Cimarex Energy (NYSE:XEC) reports 1Q17 Swing To Profit

Cimarex Energy (NYSE:XEC) reports 1Q17 Swing To Profit

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Cimarex Energy (NYSE:XEC) reported net income for the first quarter of $ 130.97 million or $ 1.38 per share, compared to loss of $ 231.46 million or $ 2.49 per share for the year-ago quarter.

The company reported first quarter adjusted net income of $ 99.72 million or $ 1.05 per share.

The topline results for the first quarter rose 86% to $ 447.18 million from $ 240.60 million in the same quarter last year.

Analysts polled by Thomson Reuters expected Cimarex Energy to report income of $ 0.87 per share on revenue of $ 425.24 million for the first quarter. Analysts estimates generally exclude one time charges / gains.

Cimarex is increasing its full-year production estimate for 2017 to 1.09 1.13 Bcfe per day, a midpoint increase of 15 percent over 2016 volumes.

The second quarter output is expected to average 1.08 1.13 Bcfe per day, with oil production expected to outpace total company volume growth and rise 6 – 10 percent sequentially. Exploration and development capital for 2017 remains unchanged at $1.1 1.2 billion.