CIMAREX ENERGY $81.59 (New York symbol XEC; TSINetwork Rating: Extra Risk) (303-295-3995; www.cimarex.com; Shares outstanding: 85.7 million; Market cap: $7.0 billion; Dividend yield: 0.5%) produces and explores for oil and natural gas. Gas makes up 56% 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 December 31, 2011, Cimarex’s production averaged 601.4 million cubic feet of natural gas equivalent per day (including oil). That’s down slightly from 604.5 million cubic feet a year earlier. The company did not offset natural declines at its Gulf Coast wells with new production.
Cimarex’s cash flow per share fell 3.2%, to $3.61 from $3.73, due to the lower production and lower gas prices.
Cimarex trades at 7.4 times its forecast 2012 cash flow of $11.10 a share. The company’s long-term debt of $405 million is a low 5.8% of its market cap.
To increase its production, Cimarex will spend as much as $1.6 billion on exploration and development this year. It will balance its drilling between its lower-risk Mid-Continent and Permian Basin properties and its higher-risk Gulf Coast projects.
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