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 2020-03-31 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 2020-05-06 Shareholder Vote
8-K 2020-05-06 Earnings, Impairments, Regulation FD, Exhibits
8-K 2020-04-15 Regulation FD, Exhibits
8-K 2020-03-09 Officers, Exhibits
8-K 2020-02-25 Regulation FD
8-K 2020-02-19 Earnings, Regulation FD, Exhibits
8-K 2020-01-10 Officers, Exhibits
8-K 2019-11-12 Regulation FD
8-K 2019-11-04 Earnings, Regulation FD, Exhibits
8-K 2019-09-23 Officers, Regulation FD, Exhibits
8-K 2019-08-05 Earnings, Regulation FD, Exhibits
8-K 2019-06-11 Regulation FD
8-K 2019-05-28 Officers, Regulation FD, Exhibits
8-K 2019-05-08 Shareholder Vote, Other Events
8-K 2019-05-08 Earnings, Regulation FD, Exhibits
8-K 2019-03-25 Regulation FD
8-K 2019-03-06 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-03-01 M&A, Shareholder Rights, Amend Bylaw, Regulation FD, Exhibits
8-K 2019-02-20 Earnings, Regulation FD, Exhibits
8-K 2019-02-14 Other Events
8-K 2019-02-11 Other Events, Exhibits
8-K 2019-02-05 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-19 Regulation FD, Other Events, Exhibits
8-K 2018-11-18 Enter Agreement, Exhibits
8-K 2018-11-09 Regulation FD
8-K 2018-11-06 Earnings, Regulation FD, Exhibits
8-K 2018-08-31 M&A, Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Regulation FD, Exhibits
8-K 2018-05-25 Regulation FD
8-K 2018-05-23 Enter Agreement, Regulation FD, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-05-08 Earnings, Regulation FD, Exhibits
8-K 2018-03-22 Regulation FD
8-K 2018-02-14 Earnings, Regulation FD, Exhibits

XEC 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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 a20200331xecex-311.htm
EX-31.2 a20200331xecex-312.htm
EX-32.1 a20200331xecex-321.htm
EX-32.2 a20200331xecex-322.htm

Cimarex Energy Earnings 2020-03-31

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 ended
March 31, 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 3700
Denver
Colorado
 
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)
 
XEC
 
New 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 filer
Accelerated filer
Non-accelerated filer
Smaller 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 April 30, 2020 was 102,100,718.




CIMAREX ENERGY CO.
Table of Contents
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





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. 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;

The 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 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;

Operating costs and other expenses;



3




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;

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

The requirement to establish valuation allowances against our net deferred tax assets;

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

Availability of financing and access to capital markets;

Higher than expected costs and expenses, including the availability and cost of services and materials;

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;

Our 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;



4




Costs and availability of third party facilities for gathering, processing, refining, and transportation;

Risks associated with concentration of operations 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;

The potential for production decline rates to be greater than expected;

Performance of acquired properties and newly drilled wells;

Regulatory approvals, including regulatory restrictions on state and 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 availability and cost of capital;

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 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.



5




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 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.





6



PART I
ITEM 1. Financial Statements
CIMAREX ENERGY CO.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share information)
(Unaudited)
 
 
March 31,
 
December 31,
 
 
2020
 
2019
Assets
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
88,706

 
$
94,722

Accounts receivable, net of allowance:
 
 

 
 

Trade
 
138,929

 
57,879

Oil and gas sales
 
187,403

 
384,707

Gas gathering, processing, and marketing
 
3,645

 
5,998

Oil and gas well equipment and supplies
 
45,108

 
47,893

Derivative instruments
 
200,537

 
17,944

Prepaid expenses
 
9,985

 
10,759

Other current assets
 
2,278

 
1,584

Total current assets
 
676,591

 
621,486

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

 
 

Proved properties
 
20,894,962

 
20,678,334

Unproved properties and properties under development, not being amortized
 
1,297,493

 
1,255,908

 
 
22,192,455

 
21,934,242

Less—accumulated depreciation, depletion, amortization, and impairment
 
(17,255,321
)
 
(16,723,544
)
Net oil and gas properties
 
4,937,134

 
5,210,698

Fixed assets, net of accumulated depreciation of $406,388 and $389,458, respectively
 
527,652

 
519,291

Goodwill
 

 
716,865

Derivative instruments
 
7,121

 
580

Other assets
 
69,848

 
71,109

 
 
$
6,218,346

 
$
7,140,029

Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity
 
 

 
 

Current liabilities:
 
 

 
 

Accounts payable:
 
 
 
 

Trade
 
$
48,313

 
$
36,280

Gas gathering, processing, and marketing
 
8,187

 
12,740

Accrued liabilities:
 
 

 
 

Exploration and development
 
94,538

 
112,228

Taxes other than income
 
28,349

 
54,446

Other
 
237,903

 
252,304

Derivative instruments
 
6,772

 
16,681

Revenue payable
 
135,079

 
207,939

Operating leases
 
65,958

 
66,003

Total current liabilities
 
625,099

 
758,621

Long-term debt principal
 
2,000,000

 
2,000,000

Less—unamortized debt issuance costs and discounts
 
(14,242
)
 
(14,754
)
Long-term debt, net
 
1,985,758

 
1,985,246

Deferred income taxes
 
322,067

 
338,424

Asset retirement obligation
 
157,393

 
154,045

Derivative instruments
 
16,235

 
1,018

Operating leases
 
182,590

 
184,172

Other liabilities
 
58,084

 
60,742

Total liabilities
 
3,347,226

 
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, 102,101,878 and 102,144,577 shares issued, respectively
 
1,021

 
1,021

Additional paid-in capital
 
3,254,760

 
3,243,325

(Accumulated deficit) retained earnings
 
(466,281
)
 
331,795

Total stockholders’ equity
 
2,789,500

 
3,576,141

 
 
$
6,218,346

 
$
7,140,029


See accompanying Notes to Condensed Consolidated Financial Statements.


7




CIMAREX ENERGY CO.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share information)
(Unaudited)
 
 
Three Months Ended
March 31,
 
 
2020
 
2019
Revenues:
 
 

 
 

Oil sales
 
$
360,980

 
$
349,306

Gas and NGL sales
 
98,481

 
217,915

Gas gathering and other
 
13,583

 
10,262

Gas marketing
 
(214
)
 
(526
)
 
 
472,830

 
576,957

Costs and expenses:
 
 

 
 

Impairment of oil and gas properties
 
333,651

 

Depreciation, depletion, and amortization
 
215,086

 
190,417

Asset retirement obligation
 
4,724

 
2,049

Impairment of goodwill
 
714,447

 

Production
 
87,236

 
78,404

Transportation, processing, and other operating
 
54,922

 
59,575

Gas gathering and other
 
8,298

 
5,182

Taxes other than income
 
30,961

 
33,694

General and administrative
 
25,509

 
29,084

Stock compensation
 
6,394

 
6,713

(Gain) loss on derivative instruments, net
 
(226,940
)
 
115,452

Other operating expense, net
 
251

 
8,326

 
 
1,254,539

 
528,896

Operating (loss) income
 
(781,709
)
 
48,061

Other (income) and expense:
 
 

 
 

Interest expense
 
23,181

 
20,405

Capitalized interest
 
(13,182
)
 
(8,742
)
Loss on early extinguishment of debt
 

 
4,250

Other, net
 
(871
)
 
(2,241
)
(Loss) income before income tax
 
(790,837
)
 
34,389

Income tax (benefit) expense
 
(16,555
)
 
8,073

Net (loss) income
 
$
(774,282
)
 
$
26,316

 
 
 
 
 
Earnings (loss) per share to common stockholders:
 
 

 
 

Basic
 
$
(7.77
)
 
$
0.26

Diluted
 
$
(7.77
)
 
$
0.26

 
 
 
 
 
Comprehensive (loss) income:
 
 

 
 

Net (loss) income
 
$
(774,282
)
 
$
26,316

Other comprehensive income:
 
 

 
 

Change in fair value of investments, net of tax of $0 and $339, respectively
 

 
1,149

Total comprehensive (loss) income
 
$
(774,282
)
 
$
27,465

 




See accompanying Notes to Condensed Consolidated Financial Statements.


8




CIMAREX ENERGY CO.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 
 
Three Months Ended
March 31,
 
 
2020
 
2019
Cash flows from operating activities:
 
 

 
 

Net (loss) income
 
$
(774,282
)
 
$
26,316

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
 
 

 
 

Impairment of oil and gas properties
 
333,651

 

Depreciation, depletion, and amortization
 
215,086

 
190,417

Asset retirement obligation
 
4,724

 
2,049

Impairment of goodwill
 
714,447

 

Deferred income taxes
 
(16,357
)
 
8,073

Stock compensation
 
6,394

 
6,713

(Gain) loss on derivative instruments, net
 
(226,940
)
 
115,452

Settlements on derivative instruments
 
43,114

 
(9,051
)
Loss on early extinguishment of debt
 

 
4,250

Amortization of debt issuance costs and discounts
 
784

 
719

Changes in non-current assets and liabilities
 
2,410

 
2,148

Other, net
 
3,390

 
3,976

Changes in operating assets and liabilities:
 
 

 
 

Accounts receivable
 
119,605

 
33,976

Other current assets
 
(24
)
 
350

Accounts payable and other current liabilities
 
(117,211
)
 
(135,297
)
Net cash provided by operating activities
 
308,791

 
250,091

Cash flows from investing activities:
 
 

 
 

Acquisition of Resolute Energy, net of cash acquired (Note 13)
 

 
(284,441
)
Oil and gas capital expenditures
 
(266,070
)
 
(332,742
)
Other capital expenditures
 
(26,425
)
 
(17,828
)
Sales of oil and gas assets
 
830

 
5,000

Sales of other assets
 
181

 
200

Net cash used by investing activities
 
(291,484
)
 
(629,811
)
Cash flows from financing activities:
 
 

 
 

Borrowings of long-term debt
 
101,000

 
1,182,310

Repayments of long-term debt
 
(101,000
)
 
(1,553,000
)
Financing, underwriting, and debt redemption fees
 
(100
)
 
(10,938
)
Finance lease payments
 
(1,465
)
 
(635
)
Dividends paid
 
(21,593
)
 
(17,179
)
Employee withholding taxes paid upon the net settlement of equity-classified stock awards
 
(165
)
 
(654
)
Proceeds from exercise of stock options
 

 
80

Net cash used by financing activities
 
(23,323
)
 
(400,016
)
Net change in cash and cash equivalents
 
(6,016
)
 
(779,736
)
Cash and cash equivalents at beginning of period
 
94,722

 
800,666

Cash and cash equivalents at end of period
 
$
88,706

 
$
20,930

 



See accompanying Notes to Condensed Consolidated Financial Statements.


9




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
 
Shares
 
Amount
Balance, December 31, 2019
 
102,145

 
$
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, 2020
 
102,102

 
$
1,021

 
$
3,254,760

 
$
(466,281
)
 
$
2,789,500


 
 
 
 
 
 
Additional
Paid-in Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Total
Stockholders’
Equity
 
Common Stock
 
Shares
 
Amount
Balance, December 31, 2018
 
95,756

 
$
958

 
$
2,785,188

 
$
542,885

 
$
755

 
$
3,329,786

Dividends paid on stock awards subsequently forfeited
 

 

 

 
2

 

 
2

Dividends declared on common stock ($0.20 per share)
 

 

 

 
(20,308
)
 

 
(20,308
)
Dividends declared on redeemable preferred stock ($20.3125 per share)
 

 

 

 
(1,269
)
 

 
(1,269
)
Net income
 

 

 

 
26,316

 

 
26,316

Issuance of stock for Resolute Energy acquisition (Note 13)
 
5,652

 
56

 
412,959

 

 

 
413,015

Unrealized change in fair value of investments, net of tax
 

 

 

 

 
1,149

 
1,149

Issuance of restricted stock awards
 
11

 

 

 

 

 

Common stock reacquired and retired
 
(10
)
 

 
(654
)
 

 

 
(654
)
Restricted stock forfeited and retired
 
(4
)
 

 

 

 

 

Exercise of stock options
 
3

 

 
80

 

 

 
80

Stock-based compensation
 

 

 
13,245

 

 

 
13,245

Balance, March 31, 2019
 
101,408

 
$
1,014

 
$
3,210,818

 
$
547,626

 
$
1,904

 
$
3,761,362









See accompanying Notes to Condensed Consolidated Financial Statements.


10


CIMAREX ENERGY CO.
Notes to Condensed Consolidated Financial Statements
March 31, 2020
(Unaudited)



1.
BASIS OF PRESENTATION

Cimarex Energy Co. (“Cimarex,” “we,” or “us”), a Delaware corporation, is an independent oil and gas exploration and production company. Our operations are mainly located in Texas, Oklahoma, and New Mexico. The accompanying unaudited financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain disclosures required by accounting principles generally accepted in the United States and normally included in Annual Reports on Form 10-K have been omitted. Although management believes that our disclosures in these interim financial statements are adequate, they should be read in conjunction with the financial statements, summary of significant accounting policies, and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2019.

In the opinion of management, the accompanying financial statements reflect all adjustments necessary to fairly present our financial position, results of operations, and cash flows for the periods and as of the dates shown. The accounts of Cimarex and its subsidiaries are presented in the accompanying financial statements, with intercompany balances and transactions eliminated in consolidation. Certain amounts in the prior year financial statements have been reclassified to conform to the 2020 financial statement presentation.

On March 1, 2019, we acquired Resolute Energy Corporation (“Resolute”) in a cash and stock transaction. The results of Resolute’s operations have been included in our consolidated financial statements since the March 1, 2019 acquisition date. See Note 13 for more information on this transaction.

Use of Estimates

Areas of significance requiring the use of management’s judgments include the estimation of proved oil and gas reserves used in calculating depletion, the estimation of future net revenues used in computing ceiling test limitations, the estimation of future abandonment obligations used in recording asset retirement obligations, and the assessment of goodwill. Estimates and judgments also are required in determining allowances for doubtful accounts, impairments of unproved properties and other assets, valuation of deferred tax assets, fair value measurements, lease liabilities, and contingencies.

Prior Year Reclassifications

Certain amounts in the prior year financial statements have been reclassified to conform to the 2020 financial statement presentation. These reclassifications include reclassifying certain “Gas gathering and other” expenses to “Transportation, processing, and other operating” expense and “Production” expense. These reclassifications were made to reflect an allocation of the costs incurred to operate our gas gathering facilities as a cost to transport our equity share of gas produced and operate our wells. The following table shows the reclassifications made:

 
 
Three Months Ended March 31, 2019
(in thousands)
 
Prior
Year Presentation
 
Current
Year Reclassifications
 
Current Year Presentation
Production
 
$
77,233

 
$
1,171

 
$
78,404

Transportation, processing, and other operating
 
$
53,608

 
5,967

 
$
59,575

Gas gathering and other
 
$
12,320

 
(7,138
)
 
$
5,182

 
 
 
 
$

 
 





11

CIMAREX ENERGY CO.
Notes to Condensed Consolidated Financial Statements
March 31, 2020
(Unaudited)


Oil and Gas Well Equipment and Supplies

Our oil and gas well equipment and supplies are valued at the lower of cost and net realizable value, where net realizable value is estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation. Declines in the price of oil and gas well equipment and supplies in future periods could cause us to recognize impairments on these assets. An impairment would not affect cash flow from operating activities, but would adversely affect our net income and stockholders’ equity.

Oil and Gas Properties

We use the full cost method of accounting for our oil and gas operations. All costs associated with property acquisition, exploration, and development activities are capitalized. Under the full cost method of accounting, we are required to perform a quarterly ceiling test calculation to test our oil and gas properties for possible impairment. If the net capitalized cost of our oil and gas properties, as adjusted for income taxes, exceeds the ceiling limitation, the excess is charged to expense. The ceiling limitation is equal to the sum of: (i) the present value discounted at 10% of estimated future net revenues from proved reserves, (ii) the cost of properties not being amortized, and (iii) the lower of cost or estimated fair value of unproven properties included in the costs being amortized, as adjusted for income taxes. We currently do not have any unproven properties that are being amortized. Estimated future net revenues are determined based on trailing twelve-month average commodity prices and estimated proved reserve quantities, operating costs, and capital expenditures.

The quarterly ceiling test is primarily impacted by commodity prices, changes in estimated reserve quantities, overall exploration and development costs, and deferred taxes.  If pricing conditions decline, or if there is a negative impact on one or more of the other components of the calculation, we may incur a full cost ceiling test impairment. The calculated ceiling limitation is not intended to be indicative of the fair market value of our proved reserves or future results. Impairment charges do not affect cash flow from operating activities, but do adversely affect our net income and various components of our balance sheet.  Any impairment of oil and gas properties is not reversible at a later date. 

At March 31, 2020, we incurred a ceiling test impairment of $333.7 million.  The impairment resulted primarily from the impact of decreases in the 12-month average trailing prices for oil, gas, and NGLs as well as significant basis differentials utilized in determining the estimated future net cash flows from proved reserves. We expect these conditions to continue at least through June 30, 2020 and possibly beyond and, therefore, expect to incur another ceiling test impairment at June 30, 2020.

Goodwill

Goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired and is tested for impairment at least annually. In performing the goodwill test, we compare the fair value of our reporting unit with its carrying amount. If the carrying amount of the reporting unit were to exceed its fair value, an impairment charge would be recognized in the amount of this excess, limited to the total amount of goodwill allocated to that reporting unit. We evaluate our goodwill for impairment in the fourth quarter of each year and whenever events or changes in circumstances indicate the possibility that goodwill may be impaired. Based upon our assessment as of October 31, 2019, goodwill was not impaired. However, during the quarter ended March 31, 2020 the company’s market capitalization declined significantly driven by current macroeconomic and geopolitical conditions including the collapse of oil prices driven by surplus supply and decreased demand caused by the COVID-19 pandemic. In addition, the uncertainty related to oil demand continues to have a significant impact on our investment and operating decisions. Based on these events, we concluded that a triggering event occurred, which required us to perform an interim quantitative impairment test for goodwill as of March 31, 2020. As a result of that quantitative impairment test, which utilized quoted market prices for the company’s common stock as a basis for determining fair value, we concluded that goodwill was impaired at March 31, 2020.




12

CIMAREX ENERGY CO.
Notes to Condensed Consolidated Financial Statements
March 31, 2020
(Unaudited)


The following table reflects components of the change in the carrying amount of goodwill for the three months ended March 31, 2020:

(in thousands)
 
Three Months Ended
March 31, 2020
Goodwill balance at January 1, 2020
 
$
716,865

Resolute acquisition purchase price adjustments (Note 13)
 
(2,418
)
Impairment
 
(714,447
)
Goodwill balance at March 31, 2020
 
$



Revenue Recognition

Oil, Gas, and NGL Sales

Revenue is recognized from the sales of oil, gas, and NGLs when the customer obtains control of the product, when we have no further obligations to perform related to the sale, and when collectability is probable. All of our sales of oil, gas, and NGLs are made under contracts with customers, which typically include variable consideration based on monthly pricing tied to local indices and monthly volumes delivered. The nature of our contracts with customers does not require us to constrain that variable consideration or to estimate the amount of transaction price attributable to future performance obligations for accounting purposes. As of March 31, 2020, we had open contracts with customers with terms of one month to multiple years, as well as “evergreen” contracts that renew on a periodic basis if not canceled by us or the customer. Performance obligations under our contracts with customers are typically satisfied at a point-in-time through monthly delivery of oil, gas, and/or NGLs. Our contracts with customers typically require payment within one month of delivery.

Our gas is sold under various contracts. Under these contracts the gas and its components, including residue gas and NGLs, may be sold to a single purchaser or separate purchasers. Regardless of the contract, we are compensated for the value of the residue gas and NGLs at current market prices for each product. Depending on the specific contract terms, certain gathering, treating, transportation, processing, and other charges may be deducted against the prices we receive for the products. Our oil typically is sold at specific delivery points under contract terms that also are common in our industry.

Gas Gathering

When we transport and/or process third-party gas associated with our equity gas, we recognize revenue for the fees charged to third-parties for such services.

Gas Marketing

When we market and sell gas for other working interest owners, we act as agent under short-term sales and supply agreements and may earn a fee for such services. Revenues from such services are recognized as gas is delivered.

Gas Imbalances

Revenue from the sale of gas is recorded on the basis of gas actually sold by or for us. If our aggregate sales volumes for a well are greater (or less) than our proportionate share of production from the well, a liability (or receivable) is established to the extent there are insufficient proved reserves available to make-up the overproduced (or underproduced) imbalance. Imbalances have not been significant in the periods presented.




13

CIMAREX ENERGY CO.
Notes to Condensed Consolidated Financial Statements
March 31, 2020
(Unaudited)


2.
LONG-TERM DEBT

Long-term debt at March 31, 2020 and December 31, 2019 consisted of the following:
 
 
March 31, 2020
 
December 31, 2019
(in thousands)
 
Principal
 
Unamortized Debt
Issuance Costs
and Discounts (1)
 
Long-term
Debt, net
 
Principal
 
Unamortized Debt
Issuance Costs
and Discounts (1)
 
Long-term
Debt, net
4.375% Notes due 2024
 
$
750,000

 
$
(3,316
)
 
$
746,684

 
$
750,000

 
$
(3,535
)
 
$
746,465

3.90% Notes due 2027
 
750,000

 
(6,105
)
 
743,895

 
750,000

 
(6,289
)
 
743,711

4.375% Notes due 2029
 
500,000

 
(4,821
)
 
495,179

 
500,000

 
(4,930
)
 
495,070

 
 
$
2,000,000

 
$
(14,242
)
 
$
1,985,758

 
$
2,000,000

 
$
(14,754
)
 
$
1,985,246

________________________________________
(1)
The 4.375% Notes due 2024 were issued at par, therefore, the amounts shown in the table are for unamortized debt issuance costs only. At March 31, 2020, the unamortized debt issuance costs and discount related to the 3.90% Notes due 2027 were $4.7 million and $1.4 million, respectively. At March 31, 2020, the unamortized debt issuance costs and discount related to the 4.375% Notes due 2029 were $4.2 million and $0.6 million, respectively. At December 31, 2019, the unamortized debt issuance costs and discount related to the 3.90% Notes due 2027 were $4.8 million and $1.5 million, respectively. At December 31, 2019, the unamortized debt issuance costs and discount related to the 4.375% Notes due 2029 were $4.3 million and $0.6 million, respectively.

Bank Debt

On February 5, 2019, we entered into an Amended and Restated Credit Agreement for our senior unsecured revolving credit facility (“Credit Facility”). The Credit Facility has aggregate commitments of $1.25 billion with an option for us to increase the aggregate commitments to $1.5 billion, and matures on February 5, 2024. There is no borrowing base subject to the discretion of the lenders based on the value of our proved reserves under the Credit Facility. As of March 31, 2020, we had no bank borrowings outstanding under the Credit Facility, but did have letters of credit of $2.5 million outstanding, leaving an unused borrowing availability of $1.248 billion. During the three months ended March 31, 2020, we borrowed and repaid an aggregate of $101.0 million on the Credit Facility to meet cash requirements as needed.

At our option, borrowings under the Credit Facility may bear interest at either (a) LIBOR (or an alternate rate determined by the administrative agent for the Credit Facility in accordance with the Credit Facility when LIBOR is no longer available) plus 1.1252.0% based on the credit rating for our senior unsecured long-term debt, or (b) a base rate (as defined in the credit agreement) plus 0.1251.0%, based on the credit rating for our senior unsecured long-term debt. Unused borrowings are subject to a commitment fee of 0.1250.35%, based on the credit rating for our senior unsecured long-term debt.

The Credit Facility contains representations, warranties, covenants, and events of default that