Cimarex Energy Co. Presents at Barclays CEO Energy-Power Conference 2015, Sep-08-2015 02:25 PM
Aug 12 15
Cimarex Energy Co. Presents at Barclays CEO Energy-Power Conference 2015, Sep-08-2015 02:25 PM. Venue: Sheraton New York Times Square Hotel, 811 7th Avenue, New York, NY 10019, New York, United States. Speakers: Thomas E. Jorden, Chairman, Chief Executive Officer and President.
Cimarex Energy Co. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment of Oil and Gas Properties for the Second Quarter of 2015; Provides Production Guidance for the Third Quarter and Full Year of 2015; Provides Capital Expenditures Guidance for the Year 2015
Aug 4 15
Cimarex Energy Co. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues were $424,283,000 compared to $636,669,000 a year ago. Operating loss was $933,398,000 compared to operating income of $240,418,000 a year ago. Loss before income tax was $942,271,000 compared to income before income tax of $236,398,000 a year ago. Net loss was $600,215,000 or $6.47 basic and diluted per share compared to net income of $148,640,000 or $1.70 diluted per share a year ago. Net cash provided by operating activities was $257,372,000 compared to $421,745,000 a year ago. Oil and gas expenditures were $228,116,000 compared to $718,740,000 a year ago. Adjusted cash flow from operations was $252,358,000 compared to $443,112,000 a year ago. Adjusted net income was $14,399,000 compared to $149,544,000 a year ago. Adjusted diluted income per share was $0.15 against $1.71 a year ago.
For the six months, revenues were $785,285,000 compared to $1,235,885,000 a year ago. Operating loss was $1,568,824,000 compared to operating income of $460,417,000 a year ago. Loss before income tax was $1,585,951,000 compared to income before income tax of $456,600,000 a year ago. Net loss was $1,015,156,000 or $10.94 basic and diluted per share compared to net income of $287,097,000 or $3.29 diluted per share a year ago. Net cash provided by operating activities was $370,545,000 compared to $769,769,000 a year ago. Oil and gas expenditures were $599,322,000 compared to $1,138,539,000 a year ago. Adjusted cash flow from operations was $439,303,000 compared to $852,004,000 a year ago. Adjusted net loss was $17,317,000 compared to adjusted net income of $394,887,000 a year ago. Adjusted diluted loss per share was $0.19 against adjusted diluted income per share $3.38 a year ago.
Total Company reported gas production volumes averaged of 466.3 million cubic feet equivalent (MMcfe) per day in the quarter against 410.1 MMcfe per day in the second quarter of 2014. Oil production was 56,261 barrels per day against 41,759 barrels per day last year. NGL production was 37,070 MMcf per day against 29,680 MMcf per day last year.
For the six months, total gas production was 456.1 million cubic feet equivalent (MMcfe) per day against 382.8 MMcfe per day in the same period of 2014. Oil production was 53,765 barrels per day against 40,471 barrels per day last year. NGL production was 34,670 MMcf per day against 27,367 MMcf per day last year.
For the quarter, the company reported impairment of oil and gas properties of $967,287,000.
The company provided production guidance for the third quarter and full year of 2015. For the year 2015, the company expects total production volumes to average 960 MMcfe per day to 980 MMcfe per day, a midpoint increase of 12% over 2014 volumes. Oil volumes are expected to grow 17% to 19% and gas volumes 6% to 8 %. Capital investment for exploration and development is estimated to be $1.0 billion in 2015, which includes an additional $100 million of drilling and completion capital to be funded from the May equity offering.
For the third quarter 2015, total company production is projected to average 920 MMcfe per day to 940 MMcfe per day which includes a reduction of 20 MMcfe per day for facilities maintenance.
For the year 2015, capital expenditures have been increased by $100 million, which will fund the beginnings of several exciting projects, including a Wolfcamp A downspacing pilot in Culberson County and more Bone Spring and Meramec activity.