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08:22 Uhr
Aktien Frankfurt Ausblick: Rückschlag erwartet nach schwacher Wall Street

Cimarex Reports Fourth-Quarter and Full-Year 2016 Results

Mittwoch, 15.02.2017 22:10 von

PR Newswire

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 Update
During 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 Basin
Production 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-Continent
Cimarex 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 Region
Cimarex'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 webcast
Cimarex 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 Presentation
For more details on Cimarex's 2016 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 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.