Cimarex Reports Fourth-Quarter and Full-Year 2013 Results (unaudited)

- Proved Reserves up 11 percent to 2.5 Tcfe
- Record 2013 production of 693 MMcfe per day
- First 10,000-foot lateral in Culberson produces 2,803 BOE/day (27% oil)
- Ward County Wolfcamp well produces 890 BOE/day (80% oil)

PR Newswire

DENVER, Feb. 19, 2014 /PRNewswire/ -- Cimarex Energy Co. (XEC) today reported adjusted fourth-quarter 2013 net income of $117.6 million, or $1.35 per diluted share, compared to fourth-quarter 2012 adjusted net income of $102.8 million, or $1.19 per diluted share(1).   For the year, adjusted net income totaled $469.3 million, or $5.38 per diluted share, as compared to 2012 adjusted net income of $366.8 million, or $4.22 per diluted share.  See attached table to the financial statements for a full reconciliation of adjusted net income.   

Cimarex reported estimated GAAP net income for the fourth quarter of 2013 of $206.8 million, or $2.37 per diluted share, and estimated full-year GAAP net income of $564.7 million, or $6.47 per diluted share. Following a December 2013 ruling by the Oklahoma Supreme Court, net income was adjusted to reflect a reduction of the estimated long-term liability associated with a 2009 legal judgment. Our current estimate could change as a result of the outcome of ongoing legal proceedings that cannot be predicted at this time. 

For the full year, revenues reached a record $2.0 billion, up 23 percent from 2012.  Higher product prices and an 11 percent increase in production volumes were responsible for the growth in revenues.  Adjusted cash flow from operations grew 23 percent to $1.39 billion in 2013, as compared to $1.13 billion in 2012(1).     

Fourth-quarter 2013 production averaged 704.9 million cubic feet equivalent (MMcfe) per day as compared to fourth-quarter 2012 daily output of 676.7 MMcfe.  Production during the quarter was impacted by weather and pipeline disruptions in the Permian Basin.  Led by 21 percent growth in Permian volumes, total company production for the full year increased 11 percent to a record 692.6 MMcfe per day.  Oil production grew 17 percent and gas production was up six percent year-over-year.

During 2013, Cimarex invested $1.57 billion in exploration and development, funded by cash flow and bank debt.  Long-term debt at December 31, 2013, totaled $924 million and was comprised of $750 million of senior notes and $174 million of borrowings under the company's senior unsecured revolving credit facility.  At December 31, debt was 19 percent of total capitalization(2)

Proved reserves grew 11 percent to 2.5 trillion cubic feet equivalent (Tcfe) during 2013.  Oil reserves grew 39 percent and represent 26 percent of total proved reserves at year-end 2013.  Proved reserves remain 80 percent proved developed. 

Permian Basin proved reserves increased 44 percent and the region now represents 40 percent of the company's total proved reserves.  Proved reserves in the Mid-Continent region decreased four percent due to revisions and lower proved undeveloped reserves.

Reserves added from extensions and discoveries totaled 727 billion cubic feet equivalent (Bcfe), replacing 288 percent of production. Oil accounted for 40 percent of total reserve additions with natural gas representing 39 percent and growth in NGL volumes comprising 21 percent.  The Permian region accounts for 67 percent of the 2013 reserve additions.  

2014 Outlook
As previously announced, 2014 capital expenditures are estimated to be $1.8 billion.  Total company production volumes are projected to average 760-800 MMcfe per day in 2014, a midpoint increase of 13 percent over 2013.  Oil is projected to grow 17 to 19 percent.  First-quarter 2014 production volumes are projected to average 696-710 MMcfe per day. Projected first-quarter volumes incorporate a reduction of 13-15 MMcfe per day for recent weather related downtime and planned facility maintenance/modifications of the Triple Crown pipeline scheduled for March.

Expenses for 2014 are expected to fall within the following ranges:

Expenses ($/Mcfe):



Production expense

$1.12 -  $1.22


Transportation and other operating expense

  0.40  -  0.45


DD&A and ARO accretion

  2.55  -  2.65


General and administrative expense

  0.29  -  0.33


Taxes other than income (% of oil and gas revenue)

5.8%  -  6.2%

 

Exploration and Development Activity
The Permian Basin and Mid-Continent regions account for the majority of capital investment at Cimarex.  Permian activity is directed toward the Delaware Basin of southeast New Mexico and West Texas and the majority of the company's Mid-Continent drilling is in the western Oklahoma Cana-Woodford shale play. 

Cimarex drilled and completed 365 gross (185 net) wells during 2013, investing $1.57 billion on exploration and development.  Of the total, 65 percent was invested in Permian projects and 31 percent in the Mid-Continent.

At year-end, 37 net wells were drilled and awaiting completion — 14 in the Permian and 23 Cana-Woodford wells.  Cimarex is currently operating 19 horizontal rigs including 17 in the Permian Basin.

Permian Basin
Cimarex drilled and completed 175 gross (115 net) wells in the Permian region during 2013, completing 99 percent as producers.  At year-end, 23 gross (14 net) wells were awaiting completion.  Drilling was focused in the Delaware Basin targeting the Bone Spring and Wolfcamp formations.  Production from the Permian region averaged 332.1 MMcfe per day in the fourth quarter, a 14 percent increase over fourth-quarter 2012.  Oil volumes grew nine percent to 29,651 barrels per day.  Volumes in the fourth quarter were down six percent sequentially due to a pipeline disruption and severe cold weather during the quarter. 

Cimarex drilled and completed 73 gross (40 net) New Mexico Bone Spring wells during 2013.  Per-well 30-day gross production from the wells brought on in the fourth-quarter averaged over 655 barrels equivalent (BOE) per day (87 percent oil).  The Texas Third Bone Spring drilling program in Ward and Winkler Counties totaled 39 gross (28 net) wells and had per-well 30-day average gross production rates of over 1,000 BOE per day (80 percent oil) for the wells brought on in the fourth quarter.  Cimarex also drilled 17 gross (12 net) Second Bone Spring wells in Culberson County, Texas, of which the fourth-quarter wells had per-well 30-day average gross production rates of 990 BOE per day (56 percent oil).

Cimarex also drilled and completed five gross (five net) horizontal Avalon shale wells in 2013.  The wells brought on in the fourth-quarter had an average 30-day gross production rate per well of 1,080 BOE per day (70 percent oil).

In 2013 Cimarex drilled and completed 26 gross (21 net) horizontal Wolfcamp wells, bringing total wells in the play to 59 gross (52 net).  These wells were drilled across the company's acreage and include wells to three unique benches of the Wolfcamp.  Cimarex extended its Texas Wolfcamp activities from Culberson County east into Reeves County during 2013 and has recently established its first Wolfcamp A production even farther east on the Reeves/Ward County line with the successful completion of the Worsham 6-22 3HR.  This well had an average 30-day peak production rate of 889 BOE per day (74 percent oil).  Cimarex also completed its first 10,000-foot lateral in Culberson County.  The Montrose LL 45 Unit #1 was drilled to the Wolfcamp D and had a first-30 day production rate of 2,803 BOE per day (27 percent oil).  

Mid-Continent
In 2013 Cimarex drilled and completed 183 gross (65 net) wells in the Mid-Continent region, completing all wells as producers.  At year-end, 59 gross (23 net) wells were awaiting completion.  Mid-Continent production averaged 343.5 MMcfe per day for the fourth quarter of 2013 and 346.1 MMcfe per day for the full year.

The majority of drilling was in the Anadarko Basin, Cana-Woodford shale play, where Cimarex drilled and completed 149 gross (54 net) wells. At year-end, 54 gross (22 net) wells were being completed or awaiting completion in this area.  Fourth-quarter 2013 net production from Cana-Woodford averaged 225.5 MMcfe per day.

Production by Region
Cimarex's average daily production by commodity and region is summarized below:




For the Three Months Ended


For the Twelve Months Ended




December 31,


December 31,




2013


2012


2013


2012

Gas (MMcf per day)









Permian Basin


106.2


84.4


97.0


79.6

Mid-Continent


231.3


229.9


232.3


221.3

Other



14.0


19.1


13.8


22.9




351.5


333.4


343.1


323.8











Oil (Bbls per day)









Permian Basin


29,651


27,091


29,421


23,908

Mid-Continent


5,956


6,735


5,947


6,037

Other



1,630


1,273


1,291


1,518




37,237


35,099


36,659


31,463

NGL (Bbls per day)









Permian Basin


8,001


7,527


7,734


6,776

Mid-Continent


12,745


13,483


13,032


10,826

Other



917


1,108


812


1,392




21,663


22,118


21,578


18,994

Total Equivalent (MMcfe per day)







Permian Basin


332.1


292.1


320.0


263.7

Mid-Continent


343.5


351.2


346.1


322.5

Other



29.3


33.4


26.5


40.3




704.9


676.7


692.6


626.5


Other
The following table summarizes the company's current open hedge positions:

Oil Contracts









Weighted Ave. Price


Period


Type


Bbl/day


Index(3)


Floor


Ceiling


Jan 14  – Dec 14


Collar


12,000


WTI


$

85.00


$

103.47

















Gas Contracts









Weighted Ave. Price


Period


Type


MMBTU/day


Index(3)


Floor


Ceiling


Jan 14  – Dec 14


Collar


80,000


PEPL


$

3.51


$

4.57


Jan 14  – Dec 14


Collar


20,000


PermEP


$

3.65


$

4.50


Feb 14  – Dec 14


Collar


40,000


PermEP


$

3.60


$

4.50

















Cimarex accounts for commodity contracts using the mark-to-market (through income) accounting method.  Fourth-quarter and full-year 2013 had cash settlements of $0.2 million in receipts and $4.1 million in payments, respectively.

Conference call and webcast
Cimarex will host a conference call today at 11:00 a.m. Mountain Time (1:00 p.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 877-270-2148 five minutes before the scheduled start time (international callers dial 1-412-902-6510).  A replay will be available for one week following the call by dialing 877-344-7529 (international callers dial 1-412-317-0088); conference I.D. 10040196.  The replay will also be available on the company's website or via the Cimarex App. 

Investor Presentation
For more details on Cimarex's 2013 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. In particular, the company is providing revised "2014 outlook", which contains projections for certain 2014 operational and financial metrics. These forward-looking statements are based on management's judgment as of the date of this press release and include certain risks and uncertainties. Please refer to the company's Annual Report on Form 10-K for the year ended December 31, 2013, to be filed with the SEC, and other filings including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, 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 volatility; the ability to complete property sales or other transactions; the ability to receive drilling and other permits and rights-of-way in a timely manner; development drilling and testing results; 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; higher than expected costs and expenses, including the availability and cost of services and materials; 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; declines in the values of our oil and gas properties resulting in impairments; changes in estimates of proved reserves; compliance with environmental and other regulations; derivative and hedging activities; risks associated with operating in one major geographic area; the success of the company's risk management activities; title to properties; litigation; environmental liabilities; 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 related amounts.

(2)

Reconciliation of debt to total capitalization, which is a non-GAAP measure, is:  long-term debt of $924 million divided by long-term debt of $924 million plus stockholders' equity of $4,022 million.

(3)

WTI refers to West Texas Intermediate oil price as quoted on the New York Mercantile Exchange. PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent index and PermEp is El Paso Permian Basin index both as quoted in Platt's Inside FERC.

 

RECONCILIATION OF ADJUSTED NET INCOME


















For the Three Months Ended


For the Twelve Months Ended





December 31,


December 31,





2013



2012


2013



2012





(in thousands, net of tax, except per share data)















Net income

$

206,827


$

99,152

$

564,689


$

353,823



Increase (decrease) in litigation expense


(90,264)*



10,348


(90,264)*



10,348



Mark-to-market (gain) loss of open derivative positions


 

1,065



 

262


 

(2,452)



 

(155)



Gain on sale of midstream assets





(2,708)





Loss on early extinguishment of debt







10,231



Benefit for severance tax refunds




(6,974)




(7,465)















Adjusted net income

$

117,628


$

102,788

$

469,265


$

366,782















Diluted earnings per share

$

2.37


$

1.14

$

6.47


$

4.07


Adjusted diluted earnings per share

$

1.35


$

1.19

$

5.38


$

4.22















Diluted shares attributable to common stockholders and












participating securities


87,298



86,722


87,281



86,907















Estimated tax rates utilized


36.8%



36.9%


36.8%



36.9%















Adjusted net income and adjusted diluted earnings 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 to evaluate the company's operational trends and performance relative to other oil and gas exploration and production companies.




b) Adjusted net income is more comparable to earnings estimates provided by research analysts.


* Our assessments and estimates could change in the future as a result of ongoing legal proceedings that cannot be predicted at this time.

RECONCILIATION OF ADJUSTED CASH FLOW FROM OPERATIONS
















For the Three Months Ended


For the Twelve Months Ended




December 31,


December 31,




2013



2012


2013



2012




(in thousands)

Net cash provided by operating activities

$

383,600


$

356,616

$

1,324,348


$

1,192,764


Change in operating assets and liabilities


 

(28,131)



 

(56,540)


 

63,840



 

(58,049)













Adjusted cash flow from operations

$

355,469


$

300,076

$

1,388,188


$

1,134,715

























Management believes that the non-GAAP measure of adjusted cash flow from operations is useful information for investors because it is used internally and is accepted by the investment community as a means of measuring the company's ability to fund its capital program, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of cash flow from operating activities.  It is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.

PRICE AND PRODUCTION DATA














For the Three Months Ended


For the Twelve Months Ended




December 31,


December 31,




2013


2012


2013


2012











Gas:










 Total production (MMcf) 


32,334


30,671


125,248


118,495


 Daily production (MMcf) 


351.5


333.4


343.1


323.8


 Price (per Mcf) 


$3.85


$3.35


$3.76


$2.88











Oil:











 Total production (Bbls) 


3,425,758


3,229,095


13,380,383


11,515,598


 Daily production (Bbls) 


37,237


35,099


36,659


31,463


 Price (per Bbl) 


$92.34


$83.04


$93.44


$89.25











 NGLs: 










 Total production (Bbls) 


1,993,029


2,034,893


7,876,123


6,951,646


 Daily production (Bbls) 


21,663


22,118


21,578


18,994


 Price (per Bbl) 


$31.68


$28.99


$29.36


$30.66



PROVED RESERVES














Gas


Oil


NGL


Total




(Bcf)


(MBbls)


(MBbls)


(Bcfe)











December 31, 2012


1,251.9


77,921


89,909


2,258.8


Revisions of previous estimates


(101.3)


(2,942)


(16,197)


(216.0)


Extensions and discoveries


280.6


48,010


26,431


727.3


Purchase of reserves


0.3


27


9


0.5


Production 


(125.2)


(13,380)


(7,876)


(252.8)


Sale of properties


(12.8)


(1,103)


(232)


(20.8)

December 31, 2013


1,293.5


108,533


92,044


2,497.0











Proved developed reserves









Year-end 2012


985.4


73,524


63,757


1,809.0

Year-end 2013


1,060.7


86,665


69,089


1,995.2














2013


2012


 % Change 













Pre-tax PV-10 ($ in millions) **


$5,200.6


$4,165.9


25%



Standardized Measure ($ in millions)


$3,598.9


$2,908.7


24%













Average prices used in Standardized Measure









Gas Price per Mcf


$3.01


$2.27


33%



Oil price per barrel


$92.74


$88.91


4%



NGL price per barrel


$28.42


$29.12


-2%























** 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, 2013 and 2012, Cimarex's discounted future income taxes were $1,601.7 million and $1,257.2 million, respectively.  Cimarex's standardized measure of discounted future net cash flows was $3,598.9 million at year-end 2013 and $2,908.7 million at year-end 2012.  Cimarex believes pre-tax PV-10% is a useful measure for investors for evaluating the relative monetary significance of its oil and natural gas properties. Cimarex further believes investors may utilize its pre-tax PV-10% as a basis for comparison of the relative size and value of its reserves to other companies because many factors that are unique to each individual company impact the amount of future income taxes to be paid. 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


939.2


21,656


65,335



1,461.1


Permian Basin


336.0


85,532


26,157



1,006.2


Other


18.3


1,345


552



29.7




1,293.5


108,533


92,044



2,497.0



OIL AND GAS CAPITALIZED EXPENDITURES















For the Three Months Ended


For the Twelve Months Ended




December 31,


December 31,




2013


2012


2013



2012




(in thousands)


Acquisitions:












Proved

$

5


$

2,658

$

682


$

2,645


Unproved


30,915



19,521


36,396



30,870




30,920



22,179


37,078



33,515














Exploration and development:












Land and Seismic


38,043



35,347


165,107



121,960


Exploration and development


340,843



380,199


1,400,388



1,500,952




378,886



415,546


1,565,495



1,622,912














Sale proceeds:












Proved


(22,208)



(290,346)


(58,874)



(301,425)


Unproved


(1,588)



(3,349)


(2,629)



(4,437)




(23,796)



(293,695)


(61,503)



(305,862)















$

386,010


$

144,030

$

1,541,070


$

1,350,565



WELLS DRILLED AND COMPLETED BY REGION
















For the Three Months Ended


For the Twelve Months Ended




December 31,


December 31,




2013



2012


2013



2012


Gross wells












Permian Basin


43



51


175



182


Mid-Continent


29



48


183



167


Other


2




7



3




74



99


365



352


Net wells












Permian Basin


28



34


115



122


Mid-Continent


9



20


65



69


Other


1




5



1




38



54


185



192


% Gross wells completed as producers


99%



92%


99%



95%

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited)


















For the Three Months Ended


For the Twelve Months Ended






December 31,


December 31,






2013


2012


2013


2012






(in thousands, except per share data)













Revenues:











Gas sales


$

124,553

$

102,642

$

471,045

$

340,744


Oil sales



316,333


268,148


1,250,212


1,027,757


NGL sales



63,142


58,989


231,248


213,149


Gas gathering, processing and other, net



12,574


11,089


45,546


42,288






516,602


440,868


1,998,051


1,623,938

Costs and expenses:











Depreciation, depletion, amortization and accretion



173,932


141,971


623,863


526,935


Production



71,757


65,766


286,742


258,584


Transportation and other operating



27,086


16,388


93,580


57,354


Gas gathering and processing



7,566


6,663


25,876


21,965


Taxes other than income



28,693


14,256


112,732


86,994


General and administrative



20,050


12,905


77,466


54,428


Stock compensation



3,820


4,400


14,279


21,919


(Gain) loss on derivative instruments, net



1,442


416


209


(245)


Other operating (income) expense, net



(140,138)


17,666


(132,334)


24,961






194,208


280,431


1,102,413


1,052,895













Operating income



322,394


160,437


895,638


571,043













Other (income) and expense:











Interest expense 



12,698


12,721


50,926


45,573


Amortization of deferred financing costs



1,003


1,026


4,047


3,744


Capitalized interest



(7,649)


(9,020)


(31,517)


(35,174)


Loss on early extinguishment of debt






16,214


Other, net



(7,881)


(1,150)


(21,518)


(19,864)













Income before income tax



324,223


156,860


893,700


560,550

Income tax expense



117,396


57,708


329,011


206,727













Net income


$

206,827

$

99,152

$

564,689

$

353,823













Earnings per share to common stockholders:























Basic 


$

2.37

$

1.14

$

6.48

$

4.08


Diluted


$

2.37

$

1.14

$

6.47

$

4.07













Dividends per share


$

0.14

$

0.12

$

0.56

$

0.48













Shares attributable to common stockholders:











Unrestricted common shares outstanding



85,288


84,757


85,288


84,757


Diluted common shares



85,426


84,849


85,409


85,034













Shares attributable to common stockholders and participating securities:











Basic shares outstanding



87,161


86,630


87,161


86,630


Fully diluted shares 



87,298


86,722


87,281


86,907













Comprehensive income:











Net income


$

206,827

$

99,152

$

564,689

$

353,823


Other comprehensive income:












Change in fair value of investments, net of tax 



314


(14)


715


488


Total comprehensive income


$

207,141

$

99,138

$

565,404

$

354,311

 

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (unaudited)
























For the Three Months Ended


For the Twelve Months Ended









December 31,


December 31,









2013


2012


2013


2012









(in thousands)
















Cash flows from operating activities:










Net income


$

206,827

$

99,152

$

564,689

$

353,823


Adjustment to reconcile net income to net cash provided by operating activities:





















Depreciation, depletion, amortization and accretion


173,932


141,971


623,863


526,935




Deferred income taxes


118,085


57,568


329,700


208,216




Stock compensation


3,820


4,400


14,279


21,919




(Gain) loss on derivative instruments


1,442


416


209


(245)




Settlements on derivative instruments


244



(4,088)





Loss on early extinguishment of debt





16,214




Changes in non-current assets and liabilities


(150,317)


(4,805)


(141,215)


3,125




Amortization of deferred financing costs and other, net













1,436


1,374


751


4,728


Changes in operating assets and liabilities:












Receivables, net


23,351


32,037


(64,780)


56,435




Other current assets


4,435


(4,554)


14,234


4,209




Accounts payable and accrued liabilities


345


29,057


(13,294)


(2,595)






Net cash provided by operating activities


383,600


356,616


1,324,348


1,192,764

Cash flows from investing activities:










Oil and gas expenditures


(406,733)


(480,965)


(1,572,288)


(1,662,707)


Sales of oil and gas assets


23,796


299,395


61,503


311,562


Sales of other assets


409


510


31,661


1,060


Other expenditures


(17,256)


(22,074)


(51,913)


(64,987)






Net cash used by investing activities


(399,784)


(203,134)


(1,531,037)


(1,415,072)

Cash flows from financing activities:










Net bank debt borrowings


24,000


(80,000)


174,000


(55,000)


Proceeds from other long-term debt





750,000


Other long-term debt payments





(363,595)


Financing costs incurred




(100)


(13,821)


Dividends paid



(12,142)


(10,378)


(46,712)


(39,577)


Issuance of common stock and other


4,326


1,023


14,494


11,433






Net cash provided by (used in) financing activities


16,184


(89,355)


141,682


289,440

Net change in cash and cash equivalents



64,127


(65,007)


67,132

Cash and cash equivalents at beginning of period


4,531


5,411


69,538


2,406

Cash and cash equivalents at end of period

$

4,531

$

69,538

$

4,531

$

69,538

 

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)










December 31,


December 31,



2013


2012

Assets


(in thousands, except share data)

Current assets:







Cash and cash equivalents

$

4,531

$

69,538


Restricted cash


818



Receivables, net


367,754


302,974


Oil and gas well equipment and supplies


66,772


81,029


Deferred income taxes


16,854


8,477


Derivative instruments


4,268



Other current assets


8,142


8,119



Total current assets


469,139


470,137

Oil and gas properties at cost, using the full cost method of accounting:






Proved properties


12,863,961


11,258,748


Unproved properties and properties under development, not being amortized







585,361


645,078









13,449,322


11,903,826


Less – accumulated depreciation, depletion and amortization


(7,483,685)


(6,899,057)



Net oil and gas properties


5,965,637


5,004,769

Fixed assets, net


146,918


152,605

Goodwill





620,232


620,232

Other assets, net


51,209


57,409








$

7,253,135

$

6,305,152

Liabilities and Stockholders' Equity





Current liabilities:






Accounts payable

$

116,110

$

103,653


Accrued liabilities


412,495


392,909


Derivative instruments


389



Revenue payable


154,173


149,300



Total current liabilities


683,167


645,862

Long-term debt



924,000


750,000

Deferred income taxes


1,459,841


1,121,353

Other liabilities 



163,919


313,201



Total liabilities


3,230,927


2,830,416

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, 87,152,197 and 86,595,976 shares issued, respectively







872


866


Paid-in capital


1,970,113


1,939,628


Retained earnings


2,050,034


1,533,768


Accumulated other comprehensive income


1,189


474









4,022,208


3,474,736








$

7,253,135

$

6,305,152

 

 

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