-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U760RUfn8lfDprEGoeJ+/AAlxmqpOHYY1T7rk11uPjFBOKPZZEfbVfYJJF7PZR5U j6BwZ0TaIp5/rVCsShTZ+Q== 0001275287-07-000828.txt : 20070216 0001275287-07-000828.hdr.sgml : 20070216 20070216124906 ACCESSION NUMBER: 0001275287-07-000828 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070215 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070216 DATE AS OF CHANGE: 20070216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIMAREX ENERGY CO CENTRAL INDEX KEY: 0001168054 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 450466694 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31446 FILM NUMBER: 07630270 BUSINESS ADDRESS: STREET 1: 1700 LINCOLN STREET STREET 2: SUITE 1800 CITY: DENVER STATE: CO ZIP: 80203-4518 BUSINESS PHONE: 303-295-3995 MAIL ADDRESS: STREET 1: 1700 LINCOLN STREET STREET 2: SUITE 1800 CITY: DENVER STATE: CO ZIP: 80203-4518 FORMER COMPANY: FORMER CONFORMED NAME: HELMERICH & PAYNE EXPLORATION & PRODUCTION CO DATE OF NAME CHANGE: 20020222 8-K 1 ce8978.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and ExchangeAct of 1934. February 15, 2007 Date of Report CIMAREX ENERGY CO. (Exact name of registrant as specified in its charter) Delaware 001-31446 45-0466694 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1700 Lincoln Street, Suite 1800, Denver, Colorado 80203-4518 ------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 303-295-3995 -------------------------------------------------------------- (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act ================================================================================ ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On February 15, 2007, Cimarex Energy Co. (Cimarex) announced its fourth-quarter and full-year 2006 financial and operating results. The press release is included in this report as Exhibit 99.1. ITEM 7.01 REGULATION FD DISCLOSURE On February 15, 2007, Cimarex issued a news release reporting its financial and operating results for the fourth quarter and full year of 2006. A copy of the news release is furnished as Exhibit 99.1 to this report. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS D. Exhibits Exhibit No. Description - ----------- ---------------------------------------------- 99.1 Cimarex Press Release, dated February 15, 2007 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CIMAREX ENERGY CO. Dated: February 15, 2007 By: /s/ Paul Korus ---------------------------- Paul Korus, Vice President, Chief Financial Officer and Treasurer 3 EXHIBIT INDEX Exhibit No. Description - ----------- ------------------------------------------------------------------ 99.1 Cimarex Press Release, dated February 15, 2007 4 EX-99.1 2 ce8978ex991.txt EXHIBIT 99.1 Exhibit 99.1 CIMAREX REPORTS FOURTH-QUARTER 2006 EARNINGS OF $0.70 PER SHARE DENVER, Feb. 15 /PRNewswire-FirstCall/ -- Cimarex Energy Co. (NYSE: XEC) today reported fourth-quarter 2006 net income of $58.7 million, or $0.70 per diluted share. This compares to fourth-quarter 2005 earnings of $168.4 million, or $1.98 per diluted share. Revenues from oil and gas sales in the fourth quarter of 2006 were $283.7 million, compared to $406.6 million in the same period of 2005. Fourth- quarter 2006 cash flow from operations totaled $213.1 million versus $274.2 million in the same period of 2005(1). The decrease in fourth-quarter 2006 revenues, earnings and cash flow is primarily a result of lower oil and gas prices. Fourth-quarter 2006 gas prices decreased 41% to $6.21 per thousand cubic feet (Mcf) and oil fell 2% to $55.91 per barrel from the same period of 2005. The current quarter also has $1.4 million ($0.9 million after-tax), or $0.01 per share, related to hurricanes Katrina and Rita repair costs in excess of insurance reimbursement. Fourth-quarter 2006 oil and gas production averaged 441 million cubic feet equivalent per day (MMcfe/d), as compared to 431 MMcfe/d for the same period a year earlier. The current quarter's daily production was comprised of 329 million cubic feet of gas and 18,587 barrels of oil. For the year-ended December 31, 2006, Cimarex reported net income of $345.7 million, or $4.11 per diluted share. In 2005, net income totaled $328.3 million, or $4.90 per diluted share. Cash flow from operations for 2006 totaled $917.7 million versus $724.6 million in 2005(1). Financial results for 2005 reflect the impact of the Magnum Hunter merger beginning on June 7, 2005. In 2006, exploration and development (E&D) expenditures totaled $1,049 million, up from $642 million in 2005. E&D expenditures during the fourth quarter of 2006 totaled $244 million. Proved Reserves Year-end 2006 proved reserves totaled 1.45 trillion cubic feet equivalent (Tcfe), a 4% increase over year-end 2005. Proved reserves are 75% gas and 80% proved developed. Reserve additions totaled 223 billion cubic feet equivalent (Bcfe) and replaced 136% of 2006 production. Excluding revisions of previous estimates, 158% of production was replaced. Negative revisions, principally resulting from lower year-end oil and gas prices, reduced reserves by 37 Bcfe. Acquisitions of proved reserves totaled 58 Bcfe, of which 53 Bcfe are from the purchase of a reversionary working interest in certain wells at the Riley Ridge Unit gas development project in Sublette County, Wyoming. 2007 Guidance Cimarex's exploration and development capital expenditures for 2007 are projected to range from $800 million to $1 billion. The actual amount invested will be highly dependent on commodity prices and rig rates. Mid- point estimates by region are as follows: (in millions) ------------------ Mid-Continent $ 330 37% Permian 255 28% Gulf Coast 215 24% Gulf of Mexico 70 8% Other 30 3% ----- --- $ 900 100% First-quarter 2007 production volumes are projected to range between 435 - 445 MMcfe/d. January 2007 Mid-Continent volumes were reduced by approximately 10 MMcfe/d because of ice storms in Kansas, Oklahoma and Texas. Full-year 2007 production is projected to be in the range of 450 - 470 MMcfe/d. Expenses for 2007 are expected to fall within the following ranges: Expenses ($/Mcfe): Production expense $1.05 - $1.15 Transportation expense 0.11 - 0.14 DD&A and ARO accretion 2.65 - 2.75 General and administrative expense 0.25 - 0.28 Production taxes (% of oil and gas revenue) 7.0% - 8.0% Exploration and Development Activity Cimarex drilled 558 gross (346 net) wells during 2006 of which 510 gross (316 net) were completed as producers. Exploration and development activity is focused on conventional gas resource plays principally located in the Mid- Continent, Permian Basin and Gulf Coast areas of the United States. Of total E&D investment of $1,049 million, 65% was comprised of moderate risk Mid- Continent and Permian Basin drilling. Mid-Continent Cimarex drilled 302 gross (186 net) wells in the Mid-Continent region during 2006 completing 97% as producers. Mid-Continent fourth quarter production volumes averaged 185 MMcfe/d, an increase of 6% over the fourth quarter of 2005. Mid-Continent drilling investment of $350 million accounted for 33% of total E&D capital. Drilling principally occurred in the Anadarko Basin, the Texas Panhandle, and the Panoma field. In the Anadarko Basin of western Oklahoma, Cimarex drilled 92 (18 net) wells completing 96% as producers. Wells in this area generally target the Red Fork, Clinton Lake, Morrow and Springer at depths of 12,000-16,000 feet. Texas Panhandle drilling principally targets the Granite Wash and Morrow formations at depths of 11,000-14,000 feet. Cimarex drilled 86 gross (59 net) wells, of which 98% were completed as producers. Highlights include the Mendota Ranch 5-63 (48% working interest) which commenced production in the fourth quarter at a pipeline restricted gross rate of 15 MMcfe/d. Production rates from other meaningful wells include the Byrum 7-6 (74% working interest) at 3.2 MMcfe/d and the Earp 3-58 (50% working interest) at 3.1 MMcfe/d. Exploitation activity in the Panoma gas field, also located in the Texas Panhandle, consisted of drilling 80 gross (79 net) infill wells with a 100% success rate. These wells target the Brown Dolomite formation at 2,200 feet. The current year drilling activity has increased net field production by 3.2 MMcfe/d. Five operated rigs are currently drilling in the Texas Panhandle and three rigs are active in Oklahoma. Permian Basin Permian Basin 2006 drilling totaled 167 gross (119 net) wells, 96% of which were completed as producers. Full-year 2006 drilling investment in this area totaled $331 million, or 32% of total E&D capital. Fourth-quarter 2006 Permian Basin production volumes averaged 133 MMcfe/d, a 2% increase as compared to the fourth quarter of 2005. For the year, southeast New Mexico drilling totaled 69 gross (47 net) wells with 94% being completed as producers. Primary formations include the Morrow, Atoka and Strawn at depths of 11,500-14,000 feet. Recent wells brought on production in Eddy County, New Mexico include the Trinity 20 Federal (63% working interest) at 4.0 MMcfe/d, Henshaw 15 (78% working interest) at 1.6 MMcfe/d and the Taos Federal 1 (100% working interest) at 1.2 MMcfe/d. A total of 98 gross (72 net) wells were drilled in West Texas, of which 98% were successful. Included in the West Texas program is exploitation of the Westbrook Unit (90% working interest) where 44 infill wells have been drilled and completed in the Clearfork formation at 3,200 feet. Other geologic targets in West Texas include the Devonian, Ellenburger, Bone Spring and Spraberry. Cimarex has drilled or participated in 21 (seven net) Devonian wells in the Arbol de Nada field, five gross (five net) Ellenburger wells in the Will-O field, and six gross (2.7 net) Bone Spring wells in the War-Wink field. Noteworthy wells and their production rates include the War-Wink University 18-35 B 2H (50% working interest) 660 barrels of oil equivalent per day and the War-Wink University 18-33 B2H (50% working interest) 450 barrels of oil equivalent per day. Cimarex has 11 operated rigs drilling in the Permian Basin, eight in southeast New Mexico and three in West Texas. Gulf Coast Cimarex drilled 49 gross (28 net) Gulf Coast wells during 2006, completing 65% as producers. Gulf Coast fourth-quarter 2006 production volumes averaged 69 MMcfe/d versus 90 MMcfe/d in the fourth quarter of 2005. Lower Gulf Coast production volumes are attributable to natural reservoir decline which was only partially offset by new exploration success. The majority of this year's Gulf Coast drilling occurred in Liberty County, Texas; south Louisiana; south Texas; and Mississippi. The Liberty County program targets the Yegua and Cook Mountain formations at approximately 10,500 feet. In 2006, Cimarex drilled 14 gross (nine net) wells in this project realizing a 64% success rate. Four Kate Dishman wells (83% average working interest) commenced production in the fourth quarter at the allowable limit of 350 barrels of oil per day each. In December 2006, Cimarex purchased additional interests in the Kate Dishman area increasing its average working interest from 60% to 83%. The purchase price was $18 million, which added 0.5 million barrels of proved reserves and an additional 0.5 million barrels of potential reserves from secondary oil recovery and future drilling. Cimarex has two operated rigs drilling in the Gulf Coast, one in south Texas and one in the Louisiana state waters. Gulf of Mexico Gulf of Mexico 2006 drilling consisted of 16 gross (6.7 net) wells, of which 44% were successful. Fourth-quarter Gulf of Mexico production volumes averaged 46 MMcfe/d, as compared to 27 MMcfe/d in the fourth quarter of 2005. Fourth quarter 2005 production levels were reduced by 41-45 MMcfe/d from hurricane and other storm-related effects. These volumes were brought back online throughout 2006 and by the fourth quarter of 2006 less than 1 MMcfe/d was shut-in from the 2005 hurricane activity. Conference call and web cast Cimarex will host a follow-up conference call today at 11:00 a.m. Mountain Time (1:00 p.m. Eastern Time). To access the live, interactive conference call, please dial 800-418-7236 and reference call ID # 8293006 ten minutes before the scheduled start time. A digital replay will be available for one week following the live broadcast at 877-519-4471 and by using the conference ID # 8293006. The listen-only web cast of the call will be accessible via www.cimarex.com. About Cimarex Energy Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent, Gulf Coast, Permian Basin of West Texas and New Mexico and Gulf of Mexico areas of the U.S. This communication contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward- looking statements. These risks and uncertainties are more fully described in SEC reports filed by Cimarex. While Cimarex makes these forward-looking statements in good faith, management cannot guarantee that anticipated future results will be achieved. Cimarex assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law. See report filed on form 10K to be filed for the period ended December 31, 2006 for further disclosures. (1) Cash Flow from Operations is a non-GAAP financial measure that represents Net Cash Provided By Operating Activities adjusted for the change in operating assets and liabilities. See below for a reconciliation of the related amounts. PRICE AND PRODUCTION DATA For the Three Months Ended For the Year Ended December 31, December 31, -------------------------- -------------------------- 2006 2005 2006 2005 ------------ ------------ ------------ ------------ Gas Production: Total production - Mcf 30,303,817 30,417,802 124,732,789 100,271,538 Gas volume - Mcf per day 329,389 330,628 341,734 274,717 Gas price - per Mcf $ 6.21 $ 10.49 $ 6.50 $ 8.05 Oil Production (including NGL): Total production - barrels 1,710,016 1,535,110 6,528,622 4,804,242 Oil volume - barrels per day 18,587 16,686 17,887 13,162 Oil price - per barrel $ 55.91 $ 57.06 $ 61.96 $ 55.25 PROVED RESERVES Gas Oil Total (MMcf) (MBbls) (MMcfe) --------- --------- --------- December 31, 2005 1,004,482 64,710 1,392,741 Revisions of previous estimates (14,498) (3,684) (36,603) Extensions, discoveries, and improved recovery 170,933 5,018 201,045 Purchase of reserves 55,046 551 58,352 Production (124,733) (6,529) (163,907) Sale of properties (868) (269) (2,482) December 31, 2006 1,090,362 59,797 1,449,146 Proved developed - December 31, 2006 851,213 50,202 1,152,425 Equity investment proved reserves not included in above (1) 6,245 367 8,449 (1) The Financial Accounting Standards Board (FASB) pronouncement EITF No. 04-5 "Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights" was effective in June 2005. This pronouncement resulted in certain entities acquired as part of the Magnum Hunter merger not being consolidated. PROVED RESERVES BY REGION Gas Oil Total (MMcf) (MBbls) (MMcfe) --------- --------- --------- Permian Basin 296,969 44,351 563,076 Mid-Continent 542,447 8,709 594,701 Gulf Coast 76,640 4,671 104,663 Gulf of Mexico 38,111 964 43,895 Other 136,195 1,102 142,811 1,090,362 59,797 1,449,146 OIL AND GAS CAPITALIZED COSTS INCURRED For the Year Ended December 31, -------------------------------- 2006 2005 -------------- -------------- (in thousands) Acquisition of Magnum Hunter: Proved $ -- $ 1,521,383 Unproved -- 297,692 Acquisitions of properties: Proved $ 25,970 $ 1,973 Unproved 64,421 40,865 Exploration and Development 984,282 600,913 Total oil and gas expenditures 1,074,673 2,462,826 Sale proceeds* (4,459) (149,262) $ 1,070,214 $ 2,313,564 * The December 31, 2006 amounts do not include consideration received attributable to property sales by our limited partner affiliates. RECONCILIATION OF CASH FLOW FROM OPERATIONS
For the Three Months Ended For the Year Ended December 31, December 31, --------------------------- --------------------------- 2006 2005 2006 2005 ------------ ------------ ------------ ------------ (in thousands) (in thousands) Net cash provided by operating activities $ 201,283 $ 287,259 $ 878,419 $ 704,734 Increase in operating assets and liabilities 11,800 (13,043) 39,323 19,873 Cash flow from operations $ 213,083 $ 274,216 $ 917,742 $ 724,607
Management believes that the non-GAAP measure of cash flow from operations is useful information for investors because it is used internally and is accepted by the investment community as a means of measuring the company's ability to fund its capital program. It is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry. CONDENSED INCOME STATEMENTS (unaudited)
For the Three Months Ended For the Year Ended December 31, December 31, --------------------------- --------------------------- 2006 2005 2006 2005 ------------ ------------ ------------ ------------ (In thousands, except per share data) Revenues: Gas sales $ 188,053 $ 318,964 $ 810,894 $ 807,007 Oil sales 95,606 87,586 404,517 265,415 Gas gathering, processing, and net marketing 11,972 22,976 51,733 46,200 295,631 429,526 1,267,144 1,118,622 Costs and expenses: Depreciation, depletion and amortization 106,089 85,794 396,394 258,287 Asset retirement obligation accretion 2,100 1,553 7,018 3,819 Production 48,633 36,011 176,833 104,067 Transportation 5,521 5,019 21,157 15,338 Gas gathering and processing 7,146 16,278 27,410 31,890 Taxes other than income 22,674 27,447 91,066 73,360 General and administrative 10,609 9,530 42,288 33,497 Stock compensation, net 1,914 1,296 8,243 4,959 (Gain) Loss on derivative instruments 628 (16,176) (22,970) 67,800 Other expense 2,125 1,335 2,064 15,897 207,439 168,087 749,503 608,914 Operating income 88,192 261,439 517,641 509,708 Other (income) and expense: Interest expense net of capitalized interest of $5,693, $5,529, $24,248 and $11,686, respectively 2,246 1,839 5,692 7,921 Amortization of fair value of debt (946) (945) (3,784) (2,132) Other, net (3,076) (5,361) (28,591) (12,536) Income before income tax expense 89,968 265,906 544,324 516,455 Income tax expense 31,223 97,498 198,605 188,130 Net income $ 58,745 $ 168,408 $ 345,719 $ 328,325 Earnings per share: Basic $ 0.72 $ 2.04 $ 4.21 $ 5.07 Diluted $ 0.70 $ 1.98 $ 4.11 $ 4.90 Weighted average shares outstanding: Basic 82,077 82,404 82,066 64,761 Diluted 84,102 85,145 84,090 67,000
CONDENSED CASH FLOW STATEMENTS (unaudited)
For the Three Months Ended For the Year Ended December 31, December 31, ---------------------------- ---------------------------- 2006 2005 2006 2005 ------------ ------------ ------------ ------------ (In thousands) Cash flows from operating activities: Net income $ 58,745 $ 168,408 $ 345,719 $ 328,325 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 106,089 85,794 396,394 258,287 Asset retirement obligation accretion 2,100 1,553 7,018 3,819 Deferred income taxes 45,937 80,246 220,539 112,890 Stock compensation, net 1,914 1,296 8,243 4,959 Derivative instruments (2,726) (63,055) (41,926) 3,483 Gain on liquidation of equity investees (1,463) -- (19,785) -- Other 2,487 (26) 1,540 12,844 Changes in operating assets and liabilities: (Increase) in receivables, net (60,878) (22,022) (9,811) (45,787) (Increase) in other current assets (2,358) (2,873) (11,812) (27,293) Increase (decrease) in accounts payable and accrued liabilities 51,043 37,407 (18,293) 52,488 Increase in other non-current liabilities 393 531 593 719 Net cash provided by operating activities 201,283 287,259 878,419 704,734 Cash flows from investing activities: Oil and gas expenditures (228,636) (233,358) (1,030,791) (631,549) Acquisition of oil and gas properties (18,260) -- (23,790) (1,973) Merger related costs -- (1,335) (439) (13,740) Cash received in connection with acquisition of MHR -- -- -- 33,407 Proceeds from sale of assets 46 71,266 10,705 141,842 Distributions received from equity investees 1,538 67 59,823 302 Other expenditures (2,098) (5,709) (25,310) (25,742) Net cash used by investing activities (247,410) (169,069) (1,009,802) (497,453) Cash flows from financing activities: Borrowings (payments) on long-term debt, net 45,000 (85,079) 95,000 (273,501) Treasury stock acquired and retired -- -- (11,016) -- Dividends paid (3,352) -- (13,358) -- Proceeds from issuance of common stock and other 1,443 1,063 4,158 12,121 Net cash (used in) provided by financing activities 43,091 (84,016) 74,784 (261,380) Net change in cash and cash equivalents (3,036) 34,174 (56,599) (54,099) Cash and cash equivalents at beginning of period 8,084 27,473 61,647 115,746 Cash and cash equivalents at end of period $ 5,048 $ 61,647 $ 5,048 $ 61,647
BALANCE SHEETS (unaudited) December 31, December 31, 2006 2005 -------------- -------------- (In thousands, except share data) Assets Current assets: Cash and cash equivalents $ 5,048 $ 61,647 Receivables, net 306,458 289,184 Inventories 39,397 34,784 Deferred income taxes 1,498 17,959 Derivative instruments 41,945 -- Other current assets 22,411 25,454 Total current assets 416,757 429,028 Oil and gas properties at cost, using the full cost method of accounting: Proved properties 4,656,854 3,602,797 Unproved properties and properties under development, not being amortized 425,173 388,839 5,082,027 3,991,636 Less - accumulated depreciation, depletion and amortization (1,494,317) (1,114,677) Net oil and gas properties 3,587,710 2,876,959 Fixed assets, net 88,924 86,916 Goodwill 691,432 717,391 Derivative instruments 7,051 -- Other assets, net 37,876 70,041 $ 4,829,750 $ 4,180,335 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 56,241 $ 81,947 Accrued liabilities 202,163 179,076 Derivative instruments -- 41,926 Revenue payable 96,184 94,469 Total current liabilities 354,588 397,418 Long-term debt 443,667 352,451 Deferred income taxes 921,665 717,790 Other liabilities 133,687 117,223 Stockholders' equity: Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued -- -- Common stock, $0.01 par value, 200,000,000 shares authorized, 83,962,132 and 83,524,285 shares issued, respectively 840 835 Treasury stock, at cost, 1,078,822 and 1,146,822 shares held, respectively (40,628) (43,554) Paid-in capital 1,867,448 1,865,597 Unearned compensation -- (15,862) Retained earnings 1,117,402 788,356 Accumulated other comprehensive income 31,081 81 2,976,143 2,595,453 $ 4,829,750 $ 4,180,335 SOURCE Cimarex Energy Co. -0- 02/15/2007 /CONTACT: Mark Burford, Director of Capital Markets of Cimarex Energy Co., +1-303-295-3995/ /Web site: http://www.cimarex.com / (XEC) -----END PRIVACY-ENHANCED MESSAGE-----