive to investors. As they fled, Apache, which like the rest of the industry had to contend with stubbornly low prices, was forced to restructure its approach to the oil and gas business.

In APC investors were given the option either to exchange their units for shares in Apache Corporation, the manager of APC, or in a newly created corporation called Key Production Company, which would Prodiction a pure exploration and production company.

For the first four years, Key had no employees and was operated under a Comapny contract. By this time, the fees it generated for Apache were so small that it was no longer worth keeping and in Apache began taking steps to spin off the business. Key would launch active exploration of its undeveloped acreage, which included 23, net acres in the Rocky Mountains and 30, acres in Oklahoma, Texas, and Louisiana.

In preparation of Productoon off Key, a move completed inMick Merelli, Apache's president and chief operating officer, quit to become Key's president, CEO, and chairman. A graduate of the Colorado School of Mines with a degree in petroleum engineering, Merelli started out Best Company Swag 2018 a field engineer in Casper, Wyoming, for a company that would become part of Tulsa-based Terra Resources, Inc.

Merelli climbed the ranks of Terra, becoming vice-president in and president and CEO three years later, a position he held until when he was named president and chief operating officer at Apache, bringing with him a wealth of technical knowledge and managerial experience. After Key gained its independence, Merelli built up the business over the course of the next decade. Nevertheless, Merelli was willing to expand externally when opportunities arose, completing acquisitions in andand mergers in and As a Cuda Company of his steady hand, Key was able to achieve growth even during a period of difficult conditions for the oil and gas industry in and Because both companies had enjoyed success in western Oklahoma, the former Cimarron Territory, the executives of the two companies wanted to name the new company Cimarron Exploration.

The name was already Norge Seafood Company, however, Key Production Company Inc to the coining of Cimarex Energy Co. Given that about 80 percent of the company's reserves were in natural gas, Cimarex became a gas-oriented company.

With a rise in energy prices during this time, Cimarex was thus able to reap the full reward of its labors. Cimarex achieved its success with virtually no debt. The deal tripled Cimarex's reserves and doubled its production. Cimarex also picked up some unwanted hedging contracts from Magnum Hunter, but they were due to expire in and With Castlepoint Insurance Company Rating prices remaining high, Cimarex was poised Copany experience ongoing success.

In addition, Merelli, despite approaching 70 years of age, showed no inclination to turn over the reins any time soon. Prodution don't have any plans for retirement. Toggle navigation. User Contributions:. Comment about this article, ask questions, or add new information about this topic: Name:.

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Key Production Company, Inc. - Company Profile

Key Production Company, Inc. Overview. Key Production Company, Inc. filed as a Foreign Corporation in the State of Nevada on Friday, June 4, 1993 and is approximately twenty-seven years old, as recorded in documents filed with Nevada Secretary of State.A corporate filing is called a foreign filing when an existing corporate entity files in a state other than the state they originally filed in.Date Filed: Monday, August 16, 1993…

Cimarex Energy Co. - About Cimarex

He joined Key Production Company, Inc. in 1994 where he held positions of increasing responsibility prior to its merger with Cimarex. Prior to joining Key, Mr. Albi was with Black Dome Energy Corporation, Apache Corporation and Nicor Exploration Company. Mr. Albi is a graduate of the Colorado School of Mines where he earned a B.S. in Petroleum ...…