XEC reports strong Q3 results
Posted: Fri Nov 02, 2012 3:15 pm
Note the big increase in oil production.
DENVER, Nov. 2, 2012 /PRNewswire/ -- Cimarex Energy Co. (XEC) today reported third-quarter 2012 net income of $84.3 million, or $0.97 per diluted share. This compares to third-quarter 2011 earnings of $128.2 million, or $1.49 per diluted share.
Third-quarter 2012 production volumes averaged an all-time high 635.1 million cubic feet equivalent (MMcfe), per day, a 7% increase as compared to third-quarter 2011 output of 592.0 MMcfe per day. Oil production grew 23% to a record 32,456 barrels per day.
I will have an updated forecast model posted to the website tomorrow.
DENVER, Nov. 2, 2012 /PRNewswire/ -- Cimarex Energy Co. (XEC) today reported third-quarter 2012 net income of $84.3 million, or $0.97 per diluted share. This compares to third-quarter 2011 earnings of $128.2 million, or $1.49 per diluted share.
Third-quarter 2012 production volumes averaged an all-time high 635.1 million cubic feet equivalent (MMcfe), per day, a 7% increase as compared to third-quarter 2011 output of 592.0 MMcfe per day. Oil production grew 23% to a record 32,456 barrels per day.
I will have an updated forecast model posted to the website tomorrow.