Cimarex Energy (XEC) Misses Q1 EPS by 10c, Revenues Beat

Cimarex Energy (NYSE: XEC) reported Q1 EPS of $1.98, $0.10 worse than the analyst estimate of $2.08. Revenue for the quarter came in at $679.45 million versus the consensus estimate of $594.92 million.

Highlights

• Generated cash flow from operating activities of $403 million.
• Adjusted cash flow from operating activities (non-GAAP) totaled $395 million, exceeding capital expenditures and generating $231 million of free cash flow (non-GAAP).
• Long-term debt at quarter end was $2 billion, while net debt (non-GAAP) decreased by approximately $250 million to $1.5 billion at the end of the quarter.
• Delivered oil volumes of 68.6 MBopd.

Tom Jorden, Chairman and Chief Executive Officer, commented, "Following a turbulent 2020, the first quarter of 2021 presented new challenges as severe winter weather impacted operations for many producers, including Cimarex. I'm proud of our remarkable team for putting safety first and delivering a strong quarter despite the conditions. Our priority in 2021 is efficiently investing in our assets to deliver strong returns and free cash flow, while also re-setting oil volumes higher following their decline in 2020. We remain on track with our capital budget and exit rate outlook, which positions Cimarex to continue generating substantial free cash flow and increasing returns to shareholders."

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

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