|Cimarex Reports Fourth-Quarter and Full-Year 2016 Results|
For the year, Cimarex recorded a net loss of
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.
Proved reserves at
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
Total debt at
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.
Cimarex completed and brought on production 11 gross (eight net)
Production by Region
Conference call and webcast
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
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
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Cimarex Energy Co., Karen Acierno, 303-285-4957, www.cimarex.com