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Cimarex Points $1.8 B 2014 Capex Budget at the Permian and Midcontinent
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Cimarex Energy Co. has reported adjusted fourth-quarter 2013 net income of $117.6 million, or $1.35 per diluted share, compared to fourth-quarter 2012 adjusted net income of $102.8 million, or $1.19 per diluted share(1).
Fourth-quarter 2013 production averaged 704.9 million cubic feet equivalent (MMcfe) per day as compared to fourth-quarter 2012 daily output of 676.7 MMcfe. Production during the quarter was impacted by weather and pipeline disruptions in the Permian Basin. Led by 21 percent growth in Permian volumes, total company production for the full year increased 11 percent to a record 692.6 MMcfe per day. Oil production grew 17 percent and gas production was up six percent year-over-year.
During 2013, Cimarex invested $1.57 billion in exploration and development, funded by cash…
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