Exploration & Production | Quarterly / Earnings Reports
Cimarex's Tags 2.3 Tcfe in Year-End Proved Reserves
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Cimarex Energy Co. reported fourth-quarter 2012 net income of $99.2 million, or $1.14 per diluted share. This compares to fourth-quarter 2011 earnings of $116.9 million, or $1.36 per diluted share. Separately, the company has also detailed its 2013 capital budget.
Fourth-quarter 2012 results include a $16.4 million royalty litigation charge ($0.12 per share after-tax) and a $11.1 million benefit for severance tax refunds ($0.08 per share after-tax) totaling a net reduction for the quarter of $0.04 per share after-tax.
Oil, gas and natural gas liquids (NGLs) revenue in the fourth quarter of 2012 totaled $429.8 million, a 3% increase compared to $417.5 million in the same period of 2011. Fourth-quarter 2012 adjusted cash flow from operations was $300.1 million versus $310.2 million a…
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