CIMAREX ENERGY $27.96 (New York symbol XEC; SI Rating: Extra risk) (303-295-3995; www.cimarex.com; Shares outstanding: 83.3 million; Market cap: $2.3 billion) is an oil and gas explorer and producer primarily focused in western Oklahoma, Kansas, the upper Gulf Coast areas of Texas and South Louisiana, the Permian Basin area of West Texas, plus the Gulf of Mexico.
Cimarex’s production averaged 484.9 million cubic feet equivalent per day in the latest quarter. Natural gas makes up 72% of output. Production for the full year 2008 will likely average 485 million cubic feet.
In the three months ended September 30, 2008, cash flow per share rose 76%, to $5.07 from $2.88. The company’s shares trade at just 1.5 times cash flow based on the 12 months. Long-term debt of $487 million is 20% of market cap.
Cimarex will spend over $1.4 billion this year on exploration and development. It balances drilling between the lower-risk Mid-Continent and Permian Basin properties and its higher-risk Gulf Coast and Gulf of Mexico projects. In the latest quarter, Cimarex drilled 124 gross (74 net wells), and completed 97% of those wells as producers.
Cimarex is now a buy for aggressive investors.
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