August 5, 2019 - 4:01 PM EDT
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Cimarex Reports Second Quarter 2019 Results

DENVER, Aug. 5, 2019 /PRNewswire/ -- 

  • Daily production averaged 274.8 MBOE; oil production averaged 83,430 barrels per day
  • 3Q oil production expected to be 85.0- 91.0 MBO/d; up 5.5 percent sequentially
  • 2019 oil production expected to grow 23-29 percent; led by the Permian region
  • 2019 capital guidance unchanged

Cimarex Energy Co. (NYSE: XEC) today reported second quarter 2019 net income of $109.3 million, or $1.07 per share, compared to $141.0 million, or $1.48 per share, in the same period a year ago.  Second quarter adjusted net income (non-GAAP) was $83.0 million, or $0.82 per share, compared to second quarter 2018 adjusted net income (non-GAAP) of $151.9 million, or $1.59 per share1.  Net cash provided by operating activities was $414.0 million in the second quarter of 2019 compared to $321.2 million in the same period a year ago.  Adjusted cash flow from operations (non-GAAP) was $336.4 million in the second quarter of 2019 compared to $349.5 million in the second quarter a year ago1.

Total company production volumes for the quarter averaged 274.8 thousand barrels of oil equivalent (MBOE) per day.  Oil production averaged 83,430 barrels (bbls) per day, up 35 percent from the same period a year ago and up five percent sequentially.

Realized product prices were down in the second quarter as compared to the same quarter a year ago.  Realized oil prices averaged $54.24 per barrel, down 11 percent from the $60.99 per barrel received in the second quarter of 2018.  Realized natural gas prices averaged $0.50 per thousand cubic feet (Mcf), down 70 percent from the second quarter 2018 average of $1.65 per Mcf.  NGL prices averaged $13.08 per barrel, down 41 percent from the $22.29 per barrel received in the second quarter of 2018. See footnotes to the Average Realized Prices by Region table below for ASC 606 impact on realized prices.

Natural gas prices were negatively impacted by local price differentials. Cimarex's average differential to Henry Hub on its Permian natural gas production was $3.10 per Mcf in the second quarter of 2019 compared to $1.31 per Mcf in the second quarter of 2018 and $1.91 in the first quarter of 2019. In the Mid-Continent region, the company's average differential to Henry Hub was $0.86 per Mcf versus $1.03 per Mcf in the second quarter of 2018 and $0.46 in the first quarter of 2019.   Our realized Permian oil differential to WTI Cushing improved and averaged $5.80 per barrel in the quarter, compared to $8.05 per barrel in the second quarter of 2018 and $6.90 per barrel in the first quarter of 2019.

Cimarex invested $325 million in exploration and development (E&D) during the second quarter, of which $265 million is attributable to drilling and completion activities. Cimarex invested $22 million in midstream assets during the quarter.  Second quarter investments were funded with cash flow from operating activities. Total debt at June 30, 2019 consisted of $2.0 billion of long-term notes.  Cimarex had no borrowings under its revolving credit facility and a cash balance of $19 million.  Debt was 35 percent of total capitalization2.

2019 Outlook
Third quarter 2019 production volumes are expected to average 265 - 279 MBOE per day.  Oil volumes estimated to average 85.0 - 91.0 MBbls per day in the third quarter, up 5.5 percent sequentially at the  midpoint.  Total 2019 daily production volumes are now expected to average 263 - 272 MBOE per day, with annual oil volumes estimated to average 83.0 - 87.0 MBbls per day.

Estimated 2019 exploration and development investment is $1.35 – 1.45 billion, unchanged from guidance given in February. Midstream investments are estimated to total approximately $70 million in 2019.

Expenses per BOE of production for 2019 are estimated to be:


Production expense

$3.30 - 3.65


Transportation, processing and other expense

1.80 - 2.20


DD&A and ARO accretion

7.75 - 8.75


General and administrative expense

0.95 - 1.20


Taxes other than income (% of oil and gas revenue)

  6.5 - 7.5%

Operations Update
Cimarex invested $325 million in E&D during the second quarter, 83 percent in the Permian Basin and 17 percent in the Mid-Continent.  Cimarex brought 110 gross (40 net) wells on production during the quarter.  At June 30, 99 gross (24 net) wells were waiting on completion.  Cimarex currently is operating eight drilling rigs.

WELLS BROUGHT ON PRODUCTION BY REGION












Three Months Ended
June 30,


Six Months Ended
June 30,



2019


2018


2019


2018










Gross wells









Permian Basin


44



32



56



49


Mid-Continent


66



57



92



94




110



89



148



143


Net wells









Permian Basin


32



13



37



22


Mid-Continent


8



10



11



16




40



23



48



38


Permian Region
Production from the Permian region averaged 188,703 BOE per day in the second quarter, a 55 percent increase from second quarter 2018.  Oil volumes averaged 70,669 barrels per day, a 45 percent increase from second quarter 2018 and up nine percent sequentially.

Cimarex completed 44 gross (32 net) wells in the Permian region during the second quarter.  There were 44 gross (20 net) wells waiting on completion at June 30.  Cimarex currently is operating eight drilling rigs and two completion crews in the region.

Mid-Continent Region
Production from the Mid-Continent averaged 85,696 BOE per day for the second quarter, down four percent from second quarter 2018 and down five percent sequentially.

During the second quarter, Cimarex completed 66 gross (8 net) wells in the Mid-Continent region.  At the end of the quarter, 55 gross (4 net) wells were waiting on completion.  Cimarex is not currently operating a drilling rig or completion crew in the Mid-Continent.

Production by Region
Cimarex's average daily production and commodity price by region is summarized below:

DAILY PRODUCTION BY REGION












Three Months Ended
June 30,


Six Months Ended
June 30,



2019


2018


2019


2018










Permian Basin









Gas (MMcf)


379.3



240.5



360.1



239.2


Oil (Bbls)


70,669



48,797



67,835



49,318


NGL (Bbls)


54,813



32,865



50,567



28,817


Total Equivalent (BOE)


188,703



121,744



178,413



118,002











Mid-Continent









Gas (MMcf)


285.5



297.0



291.3



296.2


Oil (Bbls)


12,623



12,473



13,419



13,841


NGL (Bbls)


25,496



26,894



26,060



26,927


Total Equivalent (BOE)


85,696



88,864



88,028



90,142











Total Company









Gas (MMcf)


665.8



539.5



652.5



537.1


Oil (Bbls)


83,430



61,651



81,433



63,422


NGL (Bbls)


80,362



59,857



76,680



55,810


Total Equivalent (BOE)


274,767



211,424



266,868



208,752




AVERAGE REALIZED PRICE BY REGION












Three Months Ended
June 30,


Six Months Ended
June 30,



2019


2018


2019


2018










Permian Basin









Gas ($ per Mcf) (1)


(0.46)



1.49



0.34



1.86


Oil ($ per Bbl)


54.02



59.83



51.15



59.79


NGL ($ per Bbl) (2)


11.97



22.80



13.72



21.93











Mid-Continent









Gas ($ per Mcf) (3)


1.78



1.77



2.24



2.04


Oil ($ per Bbl)


55.43



65.70



54.01



62.87


NGL ($ per Bbl) (4)


15.47



21.66



16.51



20.67











Total Company









Gas ($ per Mcf) (5)


0.50



1.65



1.19



1.96


Oil ($ per Bbl)


54.24



60.99



51.64



60.45


NGL ($ per Bbl) (6)


13.08



22.29



14.67



21.32


______________________________________

(1)

The average realized gas price shown in the table above includes the effects of ASC 606, which reduced the average realized prices by $0.40 per Mcf, $0.13 per Mcf, $0.34 per Mcf, and $0.11 per Mcf for the three months ended June 30, 2019 and 2018 and the six months ended June 30, 2019 and 2018, respectively.



(2)

The average realized NGL price shown in the table above includes the effects of ASC 606, which reduced the average realized prices by $1.77 per barrel, $1.01 per barrel, $1.79 per barrel, and $1.69 per barrel for the three months ended June 30, 2019 and 2018 and the six months ended June 30, 2019 and 2018, respectively.



(3)

The average realized gas price shown in the table above includes the effects of ASC 606, which reduced the average realized prices by $0.04 per Mcf, $0.04 per Mcf, $0.04 per Mcf, and $0.04 per Mcf for the three months ended June 30, 2019 and 2018 and the six months ended June 30, 2019 and 2018, respectively.



(4)

The average realized NGL price shown in the table above includes the effects of ASC 606, which reduced the average realized prices by $0.25 per barrel, $0.28 per barrel, $0.32 per barrel, and $1.34 per barrel for the three months ended June 30, 2019 and 2018 and the six months ended June 30, 2019 and 2018, respectively.



(5)

The average realized gas price shown in the table above includes the effects of ASC 606, which reduced the average realized prices by $0.25 per Mcf, $0.08 per Mcf, $0.21 per Mcf, and $0.07 per Mcf for the three months ended June 30, 2019 and 2018 and the six months ended June 30, 2019 and 2018, respectively.



(6)

The average realized NGL price shown in the table above includes the effects of ASC 606, which reduced the average realized prices by $1.29 per barrel, $0.68 per barrel, $1.29 per barrel, and $1.52 per barrel for the three months ended June 30, 2019 and 2018 and the six months ended June 30, 2019 and 2018, respectively.

Other
Cimarex received cash settlements of $21.2 million related to its gas hedges during the quarter.  Settlement of oil hedges resulted in a cash payment of $14.9 million.

The following table summarizes the company's current open hedge positions:



3Q19


4Q19


1Q20


2Q20


3Q20


4Q20














Gas Collars:

PEPL(3)













Volume (MMBtu/d)

140,000


110,000


80,000


50,000


20,000


20,000


Wtd Avg Floor

$

1.93


$

1.92


$

1.93


$

1.91


$

1.85


$

1.85


Wtd Avg Ceiling

$

2.32


$

2.36


$

2.36


$

2.28


$

2.31


$

2.31















El Paso Perm(3)













Volume (MMBtu/d)

90,000


60,000


40,000


30,000


20,000


20,000


Wtd Avg Floor

$

1.46


$

1.38


$

1.40


$

1.40


$

1.35


$

1.35


Wtd Avg Ceiling

$

1.76


$

1.71


$

1.79


$

1.82


$

1.66


$

1.66















Waha (3)













Volume (MMBtu/d)

60,000


60,000


50,000


30,000




Wtd Avg Floor

$

1.48


$

1.48


$

1.50


$

1.57


$


$


Wtd Avg Ceiling

$

1.82


$

1.82


$

1.87


$

1.97


$


$














Oil Collars:

WTI(4)













Volume (Bbl/d)

40,000


32,000


24,000


16,000


8,000


8,000


Wtd Avg Floor

$

53.85


$

54.81


$

54.08


$

51.13


$

50.00


$

50.00


Wtd Avg Ceiling

$

67.44


$

67.75


$

67.65


$

63.56


$

62.80


$

62.80














Oil Basis Swaps:

WTI Midland(5)













Volume (Bbl/d)

35,500


35,500


23,000


15,000


8,000


8,000


Wtd Avg Differential

$

(7.36)


$

(6.32)


$

0.16


$

0.19


$

0.71


$

0.71














Oil Swaps:

WTI(4)













Volume (Bbl/d)

5,000


5,000






Wtd Avg Fixed

$

64.54


$

64.54


$


$


$


$














Gas Swaps:

Henry Hub(6)













Volume (MMBtu/d)

35,000


35,000






Wtd Avg Fixed

$

3.00


$

3.00


$


$


$


$














Sold Oil Calls:

WTI(4)













Volume (Bbl/d)

3,670


3,670






Wtd Avg Ceiling

$

64.36


$

64.36


$


$


$


$

Conference call and webcast
Cimarex will host a conference call tomorrow, August 6, at 11:00 a.m. EDT (9:00 a.m. MDT).  The call will be webcast and accessible on the Cimarex website at www.cimarex.com.  To join the live, interactive call, please dial 866-367-3053 ten minutes before the scheduled start time (callers in Canada dial 855-669-9657 and international callers dial 412-902-4216).

A replay will be available on the company's website.

Investor Presentation
For more details on Cimarex's second quarter 2019 results, please refer to the company's investor presentation available at 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 Permian Basin and Mid-Continent areas of the U.S.

This press release contains forward-looking statements, including statements regarding projected results and future events. In particular, the "2019 Outlook" contains projections for certain 2019 operational and financial metrics.  These forward-looking statements are based on management's judgment as of the date of this press release and include certain risks and uncertainties.  Please refer to the company's Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC, and other filings including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, for a list of certain risk factors that may affect these forward-looking statements.

Actual results may differ materially from company projections and other forward-looking statements and can be affected by a variety of factors outside the control of the company including among other things: oil, NGL and natural gas price levels and volatility; local commodity price differentials; derivative and hedging activities; higher than expected costs and expenses, including the availability and cost of services and materials; our ability to successfully integrate the business of the recently acquired Resolute Energy Corporation; compliance with environmental and other regulations; costs and availability of third party facilities for gathering, processing, refining and transportation; risks associated with operating in one major geographic area; environmental liabilities; the ability to receive drilling and other permits and rights-of-way in a timely manner; development drilling and testing results; declines in the values of our oil and gas properties resulting in impairments; the potential for production decline rates to be greater than expected; performance of acquired properties and newly drilled wells; regulatory approvals, including regulatory restrictions on federal lands; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions and disposal of produced water; unexpected future capital expenditures; economic and competitive conditions; the availability and cost of capital; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; changes in estimates of proved reserves; the success of the company's risk management activities; title to properties; litigation; the ability to complete property sales or other transactions; the effectiveness of controls over financial reporting; and other factors discussed in the company's reports filed with the SEC. Cimarex Energy Co. encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, the company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.

______________________________________



1

Adjusted net income and adjusted cash flow from operations are non-GAAP financial measures.  See below for reconciliations of the related GAAP amounts.



2

Debt to total capitalization is calculated by dividing the sum of (i) the principal amount of senior notes and (ii) redeemable preferred stock by the sum of (x) the principal amount of senior notes, (y) redeemable preferred stock, and (z) total stockholders' equity.



3

PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent index, El Paso Perm refers to El Paso Permian Basin index, and Waha refers to West Texas (Waha) Index, all as quoted in Platt's Inside FERC.



4

WTI refers to West Texas Intermediate oil price as quoted on the New York Mercantile Exchange.



5

Index price on basis swaps is WTI NYMEX less the weighted average WTI Midland differential, as quoted by Argus Americas Crude.



6

Henry Hub (located in So. Louisiana) is the official location for futures contracts on the New York Mercantile Exchange (NYMEX).

RECONCILIATION OF ADJUSTED NET INCOME

The following reconciles net income as reported under generally accepted accounting principles (GAAP) to adjusted net income (non-GAAP) for the periods indicated.


Three Months Ended
June 30,


Six Months Ended
June 30,


2019


2018


2019


2018


(in thousands, except per share data)









Net income

$

109,309



$

140,997



$

135,625



$

327,315


Mark-to-market (gain) loss on open derivative positions

(34,531)



14,169



71,870



(2,379)


Loss on early extinguishment of debt





4,250




Acquisition related costs

74





8,391




Tax impact

8,166



(3,259)



(20,029)



552


Adjusted net income

$

83,018



$

151,907



$

200,107



$

325,488


Diluted earnings per share

$

1.07



$

1.48



$

1.34



$

3.44


Adjusted diluted earnings per share*

$

0.82



$

1.59



$

2.01



$

3.41










Weighted-average number of shares outstanding:








Adjusted diluted**

101,448



95,428



99,592



95,451



Adjusted net income and adjusted diluted earnings per share exclude the noted items because management believes these items affect the comparability of operating results. The company discloses these non-GAAP financial measures as a useful adjunct to GAAP measures because:





a)

Management uses adjusted net income to evaluate the company's operating performance between periods and to compare the company's performance to other oil and gas exploration and production companies.


b)

Adjusted net income is more comparable to earnings estimates provided by research analysts.




* Does not include adjustments resulting from application of the "two-class method" used to determine earnings per share under GAAP.




** Reflects the weighted-average number of common shares outstanding during the period as adjusted for the dilutive effects of outstanding stock options.

RECONCILIATION OF ADJUSTED CASH FLOW FROM OPERATIONS

The following table provides a reconciliation from generally accepted accounting principles (GAAP) measures of net cash provided by operating activities to adjusted cash flows from operations (non-GAAP) for the periods indicated.


Three Months Ended
June 30,


Six Months Ended
June 30,


2019


2018


2019


2018


(in thousands)

Net cash provided by operating activities

$

413,992



$

321,246



$

664,083



$

704,339


Change in operating assets and liabilities

(77,630)



28,265



23,341



12,406










Adjusted cash flow from operations

$

336,362



$

349,511



$

687,424



$

716,745


Management uses the non-GAAP financial measure of adjusted cash flow from operations as a means of measuring our ability to fund our capital program and dividends, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of net cash provided by operating activities. Management believes this non-GAAP financial measure provides useful information to investors for the same reason, and that it is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.

OIL AND GAS CAPITALIZED EXPENDITURES








Three Months Ended
June 30,


Six Months Ended
June 30,


2019


2018


2019


2018


(in thousands)

Acquisitions:








Proved

$

1,200



$



$

693,800



$

62


Unproved

1,000



77



1,051,782



2,236



2,200



77



1,745,582



2,298










Exploration and development:








Land and seismic

$

14,552



$

10,327



$

24,079



$

20,424


Exploration and development

310,428



365,097



668,919



668,469



324,980



375,424



692,998



688,893










Property sales:








Proved

$

(22,058)



$

(4,577)



$

(18,028)



$

(29,541)


Unproved

(6,253)



(441)



(9,754)



(5,301)



(28,311)



(5,018)



(27,782)



(34,842)











$

298,869



$

370,483



$

2,410,798



$

656,349


 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)










Three Months Ended
June 30,


Six Months Ended
June 30,


2019


2018


2019


2018


(in thousands, except per share information)

Revenues:








Oil sales

$

411,766



$

342,184



$

761,072



$

693,907


Gas and NGL sales

126,044



202,202



343,959



405,920


Gas gathering and other

8,653



11,888



18,389



23,581



546,463



556,274



1,123,420



1,123,408


Costs and expenses:








Depreciation, depletion, amortization, and accretion

215,484



145,441



407,950



279,360


Production

87,726



79,215



164,959



150,486


Transportation, processing, and other operating

48,331



51,933



101,939



97,098


Gas gathering and other

13,605



9,467



25,925



19,290


Taxes other than income

41,033



27,930



74,727



58,118


General and administrative

24,911



19,739



53,995



43,060


Stock compensation

6,494



3,095



13,207



9,825


(Gain) loss on derivative instruments, net

(40,768)



21,699



74,684



17,540


Other operating expense, net

590



5,252



8,916



5,455



397,406



363,771



926,302



680,232










Operating income

149,057



192,503



197,118



443,176










Other (income) and expense:








Interest expense

24,674



16,895



45,079



33,678


Capitalized interest

(16,805)



(4,850)



(25,547)



(9,660)


Loss on early extinguishment of debt





4,250




Other, net

(2,167)



(2,605)



(4,408)



(7,172)










Income before income tax

143,355



183,063



177,744



426,330


Income tax expense

34,046



42,066



42,119



99,015


Net income

$

109,309



$

140,997



$

135,625



$

327,315










Earnings per share to common stockholders:








Basic

$

1.07



$

1.48



$

1.34



$

3.44


Diluted

$

1.07



$

1.48



$

1.34



$

3.44










Dividends declared per share

$

0.20



$

0.16



$

0.40



$

0.32










Weighted-average number of shares outstanding:








Basic

99,658



93,728



97,800



93,713


Diluted

99,665



93,759



97,809



93,748










Comprehensive income:








Net income

$

109,309



$

140,997



$

135,625



$

327,315


Other comprehensive income:








Change in fair value of investments, net of tax of $89, $57, $428 and $1, respectively

304



192



1,453



2


Total comprehensive income

$

109,613



$

141,189



$

137,078



$

327,317


 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)










Three Months Ended
June 30,


Six Months Ended
June 30,


2019


2018


2019


2018


(in thousands)

Cash flows from operating activities:








Net income

$

109,309



$

140,997



$

135,625



$

327,315


Adjustments to reconcile net income to net cash provided by operating activities:








Depreciation, depletion, amortization, and accretion

215,484



145,441



407,950



279,360


Deferred income taxes

34,046



42,783



42,119



99,732


Stock compensation

6,494



3,095



13,207



9,825


(Gain) loss on derivative instruments, net

(40,768)



21,699



74,684



17,540


Settlements on derivative instruments

6,237



(7,530)



(2,814)



(19,919)


Loss on early extinguishment of debt





4,250




Amortization of debt issuance costs and discounts

783



727



1,502



1,456


Changes in non-current assets and liabilities

601



1,613



2,749



713


Other, net

4,176



686



8,152



723


Changes in operating assets and liabilities:








Accounts receivable

83,716



(29,710)



117,692



15,012


Other current assets

(1,111)



283



(761)



1,886


Accounts payable and other current liabilities

(4,975)



1,162



(140,272)



(29,304)


Net cash provided by operating activities

413,992



321,246



664,083



704,339


Cash flows from investing activities:








Acquisition of Resolute Energy, net of cash acquired





(284,441)




Oil and gas capital expenditures

(379,015)



(327,352)



(711,757)



(650,807)


Sales of oil and gas assets

8,233



5,018



13,233



34,842


Sales of other assets

234



93



434



525


Other capital expenditures

(22,313)



(37,056)



(40,141)



(56,112)


Net cash used by investing activities

(392,861)



(359,297)



(1,022,672)



(671,552)


Cash flows from financing activities:








Borrowings of long-term debt

528,000





1,710,310




Repayments of long-term debt

(528,000)





(2,081,000)




Financing, underwriting, and debt redemption fees

(853)





(11,791)




Finance lease payments

(920)





(1,555)




Dividends paid

(21,468)



(15,199)



(38,647)



(22,801)


Employee withholding taxes paid upon the net settlement of equity-classified stock awards



(641)



(654)



(946)


Proceeds from exercise of stock options

594



904



674



1,249


Net cash used by financing activities

(22,647)



(14,936)



(422,663)



(22,498)


Net change in cash and cash equivalents

(1,516)



(52,987)



(781,252)



10,289


Cash and cash equivalents at beginning of period

20,930



463,810



800,666



400,534


Cash and cash equivalents at end of period

$

19,414



$

410,823



$

19,414



$

410,823


 

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)






June 30,
2019


December 31,
2018

Assets

(in thousands, except share and
per share information)

Current assets:




Cash and cash equivalents

$

19,414



$

800,666


Accounts receivable, net of allowance

387,362



454,200


Oil and gas well equipment and supplies

58,306



55,553


Derivative instruments

42,957



101,939


Other current assets

12,017



11,781


Total current assets

520,056



1,424,139


Oil and gas properties at cost, using the full cost method of accounting:




Proved properties

19,846,426



18,566,757


Unproved properties and properties under development, not being amortized

1,564,074



436,325



21,410,500



19,003,082


Less – accumulated depreciation, depletion, amortization, and impairment

(15,659,363)



(15,287,752)


Net oil and gas properties

5,751,137



3,715,330


Fixed assets, net of accumulated depreciation of $356,631 and $324,631, respectively

526,429



257,686


Goodwill

727,573



620,232


Derivative instruments

613



9,246


Other assets

70,126



35,451



$

7,595,934



$

6,062,084


Liabilities, Redeemable Preferred Stock, and Stockholders' Equity




Current liabilities:




Accounts payable

$

119,076



$

106,814


Accrued liabilities

397,210



379,455


Derivative instruments

50,056



27,627


Revenue payable

186,206



194,811


Operating leases

62,119




Total current liabilities

814,667



708,707


Long-term debt principal

2,000,000



1,500,000


Less—unamortized debt issuance costs and discounts

(15,770)



(11,446)


Long-term debt, net

1,984,230



1,488,554


Deferred income taxes

439,429



334,473


Derivative instruments

840



2,267


Operating leases

191,413




Other liabilities

221,842



198,297


Total liabilities

3,652,421



2,732,298


Redeemable preferred stock - 8.125% Series A Cumulative Perpetual Convertible Preferred Stock, $0.01 par value, 62,500 shares authorized and issued and no shares authorized and issued, respectively

81,620








Stockholders' equity:




Common stock, $0.01 par value, 200,000,000 shares authorized, 101,473,177 and 95,755,797 shares issued, respectively

1,015



958


Additional paid-in capital

3,223,331



2,785,188


Retained earnings

635,339



542,885


Accumulated other comprehensive income

2,208



755


Total stockholders' equity

3,861,893



3,329,786



$

7,595,934



$

6,062,084


 

Cision View original content:http://www.prnewswire.com/news-releases/cimarex-reports-second-quarter-2019-results-300896558.html

SOURCE Cimarex Energy Co.


Source: PR Newswire (August 5, 2019 - 4:01 PM EDT)

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