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Communication Services : Entertainment | Large Cap Blend
Company profile

Roku, Inc. operates television streaming platform. The Company connects users to streaming content, enables content publishers to build and monetize audiences and provides advertisers with capabilities to engage consumers. Its Roku platform allows users to personalize their content selection with cable television replacement offerings and other streaming services that suit their budget and needs. Ad-supported channels available on the Roku platform include CBS News, Crackle, The CW Television Network and Vice; subscription channels include HBO Now, Hulu and Netflix, as well as traditional pay TV replacement services like DirecTV Now, Sling TV and Sony PlayStation Vue; and transactional channels include Amazon Video, Google Play and Vudu. Its product categories include advertising, Roku TVs and Streaming Players.

Closing Price
$422.85
Day's Change
-0.79 (-0.19%)
Bid
--
Ask
--
B/A Size
--
Day's High
429.89
Day's Low
418.33
Volume
(Light)
Volume:
2,989,751

10-day average volume:
5,178,672
2,989,751

Cimarex Reports Third Quarter 2020 Results

4:01 pm ET November 4, 2020 (PR Newswire) Print

-- Generated Net Cash Provided by Operating Activities of $259 million

-- Generated $139 million of free cash flow after dividend (Non-GAAP)

-- Invested $83 million in the quarter

-- Oil production averaged 71,600 barrels per day

Cimarex Energy Co. (NYSE: XEC) today reported a third quarter 2020 net loss of $292.7 million, or $2.94 per share, compared to net income of $123.8 million, or $1.21 per share, in the same period a year ago. Third quarter results were negatively impacted by non-cash charges related to the impairment of oil and gas properties. Third quarter adjusted net income (non-GAAP) was $52.4 million, or $0.51 per share, compared to third quarter 2019 adjusted net income (non-GAAP) of $96.0 million, or $0.94 per share1. Net cash provided by operating activities was $259.2 million in the third quarter of 2020 compared to $320.1 million in the same period a year ago. Adjusted cash flow from operations (non-GAAP) was $236.7 million in the third quarter of 2020 compared to $360.7 million in the third quarter a year ago1.

Oil production averaged 71.6 thousand barrels (MBbls) per day. Total company production volumes for the quarter averaged 249.4 thousand barrels of oil equivalent (MBOE) per day.

Realized oil prices averaged $37.94 per barrel, up 94 percent from $19.57 in the previous quarter but down 28 percent from the $52.71 per barrel received in the third quarter of 2019. Realized natural gas prices averaged $1.14 per thousand cubic feet (Mcf), up 25 percent sequentially from $0.91 per Mcf and up 30 percent from the third quarter 2019 average of $0.88 per Mcf. NGL prices averaged $10.89 per barrel, up 45 percent from $7.52 per barrel in the second quarter of 2020 and up one percent from the $10.80 barrel received in the third quarter of 2019.

Cimarex's realized oil price was a negative differential to WTI of $2.99 per barrel in the quarter down from $8.28 per barrel in the previous quarter, with a negative oil price differential in the Permian of $2.71 per barrel in the third quarter, down sequentially from $8.12 per barrel. The company realized a negative differential to Henry Hub on its Permian natural gas production of $1.15 per Mcf in the third quarter of 2020 compared to $1.83 per Mcf in the third quarter of 2019 and $1.09 in the second quarter of 2020. In the Mid-Continent region, the company's average negative differential to Henry Hub was $0.31 per Mcf versus $0.66 per Mcf in the third quarter of 2019 and $0.31 per Mcf in the second quarter of 2020.

Cimarex invested a total of $83 million during the quarter, of which $52 million was attributable to drilling and completion activities and $3 million to saltwater disposal assets. Third quarter investments were funded with cash flow from operating activities. Total debt at September 30, 2020 consisted of $2.0 billion of long-term notes, with no debt maturities until 2024. Cimarex had no borrowings under its revolving credit facility and a cash balance of $273 million at quarter end.

The company has reduced staff by 20 percent year to date through a combination of an Early Retirement Program (ERIP), further staff reductions completed in the third quarter, and attrition. Cimarex has incurred $31 million in severance expenses year to date, of which $15 million was expensed in the third quarter. Cost savings are expected to total $40-50 million annually, beginning in 2021.

Outlook

Improved oil prices in the third quarter allowed Cimarex to resume activity. We are currently running four drilling rigs in the Permian basin and have had two completion crews working since September 1. Cimarex continues to expect capital investment for the year to total approximately $600 million, as stated in guidance given in August.

Fourth quarter 2020 production volumes are expected to average 215 - 235 MBOE per day, with oil volumes estimated to average 62.5 - 68.5 MBbls per day. Total 2020 daily production volumes are expected to average 250 - 255 MBOE per day, with annual oil volumes estimated to average 75.5 - 77.5 MBbls per day.

Expenses per BOE of production for 2020 are estimated to be:

 Production expense                                 $2.90 - $3.10
 Transportation, processing and other expense       2.10 - 2.40
 DD&A and ARO accretion                             7.50 - 8.00
 General and administrative expense                 1.00 - 1.10
 Taxes other than income (% of oil and gas revenue) 5.0% - 7.0%

Operations Update

Cimarex invested $83 million during the third quarter, with 95 percent invested in the Permian Basin and 5 percent in the Mid-Continent. Cimarex brought 11 gross (1.4 net) wells on production during the quarter. At September 30, 74 gross (39.0 net) wells were waiting on completion.

WELLS BROUGHT ON PRODUCTION BY REGION
               Three Months Ended  Nine Months Ended
               September 30,       September 30,
               2020  2019          2020  2019
Gross wells
Permian Basin  7     44            59    100
Mid-Continent  4     52            43    144
               11    96            102   244
Net wells
Permian Basin  1.4   16.1          32.3  53.0
Mid-Continent  nil   5.4           1.7   16.1
               1.4   21.5          34.0  69.1

Permian Region

Production from the Permian region averaged 180.3 MBOE per day in the third quarter, a nine percent decrease from third quarter 2019. Oil volumes averaged 62.9 MBbls per day, a 16 percent decrease from third quarter 2019 and down nine percent sequentially.

Cimarex brought 7 gross (1.4 net) wells on production in the Permian region during the third quarter. There were 51 gross (38.7 net) wells waiting on completion at September 30. Cimarex currently is operating four drilling rigs and two completion crews in the region.

Mid-Continent Region

Production from the Mid-Continent averaged 68.8 MBOE per day for the third quarter, down 22 percent from third quarter 2019 and in line with the previous quarter.

During the third quarter, 4 gross (nil net) wells were brought on production in the Mid-Continent region. At the end of the quarter, 23 gross (0.3 net) wells were waiting on completion. Cimarex currently is not operating drilling rigs or completion crews in the Mid-Continent.

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

DAILY PRODUCTION BY REGION
                         Three Months Ended  Nine Months Ended
                         September 30,       September 30,
                         2020     2019       2020     2019
Permian Basin
Gas (MMcf)               380.2    422.9      415.6    381.2
Oil (Bbls)               62,930   74,819     70,415   70,188
NGL (Bbls)               53,971   53,311     50,079   51,492
Total Equivalent (MBOE)  180.3    198.6      189.8    185.2
Mid-Continent
Gas (MMcf)               222.3    293.7      234.5    292.1
Oil (Bbls)               8,523    14,788     9,173    13,880
NGL (Bbls)               23,249   24,338     21,814   25,480
Total Equivalent (MBOE)  68.8     88.1       70.1     88.0
Total Company
Gas (MMcf)               603.4    718.0      651.0    674.6
Oil (Bbls)               71,571   89,731     79,743   84,230
NGL (Bbls)               77,294   77,693     71,951   77,021
Total Equivalent (MBOE)  249.4    287.1      260.2    273.7
AVERAGE REALIZED PRICE BY REGION
                         Three Months Ended  Nine Months Ended
                         September 30,       September 30,
                         2020     2019       2020     2019
Permian Basin
Gas ($ per Mcf)          0.83     0.40       0.50     0.36
Oil ($ per Bbl)          38.22    52.69      34.46    51.70
NGL ($ per Bbl)          10.17    9.94       8.68     12.40
Mid-Continent
Gas ($ per Mcf)          1.67     1.57       1.48     2.01
Oil ($ per Bbl)          35.87    52.73      33.09    53.55
NGL ($ per Bbl)          12.59    12.69      11.38    15.28
Total Company
Gas ($ per Mcf)          1.14     0.88       0.85     1.08
Oil ($ per Bbl)          37.94    52.71      34.31    52.02
NGL ($ per Bbl)          10.89    10.80      9.50     13.36

Other

Cimarex received cash settlements of $10.8 million related to its oil hedges during the quarter. Settlement of gas hedges resulted in cash receipts of $2.8 million .

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

                                                   4Q20        1Q21         2Q21         3Q21         4Q21         1Q22         2Q22
Gas Collars:                 PEPL (2)
                             Volume (MMBtu/d)      100,000     100,000      100,000      90,000       90,000       60,000       20,000
                             Wtd Avg Floor         $   1.78    $   1.83     $   1.89     $   2.00     $   2.00     $   2.13     $   2.40
                             Wtd Avg Ceiling       $   2.21    $   2.23     $   2.28     $   2.42     $   2.42     $   2.55     $   2.86
                             El Paso Perm (2)
                             Volume (MMBtu/d)      70,000      70,000       80,000       70,000       70,000       40,000       20,000
                             Wtd Avg Floor         $   1.36    $   1.50     $   1.62     $   1.86     $   1.86     $   2.13     $   2.40
                             Wtd Avg Ceiling       $   1.64    $   1.79     $   1.92     $   2.22     $   2.22     $   2.53     $   2.88
                             Waha (2)
                             Volume (MMBtu/d)      70,000      90,000       100,000      90,000       90,000       60,000       20,000
                             Wtd Avg Floor         $   1.43    $   1.52     $   1.61     $   1.82     $   1.82     $   1.98     $   2.40
                             Wtd Avg Ceiling       $   1.73    $   1.83     $   1.93     $   2.17     $   2.17     $   2.39     $   2.86
Oil Collars:                 WTI (3)
                             Volume (Bbl/d)        41,000      40,000       34,000       25,000       25,000       11,000       4,000
                             Wtd Avg Floor         $   40.91   $   38.06    $   34.62    $   32.44    $   32.44    $   35.91    $   37.50
                             Wtd Avg Ceiling       $   49.84   $   46.45    $   43.28    $   41.49    $   41.49    $   47.37    $   51.04
Oil Basis Swaps:             WTI Midland (4)
                             Volume (Bbl/d)        32,000      31,000       33,000       28,000       28,000       15,000       8,000
                             Wtd Avg Differential  $   0.18    $   0.03     $   (0.02)   $   (0.20)   $   (0.20)   $   0.19     $   0.25
Oil Roll Differential Swaps: WTI (3)
                             Volume (Bbl/d)        --          7,000        11,000       11,000       11,000       11,000       4,000
                             Wtd Avg Price         $   --      $   (0.24)   $   (0.22)   $   (0.22)   $   (0.22)   $   (0.22)   $   (0.20)

Conference call and webcast

Cimarex will host a conference call tomorrow, November 5, 2020 at 11:00 a.m. EST (9:00 a.m. MST). The call will be webcast and accessible on the Cimarex website at www.cimarex.com. To join the live, interactive call, please dial 866-367-3053 ten minutes before the scheduled start time (callers in Canada dial 855-669-9657 and international callers dial 412-902-4216). A replay will be available on the company's website.

Investor Presentation

For more details on Cimarex's third quarter 2020 results, please refer to the company's investor presentation available at www.cimarex.com.

About Cimarex Energy

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

This press release contains forward-looking statements, including statements regarding projected results and future events. In particular, the disclosures under the heading "Outlook" contain projections for certain 2020 operational and financial metrics. These forward-looking statements are based on management's judgment as of the date of this press release and include certain risks and uncertainties. Please refer to the company's Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC, and other filings including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, 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, including those resulting from demand destruction from the COVID-19 pandemic; disruptions to the availability of workers and contractors due to illness and stay at home orders related to the COVID-19 pandemic; disruptions to gathering, pipeline, refining, transportation and other midstream and downstream activities, including due to the COVID-19 pandemic; disruptions to supply chains and availability of critical equipment and supplies, including as a result of the COVID-19 pandemic; the effectiveness of controls over financial reporting; declines in the values of our oil and gas properties resulting in impairments; impairments of goodwill; higher than expected costs and expenses, including the availability and cost of services and materials, which may be impacted by the COVID-19 pandemic; compliance with environmental and other regulations, including new regulations that may result from a change in federal and state administrations and legislatures; regulatory approvals, including regulatory restrictions on federal lands which may be negatively impacted by a change in administration; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions and disposal of produced water, which may be negatively impacted by a change in administration; costs and availability of third party facilities for gathering, processing, refining and transportation; risks associated with concentration of operations in one major geographic area; environmental liabilities; the ability to receive drilling and other permits and rights-of-way in a timely manner, which may be negatively impacted by COVID-19 restrictions on regulatory personnel who process and approve those matters and by changes in federal and state administrations and legislatures; development drilling and testing results; the potential for production decline rates to be greater than expected; performance of acquired properties and newly drilled wells; unexpected future capital expenditures; economic and competitive conditions; the availability and cost of capital; 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 reconciliations of the related GAAP amounts.
2                    PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent index, El Paso Perm refers to El Paso Permian Basin index, and Waha refers to West Texas (Waha) Index, all as quoted in Platt's Inside FERC.
3                    WTI refers to West Texas Intermediate oil price as quoted on the New York Mercantile Exchange.
4                    Index price on basis swaps is WTI NYMEX less the weighted average WTI Midland differential, as quoted by Argus Americas Crude.
RECONCILIATION OF ADJUSTED NET INCOME
The following reconciles net (loss) income as reported under generally accepted accounting principles (GAAP) to adjusted net income (non-GAAP) for the periods indicated.
                                                        Three Months Ended                          Nine Months Ended
                                                        September 30,                               September 30,
                                                        2020                  2019                  2020                    2019
                                                        (in thousands, except per share data)
Net (loss) income                                       $         (292,740)   $         123,847     $         (1,992,169)   $         259,472
Impairment of oil and gas properties (1)                351,029               --                    1,625,878               --
Impairment of goodwill                                  --                    --                    714,447                 --
Mark-to-market loss (gain) on open derivative positions 79,281                (37,039)              83,281                  34,831
Loss on early extinguishment of debt                    --                    --                    --                      4,250
Acquisition related costs                               --                    13                    --                      8,404
Asset retirement obligation                             --                    --                    2,800                   --
Tax impact (2)                                          (85,201)              9,146                 (376,631)               (11,491)
Adjusted net income                                     $         52,369      $         95,967      $         57,606        $         295,466
Diluted (loss) earnings per share                       $         (2.94)      $         1.21        $         (19.99)       $         2.56
Adjusted diluted earnings per share*                    $         0.51        $         0.94        $         0.56          $         2.95
Weighted-average number of shares outstanding:
Adjusted diluted**                                      102,046               101,593               102,097                 100,266
______________________________________
(1)                                                                                                                                      An additional ceiling test impairment is anticipated in the fourth quarter.
(2)                                                                                                                                      Because the goodwill impairment is not deductible for tax purposes, the tax impact in the 2020 period is calculated using an effective tax rate determined by excluding goodwill from the effective tax rate calculation.
Adjusted net income and adjusted diluted earnings per share exclude 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 measures because:
a)                                                                                                                                       Management uses adjusted net income to evaluate the company's operating performance between periods and to compare the company's performance to other oil and gas exploration and production companies.
b)                                                                                                                                       Adjusted net income is more comparable to earnings estimates provided by research analysts.
* Does not include adjustments resulting from application of the "two-class method" used to determine earnings per share under GAAP.
** Reflects the weighted-average number of common shares outstanding during the period as adjusted for the dilutive effects of outstanding stock options.

RECONCILIATION OF ADJUSTED CASH FLOW FROM OPERATIONS, FREE CASH FLOW AND FREE CASH FLOW AFTER DIVIDEND

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), free cash flow (non-GAAP) and free cash flow after dividend (non-GAAP) for the periods indicated.

                                           Three Months Ended            Nine Months Ended
                                           September 30,                 September 30,
                                           2020           2019           2020           2019
                                           (in thousands)
Net cash provided by operating activities  $    259,193   $    320,074   $    712,690   $    984,157
Change in operating assets and liabilities (22,529)       40,655         (25,077)       63,996
Adjusted cash flow from operations         236,664        360,729        687,613        1,048,153
Oil and gas expenditures                   (70,811)       (286,250)      (482,141)      (999,225)
Other capital expenditures                 (1,913)        (18,894)       (39,965)       (59,035)
Change in capital accruals                 (1,343)        (2,787)        84,943         11,866
Free cash flow                             162,597        52,798         250,450        1,759
Dividends paid                             (23,684)       (21,483)       (68,893)       (60,130)
Free cash flow after dividend              $    138,913   $    31,315    $    181,557   $    (58,371)

Management uses the non-GAAP financial measures of adjusted cash flow from operations, free cash flow and free cash flow after dividend as means of measuring our ability to fund our capital program and dividends, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of net cash provided by operating activities. Management believes these non-GAAP financial measures provide useful information to investors for the same reason, and that they are also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.

OIL AND GAS CAPITALIZED EXPENDITURES
                             Three Months Ended           Nine Months Ended
                             September 30,                September 30,
                             2020          2019           2020            2019
                             (in thousands)
Acquisitions:
Proved                       $    --       $    2,373     $    7,250      $    696,173
Unproved                     --            (30,314)       --              1,021,468
                             --            (27,941)       7,250           1,717,641
Exploration and development:
Land and seismic             11,586        18,377         $    37,626     $    42,456
Exploration and development  68,963        278,083        375,357         947,002
                             80,549        296,460        412,983         989,458
Property sales:
Proved                       (67,514)      (9,286)        $    (67,514)   $    (27,314)
Unproved                     --            (81)           (830)           (9,835)
                             (67,514)      (9,367)        (68,344)        (37,149)
                             $    13,035   $    259,152   $    351,889    $    2,669,950
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited)
                                                                                            Three Months Ended                Nine Months Ended
                                                                                            September 30,                     September 30,
                                                                                            2020              2019            2020                2019
                                                                                            (in thousands, except per share information)
Revenues:
Oil sales                                                                                   $     249,826     $     435,094   $     749,623       $     1,196,166
Gas and NGL sales                                                                           140,761           135,483         339,503             479,442
Gas gathering and other                                                                     11,072            11,728          34,746              30,117
                                                                                            401,659           582,305         1,123,872           1,705,725
Costs and expenses:
Impairment of oil and gas properties                                                        351,029           --              1,625,878           --
Depreciation, depletion, amortization, and accretion                                        159,626           230,172         576,051             638,122
Impairment of goodwill                                                                      --                --              714,447             --
Production                                                                                  62,025            89,820          213,598             257,219
Transportation, processing, and other operating                                             53,130            59,797          161,334             173,479
Gas gathering and other                                                                     4,649             5,273           16,473              17,015
Taxes other than income                                                                     22,822            30,873          70,269              105,600
General and administrative                                                                  28,598            15,499          80,333              69,494
Stock compensation                                                                          9,738             6,797           22,879              20,004
Loss (gain) on derivative instruments, net                                                  65,607            (38,735)        (37,448)            35,949
Other operating expense, net                                                                167               10,141          548                 19,057
                                                                                            757,391           409,637         3,444,362           1,335,939
Operating (loss) income                                                                     (355,732)         172,668         (2,320,490)         369,786
Other (income) and expense:
Interest expense                                                                            23,361            24,586          69,589              69,665
Capitalized interest                                                                        (12,286)          (16,264)        (38,407)            (41,811)
Loss on early extinguishment of debt                                                        --                --              --                  4,250
Other, net                                                                                  (1,572)           (140)           1,053               (4,548)
(Loss) income before income tax                                                             (365,235)         164,486         (2,352,725)         342,230
Income tax (benefit) expense                                                                (72,495)          40,639          (360,556)           82,758
Net (loss) income                                                                           $     (292,740)   $     123,847   $     (1,992,169)   $     259,472
Earnings (loss) per share to common stockholders:
Basic                                                                                       $     (2.94)      $     1.21      $     (19.99)       $     2.56
Diluted                                                                                     $     (2.94)      $     1.21      $     (19.99)       $     2.56
Dividends declared per common share                                                         $     0.22        $     0.20      $     0.66          $     0.60
Weighted-average number of shares outstanding:
Basic                                                                                       100,013           99,735          99,912              98,452
Diluted                                                                                     100,013           99,735          99,912              98,458
Comprehensive (loss) income:
Net (loss) income                                                                           $     (292,740)   $     123,847   $     (1,992,169)   $     259,472
Other comprehensive income:
Change in fair value of investments, net of tax of $0, ($648), $0 and ($220), respectively  --                (2,198)         --                  (745)
Total comprehensive (loss) income                                                           $     (292,740)   $     121,649   $     (1,992,169)   $     258,727
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
                                                            Three Months Ended              Nine Months Ended
                                                            September 30,                   September 30,
                                                            2020             2019           2020               2019
                                                            (in thousands)
Cash flows from operating activities:
Net (loss) income                                           $    (292,740)   $    123,847   $    (1,992,169)   $     259,472
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Impairment of oil and gas properties                        351,029          --             1,625,878          --
Depreciation, depletion, amortization, and accretion        159,626          230,172        576,051            638,122
Impairment of goodwill                                      --               --             714,447            --
Deferred income taxes                                       (72,495)         40,639         (360,395)          82,758
Stock compensation                                          9,738            6,797          22,879             20,004
Loss (gain) on derivative instruments, net                  65,607           (38,735)       (37,448)           35,949
Settlements on derivative instruments                       13,674           1,696          120,729            (1,118)
Loss on early extinguishment of debt                        --               --             --                 4,250
Amortization of debt issuance costs and discounts           886              783            2,488              2,285
Changes in non-current assets and liabilities               (949)            (5,379)        6,070              (2,630)
Other, net                                                  2,288            909            9,083              9,061
Changes in operating assets and liabilities:
Accounts receivable                                         (24,662)         (37,509)       179,953            80,183
Other current assets                                        5,193            2,901          6,688              2,140
Accounts payable and other current liabilities              41,998           (6,047)        (161,564)          (146,319)
Net cash provided by operating activities                   259,193          320,074        712,690            984,157
Cash flows from investing activities:
Acquisition of oil and gas properties                       --               (2,373)        (7,250)            (285,596)
Oil and gas capital expenditures                            (70,811)         (286,250)      (482,141)          (999,225)
Other capital expenditures                                  (1,913)          (18,894)       (39,965)           (59,035)
Sales of oil and gas assets                                 69,006           15,314         69,836             28,547
Sales of other assets                                       704              425            1,892              859
Net cash used by investing activities                       (3,014)          (291,778)      (457,628)          (1,314,450)
Cash flows from financing activities:
Borrowings of long-term debt                                11,000           529,000        172,000            2,239,310
Repayments of long-term debt                                (11,000)         (529,000)      (172,000)          (2,610,000)
Financing, underwriting, and debt redemption fees           (9)              (7)            (1,566)            (11,798)
Finance lease payments                                      (1,055)          (1,176)        (3,863)            (2,731)
Dividends paid                                              (23,684)         (21,483)       (68,893)           (60,130)
Employee withholding taxes paid upon the net settlement of  (2,316)          (1,752)        (2,505)            (2,406)
equity-classified stock awards
Proceeds from exercise of stock options                     --               593            --                 1,267
Net cash used by financing activities                       (27,064)         (23,825)       (76,827)           (446,488)
Net change in cash and cash equivalents                     229,115          4,471          178,235            (776,781)
Cash and cash equivalents at beginning of period            43,842           19,414         94,722             800,666
Cash and cash equivalents at end of period                  $    272,957     $    23,885    $    272,957       $     23,885
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
                                                                                      September 30,      December 31,
                                                                                      2020               2019
Assets                                                                                (in thousands, except share and
                                                                                      per share information)
Current assets:
Cash and cash equivalents                                                             $      272,957     $      94,722
Accounts receivable, net of allowance                                                 269,440            448,584
Oil and gas well equipment and supplies                                               45,959             47,893
Derivative instruments                                                                39,402             17,944
Other current assets                                                                  6,271              12,343
Total current assets                                                                  634,029            621,486
Oil and gas properties at cost, using the full cost method of accounting:
Proved properties                                                                     21,076,796         20,678,334
Unproved properties and properties under development, not being amortized             1,208,733          1,255,908
                                                                                      22,285,529         21,934,242
Less - accumulated depreciation, depletion, amortization, and impairment              (18,862,339)       (16,723,544)
Net oil and gas properties                                                            3,423,190          5,210,698
Fixed assets, net of accumulated depreciation of $439,968 and $389,458, respectively  457,010            519,291
Goodwill                                                                              --                 716,865
Derivative instruments                                                                952                580
Deferred income taxes                                                                 21,971             --
Other assets                                                                          68,818             71,109
                                                                                      $      4,605,970   $      7,140,029
Liabilities, Redeemable Preferred Stock, and Stockholders' Equity
Current liabilities:
Accounts payable                                                                      $      34,635      $      49,020
Accrued liabilities                                                                   280,861            418,978
Derivative instruments                                                                96,763             16,681
Revenue payable                                                                       123,705            207,939
Operating leases                                                                      59,989             66,003
Total current liabilities                                                             595,953            758,621
Long-term debt principal                                                              2,000,000          2,000,000
Less--unamortized debt issuance costs and discounts                                   (13,215)           (14,754)
Long-term debt, net                                                                   1,986,785          1,985,246
Deferred income taxes                                                                 --                 338,424
Derivative instruments                                                                26,048             1,018
Operating leases                                                                      144,755            184,172
Other liabilities                                                                     227,007            214,787
Total liabilities                                                                     2,980,548          3,482,268
Redeemable preferred stock - 8.125% Series A Cumulative Perpetual Convertible         81,620             81,620
Preferred Stock, $0.01 par value, 62,500 shares authorized and issued
Stockholders' equity:
Common stock, 0.01 par value, 200,000,000 shares authorized, 101,970,811 and          1,020              1,021
102,144,577 shares issued, respectively
Additional paid-in capital                                                            3,226,828          3,243,325
(Accumulated deficit) retained earnings                                               (1,684,046)        331,795
Total stockholders' equity                                                            1,543,802          3,576,141
                                                                                      $      4,605,970   $      7,140,029

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