Cimarex Energy (XEC) Tops Q1 EPS by 22c

Cimarex Energy (NYSE: XEC) reported Q1 EPS of $0.58, $0.22 better than the analyst estimate of $0.36.

Outlook

Cimarex has taken a number of steps to protect employees in the wake of the COVID-19 pandemic including the implementation of remote work for all office staff and the adoption of COVID-19 protocols for field staff. In addition to the health crisis, the pandemic has caused extreme weakness in oil prices due to lower demand. Because of price uncertainty and resultant production curtailments, Cimarex will forgo quarterly and annual production guidance as well as guidance on per unit operating costs. The company withdraws any previous guidance on these measures.

Cimarex Chairman and CEO, Tom Jorden, said, "Investors expect us to be good stewards of capital. As stated in our April 15th press release, Cimarex's current outlook for capital investment in 2020 is down 55-60% from original plans and expected to be $500 - 600 million."

For earnings history and earnings-related data on Cimarex Energy (XEC) click here.

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