Production up 8% quarterly, 17% year-over-year
Cimarex Energy (ticker: XEC) announced third quarter results today, showing net income of $148.4 million, or $1.56 per share.

Cimarex produced an average of 218.6 MBOEPD in Q3, 63.9 MBOPD of which was oil. This oil production level represents 17% pro forma growth year-over-year, or 8% quarterly growth.

Cimarex brought net 46 wells online in Q3, double the 23 the company completed in Q2. The company plans to bring net 34 wells online in Q4, and currently has 16 rigs operating. Cimarex has one of the highest differences between its net and gross well numbers among large cap E&P companies, as the company brought 120 gross wells onto production in Q3.

Most of the company’s operations ...

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