CIMAREX ENERGY $60.76 (New York symbol XEC; TSINetwork Rating: Extra Risk) (303-295-3995; www.cimarex.com; Shares outstanding: 86.0 million; Market cap: $5.2 billion; Dividend yield: 0.8%) produces and explores for oil and natural gas. Gas makes up 53% of its output.
Cimarex’s properties are in the Mid-Continent region of the U.S., which includes Oklahoma, Kansas and Texas; the Permian Basin of western Texas and southeastern New Mexico; and the Texas Gulf Coast.
In the three months ended September 30, 2012, Cimarex’s production averaged 635.1 million cubic feet of natural gas equivalent per day (including oil). That’s up 7.3%, from 592.0 million cubic feet a year earlier.
Even so, Cimarex’s cash flow per share fell 22.0%, to $3.02 from $3.87, due to lower gas prices.
Cimarex trades at 5.0 times its forecast 2012 cash flow of $12.08 a share, based on the latest quarter. The company’s long-term debt of $830 million is a low 16.0% of its market cap.
To increase its production, Cimarex will spend as much as $1.6 billion on exploration and development this year.
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