Company Quick10K Filing
Cimarex Energy
Price50.71 EPS2
Shares102 P/E29
MCap5,162 P/FCF5
Net Debt1,976 EBIT266
TEV7,138 TEV/EBIT27
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-11-06
8-K 2020-11-04
8-K 2020-09-03
8-K 2020-08-05
8-K 2020-05-06
8-K 2020-05-06
8-K 2020-04-15
8-K 2020-03-09
8-K 2020-02-25
8-K 2020-02-19
8-K 2020-01-10
8-K 2019-11-12
8-K 2019-11-04
8-K 2019-09-23
8-K 2019-08-05
8-K 2019-06-11
8-K 2019-05-28
8-K 2019-05-08
8-K 2019-05-08
8-K 2019-03-25
8-K 2019-03-06
8-K 2019-03-01
8-K 2019-02-20
8-K 2019-02-14
8-K 2019-02-11
8-K 2019-02-05
8-K 2018-11-19
8-K 2018-11-18
8-K 2018-11-09
8-K 2018-11-06
8-K 2018-08-31
8-K 2018-08-07
8-K 2018-05-25
8-K 2018-05-23
8-K 2018-05-10
8-K 2018-05-08
8-K 2018-03-22
8-K 2018-02-14

XEC 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Note 1 To The Condensed Consolidated Financial Statements for Further Information Regarding These Prior Year Reclassifications.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 a20200930xecex-311.htm
EX-31.2 a20200930xecex-312.htm
EX-32.1 a20200930xecex-321.htm
EX-32.2 a20200930xecex-322.htm

Cimarex Energy Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.70.40.1-0.2-0.5-0.82012201420172020
Rev, G Profit, Net Income
0.80.50.2-0.2-0.5-0.82012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period endedSeptember 30, 2020
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _______________ to _______________
 Commission File No. 001-31446
CIMAREX ENERGY CO.
(Exact name of registrant as specified in its charter)
Delaware 45-0466694
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
 
1700 Lincoln Street, Suite 3700DenverColorado 80203
(Address of principal executive offices) (Zip Code)
(303) 295-3995
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value) XECNew York Stock Exchange

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No 
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   No 
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
      Yes   No 

    The number of shares of Cimarex Energy Co. common stock outstanding as of October 31, 2020 was 101,963,311.


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CIMAREX ENERGY CO.
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GLOSSARY

Bbls—Barrels
Bcf—Billion cubic feet
BOE—Barrels of oil equivalent
Gross Wells—The total wells in which a working interest is owned.
MBbls—Thousand barrels
MBOE—Thousand barrels of oil equivalent
Mcf—Thousand cubic feet
MMBtu—Million British thermal units
MMcf—Million cubic feet
Net Wells—The sum of the fractional working interest owned in gross wells expressed in whole numbers and fractions of whole numbers.
NGL or NGLs—Natural gas liquids

Energy equivalent is determined using the ratio of one barrel of crude oil, condensate, or NGL to six Mcf of natural gas.

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

Throughout this Form 10-Q, we make statements that may be deemed “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In particular, in our Management’s Discussion and Analysis of Financial Condition and Results of Operations, we provide projections of our 2020 capital expenditures. All statements, other than statements of historical facts, that address activities, events, outcomes, and other matters that Cimarex plans, expects, intends, assumes, believes, budgets, predicts, forecasts, projects, estimates, or anticipates (and other similar expressions) will, should, or may occur in the future are forward-looking statements. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this Form 10-Q and our Form 10-K for the year ended December 31, 2019. All the risks disclosed in this Form 10-Q and our Form 10-K may be amplified by the COVID-19 pandemic and its unpredictable nature. Forward-looking statements include statements with respect to, among other things:

Fluctuations in the price we receive for our oil, gas, and NGL production, including local market price differentials, which may be exacerbated by the demand destruction resulting from the highly transmissible and pathogenic coronavirus known as severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) that causes the disease known as COVID-19;

Cash flow and anticipated liquidity;

Disruptions to the availability of workers and contractors due to illness and stay at home orders related to the COVID-19 pandemic;

Cost and availability of gathering, pipeline, refining, transportation and other midstream and downstream activities and our ability to sell oil, gas, and NGLs, which may be negatively impacted by the COVID-19 pandemic and other risks and lead to a lack of any available markets;

Availability of supply chains and critical equipment and supplies, which may be negatively impacted by the COVID-19 pandemic and other risks;

Higher than expected costs and expenses, including the availability and cost of services and materials, which may be negatively impacted by the COVID-19 pandemic;

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Availability of financing and access to capital markets;

The effectiveness of our internal control over financial reporting and our ability to remediate a material weakness in our internal control over financial reporting;

Declines in the SEC PV10 value of our oil and gas properties resulting in full cost ceiling test impairments to the carrying values of our oil and gas properties;

Impairments of goodwill;

Continuing compliance with the financial covenant contained in our amended and restated credit agreement;

Establishing valuation allowances against our net deferred tax assets;

Hedging activities and the viability of our hedging counterparties, many of whom have been negatively impacted by the COVID-19 pandemic;

Timing and amount of future production of oil, gas, and NGLs;

Reductions in the quantity of oil, gas, and NGLs sold and prices received because of decreased demand and/or curtailments in production relating to mechanical, transportation, storage, capacity, marketing, weather, the COVID-19 pandemic, or other problems;

Potential payments for failing to meet minimum oil, gas, and NGL delivery or sales commitments;

Estimates of proved reserves, exploitation potential, or exploration prospect size;

Ability to successfully integrate the business acquired from Resolute Energy Corporation (“Resolute”);

Unknown liabilities related to Resolute;

Amount, nature, and timing of capital expenditures;

Administrative, legislative, and regulatory changes;

Operating and capital expenditures that are either significantly higher or lower than anticipated because the actual cost of identified projects varied from original estimates and/or from the number of exploration and development opportunities being greater or fewer than currently anticipated;

Exploration and development opportunities that we pursue may not result in economic, productive oil and gas properties;

Drilling of wells;

Increased financing costs due to a significant increase in interest rates;

Proving up undeveloped acreage;

Compliance with environmental and other regulations, including new regulations that may result from a change in federal and state administrations and legislatures;

Risks associated with concentration of operations in one major geographic area;

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Environmental liabilities;

The ability to receive drilling and other permits and rights-of-way in a timely manner, which may be negatively impacted by the impact of COVID-19 restrictions on regulatory employees who process and approve permits and rights-of-way or a change in federal and state administrations and legislatures;

Development drilling and testing results;

Production decline rates are greater than expected;

Performance of acquired properties and newly drilled wells;

Regulatory approvals, including regulatory restrictions on state and federal lands, which may be negatively impacted by the impact of COVID-19 restrictions on regulatory employees responsible for regulatory approvals and by a change in presidential administration and legislatures;

Legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by a change in presidential administration or legislatures;

Unexpected future capital expenditures;

Economic and competitive conditions;

Availability and cost of capital;

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;

Success of the company’s risk management activities;

Title to properties;

Litigation;

Ability to complete property sales or other transactions; and

Other factors discussed in the company’s reports filed with the Securities and Exchange Commission (“SEC”).

We caution you that these forward-looking statements are subject to all of the risks and uncertainties, many of which are beyond our control, incident to the exploration for and development, production, and sale of oil, gas, and NGLs.

These risks include, but are not limited to, commodity price volatility, demand, capacity, inflation, lack of availability of goods and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating proved oil and gas reserves and in projecting future rates of production, production type curves, well spacing, timing of development expenditures, and other risks described herein. Many of these risks can be exacerbated by epidemics and pandemics including the current COVID-19 pandemic.

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Reserve engineering is a subjective process of estimating underground accumulations of oil and gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data and the interpretation of such data by our engineers. As a result, estimates made by different engineers often vary from one another. In addition, the results of drilling, testing, and production activities may justify revisions of estimates that were made previously. If significant, such revisions could change the timing of future production and development drilling. Accordingly, reserve estimates are generally different from the quantities of oil and gas that are ultimately recovered.

Risk factors related to acquisitions, including our acquisition of Resolute, include, among others: the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the transaction; or it may take longer than expected to achieve those synergies or benefits, and other important factors, such as expenses related to integration, that could cause actual results to differ materially from those projected.

Should one or more of the risks or uncertainties described above or elsewhere in this Form 10-Q or in our Annual Report on Form 10-K for the year ended December 31, 2019 cause our underlying assumptions to be incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.

All forward-looking statements, express or implied, included in or incorporated by reference into this Form 10-Q and attributable to Cimarex are qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Cimarex or persons acting on its behalf may issue. Cimarex does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date of filing this Form 10-Q with the SEC, except as required by law.


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PART I
ITEM 1. Financial Statements
CIMAREX ENERGY CO.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share information)
(Unaudited)
 September 30,December 31,
 20202019
Assets  
Current assets:  
Cash and cash equivalents$272,957 $94,722 
Accounts receivable, net of allowance: 
Trade67,358 57,879 
Oil and gas sales196,008 384,707 
Gas gathering, processing, and marketing6,074 5,998 
Oil and gas well equipment and supplies45,959 47,893 
Derivative instruments39,402 17,944 
Prepaid expenses6,053 10,759 
Other current assets218 1,584 
Total current assets634,029 621,486 
Oil and gas properties at cost, using the full cost method of accounting: 
Proved properties21,076,796 20,678,334 
Unproved properties and properties under development, not being amortized1,208,733 1,255,908 
 22,285,529 21,934,242 
Less—accumulated depreciation, depletion, amortization, and impairment(18,862,339)(16,723,544)
Net oil and gas properties3,423,190 5,210,698 
Fixed assets, net of accumulated depreciation of $439,968 and $389,458, respectively
457,010 519,291 
Goodwill 716,865 
Derivative instruments952 580 
Deferred income taxes21,971  
Other assets68,818 71,109 
 $4,605,970 $7,140,029 
Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity 
Current liabilities: 
Accounts payable: 
Trade$20,053 $36,280 
Gas gathering, processing, and marketing14,582 12,740 
Accrued liabilities: 
Exploration and development32,049 112,228 
Taxes other than income43,450 54,446 
Other205,362 252,304 
Derivative instruments96,763 16,681 
Revenue payable123,705 207,939 
Operating leases59,989 66,003 
Total current liabilities595,953 758,621 
Long-term debt principal2,000,000 2,000,000 
Less—unamortized debt issuance costs and discounts(13,215)(14,754)
Long-term debt, net1,986,785 1,985,246 
Deferred income taxes 338,424 
Asset retirement obligation160,250 154,045 
Derivative instruments26,048 1,018 
Operating leases144,755 184,172 
Other liabilities66,757 60,742 
Total liabilities2,980,548 3,482,268 
Commitments and contingencies (Note 10)
Redeemable preferred stock - 8.125% Series A Cumulative Perpetual Convertible Preferred Stock, $0.01 par value, 62,500 shares authorized and issued (Note 5)
81,620 81,620 
Stockholders’ equity:  
Common stock, $0.01 par value, 200,000,000 shares authorized, 101,970,811 and 102,144,577 shares issued, respectively
1,020 1,021 
Additional paid-in capital3,226,828 3,243,325 
(Accumulated deficit) retained earnings(1,684,046)331,795 
Total stockholders’ equity1,543,802 3,576,141 
 $4,605,970 $7,140,029 
See accompanying Notes to Condensed Consolidated Financial Statements.

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CIMAREX ENERGY CO.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share information)
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Revenues:    
Oil sales$249,826 $435,094 $749,623 $1,196,166 
Gas and NGL sales140,761 135,483 339,503 479,442 
Gas gathering and other11,555 11,200 36,727 31,231 
Gas marketing(483)528 (1,981)(1,114)
 401,659 582,305 1,123,872 1,705,725 
Costs and expenses:    
Impairment of oil and gas properties351,029  1,625,878  
Depreciation, depletion, and amortization155,467 227,978 565,507 631,722 
Asset retirement obligation4,159 2,194 10,544 6,400 
Impairment of goodwill  714,447  
Production62,025 89,820 213,598 257,219 
Transportation, processing, and other operating53,130 59,797 161,334 173,479 
Gas gathering and other4,649 5,273 16,473 17,015 
Taxes other than income22,822 30,873 70,269 105,600 
General and administrative28,598 15,499 80,333 69,494 
Stock compensation9,738 6,797 22,879 20,004 
Loss (gain) on derivative instruments, net65,607 (38,735)(37,448)35,949 
Other operating expense, net167 10,141 548 19,057 
 757,391 409,637 3,444,362 1,335,939 
Operating (loss) income(355,732)172,668 (2,320,490)369,786 
Other (income) and expense:    
Interest expense23,361 24,586 69,589 69,665 
Capitalized interest(12,286)(16,264)(38,407)(41,811)
Loss on early extinguishment of debt   4,250 
Other, net(1,572)(140)1,053 (4,548)
(Loss) income before income tax(365,235)164,486 (2,352,725)342,230 
Income tax (benefit) expense(72,495)40,639 (360,556)82,758 
Net (loss) income$(292,740)$123,847 $(1,992,169)$259,472 
Earnings (loss) per share to common stockholders:    
Basic$(2.94)$1.21 $(19.99)$2.56 
Diluted$(2.94)$1.21 $(19.99)$2.56 
Comprehensive (loss) income:    
Net (loss) income$(292,740)$123,847 $(1,992,169)$259,472 
Other comprehensive income:    
Change in fair value of investments, net of tax of $0, ($648), $0 and ($220), respectively
 (2,198) (745)
Total comprehensive (loss) income$(292,740)$121,649 $(1,992,169)$258,727 
 


See accompanying Notes to Condensed Consolidated Financial Statements.

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CIMAREX ENERGY CO.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 Nine Months Ended
September 30,
 20202019
Cash flows from operating activities:  
Net (loss) income$(1,992,169)$259,472 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:  
Impairment of oil and gas properties1,625,878  
Depreciation, depletion, and amortization565,507 631,722 
Asset retirement obligation10,544 6,400 
Impairment of goodwill714,447  
Deferred income taxes(360,395)82,758 
Stock compensation22,879 20,004 
(Gain) loss on derivative instruments, net(37,448)35,949 
Settlements on derivative instruments120,729 (1,118)
Loss on early extinguishment of debt 4,250 
Amortization of debt issuance costs and discounts2,488 2,285 
Changes in non-current assets and liabilities6,070 (2,630)
Other, net9,083 9,061 
Changes in operating assets and liabilities:  
Accounts receivable179,953 80,183 
Other current assets6,688 2,140 
Accounts payable and other current liabilities(161,564)(146,319)
Net cash provided by operating activities712,690 984,157 
Cash flows from investing activities:  
Acquisition of oil and gas properties(7,250)(285,596)
Oil and gas capital expenditures(482,141)(999,225)
Other capital expenditures(39,965)(59,035)
Sales of oil and gas assets69,836 28,547 
Sales of other assets1,892 859 
Net cash used by investing activities(457,628)(1,314,450)
Cash flows from financing activities:  
Borrowings of long-term debt172,000 2,239,310 
Repayments of long-term debt(172,000)(2,610,000)
Financing, underwriting, and debt redemption fees(1,566)(11,798)
Finance lease payments(3,863)(2,731)
Dividends paid(68,893)(60,130)
Employee withholding taxes paid upon the net settlement of equity-classified stock awards(2,505)(2,406)
Proceeds from exercise of stock options 1,267 
Net cash used by financing activities(76,827)(446,488)
Net change in cash and cash equivalents178,235 (776,781)
Cash and cash equivalents at beginning of period94,722 800,666 
Cash and cash equivalents at end of period$272,957 $23,885 
 

See accompanying Notes to Condensed Consolidated Financial Statements.

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CIMAREX ENERGY CO.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(Unaudited)
Additional
Paid-in Capital
Retained
Earnings
(Accumulated
Deficit)
Total
Stockholders’
Equity
 Common Stock
 SharesAmount
Balance, December 31, 2019102,145 $1,021 $3,243,325 $331,795 $3,576,141 
Dividends paid on stock awards subsequently forfeited— — 6 23 29 
Dividends declared on common stock ($0.22 per share)
— — — (22,548)(22,548)
Dividends declared on redeemable preferred stock ($20.3125 per share)
— — — (1,269)(1,269)
Net loss— — — (774,282)(774,282)
Common stock reacquired and retired(12)— (165)— (165)
Restricted stock forfeited and retired(31)— — — — 
Stock-based compensation— — 11,594 — 11,594 
Balance, March 31, 2020102,102 $1,021 $3,254,760 $(466,281)$2,789,500 
Dividends paid on stock awards subsequently forfeited— — 1 7 8 
Dividends declared on common stock ($0.22 per share)
— — (22,561)2 (22,559)
Dividends declared on redeemable preferred stock ($20.3125 per share)
— — (1,269)— (1,269)
Net loss— — — (925,147)(925,147)
Issuance of restricted stock awards66 1 (1)— — 
Common stock reacquired and retired(2)— (24)— (24)
Restricted stock forfeited and retired(15)— — — — 
Stock-based compensation— — 10,338 — 10,338 
Balance, June 30, 2020102,151 $1,022 $3,241,244 $(1,391,419)$1,850,847 
Dividends paid on stock awards subsequently forfeited— — 17 80 97 
Dividends declared on common stock ($0.22 per share)
— — (22,472)33 (22,439)
Dividends declared on redeemable preferred stock ($20.3125 per share)
— — (1,270)— (1,270)
Net loss— — — (292,740)(292,740)
Issuance of restricted stock awards7 — — — — 
Common stock reacquired and retired(94)(1)(2,315)— (2,316)
Restricted stock forfeited and retired(93)(1)1 — — 
Stock-based compensation— — 11,623 — 11,623 
Balance, September 30, 2020101,971 $1,020 $3,226,828 $(1,684,046)$1,543,802 










See accompanying Notes to Condensed Consolidated Financial Statements.

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CIMAREX ENERGY CO.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(Unaudited)
Additional
Paid-in Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
Stockholders’
Equity
 Common Stock
 SharesAmount
Balance, December 31, 201895,756 $