Cimarex Reports Third-Quarter 2011 Net Income of $128.2 Million
DENVER, Nov. 3, 2011 /PRNewswire/ -- Cimarex Energy Co. (NYSE: XEC) today reported third-quarter 2011 net income of $128.2 million, or $1.49 per diluted share. This compares to third-quarter 2010 earnings of $128.2 million, or $1.50 per diluted share.
Third-quarter 2011 net income includes an unrealized non-cash gain on derivative instruments associated with 2011 oil and gas hedges of $3.4 million after-tax, or $0.04 per share.
Oil, gas and natural gas liquids (NGLs) revenue in the third quarter of 2011 totaled $419.7 million, a 15% increase compared to $366.6 million in the same period of 2010. The increase in third-quarter 2011 revenues is a result of higher realized oil, natural gas liquids (NGL) and gas prices, which were slightly offset by lower production.
Third-quarter 2011 production volumes averaged 592.0 million cubic feet equivalent (MMcfe) per day, a 1% decrease as compared to third-quarter 2010 output of 600.0 MMcfe per day. Third-quarter 2011 Permian and Mid-Continent volumes grew 22% and 15%, respectively over the same period in 2010. Growth in these regions was offset by a 51% decrease in Gulf Coast volumes. Gulf Coast production decreased as a result of declines in wells drilled over the last two years near Beaumont, Texas. Third-quarter 2011 production volumes were 56% gas, 27% oil and 17% NGLs.
Third-quarter 2011 realized oil and NGL prices increased 20% and 36% to $87.64 and $43.11 per barrel, respectively over third-quarter 2010. Gas prices gained 2% to $4.57 per thousand cubic feet (Mcf) as compared to the same period of 2010.
Third-quarter 2011 cash flow from operations was $356.8 million versus $296.8 million a year ago(1). Current quarter cash flow from operations includes a current income tax benefit of $44.1 million. Third-quarter 2010 cash flow included a current income tax benefit of $12.8 million.
For the nine months ended September 30, 2011, net income totaled $413.1 million, or $4.79 per diluted share, as compared to $457.2 million, or $5.33 per diluted share, for the first nine months of 2010. Year-to-date September 30, 2011 cash flow from operations totaled $1.0 billion versus $869.9 million for 2010(1).
2011 Outlook
Fourth-quarter 2011 production is projected to be in the range of 588-613 MMcfe/d, resulting in full-year 2011 volumes of 589-595 MMcfe/d.
Full-year 2011 exploration and development (E&D) capital investment is expected to be approximately $1.6 billion. E&D capital for the first nine months of 2011 totaled $1.2 billion.
Expenses for 2011 are expected to fall within the following ranges:
Expenses ($/Mcfe): |
|||
Production expense |
$1.02 - $1.22 |
||
Transportation expense |
0.28 - 0.33 |
||
DD&A and ARO accretion |
1.90 - 2.05 |
||
General and administrative expense |
0.20 - 0.25 |
||
Taxes other than income (% of oil and gas revenue) |
7.5% - 8.5% |
||
Other
In August 2011, Cimarex sold its entire interest in the Riley Ridge Federal Unit and gas processing facility located in southwestern Wyoming. At closing Cimarex received $176 million, plus customary closing adjustments. The sales contract also provides for a $15 million contingent payment to be paid by the buyer at the time the gas processing facility is operational and certain other performance standards are met, which is now expected to occur in the first quarter of 2012.
Long-term debt at September 30, 2011 was $350 million. Debt to total capitalization ratio at quarter-end was 10% (4).
Cimarex's commodity hedge position comprised of natural gas swaps and oil collars remains unchanged as summarized below:
Natural Gas Contracts
Weighted Average |
|||||||||||
Period |
Type |
Volume (2) |
Index(3) |
Swap Price |
|||||||
Oct 11 – Dec 11 |
Swap |
20,000 |
PEPL |
$ |
5.05 |
||||||
Oil Contracts
Weighted Average Price |
|||||||||||||
Period |
Type |
Volume (2) |
Index(3) |
Floor |
Ceiling |
||||||||
Oct 11 – Dec 11 |
Collar |
12,000 |
WTI |
$ |
65.00 |
$ |
105.44 |
||||||
Cimarex accounts for these commodity contracts using the mark-to-market (through income) accounting method. Third-quarter 2011 net cash settlements were $1.7 million and unrealized non-cash gains totaled $5.4 million.
Exploration and Development Activity
Cimarex's drilling activities are conducted within three main areas: Permian Basin, Mid-Continent and Gulf Coast. Permian activity is currently primarily directed to the Delaware Basin of southeast New Mexico and West Texas. Majority of Mid-Continent drilling is in the western Oklahoma Cana-Woodford shale and Texas Panhandle Granite Wash. Gulf Coast operations are currently focused in southeast Texas.
Cimarex drilled and completed 242 gross (138 net) wells during the first nine months of 2011, investing $1.2 billion on exploration and development. Of total expenditures, 47% were invested in projects located in the Mid-Continent area; 46% in the Permian Basin; and 7% in the Gulf Coast and other.
Wells Drilled and Completed by Region |
|||||||
For the Three Months |
For the Nine Months |
||||||
Ended September 30, |
Ended September 30, |
||||||
2011 |
2010 |
2011 |
2010 |
||||
Gross wells |
|||||||
Permian Basin |
35 |
28 |
106 |
61 |
|||
Mid-Continent |
42 |
31 |
128 |
80 |
|||
Gulf Coast/Other |
5 |
4 |
8 |
11 |
|||
82 |
63 |
242 |
152 |
||||
Net wells |
|||||||
Permian Basin |
23 |
22 |
79 |
47 |
|||
Mid-Continent |
20 |
11 |
52 |
35 |
|||
Gulf Coast/Other |
5 |
3 |
7 |
10 |
|||
48 |
36 |
138 |
92 |
||||
% Gross wells completed as producers |
94% |
94% |
95% |
94% |
|||
At the end of the third quarter, 16 net wells were awaiting completion: seven Permian Basin and nine Mid-Continent. Cimarex currently has 30 operated rigs running; 14 in the Permian Basin, 14 in the Mid-Continent, and two in southeast Texas Gulf Coast.
Permian Basin
Cimarex drilled and completed 106 gross (79 net) Permian Basin wells during the first nine months of 2011, completing 95% as producers. At quarter-end, 13 gross (7 net) wells were awaiting completion. Drilling principally occurred in the Delaware Basin of Texas and southeast New Mexico, mainly targeting Bone Spring, Paddock and Wolf Camp formations. Third-quarter 2011 Permian production averaged 206 MMcfe/d, an increase of 22% over third-quarter 2010, which included over 25% growth in oil volumes to 17,578 barrels per day.
Year-to-date New Mexico Bone Spring wells drilled and completed total 42 gross (27 net). The 30-day gross production from Bone Spring wells have averaged 510 barrels equivalent per day (83% oil). Texas Third Bone Spring drilling totaled 12 gross (9.8 net) wells, which on average had 30-day gross production rates of 660 barrels equivalent per day (74% oil).
During 2011 seven (6.6 net) horizontal Wolfcamp wells have been drilled and completed, bringing total wells in the play to 14 (13.4 net). First 30-day production from the horizontal Wolfcamp wells has averaged 6.2 MMcfe/d, comprised of 46% gas, 32% NGL and 22% oil.
Mid-Continent
For the first-nine months of 2011 Cimarex drilled and completed 128 gross (52 net) wells, completing 99% as producers. At quarter-end, 19 gross (9 net) wells were awaiting completion. Mid-Continent production averaged 303.1 MMcfe/d for the third quarter of 2011, a 15% increase over third-quarter 2010 average of 262.8 MMcfe/d.
The majority of the current year drilling activity has been in the Anadarko Basin, Cana-Woodford shale play, where Cimarex drilled and completed 108 gross (40 net) wells. At quarter-end 14 gross (6 net) wells were being completed or awaiting completion in this area.
Since the Cana play began in late 2007, Cimarex has participated in 283 gross (111 net) wells. Of total wells, 251 gross (96 net) were on production at quarter-end and the remainder were either in the process of being drilled or awaiting completion. Third-quarter 2011 net production from Cana-Woodford averaged 139.2 MMcfe/d, a 66% increase versus the third-quarter 2010 average of 83.9 MMcfe/d.
Gulf Coast
During the first nine months of 2011 Cimarex drilled eight gross (6.7 net) Yegua/Cook Mountain wells, of which three gross (2.4 net) were successful. Gulf Coast production averaged 81.8 MMcfe/d for the third quarter of 2011, a 51% decrease as compared to the third-quarter 2010 average of 166.8 MMcfe/d. The decreased output is a result of lack of exploration success in this year's drilling program and natural decline in highly-productive wells drilled near Beaumont, Texas over the last two years.
Production by Region
Cimarex's average daily production by commodity and region is summarized below:
Production by region |
|||||||
For the Three Months |
For the Nine Months |
||||||
Ended September 30, |
Ended September 30, |
||||||
2011 |
2010 |
2011 |
2010 |
||||
Gas (Mcf per day) |
|||||||
Permian Basin |
76,872 |
70,939 |
72,150 |
71,361 |
|||
Mid-Continent |
209,459 |
196,890 |
197,688 |
193,597 |
|||
Gulf Coast/Other |
43,334 |
84,643 |
57,513 |
106,453 |
|||
329,665 |
352,472 |
327,351 |
371,411 |
||||
Oil (barrels per day) |
|||||||
Permian Basin |
17,578 |
14,026 |
15,977 |
13,468 |
|||
Mid-Continent |
5,720 |
4,687 |
5,641 |
4,595 |
|||
Gulf Coast/Other |
2,986 |
7,694 |
4,954 |
8,849 |
|||
26,284 |
26,407 |
26,572 |
26,912 |
||||
NGL (barrels per day) |
|||||||
Permian Basin |
3,921 |
2,389 |
3,231 |
1,262 |
|||
Mid-Continent |
9,885 |
6,290 |
8,866 |
4,819 |
|||
Gulf Coast/Other |
3,632 |
6,164 |
4,981 |
3,940 |
|||
17,438 |
14,843 |
17,078 |
10,021 |
||||
Total Equivalent (Mcfe per day) |
|||||||
Permian Basin |
205,866 |
169,429 |
187,398 |
159,741 |
|||
Mid-Continent |
303,089 |
262,752 |
284,730 |
250,081 |
|||
Gulf Coast/Other |
83,045 |
167,790 |
117,127 |
183,192 |
|||
592,000 |
599,971 |
589,255 |
593,014 |
||||
Conference call and web cast
Cimarex will also host a conference call today at 11:00 a.m. Mountain Time (1:00 p.m. Eastern Time). To access the live, interactive call, please dial (877) 789-9039 and reference call # 18064713 ten minutes before the scheduled start time. A digital replay will be available for one week following the live broadcast at (855) 859-2056 and by using the conference ID # 18064713. The listen-only web cast of the call will be accessible via 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, Permian Basin and Gulf Coast areas of the U.S.
This communication contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are more fully described in SEC reports filed by Cimarex. While Cimarex makes these forward-looking statements in good faith, management cannot guarantee that anticipated future results will be achieved. Cimarex assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
(1) Cash flow from operations is a non-GAAP financial measure. See below for a reconciliation of the related amounts.
(2) Gas volume in MMBtu per day and oil volume in barrels per day.
(3) PEPL refers to Panhandle Eastern Pipe Line, Tex/Ok Mid-Continent index as quoted in Platt's Inside FERC. WTI refers to West Texas Intermediate oil price as quoted on the New York Mercantile Exchange.
(4) Reconciliation of debt to total capitalization, which is a non-GAAP measure, is: long-term debt of $350 million divided by long-term debt of $350 million plus stockholders' equity of $3,013.4 million.
RECONCILIATION OF CASH FLOW FROM OPERATIONS |
||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||
September 30, |
September 30, |
|||||||||
2011 |
2010 |
2011 |
2010 |
|||||||
(in thousands) |
||||||||||
Net cash provided by operating activities |
$ |
332,432 |
$ |
314,408 |
$ |
971,523 |
$ |
886,668 |
||
Change in operating assets |
||||||||||
and liabilities |
24,372 |
(17,628) |
33,264 |
(16,787) |
||||||
Cash flow from operations |
$ |
356,804 |
$ |
296,780 |
$ |
1,004,787 |
$ |
869,881 |
||
Management believes that the non-GAAP measure of cash flow from operations is useful information for investors because it is used internally and is accepted by the investment community as a means of measuring the company's ability to fund its capital program. It is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry. |
||||||||||
PRICE AND PRODUCTION DATA* |
||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||
September 30, |
September 30, |
|||||||||
2011 |
2010 |
2011 |
2010 |
|||||||
Total gas production - Mcf |
30,329,145 |
32,427,382 |
89,366,754 |
101,395,114 |
||||||
Gas volume - Mcf per day |
329,665 |
352,472 |
327,351 |
371,411 |
||||||
Gas price - per Mcf |
$4.57 |
$4.48 |
$4.59 |
$5.15 |
||||||
Total oil production - barrels |
2,418,141 |
2,429,407 |
7,254,247 |
7,347,108 |
||||||
Oil volume - barrels per day |
26,284 |
26,407 |
26,572 |
26,912 |
||||||
Oil price - per barrel |
$87.64 |
$73.20 |
$93.08 |
$74.87 |
||||||
Total NGL production - barrels |
1,604,337 |
1,365,581 |
4,662,376 |
2,735,823 |
||||||
NGL volume - barrels per day |
17,438 |
14,843 |
17,078 |
10,021 |
||||||
NGL price - per barrel |
$43.11 |
$31.73 |
$42.99 |
$33.41 |
||||||
* |
During the first quarter of 2010 we began separately reporting NGL sales and production volumes. The determination of whether to record and separately disclose NGL volumes is based on where title transfer occurs during processing of the well stream. New gas processing contracts related to new drilling activity and ongoing contractual amendments have resulted in title of NGL volumes being conveyed to the Company. As a consequence, reported gas and NGL volumes and prices between periods may not be comparable. |
|||||||||
OIL AND GAS CAPITALIZED EXPENDITURES |
||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||
September 30, |
September 30, |
|||||||||
2011 |
2010 |
2011 |
2010 |
|||||||
(in thousands) |
||||||||||
Acquisitions: |
||||||||||
Proved |
$ |
12,439 |
$ |
19 |
$ |
21,604 |
$ |
13,805 |
||
Unproved |
8,380 |
978 |
20,427 |
21,497 |
||||||
20,819 |
997 |
42,031 |
35,302 |
|||||||
Exploration and development: |
||||||||||
Land and Seismic |
61,907 |
49,368 |
146,832 |
112,076 |
||||||
Exploration and development |
360,733 |
246,501 |
1,032,794 |
613,387 |
||||||
422,640 |
295,869 |
1,179,626 |
725,463 |
|||||||
Sale proceeds: |
||||||||||
Proved* |
(83,709) |
807 |
(102,192) |
(24,054) |
||||||
Unproved |
(150) |
— |
(1,971) |
(3,917) |
||||||
(83,859) |
807 |
(104,163) |
(27,971) |
|||||||
$ |
359,600 |
$ |
297,673 |
$ |
1,117,494 |
$ |
732,794 |
|||
* |
The positive amount in the third-quarter 2010 proved sales proceeds reflects purchase price adjustments related to a disposition in the second quarter 2010. |
|||||||||
CONDENSED STATEMENTS OF OPERATIONS (unaudited) |
||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||
September 30, |
September 30, |
|||||||||
2011 |
2010 |
2011 |
2010 |
|||||||
(In thousands, except per share data) |
||||||||||
Revenues: |
||||||||||
Gas sales |
$ |
138,631 |
$ |
145,396 |
$ |
410,331 |
$ |
522,408 |
||
Oil sales |
211,928 |
177,834 |
675,239 |
550,058 |
||||||
NGL sales |
69,169 |
43,331 |
200,428 |
91,391 |
||||||
Gas gathering, processing and other, net |
14,081 |
12,022 |
41,620 |
41,797 |
||||||
433,809 |
378,583 |
1,327,618 |
1,205,654 |
|||||||
Costs and expenses: |
||||||||||
Depreciation, depletion, amortization and accretion |
108,259 |
79,906 |
287,777 |
227,047 |
||||||
Production |
62,333 |
52,010 |
181,558 |
139,349 |
||||||
Transportation |
15,196 |
13,084 |
45,029 |
35,076 |
||||||
Gas gathering and processing |
4,821 |
4,577 |
14,002 |
17,182 |
||||||
Taxes other than income |
30,533 |
28,094 |
98,625 |
88,862 |
||||||
General and administrative |
9,390 |
11,274 |
34,734 |
36,136 |
||||||
Stock compensation, net |
4,595 |
3,241 |
13,962 |
9,012 |
||||||
Gain on derivative instruments, net |
(7,120) |
(15,028) |
(11,353) |
(70,914) |
||||||
Other operating, net |
2,379 |
2,291 |
8,095 |
2,321 |
||||||
230,386 |
179,449 |
672,429 |
484,071 |
|||||||
Operating income |
203,423 |
199,134 |
655,189 |
721,583 |
||||||
Other (income) and expense: |
||||||||||
Interest expense |
7,278 |
7,348 |
22,192 |
22,481 |
||||||
Amortization of deferred financing costs |
2,001 |
1,711 |
5,407 |
5,141 |
||||||
Capitalized interest |
(7,253) |
(7,259) |
(21,830) |
(21,968) |
||||||
Gain on early extinguishment of debt |
— |
(3,776) |
— |
(3,776) |
||||||
Other, net |
(3,604) |
(2,711) |
(7,226) |
(2,790) |
||||||
Income before income tax |
205,001 |
203,821 |
656,646 |
722,495 |
||||||
Income tax expense |
76,849 |
75,605 |
243,583 |
265,298 |
||||||
Net income |
$ |
128,152 |
$ |
128,216 |
$ |
413,063 |
$ |
457,197 |
||
Earnings per share to common stockholders: |
||||||||||
Basic |
$ |
1.49 |
$ |
1.50 |
$ |
4.81 |
$ |
5.36 |
||
Diluted |
$ |
1.49 |
$ |
1.50 |
$ |
4.79 |
$ |
5.33 |
||
Dividends per share |
$ |
0.10 |
$ |
0.08 |
$ |
0.30 |
$ |
0.24 |
||
Shares attributable to common stockholders: |
||||||||||
Unrestricted common shares outstanding |
83,736 |
82,806 |
83,736 |
82,806 |
||||||
Diluted common shares |
84,115 |
83,217 |
84,151 |
83,265 |
||||||
Shares attributable to common stockholders and participating securities: |
||||||||||
Basic shares outstanding |
85,806 |
85,348 |
85,806 |
85,348 |
||||||
Fully diluted shares |
86,185 |
85,759 |
86,221 |
85,807 |
||||||
CONDENSED CASH FLOW STATEMENTS (unaudited) |
||||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||
September 30, |
September 30, |
|||||||||||||
2011 |
2010 |
2011 |
2010 |
|||||||||||
(In thousands) |
||||||||||||||
Cash flows from operating activities: |
||||||||||||||
Net income |
$ |
128,152 |
$ |
128,216 |
$ |
413,063 |
$ |
457,197 |
||||||
Adjustment to reconcile net income to net cash |
||||||||||||||
provided by operating activities: |
||||||||||||||
Depreciation, depletion, amortization and accretion |
108,259 |
79,906 |
287,777 |
227,047 |
||||||||||
Deferred income taxes |
120,930 |
88,375 |
288,986 |
213,678 |
||||||||||
Stock compensation, net |
4,595 |
3,241 |
13,962 |
9,012 |
||||||||||
Derivative instruments, net |
(5,373) |
(881) |
(7,536) |
(39,656) |
||||||||||
Changes in non-current assets and liabilities |
(840) |
4,893 |
3,719 |
10,507 |
||||||||||
Amortization of deferred financing costs |
||||||||||||||
and other, net |
1,081 |
(6,970) |
4,816 |
(7,904) |
||||||||||
Changes in operating assets and liabilities: |
||||||||||||||
Increase in receivables, net |
(49,778) |
(14,413) |
(32,229) |
(4,364) |
||||||||||
(Increase) decrease in other current assets |
40,430 |
(16,556) |
30,736 |
31 |
||||||||||
Increase (decrease) in accounts payable and |
||||||||||||||
accrued liabilities |
(15,024) |
48,597 |
(31,771) |
21,120 |
||||||||||
Net cash provided by operating activities |
332,432 |
314,408 |
971,523 |
886,668 |
||||||||||
Cash flows from investing activities: |
||||||||||||||
Oil and gas expenditures |
(453,375) |
(264,595) |
(1,152,676) |
(691,536) |
||||||||||
Sales of oil and gas and other assets |
195,354 |
4,741 |
216,000 |
33,646 |
||||||||||
Other expenditures |
(17,161) |
(24,133) |
(70,050) |
(38,941) |
||||||||||
Net cash used by investing activities |
(275,182) |
(283,987) |
(1,006,726) |
(696,831) |
||||||||||
Cash flows from financing activities: |
||||||||||||||
Net decrease in bank debt |
— |
— |
— |
(25,000) |
||||||||||
Decrease in other long-term debt |
— |
(19,450) |
— |
(19,450) |
||||||||||
Financing costs incurred |
(7,248) |
(1) |
(7,348) |
(101) |
||||||||||
Dividends paid |
(8,583) |
(6,827) |
(23,998) |
(18,662) |
||||||||||
Issuance of common stock and other |
2,591 |
1,896 |
9,583 |
18,928 |
||||||||||
Net cash used by financing activities |
(13,240) |
(24,382) |
(21,763) |
(44,285) |
||||||||||
Net change in cash and cash equivalents |
44,010 |
6,039 |
(56,966) |
145,552 |
||||||||||
Cash and cash equivalents at beginning of period |
13,150 |
142,057 |
114,126 |
2,544 |
||||||||||
Cash and cash equivalents at end of period |
$ |
57,160 |
$ |
148,096 |
$ |
57,160 |
$ |
148,096 |
||||||
CONDENSED BALANCE SHEETS (unaudited) |
|||||||
September 30, |
December 31, |
||||||
Assets |
2011 |
2010 |
|||||
(In thousands, except share data) |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
57,160 |
$ |
114,126 |
|||
Receivables, net |
343,197 |
310,968 |
|||||
Oil and gas well equipment and supplies |
82,947 |
81,871 |
|||||
Deferred income taxes |
2,625 |
4,293 |
|||||
Derivative instruments |
3,680 |
5,731 |
|||||
Other current assets |
12,267 |
44,778 |
|||||
Total current assets |
501,876 |
561,767 |
|||||
Oil and gas properties at cost, using the full cost method of accounting: |
|||||||
Proved properties |
9,437,102 |
8,421,768 |
|||||
Unproved properties and properties under development, |
|||||||
not being amortized |
659,947 |
547,609 |
|||||
10,097,049 |
8,969,377 |
||||||
Less – accumulated depreciation, depletion and amortization |
(6,309,847) |
(6,047,019) |
|||||
Net oil and gas properties |
3,787,202 |
2,922,358 |
|||||
Fixed assets, net |
98,032 |
156,579 |
|||||
Goodwill |
691,432 |
691,432 |
|||||
Other assets, net |
33,010 |
26,111 |
|||||
$ |
5,111,552 |
$ |
4,358,247 |
||||
Liabilities and Stockholders’ Equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
61,705 |
$ |
47,242 |
|||
Accrued liabilities |
379,344 |
320,989 |
|||||
Derivative instruments |
— |
9,587 |
|||||
Revenue payable |
135,274 |
134,495 |
|||||
Total current liabilities |
576,323 |
512,313 |
|||||
Long-term debt |
350,000 |
350,000 |
|||||
Deferred income taxes |
906,118 |
619,040 |
|||||
Other liabilities |
265,704 |
267,062 |
|||||
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, |
|||||||
85,742,139 and 85,234,721 shares issued, respectively |
857 |
852 |
|||||
Paid-in capital |
1,899,725 |
1,883,065 |
|||||
Retained earnings |
1,112,978 |
725,651 |
|||||
Accumulated other comprehensive income (loss) |
(153) |
264 |
|||||
3,013,407 |
2,609,832 |
||||||
$ |
5,111,552 |
$ |
4,358,247 |
||||
SOURCE Cimarex Energy Co.
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