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Cimarex Energy's Q2 adjusted net income slips, misses expectations

Cimarex Energy Co. on Aug. 5 reported $83.0 million, or 82 cents per share, in adjusted net income for the second quarter, a decrease from $151.9 million, or $1.59 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was $1.10 per share.

Net income totaled $109.3 million, down from $141.0 million in the prior-year period. Revenue was $546.5 million, compared to $556.3 million in the year-earlier quarter.

Cimarex, whose principal operations are in the Permian Basin and Midcontinent areas of the U.S., reported total production of 274,767 barrels of oil equivalent per day in the second quarter, an increase from 211,424 boe/d in the second quarter a year ago.