• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Cimarex Reports Fourth Quarter and Full Year 2020 Results

    2/22/21 4:11:00 PM ET
    $XEC
    Oil & Gas Production
    Energy
    Get the next $XEC alert in real time by email

    DENVER, Feb. 22, 2021 /PRNewswire/ --  

    • Fourth quarter oil production averaged 67.8 MBbls per day
      • Full year oil production averaged 76.7 MBbls per day
    • 2020 total capital investment of $577.2 million; below guidance range
    • Generated $904.2 million of net cash from operating activities
      • $372 million of free cash flow1 (non-GAAP) in 2020; $279 million of free cash flow after dividend1 (non-GAAP) in 2020

    Cimarex Energy Co. (NYSE: XEC) today reported net income for fourth quarter 2020 of $24.7 million, or $0.25 per share, compared to a net loss of $384.1 million, or $3.87 per share, in the same period a year ago. For the full year, Cimarex reported a net loss of $1,967.5 million, or $19.73 per share, compared to 2019 net loss of $124.6 million, or $1.33 per share.  Both fourth quarter and full year results were negatively impacted by a non-cash charge related to the impairment of oil and gas properties.  Fourth quarter 2020 adjusted net income (non-GAAP) was $91.3 million, or $0.89 per share, compared to adjusted net income (non-GAAP) of $120.4 million, or $1.18 per share in the same period a year ago1.  Full year 2020 adjusted net income (non-GAAP) was $142.2 million, or $1.39 per share, compared to $448.8 million, or $4.46 per share  in 20191.  Adjusted cash flow from operations (non-GAAP) was $256.6 million in fourth quarter 2020 compared to $416.0 million in the same period a year ago1.  Full year 2020 adjusted cash flow from operations (non-GAAP) was $944.2 million compared to $1.46 billion in 20191. 

    Oil volumes in the fourth quarter were sequentially lower, averaging 67.8 thousand barrels (MBbls) per day.  For the full year, Cimarex reported average daily oil volumes of 76.7 MBbls, an 11 percent year-over-year decrease.  Cimarex produced 229.5 thousand barrels of oil equivalent (MBOE) per day in the fourth quarter and averaged 252.5 MBOE per day for the year.

    In the fourth quarter realized oil prices averaged $40.09 per barrel, down 27 percent from the $54.80 per barrel received in the fourth quarter of 2019.  Realized natural gas prices averaged $1.69 per thousand cubic feet (Mcf), up 42 percent from the fourth quarter 2019 average of $1.19 per Mcf.  NGL prices averaged $14.02 per barrel, down one percent from the $14.13 per barrel received in the fourth quarter of 2019.  For the full year, Cimarex realized $35.59 per barrel of oil, down 33 percent from 2019, $1.05 per Mcf of natural gas and $10.53 per barrel of NGLs sold.

    Realized oil and natural gas price differentials to WTI Cushing and Henry Hub improved year-over-year.  Our realized Permian oil differential to WTI Cushing averaged $(3.74) per barrel in 2020 compared to $(4.48) in 2019.  For the year, Cimarex's average differential on its Permian natural gas production was $(1.39) per Mcf compared to the Henry Hub index versus $(2.14) per Mcf in 2019.  Cimarex's 2020 realized gas price differential in the Mid-Continent region was $(0.41) per Mcf compared to Henry Hub versus $(0.68) in 2019.

    Cimarex invested a total of $577.2 million in 2020, which includes exploration and development capital (E&D) of $544.9 million,  $20.8 million to saltwater disposal and $11.5 million to midstream and other investments.  E&D capital is comprised of $417.4 million attributable to drilling and completion (D&C) activities and $127.5 million for capitalized interest and overhead, production capital and leasehold acquisition.  Capital investments were funded with cash flow from operations. 

    Proved reserves at December 31, 2020 totaled 531 million barrels of oil equivalent (MMBOE), down 14 percent year over year.  The decrease in proved reserves resulted from a reduction in drilling activity and negative price related revisions, both due to lower commodity prices.  Cimarex added 57 MMBOE through extensions and discoveries while revisions reduced proved reserves by 52 MMBOE.  Production for 2020 totaled 92 MMBOE. Proved reserves are 84 percent proved developed.

    Total debt at December 31, 2020 consisted of $2.0 billion of long-term notes.  Cimarex had no borrowings under its revolving credit facility and a cash balance of $273.1 million at year-end.

    Cimarex repurchased and canceled 34,335 shares (55 percent) of the outstanding 8.125% Series A Cumulative Perpetual Convertible Preferred Stock in the fourth quarter, for a total consideration of $43.5 million including accrued and unpaid dividends. 

    Operations Update
    Cimarex invested $577.2 million in 2020 including $417.4 million (72 percent) of D&C capital.  Also included is $20.8 million to saltwater disposal assets and $11.5 million to midstream.  Of the $577.2 million, 93 percent was invested in the Permian region and seven percent in the Mid-Continent.

    During 2020, Cimarex participated in the drilling and completion of 149 gross (51.0 net) wells.  At year-end, 77 gross (39.6 net) wells were waiting on completion, of which 25 gross (0.5 net) were in the Mid-Continent and 52 gross (39.1 net) were in the Permian.  Cimarex is currently operating six drilling rigs and two completion crews.

    WELLS BROUGHT ON PRODUCTION BY REGION












    Three Months Ended
    December 31,


    Twelve Months Ended
    December 31,



    2020


    2019


    2020


    2019










    Gross wells









    Permian Basin


    33



    31



    92



    131


    Mid-Continent


    14



    16



    57



    160




    47



    47



    149



    291


    Net wells









    Permian Basin


    15.9



    22.5



    48.1



    75.5


    Mid-Continent


    1.2



    0.5



    2.9



    16.6




    17.1



    23.0



    51.0



    92.1


    Permian Region
    Production from the Permian region averaged 166.9 MBOE per day in the fourth quarter, or 73 percent of total company volumes.  Oil volumes averaged 60.0 MBbls per day, 88 percent of total company oil volumes.  For the full year, production averaged 184.0 MBOE per day, 73 percent of total company volumes with Permian oil representing 88 percent of Cimarex's oil volumes in 2020.

    Cimarex brought 33 gross (15.9 net) wells on production in the Permian during fourth quarter, bringing the total wells brought on production in 2020 to 92 gross (48.1 net).  About 97 percent of our operated wells were drilled from multi-well pads and our average lateral length on our operated wells brought on production in the Permian was 9,268 feet in 2020. Cimarex is currently operating five drilling rigs and two completion crews in the region.

    Mid-Continent Region
    Production from the Mid-Continent averaged 62.2 MBOE per day for the fourth quarter, down 27 percent from fourth quarter 2019 and down 10 percent sequentially.  Oil volumes averaged 7.7 MBbls per day and represented 11 percent of the company's total oil volume in the quarter.  For the full year, production averaged 68.1 MBOE per day, down 22 percent year over year. Oil volumes averaged 8.8 MBbls per day in 2020, down 36 percent year over year.

    Wells brought on production during the fourth quarter totaled 14 gross (1.2 net) in the Mid-Continent region, bringing the total wells brought on production in 2020 to 57 gross (2.9 net).  At the end of the quarter, 25 gross (0.5 net) wells were waiting on completion. Cimarex is currently operating one drilling rig in the region.

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

    DAILY PRODUCTION BY REGION












    Three Months Ended
    December 31,


    Twelve Months Ended
    December 31,



    2020


    2019


    2020


    2019










    Permian Basin









    Gas (MMcf)


    373.5



    451.4



    405.0



    398.9


    Oil (Bbls)


    59,952



    78,421



    67,785



    72,264


    NGL (Bbls)


    44,665



    53,438



    48,718



    51,982


    Total Equivalent (BOE)


    166,867



    207,096



    184,001



    190,735











    Mid-Continent









    Gas (MMcf)


    214.8



    280.1



    229.6



    289.1


    Oil (Bbls)


    7,672



    13,514



    8,796



    13,788


    NGL (Bbls)


    18,732



    25,081



    21,039



    25,379


    Total Equivalent (BOE)


    62,207



    85,282



    68,094



    87,348











    Total Company









    Gas (MMcf)


    589.5



    732.6



    635.6



    689.2


    Oil (Bbls)


    67,799



    92,048



    76,740



    86,200


    NGL (Bbls)


    63,468



    78,557



    69,819



    77,408


    Total Equivalent (BOE)


    229,524



    292,709



    252,491



    278,480



    AVERAGE REALIZED PRICE BY REGION












    Three Months Ended
    December 31,


    Twelve Months Ended
    December 31,



    2020


    2019


    2020


    2019










    Permian Basin









    Gas ($ per Mcf)


    1.33



    0.83



    0.69



    0.49


    Oil ($ per Bbl)


    39.87



    54.78



    35.66



    52.55


    NGL ($ per Bbl)


    12.85



    13.23



    9.64



    12.62











    Mid-Continent









    Gas ($ per Mcf)


    2.31



    1.76



    1.67



    1.95


    Oil ($ per Bbl)


    41.67



    54.91



    34.97



    53.89


    NGL ($ per Bbl)


    16.81



    16.04



    12.60



    15.47











    Total Company









    Gas ($ per Mcf)


    1.69



    1.19



    1.05



    1.11


    Oil ($ per Bbl)


    40.09



    54.80



    35.59



    52.77


    NGL ($ per Bbl)


    14.02



    14.13



    10.53



    13.55


    Other
    The following table summarizes Cimarex's current hedge positions:




    1Q21


    2Q21


    3Q21


    4Q21


    1Q22


    2Q22


    3Q22

    Gas Collars:

    PEPL(2)
















    Volume (MMBtu/d)


    100,000



    100,000



    90,000



    90,000



    60,000



    20,000



    —



    Wtd Avg Floor


    $

    1.83



    $

    1.89



    $

    2.00



    $

    2.00



    $

    2.13



    $

    2.40



    $

    —



    Wtd Avg Ceiling


    $

    2.23



    $

    2.28



    $

    2.42



    $

    2.42



    $

    2.55



    $

    2.86



    $

    —



















    El Paso Perm(2)
















    Volume (MMBtu/d)


    70,000



    80,000



    70,000



    70,000



    40,000



    20,000



    —



    Wtd Avg Floor


    $

    1.50



    $

    1.62



    $

    1.86



    $

    1.86



    $

    2.13



    $

    2.40



    $

    —



    Wtd Avg Ceiling


    $

    1.79



    $

    1.92



    $

    2.22



    $

    2.22



    $

    2.53



    $

    2.88



    $

    —



















    Waha(2)
















    Volume (MMBtu/d)


    90,000



    100,000



    90,000



    90,000



    60,000



    20,000



    —



    Wtd Avg Floor


    $

    1.52



    $

    1.61



    $

    1.82



    $

    1.82



    $

    1.98



    $

    2.40



    $

    —



    Wtd Avg Ceiling


    $

    1.83



    $

    1.93



    $

    2.17



    $

    2.17



    $

    2.39



    $

    2.86



    $

    —


















    Oil Collars:

    WTI(3)
















    Volume (Bbl/d)


    40,000



    34,000



    40,000



    40,000



    26,000



    19,000



    10,000



    Wtd Avg Floor


    $

    38.06



    $

    34.62



    $

    34.65



    $

    34.65



    $

    37.31



    $

    38.16



    $

    40.00



    Wtd Avg Ceiling


    $

    46.45



    $

    43.28



    $

    44.37



    $

    44.37



    $

    48.41



    $

    49.56



    $

    49.19


















    Oil Basis Swaps:

    WTI Midland(4)
















    Volume (Bbl/d)


    31,000



    33,000



    35,000



    35,000



    22,000



    15,000



    7,000



    Wtd Avg Differential


    $

    0.03



    $

    (0.02)



    $

    (0.08)



    $

    (0.08)



    $

    0.25



    $

    0.31



    $

    0.38


















    Oil Roll Differential Swaps

    WTI(3)
















    Volume (Bbl/d)


    7,000



    11,000



    18,000



    18,000



    18,000



    11,000



    7,000



    Wtd Avg Price


    $

    (0.24)



    $

    (0.22)



    $

    (0.10)



    $

    (0.10)



    $

    (0.10)



    $

    (0.01)



    $

    0.10


    Conference call and webcast
    Cimarex will host a conference call tomorrow, February 23, at 11:00 a.m. EST (9:00 a.m. MST) to discuss its fourth quarter and 2020 financial and operating results as well as management's outlook for 2021.  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 2020 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.

    Forward-Looking Statements
    This press release contains forward-looking statements, including statements regarding projected results and future events. 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, 2019, filed with the SEC, the Annual Report on Form 10-K for the year ended December 31, 2020 to be filed with the SEC, and other filings including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, for a description 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, all of which may be amplified by the COVID-19 pandemic and its unpredictable nature, including among other things: fluctuations in the price we receive for our oil, gas, and NGL production, including local market price differentials, which may be exacerbated by the demand destruction resulting from COVID-19; disruptions to the availability of workers and contractors due to illness and stay at home orders related to the COVID-19 pandemic; cost and availability of gathering, pipeline, refining, transportation and other midstream and downstream activities and our ability to sell oil, gas, and NGLs, which may be negatively impacted by the COVID-19 pandemic, severe weather and other risks and lead to a lack of any available markets; availability of supply chains and critical equipment and supplies; higher than expected costs and expenses, including the availability and cost of services and materials; compliance with environmental and other regulations, including new regulations that may result from the recent change in federal and state administrations and legislatures; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by the recent change in Presidential administration or legislatures; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be negatively impacted by the impact of COVID-19 restrictions on regulatory employees who process and approve permits, other approvals and rights-of-way and which may be restricted by new Presidential and Secretarial orders and regulation and legislation; reductions in the quantity of oil, gas, and NGLs sold and prices received because of decreased demand and/or curtailments in production relating to mechanical, transportation, storage, capacity, marketing, weather, the COVID-19 pandemic, or other problems; declines in the SEC PV10 value of our oil and gas properties resulting in full cost ceiling test impairments to the carrying values of our oil and gas properties; the effectiveness of our internal control over financial reporting; success of the company's risk management activities; availability of financing and access to capital markets; estimates of proved reserves, exploitation potential, or exploration prospect size; greater than expected production decline rates; timing and amount of future production of oil, gas, and NGLs; cybersecurity threats, technology system failures and data security issues; the inability to transport, process and store oil and gas; hedging activities and the viability of our hedging counterparties, many of whom have been negatively impacted by the COVID-19 pandemic; economic and competitive conditions; lack of available insurance; cash flow and anticipated liquidity; continuing compliance with the financial covenant contained in our amended and restated credit agreement; the loss of certain federal income tax deductions; litigation; environmental liabilities; new federal regulations regarding species or habitats; exploration and development opportunities that we pursue may not result in economic, productive oil and gas properties; drilling of wells; development drilling and testing results; performance of acquired properties and newly drilled wells; ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; unexpected future capital expenditures; amount, nature, and timing of capital expenditures; proving up undeveloped acreage and maintaining production on leases; unforeseen liabilities associated with acquisitions and dispositions; establishing valuation allowances against our net deferred tax assets; potential payments for failing to meet minimum oil, gas, NGL, or water delivery or sales commitments; increased financing costs due to a significant increase in interest rates; risks associated with concentration of operations in one major geographic area; availability and cost of capital; title to properties; ability to complete property sales or other transactions; 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, adjusted cash flow from operations, free cash flow, and free cash flow after dividend are non-GAAP financial measures.  See below for reconciliations of the related GAAP amounts.



    2

    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.



    3

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



    4

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

    RECONCILIATION OF ADJUSTED NET INCOME


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



    Three Months Ended
    December 31,


    Twelve Months Ended
    December 31,


    2020


    2019


    2020


    2019


    (in thousands, except per share data)









    Net income (loss)

    $

    24,711



    $

    (384,091)



    $

    (1,967,458)



    $

    (124,619)


    Impairment of oil and gas properties

    12,451



    618,693



    1,638,329



    618,693


    Impairment of goodwill

    —



    —



    714,447



    —


    Mark-to-market loss on open derivative positions

    71,500



    28,888



    154,781



    63,719


    Loss on early extinguishment of debt

    —



    —



    —



    4,250


    Acquisition related costs

    —



    —



    —



    8,404


    Asset retirement obligation

    2,100



    —



    4,900



    —


    Tax impact (1)

    (19,448)



    (143,115)



    (402,754)



    (121,637)


    Adjusted net income

    $

    91,314



    $

    120,375



    $

    142,245



    $

    448,810


    Diluted earnings (loss) per share

    $

    0.25



    $

    (3.87)



    $

    (19.73)



    $

    (1.33)


    Adjusted diluted earnings per share*

    $

    0.89



    $

    1.18



    $

    1.39



    $

    4.46










    Weighted-average number of shares outstanding:








    Adjusted diluted**

    102,270



    101,903



    102,140



    100,679




    (1) The tax impact in the 2020 periods is calculated using an effective tax rate that excludes the effects of the first quarter 2020 goodwill impairment, other non-deductible items, and changes in valuation allowances.



    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, FREE CASH FLOW AND

    FREE CASH FLOW AFTER DIVIDEND


    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) , free cash flow (non-GAAP) and free cash flow after dividend (non-GAAP) for the periods indicated.



    Three Months Ended
    December 31,


    Twelve Months Ended
    December 31,


    2020


    2019


    2020


    2019


    (in thousands)

    Net cash provided by operating activities

    $

    191,477



    $

    359,809



    $

    904,167



    $

    1,343,966


    Change in operating assets and liabilities

    65,109



    56,178



    40,032



    120,174










    Adjusted cash flow from operations

    256,586



    415,987



    944,199



    1,464,140










    Oil and gas expenditures

    (112,655)



    (246,232)



    (594,796)



    (1,245,457)


    Other capital expenditures

    (4,337)



    (14,658)



    (44,302)



    (73,693)


    Change in capital accruals

    (18,356)



    1,126



    66,587



    12,993


    Free cash flow

    121,238



    156,223



    371,688



    157,983










    Dividends paid

    (24,083)



    (21,579)



    (92,976)



    (81,709)


    Free cash flow after dividend

    $

    97,155



    $

    134,644



    $

    278,712



    $

    76,274



    Management uses the non-GAAP financial measures of adjusted cash flow from operations, free cash flow and free cash flow after dividend 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 these non-GAAP financial measures provide useful information to investors for the same reason, and that they are also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.

    PROVED RESERVES



    Gas
    (MMcf)


    Oil
    (MBbls)


    NGL
    (MBbls)


    Total
    (MBOE)

    December 31, 2019

    1,532,145



    169,770



    194,468



    619,595


    Revisions of previous estimates

    (43,504)



    (19,692)



    (25,488)



    (52,430)


    Extensions and discoveries

    107,322



    22,269



    16,419



    56,575


    Purchases of reserves

    —



    —



    —



    —


    Production

    (232,625)



    (28,087)



    (25,554)



    (92,412)


    Sales of reserves

    (496)



    (197)



    (27)



    (307)


    December 31, 2020

    1,362,842



    144,063



    159,818



    531,021










    Proved developed reserves:








    December 31, 2019

    1,358,329



    138,783



    166,552



    531,722


    December 31, 2020

    1,190,907



    112,785



    135,901



    447,170











    2020


    2019


    % Change



    Standardized Measure ($ in millions)

    2,253



    3,629



    (38)

    %



    Pre-tax PV-10 ($ in millions) *

    2,288



    3,948



    (42)

    %











    Average prices used in Standardized Measure

    2020


    2019


    % Change



    Gas ($ per Mcf)

    1.99



    2.58



    (23)

    %



    Oil ($ per Bbl)

    39.54



    55.67



    (29)

    %




    * Pre-tax PV-10 is a non-GAAP financial measure. Pre-tax PV-10 is comparable to the standardized measure, which is the most directly comparable GAAP financial measure. Pre-tax PV-10 is computed on the same basis as the standardized measure but without deducting future income taxes. As of December 31, 2020 and 2019, Cimarex's discounted future income taxes were $35.6 million and $319.4 million, respectively. Cimarex's standardized measure of discounted future net cash flows was $2,252.5 million at year-end 2020 and $3,629.0 million at year-end 2019. Management uses pre-tax PV-10 as one measure of the value of the company's proved reserves and to compare relative values of proved reserves to other exploration and production companies without regard to income taxes. Management believes pre-tax PV-10 is a useful measure for comparison of proved reserve values among companies because, unlike standardized measure, it excludes future income taxes that often depend on the unique income tax characteristics of the owner of the reserves rather than on the nature, location and quality of the reserves themselves. Management further believes that professional research analysts and rating agencies use pre-tax PV-10 in similar ways. However, pre-tax PV-10 is not a substitute for the standardized measure of discounted future net cash flows. Cimarex's pre-tax PV-10 and the standardized measure of discounted future net cash flows do not purport to present the fair value of its oil and natural gas reserves.

    PROVED RESERVES BY REGION



    Gas
    (MMcf)


    Oil
    (MBbls)


    NGL
    (MBbls)


    Total
    (MBOE)

    Permian Basin

    790,750



    126,327



    103,606



    361,725


    Mid-Continent

    570,578



    17,491



    56,130



    168,717


    Other

    1,514



    245



    82



    579



    1,362,842



    144,063



    159,818



    531,021


    OIL AND GAS CAPITALIZED EXPENDITURES








    Three Months Ended
    December 31,


    Twelve Months Ended
    December 31,


    2020


    2019


    2020


    2019


    (in thousands)

    Acquisitions:








    Proved

    $

    4,628



    $

    (723)



    $

    11,878



    $

    695,450


    Unproved

    —



    3,908



    —



    1,025,376



    4,628



    3,185



    11,878



    1,720,826










    Exploration and development:








    Land and seismic

    10,842



    17,719



    48,468



    60,175


    Exploration and development

    121,031



    234,603



    496,388



    1,181,605



    131,873



    252,322



    544,856



    1,241,780










    Total acquisition, exploration, and development capital expenditures

    $

    136,501



    $

    255,507



    $

    556,734



    $

    2,962,606


    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)












    Three Months Ended
    December 31,


    Years Ended
    December 31,



    2020


    2019


    2020


    2019



    (in thousands, except per share information)

    Revenues:









    Oil sales


    $

    250,059



    $

    464,044



    $

    999,682



    $

    1,660,210


    Gas and NGL sales


    173,503



    182,269



    513,006



    661,711


    Gas gathering and other


    11,161



    10,931



    45,907



    41,048




    434,723



    657,244



    1,558,595



    2,362,969


    Costs and expenses:









    Impairment of oil and gas properties


    12,451



    618,693



    1,638,329



    618,693


    Depreciation, depletion, amortization, and accretion


    134,556



    252,637



    710,607



    890,759


    Impairment of goodwill


    —



    —



    714,447



    —


    Production


    71,726



    82,722



    285,324



    339,941


    Transportation, processing, and other operating


    52,032



    64,780



    213,366



    238,259


    Gas gathering and other


    7,118



    6,279



    23,591



    23,294


    Taxes other than income


    9,430



    43,353



    79,699



    148,953


    General and administrative


    30,672



    26,349



    111,005



    95,843


    Stock compensation


    7,016



    6,394



    29,895



    26,398


    Loss on derivative instruments, net


    72,982



    40,901



    35,534



    76,850


    Other operating expense, net


    291



    248



    839



    19,305




    398,274



    1,142,356



    3,842,636



    2,478,295











    Operating income (loss)


    36,449



    (485,112)



    (2,284,041)



    (115,326)











    Other (income) and expense:









    Interest expense


    23,325



    23,721



    92,914



    93,386


    Capitalized interest


    (11,623)



    (14,421)



    (50,030)



    (56,232)


    Loss on early extinguishment of debt


    —



    —



    —



    4,250


    Other, net


    (1,593)



    (1,193)



    (540)



    (5,741)











    Income (loss) before income tax


    26,340



    (493,219)



    (2,326,385)



    (150,989)


    Income tax expense (benefit)


    1,629



    (109,128)



    (358,927)



    (26,370)


    Net income (loss)


    $

    24,711



    $

    (384,091)



    $

    (1,967,458)



    $

    (124,619)











    Earnings (loss) per share to common stockholders:









    Basic


    $

    0.25



    $

    (3.87)



    $

    (19.73)



    $

    (1.33)


    Diluted


    $

    0.25



    $

    (3.87)



    $

    (19.73)



    $

    (1.33)











    Dividends declared per common share


    $

    0.22



    $

    0.20



    $

    0.88



    $

    0.80











    Weighted-average number of shares outstanding:









    Basic


    100,072



    99,789



    99,952



    98,789


    Diluted


    100,072



    99,789



    99,952



    98,789











    Comprehensive income (loss):









    Net income (loss)


    $

    24,711



    $

    (384,091)



    $

    (1,967,458)



    $

    (124,619)


    Other comprehensive income (loss):









    Change in fair value of investments, net of tax


    —



    (10)



    —



    (755)


    Total comprehensive income (loss)


    $

    24,711



    $

    (384,101)



    $

    (1,967,458)



    $

    (125,374)











    CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (unaudited)














    Three Months Ended
    December 31,


    Years Ended
    December 31,




    2020


    2019


    2020


    2019




    (in thousands)


    Cash flows from operating activities:










    Net income (loss)


    $

    24,711



    $

    (384,091)



    $

    (1,967,458)



    $

    (124,619)


    Adjustments to reconcile net income (loss) to net cash










    provided by operating activities:










    Impairment of oil and gas properties


    12,451



    618,693



    1,638,329



    618,693



    Depreciation, depletion, amortization, and accretion


    134,556



    252,637



    710,607



    890,759



    Impairment of goodwill


    —



    —



    714,447



    —



    Deferred income taxes


    1,499



    (109,660)



    (358,896)



    (26,902)



    Stock compensation


    7,016



    6,394



    29,895



    26,398



    Loss on derivative instruments, net


    72,982



    40,901



    35,534



    76,850



    Settlements on derivative instruments


    (1,482)



    (12,013)



    119,247



    (13,131)



    Loss on early extinguishment of debt


    —



    —



    —



    4,250



    Changes in non-current assets and liabilities


    1,119



    (167)



    7,189



    (2,797)



    Other, net


    3,734



    3,293



    15,305



    14,639



    Changes in operating assets and liabilities:










    Accounts receivable


    (63,461)



    (15,055)



    116,492



    65,128



    Other current assets


    (1,554)



    (2,879)



    5,134



    (739)



    Accounts payable and other current liabilities


    (94)



    (38,244)



    (161,658)



    (184,563)



    Net cash provided by operating activities


    191,477



    359,809



    904,167



    1,343,966



    Cash flows from investing activities:










    Oil and gas capital expenditures


    (112,655)



    (246,232)



    (594,796)



    (1,245,457)



    Acquisition of oil and gas properties


    (4,628)



    (3,185)



    (11,878)



    (288,781)



    Sales of oil and gas assets


    147



    398



    69,983



    28,945



    Sales of other assets


    226



    245



    2,118



    1,104



    Other capital expenditures


    (4,337)



    (14,658)



    (44,302)



    (73,693)



    Net cash used by investing activities


    (121,247)



    (263,432)



    (578,875)



    (1,577,882)



    Cash flows from financing activities:










    Borrowings of long-term debt


    —



    380,000



    172,000



    2,619,310



    Repayments of long-term debt


    —



    (380,000)



    (172,000)



    (2,990,000)



    Financing, underwriting, and debt redemption fees


    —



    —



    (1,566)



    (11,798)



    Finance lease payments


    (979)



    (1,138)



    (4,842)



    (3,869)



    Repurchase of redeemable preferred stock


    (43,029)



    —



    (43,029)



    —



    Dividends paid


    (24,083)



    (21,579)



    (92,976)



    (81,709)



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


    (1,951)



    (2,823)



    (4,456)



    (5,229)



    Proceeds from exercise of stock options


    —



    —



    —



    1,267



    Net cash used by financing activities


    (70,042)



    (25,540)



    (146,869)



    (472,028)



    Net change in cash and cash equivalents


    188



    70,837



    178,423



    (705,944)



    Cash and cash equivalents at beginning of period


    272,957



    23,885



    94,722



    800,666



    Cash and cash equivalents at end of period


    $

    273,145



    $

    94,722



    $

    273,145



    $

    94,722


    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)








    December 31,
    2020


    December 31,
    2019

    Assets


    (in thousands, except share and
    per share information)

    Current assets:





    Cash and cash equivalents


    $

    273,145



    $

    94,722


    Accounts receivable, net of allowance


    332,485



    448,584


    Oil and gas well equipment and supplies


    37,150



    47,893


    Derivative instruments


    6,848



    17,944


    Other current assets


    7,710



    12,343


    Total current assets


    657,338



    621,486


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





    Proved properties


    21,281,840



    20,678,334


    Unproved properties and properties under development, not being amortized


    1,142,183



    1,255,908




    22,424,023



    21,934,242


    Less – accumulated depreciation, depletion, amortization, and impairment


    (18,987,354)



    (16,723,544)


    Net oil and gas properties


    3,436,669



    5,210,698


    Fixed assets, net of accumulated depreciation of $455,815 and $389,458, respectively


    436,101



    519,291


    Goodwill


    —



    716,865


    Derivative instruments


    2,342



    580


    Deferred income taxes


    20,472



    —


    Other assets


    69,067



    71,109




    $

    4,621,989



    $

    7,140,029


    Liabilities, Redeemable Preferred Stock, and Stockholders' Equity





    Current liabilities:





    Accounts payable


    $

    44,290



    $

    49,020


    Accrued liabilities


    280,849



    418,978


    Derivative instruments


    145,398



    16,681


    Revenue payable


    130,637



    207,939


    Operating leases


    59,051



    66,003


    Total current liabilities


    660,225



    758,621


    Long-term debt:





    Principal


    2,000,000



    2,000,000


    Less – unamortized debt issuance costs and discounts


    (12,701)



    (14,754)


    Long-term debt, net


    1,987,299



    1,985,246


    Deferred income taxes


    —



    338,424


    Derivative instruments


    17,749



    1,018


    Operating leases


    134,705



    184,172


    Other liabilities


    231,776



    214,787


    Total liabilities


    3,031,754



    3,482,268


    Redeemable preferred stock - 8.125% Series A Cumulative Perpetual Convertible
    Preferred Stock, $0.01 par value, 28,165 shares authorized and issued and 62,500
    shares authorized and issued, respectively


    36,781



    81,620


    Stockholders' equity:





    Common stock, $0.01 par value, 200,000,000 shares authorized, 102,866,806 and
    102,144,577 shares issued, respectively


    1,029



    1,021


    Additional paid-in capital


    3,211,562



    3,243,325


    (Accumulated deficit) retained earnings


    (1,659,137)



    331,795


    Total stockholders' equity


    1,553,454



    3,576,141




    $

    4,621,989



    $

    7,140,029


    SOURCE Cimarex Energy Co.

    Get the next $XEC alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $XEC

    DatePrice TargetRatingAnalyst
    9/9/2021$80.00 → $100.00Buy
    Truist Securities
    8/13/2021$95.00Neutral → Buy
    Mizuho
    7/21/2021$80.00Hold → Buy
    Truist
    7/15/2021$84.00 → $89.00Neutral
    Mizuho
    7/15/2021$67.00 → $71.00Sector Perform → Sector Underperform
    Scotiabank
    7/15/2021Sector Perform → Sector Underperform
    Scotiabank
    More analyst ratings

    $XEC
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Truist Securities reiterated coverage on Cimarex Energy with a new price target

      Truist Securities reiterated coverage of Cimarex Energy with a rating of Buy and set a new price target of $100.00 from $80.00 previously

      9/9/21 9:24:50 AM ET
      $XEC
      Oil & Gas Production
      Energy
    • Cimarex Energy upgraded by Mizuho with a new price target

      Mizuho upgraded Cimarex Energy from Neutral to Buy and set a new price target of $95.00

      8/13/21 5:28:41 AM ET
      $XEC
      Oil & Gas Production
      Energy
    • Cimarex upgraded by Truist with a new price target

      Truist upgraded Cimarex from Hold to Buy and set a new price target of $80.00

      7/21/21 11:28:02 AM ET
      $XEC
      Oil & Gas Production
      Energy

    $XEC
    SEC Filings

    See more
    • SEC Form 15-12B filed by Cimarex Energy Co

      15-12B - CIMAREX ENERGY CO (0001168054) (Filer)

      10/12/21 6:03:15 AM ET
      $XEC
      Oil & Gas Production
      Energy
    • SEC Form POSASR filed by Cimarex Energy Co

      POSASR - CIMAREX ENERGY CO (0001168054) (Filer)

      10/8/21 11:39:23 AM ET
      $XEC
      Oil & Gas Production
      Energy
    • SEC Form S-8 POS filed by Cimarex Energy Co

      S-8 POS - CIMAREX ENERGY CO (0001168054) (Filer)

      10/8/21 11:35:37 AM ET
      $XEC
      Oil & Gas Production
      Energy

    $XEC
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13D/A filed by Cimarex Energy Co (Amendment)

      SC 13D/A - CIMAREX ENERGY CO (0001168054) (Subject)

      10/12/21 4:15:15 PM ET
      $XEC
      Oil & Gas Production
      Energy
    • SEC Form SC 13D/A filed by Cimarex Energy Co (Amendment)

      SC 13D/A - CIMAREX ENERGY CO (0001168054) (Subject)

      7/8/21 5:22:54 PM ET
      $XEC
      Oil & Gas Production
      Energy
    • SEC Form SC 13D filed by Cimarex Energy Co

      SC 13D - CIMAREX ENERGY CO (0001168054) (Subject)

      6/14/21 5:06:51 PM ET
      $XEC
      Oil & Gas Production
      Energy

    $XEC
    Press Releases

    Fastest customizable press release news feed in the world

    See more

    $XEC
    Financials

    Live finance-specific insights

    See more

    $XEC
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Cabot Oil & Gas and Cimarex Energy Shareholders Approve Merger

      HOUSTON and DENVER, Sept. 29, 2021 /PRNewswire/ -- Cabot Oil & Gas Corporation ("Cabot") (NYSE:COG) and Cimarex Energy Co. ("Cimarex") (NYSE:XEC) today announced that both companies' shareholders voted to approve the pending transaction. At the special meeting of Cabot shareholders held earlier today, more than 99% of voted shares (approximately 89% of outstanding shares) were in favor of the merger. At the Cimarex special meeting of shareholders, more than 90% of voted shares (approximately 79% of outstanding shares) were in favor of the merger. Dan O. Dinges, Chairman, President and CEO of Cabot, said, "We are pleased that Cabot shareholders recognize the considerable opportunities ahead

      9/29/21 4:54:00 PM ET
      $COG
      $XEC
      Oil & Gas Production
      Energy
    • Cabot Oil & Gas and Cimarex Energy Announce Results of Early Participation in Private Exchange Offers and Consent Solicitations

      HOUSTON, Sept. 22, 2021 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE:COG) ("Cabot") and Cimarex Energy Co. (NYSE:XEC) ("Cimarex")  today announced that, in connection with the previously announced offers to eligible holders (as defined herein) to exchange (each an "Exchange Offer" and collectively, the "Exchange Offers") any and all outstanding notes issued by Cimarex as set forth in the table below (the "Existing Cimarex Notes") for (1) up to $2,000,000,000 aggregate principal amount of new notes issued by Cabot (the "New Cabot Notes") and (2) cash, and related consent solicitations by Cimarex (each, a "Consent Solicitation" and, collectively, the "Consent Solicitations") to adopt cert

      9/22/21 8:00:00 AM ET
      $COG
      $XEC
      Oil & Gas Production
      Energy
    • Cabot Oil & Gas Commences Private Exchange Offers and Cimarex Energy Commences Consent Solicitations

      HOUSTON, Sept. 8, 2021 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE:COG) ("Cabot") and Cimarex Energy Co. (NYSE:XEC) ("Cimarex")  today announced that, in connection with the anticipated merger of Cimarex and a wholly owned subsidiary of Cabot, Cabot has commenced offers to eligible holders (as defined herein) to exchange (each an "Exchange Offer" and collectively, the "Exchange Offers") any and all outstanding notes issued by Cimarex as set forth in the table below (the "Existing Cimarex Notes") for (1) up to $2,000,000,000 aggregate principal amount of new notes issued by Cabot (the "New Cabot Notes") and (2) cash. The following table sets forth the Exchange Consideration and Total Ex

      9/8/21 4:15:00 PM ET
      $COG
      $XEC
      Oil & Gas Production
      Energy
    • Cimarex Energy Co. Approves Dividend on Preferred Stock

      DENVER, Aug. 31, 2021 /PRNewswire/ -- Cimarex Energy Co. (NYSE:XEC) today announced that its Board of Directors  approved a cash dividend of $20.3125 per share on its 8⅛ percent Series A Cumulative Perpetual Convertible Preferred Stock. The dividend is payable on October 15, 2021, to holders of record at the close of business on October 1, 2021, and is for the period beginning on July 16, 2021 and ending on October 15, 2021. Cimarex EnergyDenver-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. For more information about Cimarex, visit www.cimarex.com.  

      8/31/21 4:05:00 PM ET
      $XEC
      Oil & Gas Production
      Energy
    • Cimarex Energy Co. Reports Second-Quarter 2021 Results

      DENVER, Aug. 5, 2021 /PRNewswire/ -- Cimarex Energy Co. (NYSE:XEC) today reported second-quarter 2021 financial and operating results. Net income for second-quarter 2021 totaled $113.4 million, or $1.10 per share. Net income for the quarter was impacted by a mark-to-market loss on the Company's commodity derivative positions of $125.7 million. Excluding the impact of the mark-to-market loss on commodity derivatives, adjusted net income (non-GAAP) for second-quarter 2021 was $215.6 million, or $2.09 per share. Highlights Generated cash flow from operating activities of $364 million. Adjusted cash flow from operating activities (non-GAAP) totaled $394 million, exceeding capital expenditures a

      8/5/21 7:00:00 AM ET
      $COG
      $XEC
      Oil & Gas Production
      Energy
    • Cimarex Energy Co. Approves Dividend on Preferred Stock

      DENVER, May 14, 2021 /PRNewswire/ -- Cimarex Energy Co. (NYSE:XEC) today announced that its Board of Directors approved a cash dividend of $20.3125 per share on its 8⅛ percent Series A Cumulative Perpetual Convertible Preferred Stock. The dividend is payable on July 15, 2021, to holders of record at the close of business on July 1, 2021, and is for the period beginning on April 16, 2021 and ending on July 15, 2021. 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. For more information about Cimarex, visit www.cimarex.com. View original content:http

      5/14/21 4:06:00 PM ET
      $XEC
      Oil & Gas Production
      Energy
    • SEC Form 4: Jorden Thomas E returned $2,170,670 worth of shares to the company (735,725 units at $2.95) and was granted 56,596 shares, closing all direct ownership in the company

      4 - CIMAREX ENERGY CO (0001168054) (Issuer)

      10/5/21 9:40:42 PM ET
      $XEC
      Oil & Gas Production
      Energy
    • SEC Form 4: Mccoy Thomas F covered exercise/tax liability with 19,838 shares and returned 33,549 shares to the company, closing all direct ownership in the company

      4 - CIMAREX ENERGY CO (0001168054) (Issuer)

      10/5/21 9:26:03 PM ET
      $XEC
      Oil & Gas Production
      Energy
    • SEC Form 4: Ficker Timothy A covered exercise/tax liability with 6,962 shares and returned 12,168 shares to the company, closing all direct ownership in the company

      4 - CIMAREX ENERGY CO (0001168054) (Issuer)

      10/5/21 9:25:21 PM ET
      $XEC
      Oil & Gas Production
      Energy

    $XEC
    Leadership Updates

    Live Leadership Updates

    See more
    • Crestwood Appoints Frances M. Vallejo to Its Board of Directors

      HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that Frances M. Vallejo has been appointed to serve on the Board of Directors of its general partner. Ms. Vallejo brings more than 30 years of experience in energy and finance. From 1987 to 2016, Ms. Vallejo held numerous leadership positions at ConocoPhillips (NYSE:COP), one of the world’s largest independent exploration and production companies, including vice president of corporate planning and development, and vice president and treasurer. She also held other geophysical, commercial and finance roles during this period. She served as a member of the Board of Trustees of Colorado

      2/1/21 9:00:00 AM ET
      $CEQP
      $XEC
      $COP
      Oil & Gas Production
      Utilities
      Energy
      Integrated oil Companies