Cimarex Energy Co (XEC) Reports In-Line Q3 EPS, Updates Outlook

Cimarex Energy Co (NYSE: XEC) reported Q3 EPS of $1.53, in-line with the analyst estimate of $1.53.

2014 Outlook

After adjusting for property sales (25-30 MMcfe per day) and weather-related production and well completion delays, fourth quarter 2014 volumes are projected to average 930-955 MMcfe per day. Incorporating updated fourth quarter guidance, full year production is now estimated to average 864-870 MMcfe per day, a mid-point increase of 25 percent over 2013. At the midpoint, year-over-year oil and natural gas volumes are now projected to grow approximately 16 and 23 percent, respectively, and NGL volumes are expected to increase 45 percent.

Capital investment budgeted for exploration and development for 2014 remains unchanged at $1.95 billion. Expenses per Mcfe of production for 2014 are estimated to be:

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

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