Cimarex reports first-quarter net income

Cimarex Energy, a Denver-based independent oil and gas exploration and production company, has reported first-quarter 2010 net income of $204.4m (£137m), or $2.39 per diluted share.  

One year ago, Cimarex had a first-quarter loss of $494.1m, or $6.05 per share. First-quarter 2010 results include a $33m ($0.39 per share) after-tax net gain on derivative instruments. First-quarter 2009 was impacted by a $502m ($6.15 per share) after-tax full-cost ceiling test write-down.

Revenues from oil and gas sales in the first quarter of 2010 were $432.4m, a 119 per cent increase compared with $197.2m in the same period of 2009. First-quarter 2010 cash flow from operations totalled $313.2m, versus $137.6m in the same period of 2009.