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 Cimarex Reports Fourth-Quarter and Full-Year 2016 Results
   Wednesday, February 15, 2017 4:05:00 PM ET

Cimarex Energy Co. (XEC ) today reported fourth quarter 2016 net income of $38.2 million, or $0.40 per share, compared to fourth quarter 2015 net loss of $630.5 million, or $6.78 per share(1). Adjusted fourth quarter net income (non-GAAP) was $56.7 million, or $0.60 per share, compared to fourth quarter 2015 adjusted net loss (non-GAAP) of $23.0 million, or $0.25 per share(1). Cash flow from operations was $169.9 million in the fourth quarter compared to $115.0 million in the fourth quarter of 2015. Adjusted cash flow from operations (non-GAAP) totaled $218.7 million in the fourth quarter, a 74 percent increase from 2015 levels(1).

For the year, Cimarex recorded a net loss of $431.0 million, or $4.62 per share. The adjusted net income (non-GAAP) for the full year was $0.70 per share(1). Cash flow from operations totaled $599.2 million in 2016 compared to $691.5 million in 2015. Adjusted cash flow from operations (non-GAAP) totaled $629.1 million in 2016, a 15 percent drop from 2015 levels(1). Revenues in 2016 totaled $1.3 billion, a 13 percent decrease from 2015. The decrease in revenues and cash flow was the result of lower production and lower product prices received. (See table of Average Realized Price by Region below.)

Total company production volumes averaged 960 million cubic feet equivalent (MMcfe) per day in the fourth quarter, down three percent from a year ago and within company guidance. For the full year, Cimarex reported daily production volumes of 963 MMcfe per day, down two percent from our 2015 average daily output of 985 MMcfe per day and within guidance.

Cimarex invested $735 million in exploration and development in 2016. This was down 16 percent from the $877 million Cimarex invested in 2015. Investments made in 2016 were funded with cash flow and cash on hand.

Proved reserves at December 31, 2016 were 2.9 trillion cubic feet equivalent (Tcfe), essentially flat with reserves reported a year ago. Proved developed reserves increased five percent to 2.3 Tcfe. Cimarex added 324.0 Bcfe through extensions and discoveries and 126.2 Bcfe through net performance revisions resulting in reserve replacement of 128 percent of 2016 production. Proved reserves are 79 percent proved developed. (See table of Proved Reserves below.)

Volatility in oil and natural gas prices had an impact on the company’s financial results for both the fourth quarter and full year. In the fourth quarter, Cimarex benefited from higher prices relative to the same period a year ago. Realized oil prices averaged $44.67 per barrel, 20 percent higher than the same period a year ago. Natural gas prices were also up in the fourth quarter and averaged $2.86 per Mcf versus $2.20 a year ago. NGL prices were particularly strong in the fourth quarter averaging $18.15 per barrel up 43 percent from fourth quarter 2015. For the full year, however, realized oil prices averaged $38.30, down 12 percent from 2015. Natural gas prices averaged $2.31 per Mcf and NGL prices averaged $14.05 per barrel compared to $2.53 and $13.75, respectively, in 2015.

Total debt at December 31, 2016 consisted of $1.5 billion of long-term notes, with $750 million maturing in 2022 and $750 million maturing in 2024. Cimarex had no borrowings under its revolving credit facility and had a cash balance of $653 million. Debt was 39 percent of total capitalization (non-GAAP)(2).

Operations Update During 2016, Cimarex participated in the drilling and completion of 153 gross (61 net) wells. We operated 73 of those wells. Total exploration and development investment was $735 million. Of the total, 59 percent was invested in Permian projects and 40 percent in the Mid-Continent.

At year-end, 93 gross (27 net) wells were drilled and awaiting completion, of which 70 gross (12 net) are in the Mid-Continent and 22 gross (14 net) in the Permian.

Wells Brought on Production by Region:
               For the Three Months Ended   For the Twelve Months Ended
               December 31,                 December 31,
               2016     2015                2016     2015
Gross wells
Permian Basin  11       13                  48       85
Mid-Continent  44       52                  105      134
               55       65                  153      219
Net wells
Permian Basin  8        8                   30       60
Mid-Continent  17       20                  31       39
               25       28                  61       99

Permian Basin Production from the Permian Basin averaged 511 MMcfe per day in the fourth quarter, a two percent decrease over fourth-quarter 2015 and a decrease of one percent sequentially. Quarterly oil volumes averaged 36,253 barrels per day, down six percent year-over-year and flat sequentially.

Cimarex completed and brought on production 11 gross (eight net) Permian Basin wells during the fourth quarter, bringing the total for 2016 to 48 gross (30 net) wells.

In Culberson County, Texas, Cimarex has completed 42 long lateral Wolfcamp wells to date including 21 in the Lower Wolfcamp and 21 in the Upper Wolfcamp. One highlight of the 2016 Permian program was the drilling and completion of five 10,000-foot lateral Upper Wolfcamp wells in Culberson County using upsized completions. These wells had an average 30-day peak initial production of 2,077 BOE per day (56 percent oil, 27 percent gas, 17 percent NGL).

Mid-Continent Cimarex drilled and completed 105 gross (31 net) wells in the Mid-Continent area in 2016. The majority of the activity was in the Woodford and Meramec shale plays in western Oklahoma. At the end of the fourth quarter, 70 gross (12 net) wells were awaiting completion, including 28 gross (eight net) wells associated with the multi-well infill in the East Cana Core area. Mid-Continent production averaged 446 MMcfe per day for the fourth quarter of 2016 and 457 MMcfe per day for the full year.

Production by Region Cimarex’s average daily production and commodity price by region is summarized below:

Daily Production by Region:
                                 For the Three Months Ended  For the Twelve Months Ended
                                 December 31,                December 31,
                                 2016      2015              2016       2015
Permian Basin
       Gas (MMcf)                179.3     185.4             178.1      180.8
       Oil (Bbls)                36,253    38,423            36,018     43,067
       NGL (Bbls)                19,114    17,350            18,244     17,042
       Total Equivalent (MMcfe)  511.5     520.0             503.7      541.5
Mid-Continent
       Gas (MMcf)                276.3     286.8             280.1      276.2
       Oil (Bbls)                9,205     8,490             8,969      7,523
       NGL (Bbls)                19,036    20,561            20,513     18,513
       Total Equivalent (MMcfe)  445.8     461.1             456.9      432.4
Total Company
       Gas (MMcf)                457.2     475.2             459.6      463.0
       Oil (Bbls)                45,567    47,133            45,158     51,132
       NGL (Bbls)                38,184    37,964            38,797     35,789
       Total Equivalent (MMcfe)  959.7     985.7             963.4      984.5
Average Realized Price by Region:
                         For the Three Months Ended  For the Twelve Months Ended
                         December 31,                December 31,
                         2016      2015              2016       2015
Permian Basin
       Gas ($ per Mcf)   2.85      2.24              2.35       2.55
       Oil ($ per Bbl)   44.75     37.64             38.45      43.58
       NGL ($ per Bbl)   15.71     10.97             12.32      11.94
Mid-Continent
       Gas ($ per Mcf)   2.86      2.16              2.29       2.51
       Oil ($ per Bbl)   44.36     35.80             37.65      41.90
       NGL ($ per Bbl)   20.58     14.19             15.59      15.41
Total Company
       Gas ($ per Mcf)   2.86      2.20              2.31       2.53
       Oil ($ per Bbl)   44.67     37.32             38.30      43.38
       NGL ($ per Bbl)   18.15     12.72             14.05      13.75
Other
The following table summarizes the company’s current open hedge positions:
                                                                                              Weighted
Gas:                       1Q17         2Q17           3Q17         4Q17         1Q18         Average
PEPL Collars (3)
Volume (MMBtu/d)           110,000      110,000        90,000       60,000       30,000       80,022
Wtd Avg Floor              $       2.52 $         2.52 $       2.61 $       2.79 $       2.90 $         2.61
Wtd Avg Ceiling            $       3.04 $         3.04 $       3.12 $       3.22 $       3.32 $         3.11
Perm EP Collars (3)
Volume (MMBtu/d)           90,000       90,000         60,000       40,000       20,000       59,978
Wtd Avg Floor              $       2.59 $         2.59 $       2.68 $       2.86 $       3.00 $         2.67
Wtd Avg Ceiling            $       3.10 $         3.10 $       3.16 $       3.28 $       3.41 $         3.15
Total Natural Gas Collars
Volume (MMBtu/d)           200,000      200,000        150,000      100,000      50,000       140,000
Oil:
WTI  Collars (4)
Volume (Bbl/d)             20,000       20,000         16,000       11,000       6,000        14,602
Wtd Avg Floor              $     43.08  $       43.08  $     45.09  $     46.27  $     47.33  $       44.36
Wtd Avg Ceiling            $     52.90  $       52.90  $     55.50  $     56.98  $     59.11  $       54.60
Total Crude Oil Collars
Volume (Bbl/d)             20,000       20,000         16,000       11,000       6,000        14,602

Conference call and webcast Cimarex will host a conference call tomorrow, February 16, at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time). The call will be webcast and accessible on the Cimarex website at www.cimarex.com. To participate in the live, interactive call, please dial 866-367-3053 five minutes before the scheduled start time (international callers dial 1-412-902-4216). The replay will be available on the Cimarex website or via the Cimarex App.

Investor Presentation For more details on Cimarex’s 2016 results, please refer to the company’s investor presentation available at www.cimarex.com.

About Cimarex Energy Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent and Permian Basin areas of the U.S.

This press release contains forward-looking statements, including statements regarding projected results and future events. Please refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2016, to be filed with the SEC, for a list of certain risk factors that may affect these forward-looking statements.

Actual results may differ materially from company projections and other forward-looking statements and can be affected by a variety of factors outside the control of the company including among other things: oil, NGL and natural gas price levels and volatility; higher than expected costs and expenses, including the availability and cost of services and materials; compliance with environmental and other regulations; risks associated with operating in one major geographic area; environmental liabilities; the ability to receive drilling and other permits and rights-of-way in a timely manner; development drilling and testing results; declines in the values of our oil and gas properties resulting in impairments; the potential for production decline rates to be greater than expected; performance of acquired properties and newly drilled wells; costs and availability of third party facilities for gathering, processing, refining and transportation; regulatory approvals, including regulatory restrictions on federal lands; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions and disposal of produced water; unexpected future capital expenditures; economic and competitive conditions; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; changes in estimates of proved reserves; derivative and hedging activities; the success of the company’s risk management activities; title to properties; litigation; the ability to complete property sales or other transactions; and other factors discussed in the company’s reports filed with the SEC. Cimarex Energy Co. encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, the company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.

(1) Adjusted net income and adjusted cash flow from operations are non-GAAP financial measures.  See below for a reconciliation of the GAAP measure to the non-GAAP measure.
(2) Reconciliation of debt to total capitalization, which is a non-GAAP measure, is:  long-term debt of $1.5 billion divided by long-term debt of $1.5 billion plus stockholders’ equity of $2.3 billion.  Management uses this non-GAAP measure as an indicator of the financial condition of the company and believes professional research analysts and rating agencies use this measure for similar purposes.
(3) PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent index and El Paso Perm is El Paso Permian Basin index both as quoted in Platt’s Inside FERC.
(4) WTI refers to West Texas Intermediate oil price as quoted on the New York Mercantile Exchange.
Reconciliation of Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share:
The following table provides a reconciliation from generally accepted accounting principles (GAAP) measures of net income (loss) and earnings (loss) per share to adjusted net income (loss) and adjusted earnings (loss) per share (non-GAAP) for the periods indicated.
                                                                                                  December 31,                                    December 31,
                                                                                                  2016                    2015                    2016                    2015
                                                                                                  (in thousands, except per share data)
Net income (loss)                                                                               $ 38,190                $ (630,508)             $ (431,049)             $ (2,408,948)
                                        Impairment of oil and gas properties                      -                       965,348                 719,142                 3,716,883
                                        Mark-to-market (gain) loss on open derivative positions   30,417                  (9,278)                 63,186                  (11,246)
                                        Tax impact**                                              (11,924)                (348,598)               (284,883)               (1,351,395)
Adjusted net income (loss)                                                                      $ 56,683                $ (23,036)              $ 66,396                $ (54,706)
Diluted earnings (loss) per share*                                                              $ 0.40                  $ (6.78)                $ (4.62)                $ (25.92)
Adjusted diluted earnings (loss) per share*                                                     $ 0.60                  $ (0.25)                $ 0.70                  $ (0.60)
Diluted shares attributable to common stockholders and participating securities                   95,175                  92,992                  95,176                  92,992
Adjusted net income (loss) and adjusted diluted earnings (loss) per share excludes the noted items because management believes these items affect the comparability of operating results. The company discloses these non-GAAP financial measures as a useful adjunct to GAAP earnings because:
                       a) Management uses adjusted net income (loss) to evaluate the company’s financial performance between periods and to compare the company’s performance to other oil and gas exploration and production companies.
                       b) Adjusted net income (loss) is more comparable to earnings estimates provided by research analysts.
*                      Earnings (loss) per share are based on actual figures rather than the rounded figures presented.
**                     The tax impact of the 2016 periods is calculated using a tax rate that excludes the effects of tax adjustments recorded in the fourth quarter primarily related to the revision of previous tax balances.
Reconciliation of Adjusted Cash Flow from Operations:
The following table provides a reconciliation from generally accepted accounting principles (GAAP) measures of net cash provided by operating activities to adjusted cash flows from operations (non-GAAP) for the periods indicated.
                                                                  December 31,                              December 31,
                                                                  2016                 2015                 2016                 2015
                                                                  (in thousands)
Net cash provided by operating activities                       $ 169,894            $ 114,954            $ 599,225            $ 691,500
                     Change in operating assets and liabilities   48,846               10,772               29,913               52,082
Adjusted cash flow from operations                              $ 218,740            $ 125,726            $ 629,138            $ 743,582
Management uses the non-GAAP measure of adjusted cash flow from operations as a means of measuring the company’s ability to fund its capital program and dividends, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of cash flow from operating activities.  Management believes this non-GAAP measure provides useful information to investors for the same reasons, and that it is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.
Proved Reserves:
                                                       Gas        Oil        NGL        Total
                                                       (Bcf)      (MBbls)    (MBbls)    (Bcfe)
December 31, 2015                                      1,517.0    107,798    124,277    2,909.4
                      Revisions of previous estimates  5.7        (4,357)    6,670      19.7
                      Extensions and discoveries       123.2      19,419     14,050     324.0
                      Purchase of reserves             1.0        1          --         1.0
                      Production                       (168.2)    (16,528)   (14,200)   (352.6)
                      Sale of properties               (7.3)      (455)      (164)      (11.0)
December 31, 2016                                      1,471.4    105,878    130,633    2,890.5
Proved developed reserves
Year-end 2015                                          1,129.5    89,189     87,549     2,189.9
Year-end 2016                                          1,144.7    92,032     99,176     2,292.0
                                                       2016       2015       % Change
Pre-tax PV-10 ($ in millions) **                       $2,121.9   $2,279.0   -7%
Standardized Measure ($ in millions)                   $1,892.6   $1,934.1   -2%
Average prices used in Standardized Measure            2016       2015       % Change
Gas Price per Mcf                                      $2.48      $2.59      -4%
Oil price per barrel                                   $42.75     $50.28     -15%
NGL price per barrel                                   $14.37     $14.41     0%
** Pre-tax PV-10 is a non-GAAP financial measure.  Pre-tax PV-10 is comparable to the standardized measure, which is the most directly comparable GAAP financial measure.  Pre-tax PV-10 is computed on the same basis as the standardized measure but without deducting future income taxes. As of December 31, 2016 and 2015, Cimarex’s discounted future income taxes were $229.3 million and $344.9 million, respectively.  Cimarex’s standardized measure of discounted future net cash flows was $1,892.6 million at year-end 2016 and $1,934.1 million at year-end 2015. Management uses pre-tax PV-10 as one measure of the value of the company’s proved reserves and to compare relative values of proved reserves to other exploration and production companies without regard to income taxes. Management believes pre-tax PV-10 is a useful measure for comparison of proved reserve values among companies because, unlike standardized measure, it excludes future income taxes that often depend on the unique income tax characteristics of the owner of the reserves rather than on the nature, location and quality of the reserves themselves. Management further believes that professional research analysts and rating agencies use pre-tax PV-10 in similar ways. However, pre-tax PV-10 is not a substitute for the standardized measure of discounted future net cash flows. Cimarex’s pre-tax PV-10 and the standardized measure of discounted future net cash flows do not purport to present the fair value of its oil and natural gas reserves.
Proved Reserves by Region:
               Gas       Oil       NGL       Total
               (Bcf)     (MBbls)   (MBbls)   (Bcfe)
Mid-Continent  1,095.2   31,399    89,615    1,821.3
Permian Basin  372.4     74,295    40,977    1,064.0
Other          3.8       184       41        5.2
               1,471.4   105,878   130,633   2,890.5
Oil and Gas Capitalized Expenditures:
                                       For the Three Months Ended      For the Twelve Months Ended
                                       December 31,                    December 31,
                                       2016       2015                 2016        2015
                                       (in thousands)
Acquisitions:
Proved                             $   --       $ 30               $   3,324     $ 30
Unproved                               319        2,400                14,087      6,666
Net purchase price adjustments (*)     60         350                  (2,868)     (11,653)
                                       379        2,780                14,543      (4,957)
Exploration and development:
Land and Seismic                       16,260     14,084               61,870      52,049
Exploration and development            229,603    180,107              672,882     824,903
                                       245,863    194,191              734,752     876,952
Sale proceeds:
Proved                                 (2,653)    --                   (15,342)    (27,804)
Unproved                               (1)        (2,819)              (9,226)     (15,231)
Net purchase price adjustments         180        291                  (119)       1,759
                                       (2,474)    (2,528)              (24,687)    (41,276)
                                   $   243,768  $ 194,443          $   724,608   $ 830,719
* The net 2015 purchase price adjustments relate to activity in prior periods.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited):
                                                                                                     For the Three Months Ended    For the Twelve Months Ended
                                                                                                     December 31,                  December 31,
                                                                                                     2016       2015               2016         2015
                                                                                              (in thousands, except per share data)
Revenues:
                   Oil sales                                                                  $      187,277  $ 161,814          $ 632,934    $ 809,664
                   Gas sales                                                                         120,285    96,242             388,786      428,227
                   NGL sales                                                                         63,743     44,411             199,498      179,647
                   Gas gathering and other, net                                                      10,850     8,812              36,127       35,081
                                                                                                     382,155    311,279            1,257,345    1,452,619
Costs and expenses:
                   Impairment of oil and gas properties                                              --         965,348            719,142      3,716,883
                   Depreciation, depletion, amortization and accretion                               106,363    161,768            473,764      788,044
                   Production                                                                        51,111     77,229             232,002      299,374
                   Transportation, processing, and other operating                                   51,140     52,717             190,725      182,362
                   Gas gathering and other                                                           8,308      9,539              31,785       38,138
                   Taxes other than income                                                           18,067     17,086             61,946       84,764
                   General and administrative                                                        18,462     24,283             73,901       74,688
                   Stock compensation                                                                5,741      4,679              24,523       19,559
                   (Gain) loss on derivative instruments, net                                        32,699     (9,278)            55,749       (11,246)
                   Other operating, net                                                              462        12                 755          856
                                                                                                     292,353    1,303,383          1,864,292    5,193,422
Operating income (loss)                                                                              89,802     (992,104)          (606,947)    (3,740,803)
Other (income) and expense:
                   Interest expense                                                                  19,825     19,811             79,679       80,447
                   Amortization of deferred financing costs                                          887        1,966              3,593        5,299
                   Capitalized interest                                                              (5,290)    (5,502)            (21,248)     (30,589)
                   Other, net                                                                        (3,218)    (3,762)            (10,707)     (13,576)
Income (loss) before income tax                                                                      77,598     (1,004,617)        (658,264)    (3,782,384)
Income tax expense (benefit)                                                                         39,408     (374,109)          (227,215)    (1,373,436)
Net income (loss)                                                                             $      38,190   $ (630,508)        $ (431,049)  $ (2,408,948)
Earnings (loss) per share to common stockholders:
                   Basic                                                                      $      0.40     $ (6.78)           $ (4.62)     $ (25.92)
                   Diluted                                                                    $      0.40     $ (6.78)           $ (4.62)     $ (25.92)
Dividends per share                                                                           $      0.08     $ 0.16             $ 0.32       $ 0.64
Shares attributable to common stockholders:
                   Unrestricted common shares outstanding                                            93,379     92,992             93,379       92,992
                   Diluted common shares                                                             93,422     92,992             93,379       92,992
Shares attributable to common stockholders and participating securities:
                   Basic shares outstanding                                                          95,132     N/A*               N/A*         N/A*
                   Fully diluted shares                                                              95,175     N/A*               N/A*         N/A*
Comprehensive income (loss):
                   Net income (loss)                                                          $      38,190   $ (630,508)        $ (431,049)  $ (2,408,948)
                   Other comprehensive income (loss):
                                             Change in fair value of investments, net of tax         (64)       138                504          (661)
                   Total comprehensive income (loss)                                          $      38,126   $ (630,370)        $ (430,545)  $ (2,409,609)
* Due to the net loss in the periods ended December 31, 2016 and 2015, shares of 95,132 and 94,829, respectively, which include participating securities, are not considered in the loss per share calculations.
Condensed Consolidated Cash Flow Statements (unaudited):
                                                                                                 For the Three Months Ended        For the Twelve Months Ended
                                                                                                 December 31,                      December 31,
                                                                                                       2016         2015           2016         2015
                                                                                                 (in thousands)
Cash flows from operating activities:
         Net income (loss)                                                                       $     38,190     $ (630,508)  $   (431,049)  $ (2,408,948)
         Adjustment to reconcile net income (loss) to net cash provided by operating activities:
                           Impairment of oil and gas properties                                        --           965,348        719,142      3,716,883
                           Depreciation, depletion, amortization and accretion                         106,363      161,768        473,764      788,044
                           Deferred income taxes                                                       39,408       (373,882)      (226,100)    (1,388,146)
                           Stock compensation                                                          5,741        4,679          24,523       19,559
                           (Gain) loss on derivative instruments                                       32,699       (9,278)        55,749       (11,246)
                           Settlements on derivative instruments                                       (2,281)      --             7,437        --
                           Changes in non-current assets and liabilities                               (254)        6,887          3,867        23,230
                           Amortization of deferred financing costs                                    (1,126)      712            1,805        4,206
                           and other, net
         Changes in operating assets and liabilities:
                           Receivables, net                                                            (47,617)     34,916         (49,340)     186,699
                           Other current assets                                                        (2,154)      8,320          20,880       37,954
                           Accounts payable and other current liabilities                              925          (54,008)       (1,453)      (276,735)
                                             Net cash provided by operating activities                 169,894      114,954        599,225      691,500
Cash flows from investing activities:
         Oil and gas expenditures                                                                      (214,444)    (208,015)      (699,558)    (979,044)
         Sales of oil and gas assets                                                                   2,474        1,510          21,487       39,853
         Sales of other assets                                                                         2,171        121            7,889        1,178
         Other capital expenditures                                                                    1,785        (12,507)       (22,228)     (70,592)
                                             Net cash used by investing activities                     (208,014)    (218,891)      (692,410)    (1,008,605)
Cash flows from financing activities:
         Proceeds from sale of common stock                                                            --           --             --           752,100
         Financing and underwriting fees                                                               (100)        (1,970)        (101)        (24,633)
         Dividends paid                                                                                (7,781)      (15,070)       (38,024)     (58,281)
         Proceeds from exercise of stock options and other                                             181          1,047          4,804        21,439
                                             Net cash provided by (used in) financing activities       (7,700)      (15,993)       (33,321)     690,625
Net change in cash and cash equivalents                                                                (45,820)     (119,930)      (126,506)    373,520
Cash and cash equivalents at beginning of period                                                       698,696      899,312        779,382      405,862
Cash and cash equivalents at end of period                                                       $     652,876    $ 779,382    $   652,876    $ 779,382
Condensed Consolidated Balance Sheets (unaudited):
                                                                                                                                              December 31,         December 31,
                                                                                                                                              2016                 2015
Assets                                                                                                                                               (in thousands, except share data)
Current assets:
                         Cash and cash equivalents                                                                                            $      652,876       $        779,382
                         Receivables, net                                                                                                            274,597                225,398
                         Oil and gas well equipment and supplies                                                                                     33,342                 54,579
                         Derivative instruments                                                                                                      --                     10,745
                         Other current assets                                                                                                        8,489                  7,826
                                                                                   Total current assets                                              969,304                1,077,930
Oil and gas properties at cost, using the full cost method of accounting:
                         Proved properties                                                                                                           16,225,495             15,546,948
                         Unproved properties and properties under development,                                                                       478,277                440,166
                         not being amortized
                                                                                                                                                     16,703,772             15,987,114
                         Less - accumulated depreciation, depletion, amortization and impairment                                                     (13,849,701)           (12,710,968)
                                                                                   Net oil and gas properties                                        2,854,071              3,276,146
Fixed assets, net                                                                                                                                    205,465                230,009
Goodwill                                                                                                                                             620,232                620,232
Derivative instruments                                                                                                                               --                     501
Other assets, net                                                                                                                                    32,621                 38,468
                                                                                                                                              $      4,681,693     $        5,243,286
Liabilities and Stockholders’ Equity
Current liabilities:
                         Accounts payable                                                                                                     $      74,486        $        66,815
                         Accrued liabilities                                                                                                         278,781                247,508
                         Derivative instruments                                                                                                      49,370                 --
                         Revenue payable                                                                                                             119,715                95,744
                                                                                   Total current liabilities                                         522,352                410,067
Long-term debt:
                         Principal                                                                                                                   1,500,000              1,500,000
                         Less - unamortized debt issuance costs                                                                                      (12,061)               (14,380)
                                                                                   Long-term debt, net                                               1,487,939              1,485,620
Deferred income taxes                                                                                                                                126,894                352,705
Other liabilities                                                                                                                                    184,444                197,216
                                                                                   Total liabilities                                                 2,321,629              2,445,608
Commitments and contingencies
Stockholders’ equity:
                         Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued                                            --                     --
                         Common stock, $0.01 par value, 200,000,000 shares authorized, 95,123,525 and 94,820,570 shares issued, respectively         951                    948
                         Paid-in capital                                                                                                             2,763,452              2,762,976
                         Retained earnings (Accumulated deficit)                                                                                     (405,284)              33,313
                         Accumulated other comprehensive income                                                                                      945                    441
                                                                                   Total shareholders’ equity                                        2,360,064              2,797,678
                                                                                                                                              $      4,681,693     $        5,243,286

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cimarex-reports-fourth-quarter-and-full-year-2016-results-300408199.html

SOURCE Cimarex Energy Co.

https://rt.prnewswire.com/rt.gif?NewsItemId=LA13468&Transmission_Id=201702151605PR_NEWS_USPR_____LA13468&DateId=20170215



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