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Cimarex Energy 2Q 2020 Results, Ramping Up Rig Count, and Frac Crews
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Cimarex Energy Co. reported its Q2 2020 results.
The company is planning to ramp up its drilling activity after taking a break in May/June. The company plans to ramp up its rig count to 4 by September and 2 frac fleets.
Highlights: Generated Cash from Operating Activities of $145 million in the quarter Invested $84 million in the second quarter $26 million in free cash flow after dividend Oil production averaged 78,000 barrels per dayThe company reported a second quarter 2020 net loss of $925.1 million, or $9.28 per share, compared to net income of $109.3 million, or $1.07 per share, in the same period a year ago. Second quarter results were negatively impacted by non-cash charges related to the impairment of oil and gas properties. Second quarter adjusted net income…
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