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Cimarex sees marked improvement
Wednesday February 15, 7:07 pm ET
Oil and gas firm Cimarex Energy Co. said Wednesday its fourth-quarter per share earnings rose 77 percent over the previous year.
Earnings for the last quarter of the year were $168.4 million, or $1.98 per share, on record revenues from oil and gas sales of $406.6 million. That compares to $48.1 million, or $1.12 per share, on revenues of $141.9 million during the last quarter of 2004.
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Analysts, on average, were looking for profit of $1.52 per share, according to Thomson Financial.
Cimarex (NYSE: XEC - News) is based in Denver.
The company credited the jump in revenues, earnings and cash flow to higher production and prices.
Full-year 2005 net income totaled $328.3 million, or $4.90 per diluted share, up from 2004 net income of $153.6 million, or $3.59 per diluted share, the company said. Overall 2005 financial results include results of operations from Magnum Hunter Resources, Inc. beginning with the June 7, 2005 date of acquisition.
Oil and gas sales for 2005 totaled $1.1 billion, up from $472.4 million during 2004.
Published February 15, 2006 by The Denver Business Journal |
