Cimarex Energy (XEC) Q3 Results - Nov 4
Posted: Mon Nov 04, 2019 5:42 pm
Cimarex Reports Third Quarter 2019 Results with my comments in blue.
PR Newswire•November 4, 2019
DENVER, Nov. 4, 2019 /PRNewswire/ --
Oil production averaged 89.7 MBbls/d; up 8% sequentially < Compares to my oil production forecast of 86,000 BOPD.
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. (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 share. < My adjusted net income forecast was $90.4 million, or $0.89 per share.
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 ago. < This the best news. My operating cash flow forecast was $339.1 million or $3.34 per share. Cimarex is now on-track to generate more than $1.4 Billion of cash flow from operations in 2019.
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."
PR Newswire•November 4, 2019
DENVER, Nov. 4, 2019 /PRNewswire/ --
Oil production averaged 89.7 MBbls/d; up 8% sequentially < Compares to my oil production forecast of 86,000 BOPD.
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. (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 share. < My adjusted net income forecast was $90.4 million, or $0.89 per share.
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 ago. < This the best news. My operating cash flow forecast was $339.1 million or $3.34 per share. Cimarex is now on-track to generate more than $1.4 Billion of cash flow from operations in 2019.
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."