Company Quick10K Filing
Cimarex Energy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 102 $5,639
10-Q 2019-11-05 Quarter: 2019-09-30
10-Q 2019-08-05 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-02-20 Annual: 2018-12-31
10-Q 2018-11-06 Quarter: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-23 Annual: 2015-12-31
10-Q 2015-11-04 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-05 Quarter: 2015-03-31
10-K 2015-02-25 Annual: 2014-12-31
10-Q 2014-11-05 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-26 Annual: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-02 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-04 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
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 Earnings, Regulation FD, Exhibits
8-K 2019-05-08 Shareholder Vote, Other Events
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 2019-09-30
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 6. Exhibits
EX-31.1 a20190930xecex-311.htm
EX-31.2 a20190930xecex-312.htm
EX-32.1 a20190930xecex-321.htm
EX-32.2 a20190930xecex-322.htm

Cimarex Energy Earnings 2019-09-30

XEC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ECA 6,643 21,747 11,732 7,496 0 1,160 3,413 14,308 0% 4.2 5%
TPL 5,942 464 80 445 0 303 380 5,752 0% 15.1 65%
NFX 5,879 5,676 3,805 711 0 524 1,232 8,004 0% 6.5 9%
XEC 5,639 7,596 3,652 2,339 0 600 719 7,620 0% 10.6 8%
HP 5,341 5,897 1,802 2,846 0 -45 572 5,472 0% 9.6 -1%
PE 5,304 9,838 3,410 1,892 0 310 1,196 7,480 0% 6.3 3%
SWX 4,818 7,667 5,248 2,584 1,105 270 671 7,189 43% 10.7 4%
WPX 4,774 8,553 3,992 2,560 0 604 1,814 6,943 0% 3.8 7%
MUR 4,154 13,536 8,437 2,630 0 570 1,840 8,014 0% 4.4 4%
RIG 3,868 25,624 12,867 3,076 494 -1,028 581 10,858 16% 18.7 -4%

Document
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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
September 30, 2019
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 October 31, 2019 was 101,810,140.


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CIMAREX ENERGY CO.
Table of Contents
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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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, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended.  These forward-looking statements include, among others, statements concerning our outlook with regard to timing and amount of future production of oil and gas, price realizations, amounts, nature and timing of capital expenditures for exploration and development, plans for funding operations and capital expenditures, drilling of wells, operating costs and other expenses, marketing of oil, gas, and NGLs and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts.  The forward-looking statements in this report are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements.

These risks and uncertainties include, but are not limited to, fluctuations in the price we receive for our oil and gas production, full cost ceiling test impairments to the carrying values of our oil and gas properties, reductions in the quantity of, and price received for, oil and gas sold due to decreased industry-wide demand and/or curtailments in production from specific properties or areas due to mechanical, transportation, marketing, weather or other problems, 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, increased financing costs due to a significant increase in interest rates, availability of financing, our ability to successfully integrate the business acquired from Resolute Energy Corporation (“Resolute”), unknown liabilities related to Resolute, and the effectiveness of our internal control over financial reporting and our ability to remediate a material weakness in our internal control over financial reporting.  In addition, exploration and development opportunities that we pursue may not result in economic, productive oil and gas properties.  There are also numerous uncertainties inherent in estimating quantities of proved reserves, projecting future rates of production and the timing of development expenditures.  These and other risks and uncertainties affecting us are discussed in greater detail in this report and in our other filings with the Securities and Exchange Commission.




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Table of Contents


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,
 
 
2019
 
2018
Assets
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
23,885

 
$
800,666

Accounts receivable, net of allowance:
 
 

 
 

Trade
 
75,853

 
122,065

Oil and gas sales
 
342,513

 
315,063

Gas gathering, processing, and marketing
 
6,963

 
17,072

Oil and gas well equipment and supplies
 
49,113

 
55,553

Derivative instruments
 
49,385

 
101,939

Prepaid expenses
 
6,220

 
7,554

Other current assets
 
2,647

 
4,227

Total current assets
 
556,579

 
1,424,139

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

 
 

Proved properties
 
20,134,383

 
18,566,757

Unproved properties and properties under development, not being amortized
 
1,539,008

 
436,325

 
 
21,673,391

 
19,003,082

Less—accumulated depreciation, depletion, amortization, and impairment
 
(15,979,664
)
 
(15,287,752
)
Net oil and gas properties
 
5,693,727

 
3,715,330

Fixed assets, net of accumulated depreciation of $373,351 and $324,631, respectively
 
538,179

 
257,686

Goodwill
 
751,836

 
620,232

Derivative instruments
 
5,715

 
9,246

Other assets
 
73,169

 
35,451

 
 
$
7,619,205

 
$
6,062,084

Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity
 
 

 
 

Current liabilities:
 
 

 
 

Accounts payable:
 
 
 
 

Trade
 
$
53,643

 
$
76,927

Gas gathering, processing, and marketing
 
12,282

 
29,887

Accrued liabilities:
 
 

 
 

Exploration and development
 
111,728

 
124,674

Taxes other than income
 
48,494

 
33,622

Other
 
270,610

 
221,159

Derivative instruments
 
24,983

 
27,627

Revenue payable
 
207,751

 
194,811

Operating leases
 
67,208

 

Total current liabilities
 
796,699

 
708,707

Long-term debt principal
 
2,000,000

 
1,500,000

Less—unamortized debt issuance costs and discounts
 
(15,266
)
 
(11,446
)
Long-term debt, net
 
1,984,734

 
1,488,554

Deferred income taxes
 
446,961

 
334,473

Asset retirement obligation
 
157,431

 
152,758

Derivative instruments
 
403

 
2,267

Operating leases
 
199,645

 

Other liabilities
 
62,154

 
45,539

Total liabilities
 
3,648,027

 
2,732,298

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 and no shares authorized and issued, respectively (Note 5)
 
81,620

 

Stockholders’ equity:
 
 

 
 

Common stock, $0.01 par value, 200,000,000 shares authorized, 101,820,140 and 95,755,797 shares issued, respectively
 
1,018

 
958

Additional paid-in capital
 
3,234,318

 
2,785,188

Retained earnings
 
654,212

 
542,885

Accumulated other comprehensive income
 
10

 
755

Total stockholders’ equity
 
3,889,558

 
3,329,786

 
 
$
7,619,205

 
$
6,062,084

See accompanying Notes to Condensed Consolidated Financial Statements.


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Table of Contents


CIMAREX ENERGY CO.
Condensed Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share information)
(Unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 

 
 

 
 

 
 

Oil sales
 
$
435,094

 
$
342,495

 
$
1,196,166

 
$
1,036,402

Gas and NGL sales
 
135,483

 
240,087

 
479,442

 
646,007

Gas gathering and other
 
11,200

 
9,244

 
31,231

 
32,506

Gas marketing
 
528

 
(338
)
 
(1,114
)
 
(19
)
 
 
582,305

 
591,488

 
1,705,725

 
1,714,896

Costs and expenses:
 
 

 
 

 
 

 
 

Impairment of oil and gas properties
 
108,879

 

 
108,879

 

Depreciation, depletion, and amortization
 
227,978

 
136,302

 
631,722

 
412,549

Asset retirement obligation
 
2,194

 
1,893

 
6,400

 
5,006

Production
 
88,300

 
76,272

 
253,259

 
226,758

Transportation, processing, and other operating
 
52,697

 
49,720

 
154,636

 
146,818

Gas gathering and other
 
13,893

 
10,569

 
39,818

 
29,859

Taxes other than income
 
30,873

 
28,431

 
105,600

 
86,549

General and administrative
 
15,499

 
21,148

 
69,494

 
64,208

Stock compensation
 
6,797

 
6,437

 
20,004

 
16,262

(Gain) loss on derivative instruments, net
 
(38,735
)
 
54,006

 
35,949

 
71,546

Other operating expense, net
 
10,141

 
10,015

 
19,057

 
15,470

 
 
518,516

 
394,793

 
1,444,818

 
1,075,025

Operating income
 
63,789

 
196,695

 
260,907

 
639,871

Other (income) and expense:
 
 

 
 

 
 

 
 

Interest expense
 
24,586

 
17,159

 
69,665

 
50,837

Capitalized interest
 
(16,264
)
 
(5,457
)
 
(41,811
)
 
(15,117
)
Loss on early extinguishment of debt
 

 

 
4,250

 

Other, net
 
(139
)
 
(7,544
)
 
(4,547
)
 
(14,716
)
Income before income tax
 
55,606

 
192,537

 
233,350

 
618,867

Income tax expense
 
15,079

 
44,183

 
57,198

 
143,198

Net income
 
$
40,527

 
$
148,354

 
$
176,152

 
$
475,669

 
 
 
 
 
 
 
 
 
Earnings per share to common stockholders:
 
 

 
 

 
 

 
 

Basic
 
$
0.39

 
$
1.56

 
$
1.72

 
$
5.00

Diluted
 
$
0.39

 
$
1.56

 
$
1.72

 
$
5.00

 
 
 
 
 
 
 
 
 
Comprehensive income:
 
 

 
 

 
 

 
 

Net income
 
$
40,527

 
$
148,354

 
$
176,152

 
$
475,669

Other comprehensive income:
 
 

 
 

 
 

 
 

Change in fair value of investments, net of tax of ($648), $159, ($220) and $160, respectively
 
(2,198
)
 
539

 
(745
)
 
541

Total comprehensive income
 
$
38,329

 
$
148,893

 
$
175,407

 
$
476,210

 




See accompanying Notes to Condensed Consolidated Financial Statements.


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Table of Contents


CIMAREX ENERGY CO.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 
 
Nine Months Ended
September 30,
 
 
2019
 
2018
Cash flows from operating activities:
 
 

 
 

Net income
 
$
176,152

 
$
475,669

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

 
 

Impairment of oil and gas properties
 
108,879

 

Depreciation, depletion, and amortization
 
631,722

 
412,549

Asset retirement obligation
 
6,400

 
5,006

Deferred income taxes
 
57,198

 
142,815

Stock compensation
 
20,004

 
16,262

Loss on derivative instruments, net
 
35,949

 
71,546

Settlements on derivative instruments
 
(1,118
)
 
(20,418
)
Loss on early extinguishment of debt
 
4,250

 

Amortization of debt issuance costs and discounts
 
2,285

 
2,183

Changes in non-current assets and liabilities
 
(2,630
)
 
(1,244
)
Other, net
 
9,062

 
1,059

Changes in operating assets and liabilities:
 
 

 
 

Accounts receivable
 
80,183

 
(11,772
)
Other current assets
 
2,140

 
4,421

Accounts payable and other current liabilities
 
(146,319
)
 
59,737

Net cash provided by operating activities
 
984,157

 
1,157,813

Cash flows from investing activities:
 
 

 
 

Acquisition of Resolute Energy, net of cash acquired (Note 13)
 
(284,441
)
 

Oil and gas capital expenditures
 
(1,000,380
)
 
(1,151,484
)
Other capital expenditures
 
(59,035
)
 
(75,037
)
Sales of oil and gas assets
 
28,547

 
573,367

Sales of other assets
 
859

 
990

Net cash used by investing activities
 
(1,314,450
)
 
(652,164
)
Cash flows from financing activities:
 
 

 
 

Borrowings of long-term debt
 
2,239,310

 

Repayments of long-term debt
 
(2,610,000
)
 

Financing, underwriting, and debt redemption fees
 
(11,798
)
 

Finance lease payments
 
(2,731
)
 

Dividends paid
 
(60,130
)
 
(38,038
)
Employee withholding taxes paid upon the net settlement of equity-classified stock awards
 
(2,406
)
 
(6,410
)
Proceeds from exercise of stock options
 
1,267

 
2,211

Net cash used by financing activities
 
(446,488
)
 
(42,237
)
Net change in cash and cash equivalents
 
(776,781
)
 
463,412

Cash and cash equivalents at beginning of period
 
800,666

 
400,534

Cash and cash equivalents at end of period
 
$
23,885

 
$
863,946

  



See accompanying Notes to Condensed Consolidated Financial Statements.


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Table of Contents


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
 
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 ($20.31 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

Dividends paid on stock awards subsequently forfeited
 

 

 
1

 
4

 

 
5

Dividends declared on common stock ($0.20 per share)
 

 

 

 
(20,330
)
 

 
(20,330
)
Dividends declared on redeemable preferred stock ($20.31 per share)
 

 

 

 
(1,270
)
 

 
(1,270
)
Net income
 

 

 

 
109,309

 

 
109,309

Unrealized change in fair value of investments, net of tax
 

 

 

 

 
304

 
304

Issuance of restricted stock awards
 
54

 
1

 
(1
)
 

 

 

Restricted stock forfeited and retired
 
(4
)
 

 

 

 

 

Exercise of stock options
 
15

 

 
594

 

 

 
594

Stock-based compensation
 

 

 
11,919

 

 

 
11,919

Balance, June 30, 2019
 
101,473

 
$
1,015

 
$
3,223,331

 
$
635,339

 
$
2,208

 
$
3,861,893












See accompanying Notes to Condensed Consolidated Financial Statements.


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Table of Contents


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
 
Shares
 
Amount
Balance, June 30, 2019
 
101,473

 
$
1,015

 
$
3,223,331

 
$
635,339

 
$
2,208

 
$
3,861,893

Dividends paid on stock awards subsequently forfeited
 

 

 

 
6

 

 
6

Dividends declared on common stock ($0.20 per share)
 

 

 

 
(20,390
)
 

 
(20,390
)
Dividends declared on redeemable preferred stock ($20.31 per share)
 

 

 

 
(1,270
)
 

 
(1,270
)
Net income
 

 

 

 
40,527

 

 
40,527

Unrealized change in fair value of investments, net of tax
 

 

 

 

 
(2,198
)
 
(2,198
)
Issuance of restricted stock awards
 
375

 
3

 
(3
)
 

 

 

Common stock reacquired and retired
 
(35
)
 

 
(1,752
)
 

 

 
(1,752
)
Restricted stock forfeited and retired
 
(4
)
 

 

 

 

 

Exercise of stock options
 
11

 

 
593

 

 

 
593

Stock-based compensation
 

 

 
12,149

 

 

 
12,149

September 30, 2019
 
101,820

 
$
1,018

 
$
3,234,318

 
$
654,212

 
$
10

 
$
3,889,558














See accompanying Notes to Condensed Consolidated Financial Statements.


8


Table of Contents


CIMAREX ENERGY CO.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(Unaudited)

 
 
 
 
 
 
Additional Paid-in Capital
 
Retained
Earnings
(Accumulated Deficit)
 
Accumulated
Other
Comprehensive
Income
 
Total
Stockholders’
Equity
 
Common Stock
 
Shares
 
Amount
Balance, December 31, 2017
 
95,437

 
$
954

 
$
2,764,384

 
$
(199,259
)
 
$
2,199

 
$
2,568,278

Dividends paid on stock awards subsequently forfeited
 

 

 
3

 
4

 

 
7

Dividends declared on common stock ($0.16 per share)
 

 

 
(15,271
)
 

 

 
(15,271
)
Net income
 

 

 

 
186,318

 

 
186,318

Unrealized change in fair value of investments, net of tax
 

 

 

 

 
(190
)
 
(190
)
Issuance of restricted stock awards
 
2

 

 

 

 

 

Common stock reacquired and retired
 
(3
)
 

 
(305
)
 

 

 
(305
)
Restricted stock forfeited and retired
 
(7
)
 

 

 

 

 

Exercise of stock options
 
4

 

 
345

 

 

 
345

Stock-based compensation
 

 

 
12,411

 

 

 
12,411

Balance, March 31, 2018
 
95,433

 
954

 
2,761,567

 
(12,937
)
 
2,009

 
2,751,593

Dividends paid on stock awards subsequently forfeited
 

 

 
26

 
13

 

 
39

Dividends declared on common stock ($0.16 per share)
 

 

 
21

 
(15,262
)
 

 
(15,241
)
Net income
 

 

 

 
140,997

 

 
140,997

Unrealized change in fair value of investments, net of tax
 

 

 

 

 
192

 
192

Issuance of restricted stock awards
 
27

 

 
&#