UPDATE 1-Cimarex Q1 beats market view

* Q1 adj shr $2.00 vs est $1.74

* Oil and gas revenue more than doubled

* Sees Q2 production 500-600 mmcfed

* Sees 2010 production 570-595 mmcfed

May 7 (BestGrowthStock) – Independent oil and natural gas company
Cimarex Energy Co (XEC.N: ) reported quarterly earnings that beat
analysts’ estimates, helped by higher commodity prices and
production.

Cimarex forecast second-quarter production in the range of
500 million cubic feet equivalent per day (mmcfed) to 600
mmcfed.

It sees full-year production of 570 mmcfed to 595 mmcfed,
up 23 percent to 29 percent from last year.

For the latest first quarter, the company posted net income
of $204.4 million, or $2.39 a share, compared with a net loss
of $494.1 million, or $6.05 a share, a year earlier.

Excluding items, net income of $2.00 a share exceeded
analysts’ average expectations of $1.74 a share, according to
Thomson Reuters I/B/E/S.

Revenue from oil and gas sales more than doubled to $432.4
million, topping analysts’ estimate of $428.7 million.

During first quarter gas prices rose 67 percent to $6.41
per thousand cubic feet (Mcf) and oil prices more than doubled
to $76.11 per barrel from last year.

The company said its quarterly production grew 20 percent,
reflecting its successful Gulf Coast exploration and strong
Cana-Woodford results.

Shares of Cimarex closed at $64.90 Thursday on the New York
Stock Exchange.

Stock Market Basics

(Reporting by Vinay Sarawagi in Bangalore; Editing by
Unnikrishnan Nair)

UPDATE 1-Cimarex Q1 beats market view