[Editor's note: A version of this story appears in the May 2018 edition of Oil and Gas Investor. Subscribe to the magazine here.]
Tom Jorden, CEO of Cimarex Energy Co. (NYSE: XEC), had a bone to pick. Presenting deep into Day Two at the Scotia Howard Weil investor symposium in New Orleans, following a parade of marquee CEOs currying favor with investors, Jorden seemed miffed that his fine, Denver-based company had been lumped with E&Ps that had chased unbridled growth at the expense of returns. And he came out swinging.
“We are in business to make money,” he said at the late March event. “We focus entirely on return on invested capital. We make investments for the return on capital, and we have a fairly stubborn conviction that in the long run, making money is what is in style. Tailoring our investments around any concern other than long-term profitability is a distraction.