Cimarex Reports Fourth-Quarter and Full-Year 2016 Results

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- Total company production averaged 960 MMcfe per day in the fourth quarter - Reserves essentially flat with 2015 and Cimarex replaced 128% of production

February 15, 2017 4:05 PM EST

DENVER, Feb. 15, 2017 /PRNewswire/ -- Cimarex Energy Co. (NYSE: XEC) today reported fourth quarter 2016 net income of $38.2 million, or $0.40 per share, compared to fourth quarter 2015 net loss of $630.5 million, or $6.78 per share(1).  Adjusted fourth quarter net income (non-GAAP) was $56.7 million, or $0.60 per share, compared to fourth quarter 2015 adjusted net loss (non-GAAP) of $23.0 million, or $0.25 per share(1).  Cash flow from operations was $169.9 million in the fourth quarter compared to $115.0 million in the fourth quarter of 2015.  Adjusted cash flow from operations (non-GAAP) totaled $218.7 million in the fourth quarter, a 74 percent increase from 2015 levels(1). 

For the year, Cimarex recorded a net loss of $431.0 million, or $4.62 per share.   The adjusted net income (non-GAAP) for the full year was $0.70 per share(1).  Cash flow from operations totaled $599.2 million in 2016 compared to $691.5 million in 2015.  Adjusted cash flow from operations (non-GAAP) totaled $629.1 million in 2016, a 15 percent drop from 2015 levels(1).   Revenues in 2016 totaled $1.3 billion, a 13 percent decrease from 2015.  The decrease in revenues and cash flow was the result of lower production and lower product prices received. (See table of Average Realized Price by Region below.)

Total company production volumes averaged 960 million cubic feet equivalent (MMcfe) per day in the fourth quarter, down three percent from a year ago and within company guidance.  For the full year, Cimarex reported daily production volumes of 963 MMcfe per day, down two percent from our 2015 average daily output of 985 MMcfe per day and within guidance.

Cimarex invested $735 million in exploration and development in 2016.   This was down 16 percent from the $877 million Cimarex invested in 2015.  Investments made in 2016 were funded with cash flow and cash on hand.

Proved reserves at December 31, 2016 were 2.9 trillion cubic feet equivalent (Tcfe), essentially flat with reserves reported a year ago.  Proved developed reserves increased five percent to 2.3 Tcfe.  Cimarex added 324.0 Bcfe through extensions and discoveries and 126.2 Bcfe through net performance revisions resulting in reserve replacement of 128 percent of 2016 production.  Proved reserves are 79 percent proved developed.  (See table of Proved Reserves below.)

Volatility in oil and natural gas prices had an impact on the company's financial results for both the fourth quarter and full year.  In the fourth quarter, Cimarex benefited from higher prices relative to the same period a year ago.  Realized oil prices averaged $44.67 per barrel, 20 percent higher than the same period a year ago.  Natural gas prices were also up in the fourth quarter and averaged $2.86 per Mcf versus $2.20 a year ago.  NGL prices were particularly strong in the fourth quarter averaging $18.15 per barrel up 43 percent from fourth quarter 2015. For the full year, however, realized oil prices averaged $38.30, down 12 percent from 2015.  Natural gas prices averaged $2.31 per Mcf and NGL prices averaged $14.05 per barrel compared to $2.53 and $13.75, respectively, in 2015.

Total debt at December 31, 2016 consisted of $1.5 billion of long-term notes, with $750 million maturing in 2022 and $750 million maturing in 2024. Cimarex had no borrowings under its revolving credit facility and had a cash balance of $653 million. Debt was 39 percent of total capitalization (non-GAAP)(2). 

Operations UpdateDuring 2016, Cimarex participated in the drilling and completion of 153 gross (61 net) wells.  We operated 73 of those wells.  Total exploration and development investment was $735 million.  Of the total, 59 percent was invested in Permian projects and 40 percent in the Mid-Continent.

At year-end, 93 gross (27 net) wells were drilled and awaiting completion, of which 70 gross (12 net) are in the Mid-Continent and 22 gross (14 net) in the Permian.

Wells Brought on Production by Region:

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

Gross wells

Permian Basin

11

13

48

85

Mid-Continent

44

52

105

134

55

65

153

219

Net wells

Permian Basin

8

8

30

60

Mid-Continent

17

20

31

39

25

28

61

99

Permian BasinProduction from the Permian Basin averaged 511 MMcfe per day in the fourth quarter, a two percent decrease over fourth-quarter 2015 and a decrease of one percent sequentially. Quarterly oil volumes averaged 36,253 barrels per day, down six percent year-over-year and flat sequentially.

Cimarex completed and brought on production 11 gross (eight net) Permian Basin wells during the fourth quarter, bringing the total for 2016 to 48 gross (30 net) wells.

In Culberson County, Texas, Cimarex has completed 42 long lateral Wolfcamp wells to date including 21 in the Lower Wolfcamp and 21 in the Upper Wolfcamp.  One highlight of the 2016 Permian program was the drilling and completion of five 10,000-foot lateral Upper Wolfcamp wells in Culberson County using upsized completions. These wells had an average 30-day peak initial production of 2,077 BOE per day (56 percent oil, 27 percent gas, 17 percent NGL).

Mid-ContinentCimarex drilled and completed 105 gross (31 net) wells in the Mid-Continent area in 2016.  The majority of the activity was in the Woodford and Meramec shale plays in western Oklahoma.  At the end of the fourth quarter, 70 gross (12 net) wells were awaiting completion, including 28 gross (eight net) wells associated with the multi-well infill in the East Cana Core area. Mid-Continent production averaged 446 MMcfe per day for the fourth quarter of 2016 and 457 MMcfe per day for the full year.

Production by RegionCimarex's average daily production and commodity price by region is summarized below:

Daily Production by Region:

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

Permian Basin

Gas (MMcf)

179.3

185.4

178.1

180.8

Oil (Bbls)

36,253

38,423

36,018

43,067

NGL (Bbls)

19,114

17,350

18,244

17,042

Total Equivalent (MMcfe)

511.5

520.0

503.7

541.5

Mid-Continent

Gas (MMcf)

276.3

286.8

280.1

276.2

Oil (Bbls)

9,205

8,490

8,969

7,523

NGL (Bbls)

19,036

20,561

20,513

18,513

Total Equivalent (MMcfe)

445.8

461.1

456.9

432.4

Total Company

Gas (MMcf)

457.2

475.2

459.6

463.0

Oil (Bbls)

45,567

47,133

45,158

51,132

NGL (Bbls)

38,184

37,964

38,797

35,789

Total Equivalent (MMcfe)

959.7

985.7

963.4

984.5

 

Average Realized Price by Region:

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

Permian Basin

Gas ($ per Mcf)

2.85

2.24

2.35

2.55

Oil ($ per Bbl)

44.75

37.64

38.45

43.58

NGL ($ per Bbl)

15.71

10.97

12.32

11.94

Mid-Continent

Gas ($ per Mcf)

2.86

2.16

2.29

2.51

Oil ($ per Bbl)

44.36

35.80

37.65

41.90

NGL ($ per Bbl)

20.58

14.19

15.59

15.41

Total Company

Gas ($ per Mcf)

2.86

2.20

2.31

2.53

Oil ($ per Bbl)

44.67

37.32

38.30

43.38

NGL ($ per Bbl)

18.15

12.72

14.05

13.75

 

Other

The following table summarizes the company's current open hedge positions:

 Weighted 

Gas:

1Q17

2Q17

3Q17

4Q17

1Q18

Average

PEPL Collars (3)

Volume (MMBtu/d)

110,000

110,000

90,000

60,000

30,000

80,022

 Wtd Avg Floor 

$       2.52

$         2.52

$       2.61

$       2.79

$       2.90

$         2.61

 Wtd Avg Ceiling 

$       3.04

$         3.04

$       3.12

$       3.22

$       3.32

$         3.11

Perm EP Collars (3)

Volume (MMBtu/d)

90,000

90,000

60,000

40,000

20,000

59,978

 Wtd Avg Floor 

$       2.59

$         2.59

$       2.68

$       2.86

$       3.00

$         2.67

 Wtd Avg Ceiling 

$       3.10

$         3.10

$       3.16

$       3.28

$       3.41

$         3.15

Total Natural Gas Collars

Volume (MMBtu/d)

200,000

200,000

150,000

100,000

50,000

140,000

Oil:

WTI  Collars (4)

Volume (Bbl/d)

20,000

20,000

16,000

11,000

6,000

14,602

 Wtd Avg Floor 

$     43.08

$       43.08

$     45.09

$     46.27

$     47.33

$       44.36

 Wtd Avg Ceiling 

$     52.90

$       52.90

$     55.50

$     56.98

$     59.11

$       54.60

Total Crude Oil Collars

Volume (Bbl/d)

20,000

20,000

16,000

11,000

6,000

14,602

Conference call and webcastCimarex will host a conference call tomorrow, February 16, at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time). The call will be webcast and accessible on the Cimarex website at www.cimarex.com. To participate in the live, interactive call, please dial 866-367-3053 five minutes before the scheduled start time (international callers dial 1-412-902-4216).  The replay will be available on the Cimarex website or via the Cimarex App. 

Investor PresentationFor more details on Cimarex's 2016 results, please refer to the company's investor presentation available at www.cimarex.com.

About Cimarex EnergyDenver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent and Permian Basin areas of the U.S.

This press release contains forward-looking statements, including statements regarding projected results and future events. Please refer to the company's Annual Report on Form 10-K for the year ended December 31, 2016, to be filed with the SEC,  for a list of certain risk factors that may affect these forward-looking statements.

Actual results may differ materially from company projections and other forward-looking statements and can be affected by a variety of factors outside the control of the company including among other things: oil, NGL and natural gas price levels and volatility; higher than expected costs and expenses, including the availability and cost of services and materials; compliance with environmental and other regulations; risks associated with operating in one major geographic area; environmental liabilities; the ability to receive drilling and other permits and rights-of-way in a timely manner; development drilling and testing results; declines in the values of our oil and gas properties resulting in impairments; the potential for production decline rates to be greater than expected; performance of acquired properties and newly drilled wells; costs and availability of third party facilities for gathering, processing, refining and transportation; regulatory approvals, including regulatory restrictions on federal lands; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions and disposal of produced water; unexpected future capital expenditures; economic and competitive conditions; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; changes in estimates of proved reserves; derivative and hedging activities; the success of the company's risk management activities; title to properties; litigation; the ability to complete property sales or other transactions; and other factors discussed in the company's reports filed with the SEC. Cimarex Energy Co. encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, the company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.                            

(1)

Adjusted net income and adjusted cash flow from operations are non-GAAP financial measures.  See below for a reconciliation of the GAAP measure to the non-GAAP measure.

(2)

Reconciliation of debt to total capitalization, which is a non-GAAP measure, is:  long-term debt of $1.5 billion divided by long-term debt of $1.5 billion plus stockholders' equity of $2.3 billion.  Management uses this non-GAAP measure as an indicator of the financial condition of the company and believes professional research analysts and rating agencies use this measure for similar purposes.

(3)

PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent index and El Paso Perm is El Paso Permian Basin index both as quoted in Platt's Inside FERC.

(4)

WTI refers to West Texas Intermediate oil price as quoted on the New York Mercantile Exchange.

 

Reconciliation of Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share:

The following table provides a reconciliation from generally accepted accounting principles (GAAP) measures of net income (loss) and earnings (loss) per share to adjusted net income (loss) and adjusted earnings (loss) per share (non-GAAP) for the periods indicated.

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

(in thousands, except per share data)

Net income (loss)

$

38,190

$

(630,508)

$

(431,049)

$

(2,408,948)

Impairment of oil and gas properties

-

965,348

719,142

3,716,883

Mark-to-market (gain) loss on open derivative positions

30,417

(9,278)

63,186

(11,246)

Tax impact**

(11,924)

(348,598)

(284,883)

(1,351,395)

Adjusted net income (loss)

$

56,683

$

(23,036)

$

66,396

$

(54,706)

Diluted earnings (loss) per share*

$

0.40

$

(6.78)

$

(4.62)

$

(25.92)

Adjusted diluted earnings (loss) per share*

$

0.60

$

(0.25)

$

0.70

$

(0.60)

Diluted shares attributable to common stockholders and participating securities

95,175

92,992

95,176

92,992

Adjusted net income (loss) and adjusted diluted earnings (loss) per share excludes the noted items because management believes these items affect the comparability of operating results. The company discloses these non-GAAP financial measures as a useful adjunct to GAAP earnings because:

a) Management uses adjusted net income (loss) to evaluate the company's financial performance between periods and to compare the company's performance to other oil and gas exploration and production companies.

b) Adjusted net income (loss) is more comparable to earnings estimates provided by research analysts.

*

Earnings (loss) per share are based on actual figures rather than the rounded figures presented.

**

The tax impact of the 2016 periods is calculated using a tax rate that excludes the effects of tax adjustments recorded in the fourth quarter primarily related to the revision of previous tax balances. 

 

Reconciliation of Adjusted Cash Flow from Operations:

The following table provides a reconciliation from generally accepted accounting principles (GAAP) measures of net cash provided by operating activities to adjusted cash flows from operations (non-GAAP) for the periods indicated.

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

(in thousands)

Net cash provided by operating activities

$

169,894

$

114,954

$

599,225

$

691,500

Change in operating assets and liabilities

48,846

10,772

29,913

52,082

Adjusted cash flow from operations

$

218,740

$

125,726

$

629,138

$

743,582

Management uses the non-GAAP measure of adjusted cash flow from operations as a means of measuring the company's ability to fund its capital program and dividends, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of cash flow from operating activities.  Management believes this non-GAAP measure provides useful information to investors for the same reasons, and that it is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.

 

Proved Reserves:

Gas

Oil

NGL

Total

(Bcf)

(MBbls)

(MBbls)

(Bcfe)

December 31, 2015

1,517.0

107,798

124,277

2,909.4

Revisions of previous estimates

5.7

(4,357)

6,670

19.7

Extensions and discoveries

123.2

19,419

14,050

324.0

Purchase of reserves

1.0

1

—

1.0

Production 

(168.2)

(16,528)

(14,200)

(352.6)

Sale of properties

(7.3)

(455)

(164)

(11.0)

December 31, 2016

1,471.4

105,878

130,633

2,890.5

Proved developed reserves

Year-end 2015

1,129.5

89,189

87,549

2,189.9

Year-end 2016

1,144.7

92,032

99,176

2,292.0

2016

2015

 % Change 

Pre-tax PV-10 ($ in millions) **

$2,121.9

$2,279.0

-7%

Standardized Measure ($ in millions)

$1,892.6

$1,934.1

-2%

Average prices used in Standardized Measure

2016

2015

% Change

Gas Price per Mcf

$2.48

$2.59

-4%

Oil price per barrel

$42.75

$50.28

-15%

NGL price per barrel

$14.37

$14.41

0%

** Pre-tax PV-10 is a non-GAAP financial measure.  Pre-tax PV-10 is comparable to the standardized measure, which is the most directly comparable GAAP financial measure.  Pre-tax PV-10 is computed on the same basis as the standardized measure but without deducting future income taxes. As of December 31, 2016 and 2015, Cimarex's discounted future income taxes were $229.3 million and $344.9 million, respectively.  Cimarex's standardized measure of discounted future net cash flows was $1,892.6 million at year-end 2016 and $1,934.1 million at year-end 2015. Management uses pre-tax PV-10 as one measure of the value of the company's proved reserves and to compare relative values of proved reserves to other exploration and production companies without regard to income taxes. Management believes pre-tax PV-10 is a useful measure for comparison of proved reserve values among companies because, unlike standardized measure, it excludes future income taxes that often depend on the unique income tax characteristics of the owner of the reserves rather than on the nature, location and quality of the reserves themselves. Management further believes that professional research analysts and rating agencies use pre-tax PV-10 in similar ways. However, pre-tax PV-10 is not a substitute for the standardized measure of discounted future net cash flows. Cimarex's pre-tax PV-10 and the standardized measure of discounted future net cash flows do not purport to present the fair value of its oil and natural gas reserves.

 

Proved Reserves by Region:

Gas

Oil

NGL

Total

(Bcf)

(MBbls)

(MBbls)

(Bcfe)

Mid-Continent

1,095.2

31,399

89,615

1,821.3

Permian Basin

372.4

74,295

40,977

1,064.0

Other

3.8

184

41

5.2

1,471.4

105,878

130,633

2,890.5

 

Oil and Gas Capitalized Expenditures:

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

(in thousands)

Acquisitions:

Proved

$

—

$

30

$

3,324

$

30

Unproved

319

2,400

14,087

6,666

Net purchase price adjustments (*)

60

350

(2,868)

(11,653)

379

2,780

14,543

(4,957)

Exploration and development:

Land and Seismic

16,260

14,084

61,870

52,049

Exploration and development

229,603

180,107

672,882

824,903

245,863

194,191

734,752

876,952

Sale proceeds:

Proved

(2,653)

—

(15,342)

(27,804)

Unproved

(1)

(2,819)

(9,226)

(15,231)

Net purchase price adjustments

180

291

(119)

1,759

(2,474)

(2,528)

(24,687)

(41,276)

$

243,768

$

194,443

$

724,608

$

830,719

*

The net 2015 purchase price adjustments relate to activity in prior periods.

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited):

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

(in thousands, except per share data)

Revenues:

Oil sales

$

187,277

$

161,814

$

632,934

$

809,664

Gas sales

120,285

96,242

388,786

428,227

NGL sales

63,743

44,411

199,498

179,647

Gas gathering and other, net

10,850

8,812

36,127

35,081

382,155

311,279

1,257,345

1,452,619

Costs and expenses:

Impairment of oil and gas properties

—

965,348

719,142

3,716,883

Depreciation, depletion, amortization and accretion

106,363

161,768

473,764

788,044

Production

51,111

77,229

232,002

299,374

Transportation, processing, and other operating

51,140

52,717

190,725

182,362

Gas gathering and other

8,308

9,539

31,785

38,138

Taxes other than income

18,067

17,086

61,946

84,764

General and administrative

18,462

24,283

73,901

74,688

Stock compensation

5,741

4,679

24,523

19,559

(Gain) loss on derivative instruments, net

32,699

(9,278)

55,749

(11,246)

Other operating, net

462

12

755

856

292,353

1,303,383

1,864,292

5,193,422

Operating income (loss)

89,802

(992,104)

(606,947)

(3,740,803)

Other (income) and expense:

Interest expense 

19,825

19,811

79,679

80,447

Amortization of deferred financing costs

887

1,966

3,593

5,299

Capitalized interest

(5,290)

(5,502)

(21,248)

(30,589)

Other, net

(3,218)

(3,762)

(10,707)

(13,576)

Income (loss) before income tax

77,598

(1,004,617)

(658,264)

(3,782,384)

Income tax expense (benefit)

39,408

(374,109)

(227,215)

(1,373,436)

Net income (loss)

$

38,190

$

(630,508)

$

(431,049)

$

(2,408,948)

Earnings (loss) per share to common stockholders:

Basic 

$

0.40

$

(6.78)

$

(4.62)

$

(25.92)

Diluted

$

0.40

$

(6.78)

$

(4.62)

$

(25.92)

Dividends per share

$

0.08

$

0.16

$

0.32

$

0.64

Shares attributable to common stockholders:

Unrestricted common shares outstanding

93,379

92,992

93,379

92,992

Diluted common shares

93,422

92,992

93,379

92,992

Shares attributable to common stockholders and participating securities:

Basic shares outstanding

95,132

N/A*

N/A*

N/A*

Fully diluted shares 

95,175

N/A*

N/A*

N/A*

Comprehensive income (loss):

Net income (loss)

$

38,190

$

(630,508)

$

(431,049)

$

(2,408,948)

Other comprehensive income (loss):

Change in fair value of investments, net of tax 

(64)

138

504

(661)

Total comprehensive income (loss)

$

38,126

$

(630,370)

$

(430,545)

$

(2,409,609)

*

Due to the net loss in the periods ended December 31, 2016 and 2015, shares of 95,132 and 94,829, respectively, which include participating securities, are not considered in the loss per share calculations.

 

Condensed Consolidated Cash Flow Statements (unaudited):

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2016

2015

2016

2015

(in thousands)

Cash flows from operating activities:

Net income (loss)

$

38,190

$

(630,508)

$

(431,049)

$

(2,408,948)

Adjustment to reconcile net income (loss) to net cash provided by operating activities:

Impairment of oil and gas properties

—

965,348

719,142

3,716,883

Depreciation, depletion, amortization and accretion

106,363

161,768

473,764

788,044

Deferred income taxes

39,408

(373,882)

(226,100)

(1,388,146)

Stock compensation

5,741

4,679

24,523

19,559

(Gain) loss on derivative instruments

32,699

(9,278)

55,749

(11,246)

Settlements on derivative instruments

(2,281)

—

7,437

—

Changes in non-current assets and liabilities

(254)

6,887

3,867

23,230

Amortization of deferred financing costs

and other, net

(1,126)

712

1,805

4,206

Changes in operating assets and liabilities:

Receivables, net

(47,617)

34,916

(49,340)

186,699

Other current assets

(2,154)

8,320

20,880

37,954

Accounts payable and other current liabilities

925

(54,008)

(1,453)

(276,735)

Net cash provided by operating activities

169,894

114,954

599,225

691,500

Cash flows from investing activities:

Oil and gas expenditures

(214,444)

(208,015)

(699,558)

(979,044)

Sales of oil and gas assets

2,474

1,510

21,487

39,853

Sales of other assets

2,171

121

7,889

1,178

Other capital expenditures

1,785

(12,507)

(22,228)

(70,592)

Net cash used by investing activities

(208,014)

(218,891)

(692,410)

(1,008,605)

Cash flows from financing activities:

Proceeds from sale of common stock

—

—

—

752,100

Financing and underwriting fees

(100)

(1,970)

(101)

(24,633)

Dividends paid

(7,781)

(15,070)

(38,024)

(58,281)

Proceeds from exercise of stock options and other

181

1,047

4,804

21,439

Net cash provided by (used in) financing activities

(7,700)

(15,993)

(33,321)

690,625

Net change in cash and cash equivalents

(45,820)

(119,930)

(126,506)

373,520

Cash and cash equivalents at beginning of period

698,696

899,312

779,382

405,862

Cash and cash equivalents at end of period

$

652,876

$

779,382

$

652,876

$

779,382

 

Condensed Consolidated Balance Sheets (unaudited):

December 31,

December 31,

2016

2015

Assets

(in thousands, except share data)

Current assets:

Cash and cash equivalents

$

652,876

$

779,382

Receivables, net

274,597

225,398

Oil and gas well equipment and supplies

33,342

54,579

Derivative instruments

—

10,745

Other current assets

8,489

7,826

Total current assets

969,304

1,077,930

Oil and gas properties at cost, using the full cost method of accounting:

Proved properties

16,225,495

15,546,948

Unproved properties and properties under development,

not being amortized

478,277

440,166

16,703,772

15,987,114

Less – accumulated depreciation, depletion, amortization and impairment

(13,849,701)

(12,710,968)

Net oil and gas properties

2,854,071

3,276,146

Fixed assets, net

205,465

230,009

Goodwill

620,232

620,232

Derivative instruments

—

501

Other assets, net

32,621

38,468

$

4,681,693

$

5,243,286

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$

74,486

$

66,815

Accrued liabilities

278,781

247,508

Derivative instruments

49,370

—

Revenue payable

119,715

95,744

Total current liabilities

522,352

410,067

Long-term debt:

Principal

1,500,000

1,500,000

Less – unamortized debt issuance costs

(12,061)

(14,380)

Long-term debt, net

1,487,939

1,485,620

Deferred income taxes

126,894

352,705

Other liabilities 

184,444

197,216

Total liabilities

2,321,629

2,445,608

Commitments and contingencies

Stockholders' equity:

Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued

—

—

Common stock, $0.01 par value, 200,000,000 shares authorized, 95,123,525 and 94,820,570 shares issued, respectively

951

948

Paid-in capital

2,763,452

2,762,976

Retained earnings (Accumulated deficit)

(405,284)

33,313

Accumulated other comprehensive income

945

441

Total shareholders' equity

2,360,064

2,797,678

$

4,681,693

$

5,243,286

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cimarex-reports-fourth-quarter-and-full-year-2016-results-300408199.html

SOURCE Cimarex Energy Co.


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