Exploration & Production | Drilling / Well Results | Quarterly / Earnings Reports
Cimarex Ramps Up Permian, Cana-Woodford Drilling
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Cimarex Energy Co. reported 2013 second quarter net income of $129.6 million, or $1.49 per diluted share.
Current quarter net income includes a non-cash hedging gain of $12.6 million ($0.09 per share after tax) and a gain on the sale of midstream assets of $4.3 million ($0.03 per share after tax). This compares to net income of $64.3 million, or $0.74 per diluted share, reported in the second quarter of 2012.
Second quarter production grew 16 percent, averaging 686.8 million cubic feet equivalent (MMcfe) per day compared to 2012 second quarter output of 590.1 MMcfe per day. Oil production grew 29 percent and averaged 36,878 barrels per day. Current quarter volumes were comprised of 50 percent gas, 32 percent oil and 18 percent NGL.
Natural gas prices increased 69 percent to an average…
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