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Cimarex Sees Boon From Long-Lateral Wolfcamp D Wells
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Cimarex Energy Co. has reported 2014 first quarter net income of $138.5 million, or $1.59 per diluted share. First quarter 2013 net income was $89.9 million, or $1.04 per diluted share.
Driven by improved results in the Cana-Woodford shale play, first quarter production grew 12 percent to a record 740 million cubic feet equivalent (MMcfe) per day compared to 2013 first quarter output of 661 MMcfe per day.
Oil production grew 18 percent to an average 39,168 barrels per day. Natural gas volumes increased seven percent to 355.3 MMcfe per day and natural gas liquids (NGL) were up 16 percent.
Growth in production and higher product prices resulted in revenues of $599.2 million versus $426.4 million for the same period in 2013.
Cimarex invested $467 million on exploration and development in…
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