Cimarex Energy’s 3Q16 revenue
Cimarex Energy (XEC) reported its 3Q16 earnings on November 2, 2016, after the market closed. Its 3Q16 revenue was $336 million versus an estimate of ~$340 million. Revenue in 3Q15 was ~$356 million. In 2Q16, it was ~$299 million.
Cimarex Energy’s 3Q16 earnings
Cimarex Energy reported adjusted net income of ~$38.2 million in 3Q16. Its adjusted net loss in the corresponding period in 2015 was $14.3 million.
The company reported adjusted EPS (earnings per share) of $0.41. Wall Street analysts’ consensus estimate for EPS was $0.36.
As you can see in the graph above, Cimarex Energy’s earnings came in better than analysts’ expectations. Revenue was mostly in line with analysts’ expectations.
Key management comments in 3Q16 earnings
Tom Jorden, Cimarex’s CEO, said in the 3Q16 earnings release, “Our confidence in our well performance, Cimarex’s operational excellence and the quality of our assets remains steadfast. During the third quarter, we faced delays in our completion schedule, driven mostly by stimulations that were upsized beyond our original plans. These upsized stimulations lengthened the time required for our pad completions. The resultant production ramps slipped later into the fourth quarter, with peak production moving into first quarter 2017. We will enter 2017 with great momentum.”