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Cimarex Reports Third Quarter 2019 Results

November 04, 2019

DENVER, Nov. 4, 2019 /PRNewswire/ --

  • Oil production averaged 89.7 MBbls/d; up 8% sequentially
  • 2019 Exploration & Development capital guidance range lowered to $1.3 - 1.4 billion
  • Reduced per unit production expense 12% year-over-year

Cimarex Energy Co. (NYSE: XEC) today reported third quarter 2019 net income of $40.5 million, or $0.39 per share, compared to $148.4 million, or $1.56 per share, in the same period a year ago.  Third quarter 2019 results were negatively impacted by a non-cash charge related to the impairment of oil and gas properties.  Third quarter adjusted net income (non-GAAP) was $92.9 million, or $0.91 per share, compared to third quarter 2018 adjusted net income (non-GAAP) of $189.6 million, or $1.99 per share1.  Net cash provided by operating activities was $320.1 million in the third quarter of 2019 compared to $453.5 million in the same period a year ago.  Adjusted cash flow from operations (non-GAAP) was $360.7 million in the third quarter of 2019 compared to $388.7 million in the third quarter a year ago1.

Oil production averaged 89.7 thousand barrels (MBbls) per day, up 40 percent from the same period a year ago and up eight percent sequentially.  Total company production volumes for the quarter averaged 287.1 thousand barrels of oil equivalent (MBOE) per day.

Realized product prices were down in the third quarter compared to the same quarter a year ago.  Realized oil prices averaged $52.71 per barrel, down 10 percent from the $58.25 per barrel received in the third quarter of 2018.  Realized natural gas prices averaged $0.88 per thousand cubic feet (Mcf), down 52 percent from the third quarter 2018 average of $1.84 per Mcf but up 76 percent sequentially.  NGL prices averaged $10.80 per barrel, down 58 percent from the $25.72 per barrel received in the third 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 $1.83 per Mcf in the third quarter of 2019 compared to $1.25 per Mcf in the third quarter of 2018 and $3.10 in the second quarter of 2019.  In the Mid-Continent region, the company's average differential to Henry Hub was $0.66 per Mcf versus $0.94 per Mcf in the third quarter of 2018 and $0.86 in the second quarter of 2019.  Our realized Permian oil differential to WTI Cushing improved and averaged $3.76 per barrel in the quarter, compared to $14.34 per barrel in the third quarter of 2018 and $5.80 per barrel in the second quarter of 2019.

Production expense averaged $3.34 per BOE for the third quarter, down 12 percent compared to the same period a year ago and down five percent sequentially.

Cimarex invested $296 million in exploration and development (E&D) during the third quarter, of which $221 million is attributable to drilling and completion activities.  Cimarex invested $19 million in midstream assets during the quarter.  Third quarter investments were funded with cash flow from operating activities.  Total debt at September 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 $24 million.  Debt was 35 percent of total capitalization2.

Outlook
Fourth quarter 2019 production volumes are expected to average 272 - 292 MBOE per day.  Oil volumes are estimated to average 86.0 - 92.0 MBbls per day in the fourth quarter, essentially flat sequentially at the midpoint, with Permian growth expected to outpace total company growth.  Total 2019 daily annual oil volumes are estimated to average 84.5 - 86.5 MBbls per day with total production volumes expected to average 274 - 278 MBOE per day, up three percent at the midpoint from previous guidance due primarily to higher than expected NGL recoveries.

Estimated 2019 exploration and development investment is $1.30 – 1.40 billion, down four percent at the midpoint 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 - 3.55


Transportation, processing and other expense

1.80 - 2.20


DD&A and ARO accretion

7.75 - 8.75


General and administrative expense

0.95 - 1.10


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

  6.0 - 7.0%

Cimarex Chairman and CEO, Tom Jorden, said, "We have seen strong execution in 2019, which we expect to continue into 2020.  Our initial planning indicates that we will generate meaningful free cash flow in 2020 using a flat $50 per barrel WTI price and NYMEX gas price of $2.50 per Mcf, adjusted for basis differentials."

Operations Update
Cimarex invested $296 million in E&D during the third quarter, 84 percent in the Permian Basin and 16 percent in the Mid-Continent.  Cimarex brought 96 gross (21 net) wells on production during the quarter.  At September 30, 79 gross (34 net) wells were waiting on completion.  Cimarex currently is operating eight drilling rigs.

WELLS BROUGHT ON PRODUCTION BY REGION












Three Months Ended
September 30,


Nine Months Ended
September 30,



2019


2018


2019


2018










Gross wells









Permian Basin


44



33



100



82


Mid-Continent


52



82



144



176




96



115



244



258


Net wells









Permian Basin


16



24



53



46


Mid-Continent


5



20



16



36




21



44



69



82


Permian Region
Production from the Permian region averaged 198.6 MBOE per day in the third quarter, a 64 percent increase from third quarter 2018.  Oil volumes averaged 74.8 MBbls per day, a 53 percent increase from third quarter 2018 and up six percent sequentially.

Cimarex brought 44 gross (16 net) wells on production in the Permian region during the third quarter.  There were 43 gross (32 net) wells waiting on completion at September 30.  Cimarex currently is operating eight drilling rigs and two completion crews in the region.

Mid-Continent Region
Production from the Mid-Continent averaged 88.1 MBOE per day for the third quarter, down 10 percent from third quarter 2018 and up three percent sequentially.

During the third quarter, Cimarex brought 52 gross (5 net) wells on production in the Mid-Continent region.  At the end of the quarter, 36 gross (2 net) wells were waiting on completion.  Cimarex is not currently operating a drilling rig or completion crew in the Mid-Continent.

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

DAILY PRODUCTION BY REGION












Three Months Ended
September 30,


Nine Months Ended
September 30,



2019


2018


2019


2018










Permian Basin









Gas (MMcf)


422.9



239.4



381.2



239.3


Oil (Bbls)


74,819



49,001



70,188



49,211


NGL (Bbls)


53,311



31,919



51,492



29,863


Total Equivalent (MBOE)


198.6



120.8



185.2



119.0











Mid-Continent









Gas (MMcf)


293.7



317.9



292.1



303.6


Oil (Bbls)


14,788



14,755



13,880



14,149


NGL (Bbls)


24,338



29,603



25,480



27,829


Total Equivalent (MBOE)


88.1



97.3



88.0



92.6











Total Company









Gas (MMcf)


718.0



558.8



674.6



544.4


Oil (Bbls)


89,731



63,909



84,230



63,586


NGL (Bbls)


77,693



61,560



77,021



57,748


Total Equivalent (MBOE)


287.1



218.6



273.7



212.1



AVERAGE REALIZED PRICE BY REGION












Three Months Ended
September 30,


Nine Months Ended
September 30,



2019


2018


2019


2018










Permian Basin









Gas ($ per Mcf) (1)


0.40



1.66



0.36



1.79


Oil ($ per Bbl)


52.69



55.16



51.70



58.24


NGL ($ per Bbl) (2)


9.94



27.53



12.40



23.95











Mid-Continent









Gas ($ per Mcf) (3)


1.57



1.97



2.01



2.01


Oil ($ per Bbl)


52.73



68.42



53.55



64.82


NGL ($ per Bbl) (4)


12.69



23.75



15.28



21.77











Total Company









Gas ($ per Mcf) (5)


0.88



1.84



1.08



1.92


Oil ($ per Bbl)


52.71



58.25



52.02



59.70


NGL ($ per Bbl) (6)


10.80



25.72



13.36



22.90







(1)

The average realized gas price shown in the table above includes the effects of ASC 606, which reduced the average realized prices by $0.41 per Mcf, $0.12 per Mcf, $0.37 per Mcf, and $0.11 per Mcf for the three months ended September 30, 2019 and 2018 and the nine months ended September 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 $1.88 per barrel, $1.55 per barrel, $1.82 per barrel, and $1.64 per barrel for the three months ended September 30, 2019 and 2018 and the nine months ended September 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, $0.05 per Mcf, and $0.04 per Mcf for the three months ended September 30, 2019 and 2018 and the nine months ended September 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 $0.29 per barrel, $0.53 per barrel, $0.31 per barrel, and $1.05 per barrel for the three months ended September 30, 2019 and 2018 and the nine months ended September 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 $0.26 per Mcf, $0.07 per Mcf, $0.23 per Mcf, and $0.07 per Mcf for the three months ended September 30, 2019 and 2018 and the nine months ended September 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 $1.38 per barrel, $1.06 per barrel, $1.31 per barrel, and $1.36 per barrel for the three months ended September 30, 2019 and 2018 and the nine months ended September 30, 2019 and 2018, respectively.

Other
Cimarex received cash settlements of $17.6 million related to its gas hedges during the quarter.  Settlement of oil hedges resulted in a cash payment of $15.9 million.

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



4Q19


1Q20


2Q20


3Q20


4Q20


1Q21














Gas Collars:

PEPL(3)













Volume (MMBtu/d)

120,000


90,000


60,000


30,000


30,000


10,111


Wtd Avg Floor

$

1.92


$

1.92


$

1.90


$

1.85


$

1.85


$

1.85


Wtd Avg Ceiling

$

2.35


$

2.36


$

2.28


$

2.31


$

2.31


$

2.31















El Paso Perm(3)













Volume (MMBtu/d)

60,000


40,000


30,000


20,000


20,000



Wtd Avg Floor

$

1.38


$

1.40


$

1.40


$

1.35


$

1.35


$


Wtd Avg Ceiling

$

1.71


$

1.79


$

1.82


$

1.66


$

1.66


$















Waha (3)













Volume (MMBtu/d)

60,000


50,000


30,000





Wtd Avg Floor

$

1.48


$

1.50


$

1.57


$


$


$


Wtd Avg Ceiling

$

1.82


$

1.87


$

1.97


$


$


$














Oil Collars:

WTI(4)













Volume (Bbl/d)

37,326


30,000


22,000


14,000


14,000


6,000


Wtd Avg Floor

$

54.05


$

53.12


$

50.61


$

49.68


$

49.68


$

49.24


Wtd Avg Ceiling

$

66.48


$

65.80


$

62.15


$

60.92


$

60.92


$

58.41














Oil Basis Swaps:

WTI Midland(5)













Volume (Bbl/d)

40,826


29,000


21,000


14,000


14,000


6,000


Wtd Avg Differential

$

(5.42)


$

0.25


$

0.29


$

0.65


$

0.65


$

0.57














Oil Swaps:

WTI(4)













Volume (Bbl/d)

5,000







Wtd Avg Fixed

$

64.54


$


$


$


$


$














Gas Swaps:

Henry Hub(6)













Volume (MMBtu/d)

35,000







Wtd Avg Fixed

$

3.00


$


$


$


$


$














Sold Oil Calls:

WTI(4)













Volume (Bbl/d)

3,670







Wtd Avg Ceiling

$

64.36


$


$


$


$


$

Conference call and webcast
Cimarex will host a conference call tomorrow, November 5, at 11:00 a.m. EST (9:00 a.m. MST).  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 third 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; declines in the values of our oil and gas properties resulting in impairments; 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; unknown liabilities related to Resolute; 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; 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
September 30,


Nine Months Ended
September 30,


2019


2018


2019


2018


(in thousands, except per share data)









Net income

$

40,527



$

148,354



$

176,152



$

475,669


Impairment of oil and gas properties (1)

108,879





108,879




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

(37,039)



53,507



34,831



51,128


Loss on early extinguishment of debt





4,250




Acquisition related costs

13





8,404




Tax impact

(19,472)



(12,253)



(38,309)



(11,810)


Adjusted net income

$

92,908



$

189,608



$

294,207



$

514,987


Diluted earnings per share

$

0.39



$

1.56



$

1.72



$

5.00


Adjusted diluted earnings per share*

$

0.91



$

1.99



$

2.93



$

5.39










Weighted-average number of shares outstanding:








Adjusted diluted**

101,593



95,512



100,266



95,472



(1)

An additional ceiling test impairment is anticipated in the fourth quarter.




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
September 30,


Nine Months Ended
September 30,


2019


2018


2019


2018


(in thousands)

Net cash provided by operating activities

$

320,074



$

453,474



$

984,157



$

1,157,813


Change in operating assets and liabilities

40,655



(64,792)



63,996



(52,386)










Adjusted cash flow from operations

$

360,729



$

388,682



$

1,048,153



$

1,105,427


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
September 30,


Nine Months Ended
September 30,



2019


2018


2019


2018



(in thousands)


Acquisitions:









Proved

$

2,373



$



$

696,173



$

62



Unproved

(30,314)


(1)

10,015



1,021,468



12,251




(27,941)



10,015



1,717,641



12,313












Exploration and development:









Land and seismic

$

18,377



$

55,603



$

42,456



$

76,027



Exploration and development

278,083



445,429



947,002



1,113,898




296,460



501,032



989,458



1,189,925












Property sales:









Proved

$

(9,286)



$

(527,650)



$

(27,314)



$

(557,191)



Unproved

(81)



(12,022)



(9,835)



(17,323)




(9,367)



(539,672)



(37,149)



(574,514)













$

259,152



$

(28,625)



$

2,669,950



$

627,724





(1) Amount represents an adjustment made to the Resolute preliminary purchase price allocation upon finalization of the quantity of acres acquired.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)












Three Months Ended
September 30,


Nine Months Ended
September 30,



2019


2018


2019


2018



(in thousands, except per share information)

Revenues:









Oil sales


$

435,094



$

342,495



$

1,196,166



$

1,036,402


Gas and NGL sales


135,483



240,087



479,442



646,007


Gas gathering and other


11,728



8,906



30,117



32,487




582,305



591,488



1,705,725



1,714,896


Costs and expenses:









Impairment of oil and gas properties


108,879





108,879




Depreciation, depletion, amortization, and accretion


230,172



138,195



638,122



417,555


Production


88,300



76,272



253,259



226,758


Transportation, processing, and other operating


52,697



49,720



154,636



146,818


Gas gathering and other


13,893



10,569



39,818



29,859


Taxes other than income


30,873



28,431



105,600



86,549


General and administrative


15,499



21,148



69,494



64,208


Stock compensation


6,797



6,437



20,004



16,262


(Gain) loss on derivative instruments, net


(38,735)



54,006



35,949



71,546


Other operating expense, net


10,141



10,015



19,057



15,470




518,516



394,793



1,444,818



1,075,025











Operating income


63,789



196,695



260,907



639,871











Other (income) and expense:









Interest expense


24,586



17,159



69,665



50,837


Capitalized interest


(16,264)



(5,457)



(41,811)



(15,117)


Loss on early extinguishment of debt






4,250




Other, net


(139)



(7,544)



(4,547)



(14,716)











Income before income tax


55,606



192,537



233,350



618,867


Income tax expense


15,079



44,183



57,198



143,198


Net income


$

40,527



$

148,354



$

176,152



$

475,669











Earnings per share to common stockholders:









Basic


$

0.39



$

1.56



$

1.72



$

5.00


Diluted


$

0.39



$

1.56



$

1.72



$

5.00











Dividends declared per common share


$

0.20



$

0.18



$

0.60



$

0.50











Weighted-average number of shares outstanding:









Basic


99,735



93,845



98,452



93,758


Diluted


99,735



93,867



98,458



93,788











Comprehensive income:









Net income


$

40,527



$

148,354



$

176,152



$

475,669


Other comprehensive income:









Change in fair value of investments, net of tax of ($648), $159, ($220) and $160, respectively


(2,198)



539



(745)



541


Total comprehensive income


$

38,329



$

148,893



$

175,407



$

476,210


 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)












Three Months Ended
September 30,


Nine Months Ended
September 30,



2019


2018


2019


2018



(in thousands)

Cash flows from operating activities:









Net income


$

40,527



$

148,354



$

176,152



$

475,669


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









Impairment of oil and gas properties


108,879





108,879




Depreciation, depletion, amortization, and accretion


230,172



138,195



638,122



417,555


Deferred income taxes


15,079



43,083



57,198



142,815


Stock compensation


6,797



6,437



20,004



16,262


(Gain) loss on derivative instruments, net


(38,735)



54,006



35,949



71,546


Settlements on derivative instruments


1,696



(499)



(1,118)



(20,418)


Loss on early extinguishment of debt






4,250




Amortization of debt issuance costs and discounts


783



727



2,285



2,183


Changes in non-current assets and liabilities


(5,379)



(1,957)



(2,630)



(1,244)


Other, net


910



336



9,062



1,059


Changes in operating assets and liabilities:









Accounts receivable


(37,509)



(26,784)



80,183



(11,772)


Other current assets


2,901



2,535



2,140



4,421


Accounts payable and other current liabilities


(6,047)



89,041



(146,319)



59,737


Net cash provided by operating activities


320,074



453,474



984,157



1,157,813


Cash flows from investing activities:









Acquisition of Resolute Energy, net of cash acquired






(284,441)




Oil and gas capital expenditures


(288,623)



(500,677)



(1,000,380)



(1,151,484)


Sales of oil and gas assets


15,314



538,525



28,547



573,367


Sales of other assets


425



465



859



990


Other capital expenditures


(18,894)



(18,925)



(59,035)



(75,037)


Net cash (used) provided by investing activities


(291,778)



19,388



(1,314,450)



(652,164)


Cash flows from financing activities:









Borrowings of long-term debt


529,000





2,239,310




Repayments of long-term debt


(529,000)





(2,610,000)




Financing, underwriting, and debt redemption fees


(7)





(11,798)




Finance lease payments


(1,176)





(2,731)




Dividends paid


(21,483)



(15,237)



(60,130)



(38,038)


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


(1,752)



(5,464)



(2,406)



(6,410)


Proceeds from exercise of stock options


593



962



1,267



2,211


Net cash used by financing activities


(23,825)



(19,739)



(446,488)



(42,237)


Net change in cash and cash equivalents


4,471



453,123



(776,781)



463,412


Cash and cash equivalents at beginning of period


19,414



410,823



800,666



400,534


Cash and cash equivalents at end of period


$

23,885



$

863,946



$

23,885



$

863,946


 

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)








September
30, 2019


December 31,
2018

Assets


(in thousands, except share and
per share information)

Current assets:





Cash and cash equivalents


$

23,885



$

800,666


Accounts receivable, net of allowance


425,329



454,200


Oil and gas well equipment and supplies


49,113



55,553


Derivative instruments


49,385



101,939


Other current assets


8,867



11,781


Total current assets


556,579



1,424,139


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





Proved properties


20,134,383



18,566,757


Unproved properties and properties under development, not being amortized


1,539,008



436,325




21,673,391



19,003,082


Less – accumulated depreciation, depletion, amortization, and impairment


(15,979,664)



(15,287,752)


Net oil and gas properties


5,693,727



3,715,330


Fixed assets, net of accumulated depreciation of $373,351 and $324,631, respectively


538,179



257,686


Goodwill


751,836



620,232


Derivative instruments


5,715



9,246


Other assets


73,169



35,451




$

7,619,205



$

6,062,084


Liabilities, Redeemable Preferred Stock, and Stockholders' Equity





Current liabilities:





Accounts payable


$

65,925



$

106,814


Accrued liabilities


430,832



379,455


Derivative instruments


24,983



27,627


Revenue payable


207,751



194,811


Operating leases


67,208




Total current liabilities


796,699



708,707


Long-term debt principal


2,000,000



1,500,000


Less—unamortized debt issuance costs and discounts


(15,266)



(11,446)


Long-term debt, net


1,984,734



1,488,554


Deferred income taxes


446,961



334,473


Derivative instruments


403



2,267


Operating leases


199,645




Other liabilities


219,585



198,297


Total liabilities


3,648,027



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, 101,820,140 and 95,755,797 shares issued, respectively


1,018



958


Additional paid-in capital


3,234,318



2,785,188


Retained earnings


654,212



542,885


Accumulated other comprehensive income


10



755


Total stockholders' equity


3,889,558



3,329,786




$

7,619,205



$

6,062,084


 

Cision View original content:http://www.prnewswire.com/news-releases/cimarex-reports-third-quarter-2019-results-300951057.html

SOURCE Cimarex Energy Co.

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