Cimarex Energy Q4 Profit Beats Estimates - Quick Facts

(RTTNews) - Cimarex Energy Co. (XEC) reported fourth-quarter net income of $75.79 million or $0.86 per share, compared to $206.83 million or $2.37 per share, prior year. Adjusted earnings per share was $0.87, for the quarter.

On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.83 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $538.55 million from $516.60 million last year. Analysts expected revenue of $557.19 million for the quarter. Total company production volumes reached a record 949.5 million cubic feet equivalent (MMcfe) per day in the fourth quarter, up 35 percent from a year ago.

Cimarex Energy Co. said it plans to invest $0.9-1.1 billion in exploration and development in 2015. At the low end of capital guidance, the company projects production growth of three to eight percent, with total company production expected to average 895-935 MMcfe per day in 2015. Incorporating recent Permian shut-ins relating to weather and pipeline maintenance, first quarter output is forecast to average 920-940 MMcfe per day.