Exploration & Production | Top Story | Quarterly / Earnings Reports
Cimarex Talks Permian, Woodford Growth; 2013 Plans
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Cimarex Energy Co. reported 2013 first quarter net income of $89.9 million, or $1.04 per diluted share which included a non-cash hedging loss of $2.3 million, or $0.02 per share.
First quarter 2012, net income was $106.1 million, or $1.23 per diluted share and included a hedging loss of $2.6 million, or $0.03 per share.
First quarter production grew ten percent to 661.1 million cubic feet equivalent (MMcfe) per day compared to 2012 first quarter output of 603.5 MMcfe per day. Oil production grew 12% (20% when adjusted for asset sales) and averaged 33,154 barrels per day. Current quarter volumes were comprised of 50% gas, 30% oil and 20% NGLs.
2013 OutlookProduction volume guidance for 2013 remains unchanged and is projected to average 675-705 MMcfe per day, an increase of 8-13% over…
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