Cimarex Beats Top and Bottom Line Estimates

Independent oil and gas exploration and production company Cimarex Energy (NYSE: XEC  ) reported third-quarter results today before the markets opened, showing that it posted net revenue of $561.3 million, a robust 38% increase from the year-ago period and ahead of the $527.1 million Capital IQ consensus estimate.

Net income came in at $138.4 million, or $1.59 per share, a sharp 64% increase from $84.3 million, or $0.97 per share, in the same period in 2012. However, adjusting for mark-to-market open derivative positions generated $1.62 per share, up from $1.01 per share last year and $0.10 per share better than the CapIQ estimates of $1.52.

Cimarex says the quarter's revenue and cash flow benefited from higher production volumes and improved commodity prices, as natural gas prices averaged $3.72 per thousand cubic feet, a 33% jump from last year, and oil prices averaged $102.88 per barrel, up 17%.

The oil and gas E&P specialist expects fourth-quarter volumes to average 714-734 MMcfe, with full-year volumes up 11%-12% over 2012 as oil volumes are projected to grow 18% (up 14% when adjusted for property sales last year). Analysts anticipate Cimarex Energy will post earnings of $1.54 per share in the fourth quarter on revenue of $531.3 million.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2715366, ~/Articles/ArticleHandler.aspx, 9/23/2014 6:22:39 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement