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Cimarex Quarterly Profit Rises

|Includes: Cimarex Energy Co. (XEC)

Originally published at www.seclive.com

Cimarex Energy Co. (NYSE:XEC) announced its fourth quarter financial results for the fiscal year 2013, reporting a rise in quarterly profits from a year ago. The company's earnings jumped from $99.15M and $1.14 per share to $206.83M and $2.37 per share. Revenue also rose from $440.87M to $516.60M, falling short of $526.41M analyst expectations. Fueled primarily from work in the Permian Basin, oil production increased 17% while gas production improved 6%. Despite adverse weather conditions that had a negative impact on production, this quarter's production still beat the year-ago quarter from 676.7 million cubic feet equivalent (MMcfe) per day to 704.9 MMcfe. The company is forecasting oil production growth between 17% and 19% with overall company production volumes up 13%.

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