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.

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