Cimarex Energy Co. Announces Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Production and Capital Expenditures and Tax Guidance for 2014 and Production Guidance for the First Quarter of 2014
Feb 19 14
Cimarex Energy Co. announced unaudited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported revenues were $516,602,000 against $440,868,000 a year ago. Operating income was $322,394,000 against $160,437,000 a year ago. Income before income tax was $324,223,000 against $156,860,000 a year ago. Net income was $206,827,000 or $2.37 diluted per share against $99,152,000 or $1.14 diluted per share a year ago. Net cash provided by operating activities was $383,600,000 against $356,616,000 a year ago. Oil and gas expenditures were $406,733,000 against $480,965,000 a year ago. Adjusted cash flow from operations was $355,469,000 versus $300,076,000 a year ago. Adjusted net income was $117,628,000 against $102,788,000 a year ago. Adjusted diluted earnings per share were $1.35 against $1.19 a year ago.
For the full year, the company reported revenues were $1,998,051,000 against $1,623,938,000 a year ago. Operating income was $895,638,000 against $571,043,000 a year ago. Income before income tax was $893,700,000 against $560,550,000 a year ago. Net income was $564,689,000 or $6.47 diluted per share against $353,823,000 or $4.07 diluted per share a year ago. Net cash provided by operating activities was $1,324,348,000 against $1,192,764,000 a year ago. Oil and gas expenditures were $1,572,288,000 against $1,662,707,000 a year ago. Full-year 2013 adjusted cash flow from operations totaled $1,388,188,000 versus $1,134,715,000 for 2012. Adjusted net income was $469,265,000 against $366,782,000 a year ago. Adjusted diluted earnings per share were $5.38 against $4.22 a year ago. CapEx in 2013 totaled about $400 million in Cana.
For the quarter, the company total production of Gas was 32,334 MMcf against 30,671 MMcf a year ago. Oil production was 3,425,758 Bbls against 3,229,095 Bbls a year ago. NGLs production was 1,993,029 Bbls against 2,034,893 a year ago.
For the full year, the company total production of Gas was 125,248 MMcf against 118,495 MMcf a year ago. Oil production was 13,380,383 Bbls against 11,515,598 Bbls a year ago. NGLs production was 7,876,123 Bbls against 6,951,646 a year ago.
For 2014, the company capital expenditures are estimated to be $1.8 billion. Taxes other than income will be in between 5.8% to 6.2%. CapEx in 2014 will drop to about $250 million as company's partner has suspended drilling activities in Cana to focus on other opportunities for the time being. Of that $250 million Cimarex plan to spend, about $200 million will be used for drilling and completion activities, including approximately $60 million for drilling new wells and $140 million on completions of wells drilled in 2013 and 2014.
For 2014, total company production volumes are expected to be in the range average of 760 to 800 MMcfe per day in 2014, a midpoint increase of 13% over 2013. Oil is expected to grow 17 to 19%.
For the first quarter of 2014, the company production volumes are expected to average of 696 to 710 MMcfe per day. Expected first-quarter volumes incorporate a reduction of 13-15 MMcfe per day for recent weather related downtime and planned facility maintenance/modifications of the Triple Crown pipeline scheduled for March.