Cimarex Energy Q4 Profit Up - Quick Facts

(RTTNews) - Cimarex Energy Co. (XEC) reported GAAP net income for the fourth quarter of 2013 of $206.83 million, or $2.37 per share, up from $99.15 million or $1.14 per share in the same quarter last year.

Following a December 2013 ruling by the Oklahoma Supreme Court, net income was adjusted to reflect a reduction of the estimated long-term liability associated with a 2009 legal judgment. The company said its current estimate could change as a result of the outcome of ongoing legal proceedings that cannot be predicted at this time.

Adjusted fourth-quarter 2013 net income was $117.6 million, or $1.35 per share, compared to adjusted net income of $102.8 million, or $1.19 per share in fourth-quarter 2012.

Fourth-quarter 2013 production averaged 704.9 million cubic feet equivalent (MMcfe) per day as compared to fourth-quarter 2012 daily output of 676.7 MMcfe. Production during the quarter was impacted by weather and pipeline disruptions in the Permian Basin. Led by 21 percent growth in Permian volumes, total company production for the full year increased 11 percent to a record 692.6 MMcfe per day. Oil production grew 17 percent and gas production was up six percent year-over-year.

Revenues for the quarter rose to $516.60 million from $440.87 million in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.41 per share and revenues of $526.41 million for the quarter. Analysts' estimates typically exclude special items.

As previously announced, 2014 capital expenditures are estimated to be $1.8 billion. Total company production volumes are projected to average 760-800 MMcfe per day in 2014, a midpoint increase of 13 percent over 2013. Oil is projected to grow 17 to 19 percent. First-quarter 2014 production volumes are projected to average 696-710 MMcfe per day. Projected 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.