Cimarex Energy Co. (XEC) announced fourth-quarter oil and gas production volumes averaged 467.6 million cubic feet equivalent per day or MMcfe/d. Average daily equivalent production was comprised of 330.0 million cubic feet of gas and 22,935 barrels of oil.
Fourth-quarter 2009 production grew 6% sequentially from the third-quarter 2009 average of 441.5 MMcfe/d but fell 5% as compared to the fourth-quarter 2008 average of 493.7 MMcfe/d.
First-quarter 2010 production is projected to range between 515-530 MMcfe/d. Full-year 2010 production is projected to be in the range of 520-540 MMcfe/d, or a 12-17% increase over 2009.
Full-year 2010 exploration and development (E&D) capital investment is targeted to be generally within cash flow. At the present time, based on current market prices and service costs, the company would expect that 2010 capital expenditures may range from $700 million - $900 million.
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