Cimarex Q3 Profit Spikes, Tops Estimates - Quick Facts

(RTTNews) - Oil and gas company, Cimarex Energy Co. (XEC) Wednesday reported a surge in its third-quarter net income, reflecting higher revenues as a result of higher production volumes and improved commodity prices. On an adjusted basis, earnings per share exceeded Street estimates.

For the three-month period, the company reported net income of $138.3 million or $1.59 per share, compared with $84.2 million or $0.97 per share last year.

Excluding the mark-to-market of open derivative positions, third quarter 2013 earnings were $1.62 per share. On average, twenty seven analysts polled by Thomson Reuters expected the company to report earnings of $1.55 per share. Analysts' estimates typically exclude one-time items.

Cimarex clocked revenues of $561.3 million, compared with $406.9 million a year ago. expected the company to generate revenues to be $528.02 million. Production volumes averaged 716.8 million cubic feet equivalent or MMcfe per day, a 13 percent increase from prior year's output of 635.1 MMcfe per day.

For the fourth quarter, the company expects volumes to average 714 to 734 MMcfe per day. As a result, the company said it now expects 2013 total company volumes to average 695 to 700 MMcfe/d, 11 to 12 percent growth over 2012 with oil volumes projected to grow 18 percent.