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DENVER, Feb. 22, 2021 /PRNewswire/ -- Fourth quarter oil production averaged 67.8 MBbls per day Full year oil production averaged 76.7 MBbls per day 2020 total capital investment of $577.2 million; below guidance range Generated $904.2 million of net cash from operating activities $372 million of free cash flow1 (non-GAAP) in 2020; $279 million of free cash flow after dividend1 (non-GAAP) in 2020 Cimarex Energy Co. (NYSE: XEC) today reported net income for fourth quarter 2020 of $24.7 million, or $0.25 per share, compared to a net loss of $384.1 million, or $3.87 per share, in the same period a year ago. For the full year, Cimarex reported a net loss of $1,967.5 million, or $19.73 per share, compared to 2019 net loss of $124.6 million, or $1.33 per share. Both fourth quarter and full year results were negatively impacted by a non-cash charge related to the impairment of oil and gas properties. Fourth quarter 2020 adjusted net income (non-GAAP) was $91.3 million, or $0.89 per share, compared to adjusted net income (non-GAAP) of $120.4 million, or $1.18 per sharein the same period a year ago1. Full year 2020 adjusted net income (non-GAAP) was $142.2 million, or $1.39 per share, compared to $448.8 million, or $4.46 per sharein 20191. Adjusted cash flow from operations (non-GAAP) was $256.6 million in fourth quarter 2020 compared to $416.0 million in the same period a year ago1. Full year 2020 adjusted cash flow from operations (non-GAAP) was $944.2 million compared to $1.46 billion in 20191. Oil volumes in the fourth quarter were sequentially lower, averaging 67.8 thousand barrels (MBbls) per day. For the full year, Cimarex reported average daily oil volumes of 76.7 MBbls, an 11 percent year-over-year decrease. Cimarex produced 229.5 thousand barrels of oil equivalent (MBOE) per day in the fourth quarter and averaged 252.5 MBOE per day for the year. In the fourth quarter realized oil prices averaged $40.09 per barrel, down 27 percent from the $54.80 per barrel received in the fourth quarter of 2019. Realized natural gas prices averaged $1.69 per thousand cubic feet (Mcf), up 42 percent from the fourth quarter 2019 average of $1.19 per Mcf. NGL prices averaged $14.02 per barrel, down one percent from the $14.13 per barrel received in the fourth quarter of 2019. For the full year, Cimarex realized $35.59 per barrel of oil, down 33 percent from 2019, $1.05 per Mcf of natural gas and $10.53 per barrel of NGLs sold. Realized oil and natural gas price differentials to WTI Cushing and Henry Hub improved year-over-year. Our realized Permian oil differential to WTI Cushing averaged $(3.74) per barrel in 2020 compared to $(4.48) in 2019. For the year, Cimarex's average differential on its Permian natural gas production was $(1.39) per Mcf compared to the Henry Hub index versus $(2.14) per Mcf in 2019. Cimarex's 2020 realized gas price differential in the Mid-Continent region was $(0.41) per Mcf compared to Henry Hub versus $(0.68) in 2019. Cimarex invested a total of $577.2 million in 2020, which includes exploration and development capital (E&D) of $544.9 million, $20.8 million to saltwater disposal and $11.5 million to midstream and other investments. E&D capital is comprised of $417.4 million attributable to drilling and completion (D&C) activities and $127.5 million for capitalized interest and overhead, production capital and leasehold acquisition. Capital investments were funded with cash flow from operations. Proved reserves at December 31, 2020 totaled 531 million barrels of oil equivalent (MMBOE), down 14 percent year over year. The decrease in proved reserves resulted from a reduction in drilling activity and negative price related revisions, both due to lower commodity prices. Cimarex added 57 MMBOE through extensions and discoveries while revisions reduced proved reserves by 52 MMBOE.Production for 2020 totaled 92 MMBOE. Proved reserves are 84 percent proved developed. Total debt at December31, 2020 consisted of $2.0 billion of long-term notes. Cimarex had no borrowings under its revolving credit facility and a cash balance of $273.1 million at year-end. Cimarex repurchased and canceled 34,335 shares (55 percent) of the outstanding 8.125%Series A Cumulative Perpetual Convertible Preferred Stock in the fourth quarter, for a total consideration of $43.5 million including accrued and unpaid dividends. Operations UpdateCimarex invested $577.2 million in 2020 including $417.4 million (72 percent) of D&C capital. Also included is $20.8 million to saltwater disposal assets and $11.5 million to midstream. Of the $577.2 million,93percent was invested in the Permian region and seven percent in the Mid-Continent. During 2020, Cimarex participated in the drilling and completion of 149 gross (51.0 net) wells. At year-end, 77 gross (39.6 net) wells were waiting on completion, of which 25 gross (0.5 net) were in the Mid-Continent and 52 gross (39.1 net) were in the Permian. Cimarex is currently operating six drilling rigs and two completion crews. WELLS BROUGHT ON PRODUCTION BY REGION Three Months Ended December 31, Twelve Months Ended December 31, 2020 2019 2020 2019 Gross wells Permian Basin 33 31 92 131 Mid-Continent 14 16 57 160 47 47 149 291 Net wells Permian Basin 15.9 22.5 48.1 75.5 Mid-Continent 1.2 0.5 2.9 16.6 17.1 23.0 51.0 92.1 Permian RegionProduction from the Permian region averaged 166.9 MBOE per day in the fourth quarter, or 73 percent of total company volumes. Oil volumes averaged 60.0 MBbls per day, 88 percent of total company oil volumes. For the full year, production averaged 184.0 MBOE per day, 73percentof total company volumes with Permian oil representing 88percent of Cimarex's oil volumes in 2020. Cimarex brought 33 gross (15.9 net) wells on production in the Permian during fourth quarter, bringing the total wells brought on production in 2020 to 92 gross (48.1 net). About 97 percent of our operated wells were drilled from multi-well pads and our average lateral length on our operated wells brought on production in the Permian was 9,268 feet in 2020. Cimarex is currently operating five drilling rigs and two completion crews in the region. Mid-Continent RegionProduction from the Mid-Continent averaged 62.2 MBOE per day for the fourth quarter, down 27 percent from fourth quarter 2019 and down10 percent sequentially. Oil volumes averaged 7.7 MBbls per day and represented 11 percent of the company's total oil volume in the quarter. For the full year, production averaged 68.1 MBOE per day, down 22percent year over year. Oil volumes averaged 8.8 MBbls per day in 2020, down 36percent year over year. Wells brought on production during the fourth quarter totaled 14 gross (1.2 net) in the Mid-Continent region, bringing the total wells brought on production in 2020 to 57 gross (2.9 net). At the end of the quarter, 25 gross (0.5 net) wells were waiting on completion. Cimarex is currently operating one drilling rig in the region. Production by RegionCimarex's average daily production and commodity price by region is summarized below: DAILY PRODUCTION BY REGION Three Months Ended December 31, Twelve Months Ended December 31, 2020 2019 2020 2019 Permian Basin Gas (MMcf) 373.5 451.4 405.0 398.9 Oil (Bbls) 59,952 78,421 67,785 72,264 NGL (Bbls) 44,665 53,438 48,718 51,982 Total Equivalent (BOE) 166,867 207,096 184,001 190,735 Mid-Continent Gas (MMcf) 214.8 280.1 229.6 289.1 Oil (Bbls) 7,672 13,514 8,796 13,788 NGL (Bbls) 18,732 25,081 21,039 25,379 Total Equivalent (BOE) 62,207 85,282 68,094 87,348 Total Company Gas (MMcf) 589.5 732.6 635.6 689.2 Oil (Bbls) 67,799 92,048 76,740 86,200 NGL (Bbls) 63,468 78,557 69,819 77,408 Total Equivalent (BOE) 229,524 292,709 252,491 278,480 AVERAGE REALIZED PRICE BY REGION Three Months Ended December 31, Twelve Months Ended December 31, 2020 2019 2020 2019 Permian Basin Gas ($ per Mcf) 1.33 0.83 0.69 0.49 Oil ($ per Bbl) 39.87 54.78 35.66 52.55 NGL ($ per Bbl) 12.85 13.23 9.64 12.62 Mid-Continent Gas ($ per Mcf) 2.31 1.76 1.67 1.95 Oil ($ per Bbl) 41.67 54.91 34.97 53.89 NGL ($ per Bbl) 16.81 16.04 12.60 15.47 Total Company Gas ($ per Mcf) 1.69 1.19 1.05 1.11 Oil ($ per Bbl) 40.09 54.80 35.59 52.77 NGL ($ per Bbl) 14.02 14.13 10.53 13.55 Other The following table summarizes Cimarex's current hedge positions: 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Gas Collars: PEPL(2) Volume (MMBtu/d) 100,000 100,000 90,000 90,000 60,000 20,000 Wtd Avg Floor $ 1.83 $ 1.89 $ 2.00 $ 2.00 $ 2.13 $ 2.40 $ Wtd Avg Ceiling $ 2.23 $ 2.28 $ 2.42 $ 2.42 $ 2.55 $ 2.86 $ El Paso Perm(2) Volume (MMBtu/d) 70,000 80,000 70,000 70,000 40,000 20,000 Wtd Avg Floor $ 1.50 $ 1.62 $ 1.86 $ 1.86 $ 2.13 $ 2.40 $ Wtd Avg Ceiling $ 1.79 $ 1.92 $ 2.22 $ 2.22 $ 2.53 $ 2.88 $ Waha(2) Volume (MMBtu/d) 90,000 100,000 90,000 90,000 60,000 20,000 Wtd Avg Floor $ 1.52 $ 1.61 $ 1.82 $ 1.82 $ 1.98 $ 2.40 $ Wtd Avg Ceiling $ 1.83 $ 1.93 $ 2.17 $ 2.17 $ 2.39 $ 2.86 $ Oil Collars: WTI(3) Volume (Bbl/d) 40,000 34,000 40,000 40,000 26,000 19,000 10,000 Wtd Avg Floor $ 38.06 $ 34.62 $ 34.65 $ 34.65 $ 37.31 $ 38.16 $ 40.00 Wtd Avg Ceiling $ 46.45 $ 43.28 $ 44.37 $ 44.37 $ 48.41 $ 49.56 $ 49.19 Oil Basis Swaps: WTI Midland(4) Volume (Bbl/d) 31,000 33,000 35,000 35,000 22,000 15,000 7,000 Wtd Avg Differential $ 0.03 $ (0.02) $ (0.08) $ (0.08) $ 0.25 $ 0.31 $ 0.38 Oil Roll Differential Swaps WTI(3) Volume (Bbl/d) 7,000 11,000 18,000 18,000 18,000 11,000 7,000 Wtd Avg Price $ (0.24) $ (0.22) $ (0.10) $ (0.10) $ (0.10) $ (0.01) $ 0.10 Conference call and webcast Cimarex will host a conference call tomorrow, February 23, at 11:00 a.m. EST (9:00 a.m. MST) to discuss its fourth quarter and 2020 financial and operating results as well as management's outlook for 2021. The call will be webcast and accessible on the Cimarex website at www.cimarex.com. To join the live, interactive call, please dial 866-367-3053 ten minutes before the scheduled start time (callers in Canada dial 855-669-9657 and international callers dial 412-902-4216). A replay will be available on the company's website. Investor PresentationFor more details on Cimarex's 2020 results, please refer to the company's investor presentation available at 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 Permian Basin and Mid-Continent areas of the U.S. Forward-Looking StatementsThis press release contains forward-looking statements, including statements regarding projected results and future events. These forward-looking statements are based on management's judgment as of the date of this press release and include certain risks and uncertainties. Please refer to the company's Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC, the Annual Report on Form 10-K for the year ended December 31, 2020 to be filed with the SEC, and other filings including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, for a description of certain risk factors that may affect these forward-looking statements. Actual results may differ materially from company projections and other forward-looking statements and can be affected by a variety of factors outside the control of the company, all of which may be amplified by the COVID-19 pandemic and its unpredictable nature, including among other things: fluctuations in the price we receive for our oil, gas, and NGL production, including local market price differentials, which may be exacerbated by the demand destruction resulting from COVID-19; disruptions to the availability of workers and contractors due to illness and stay at home orders related to the COVID-19 pandemic; cost and availability of gathering, pipeline, refining, transportation and other midstream and downstream activities and our ability to sell oil, gas, and NGLs, which may be negatively impacted by the COVID-19 pandemic, severe weather and other risks and lead to a lack of any available markets; availability of supply chains and critical equipment and supplies; higher than expected costs and expenses, including the availability and cost of services and materials; compliance with environmental and other regulations, including new regulations that may result from the recent change in federal and state administrations and legislatures; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by the recent change in Presidential administration or legislatures; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be negatively impacted by the impact of COVID-19 restrictions on regulatory employees who process and approve permits, other approvals and rights-of-way and which may be restricted by new Presidential and Secretarial orders and regulation and legislation; reductions in the quantity of oil, gas, and NGLs sold and prices received because of decreased demand and/or curtailments in production relating to mechanical, transportation, storage, capacity, marketing, weather, the COVID-19 pandemic, or other problems; declines in the SEC PV10 value of our oil and gas properties resulting in full cost ceiling test impairments to the carrying values of our oil and gas properties; the effectiveness of our internal control over financial reporting; success of the company's risk management activities; availability of financing and access to capital markets; estimates of proved reserves, exploitation potential, or exploration prospect size; greater than expected production decline rates; timing and amount of future production of oil, gas, and NGLs; cybersecurity threats, technology system failures and data security issues; the inability to transport, process and store oil and gas; hedging activities and the viability of our hedging counterparties, many of whom have been negatively impacted by the COVID-19 pandemic; economic and competitive conditions; lack of available insurance; cash flow and anticipated liquidity; continuing compliance with the financial covenant contained in our amended and restated credit agreement; the loss of certain federal income tax deductions; litigation; environmental liabilities; new federal regulations regarding species or habitats; exploration and development opportunities that we pursue may not result in economic, productive oil and gas properties; drilling of wells; development drilling and testing results; performance of acquired properties and newly drilled wells; ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; unexpected future capital expenditures; amount, nature, and timing of capital expenditures; proving up undeveloped acreage and maintaining production on leases; unforeseen liabilities associated with acquisitions and dispositions; establishing valuation allowances against our net deferred tax assets; potential payments for failing to meet minimum oil, gas, NGL, or water delivery or sales commitments; increased financing costs due to a significant increase in interest rates; risks associated with concentration of operations in one major geographic area; availability and cost of capital; title to properties; ability to complete property sales or other transactions; and other factors discussed in the company's reports filed with the SEC. Cimarex Energy Co. encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, the company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances. 1 Adjusted net income, adjusted cash flow from operations, free cash flow, and free cash flow after dividend are non-GAAP financial measures. See below for reconciliations of the related GAAP amounts. 2 PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent index, El Paso Perm refers to El Paso Permian Basin index, and Waha refers to West Texas (Waha) Index, all as quoted in Platt's Inside FERC. 3 WTI refers to West Texas Intermediate oil price as quoted on the New York Mercantile Exchange. 4 Index price on basis swaps is WTI NYMEX less the weighted average WTI Midland differential, as quoted by Argus Americas Crude. RECONCILIATION OF ADJUSTED NET INCOME The following reconciles net income (loss) as reported under generally accepted accounting principles (GAAP) to adjusted net income (non-GAAP) for the periods indicated. Three Months Ended December 31, Twelve Months Ended December 31, 2020 2019 2020 2019 (in thousands, except per share data) Net income (loss) $ 24,711 $ (384,091) $ (1,967,458) $ (124,619) Impairment of oil and gas properties 12,451 618,693 1,638,329 618,693 Impairment of goodwill 714,447 Mark-to-market loss on open derivative positions 71,500 28,888 154,781 63,719 Loss on early extinguishment of debt 4,250 Acquisition related costs 8,404 Asset retirement obligation 2,100 4,900 Tax impact (1) (19,448) (143,115) (402,754) (121,637) Adjusted net income $ 91,314 $ 120,375 $ 142,245 $ 448,810 Diluted earnings (loss) per share $ 0.25 $ (3.87) $ (19.73) $ (1.33) Adjusted diluted earnings per share* $ 0.89 $ 1.18 $ 1.39 $ 4.46 Weighted-average number of shares outstanding: Adjusted diluted** 102,270 101,903 102,140 100,679 (1) The tax impact in the 2020 periods is calculated using an effective tax rate that excludes the effects of the first quarter 2020 goodwill impairment, other non-deductible items, and changes in valuation allowances. Adjusted net income and adjusted diluted earnings per share exclude the noted items because management believes these items affect the comparability of operating results. The company discloses these non-GAAP financial measures as a useful adjunct to GAAP measures because: a) Management uses adjusted net income to evaluate the company's operating performance between periods and to compare the company's performance to other oil and gas exploration and production companies. b) Adjusted net income is more comparable to earnings estimates provided by research analysts. * Does not include adjustments resulting from application of the "two-class method" used to determine earnings per share under GAAP. ** Reflects the weighted-average number of common shares outstanding during the period as adjusted for the dilutive effects of outstanding stock options. RECONCILIATION OF ADJUSTED CASH FLOW FROM OPERATIONS, FREE CASH FLOW AND FREE CASH FLOW AFTER DIVIDEND The following table provides a reconciliation from generally accepted accounting principles (GAAP) measures of net cash provided by operating activities to adjusted cash flows from operations (non-GAAP) , free cash flow (non-GAAP) and free cash flow after dividend (non-GAAP) for the periods indicated. Three Months Ended December 31, Twelve Months Ended December 31, 2020 2019 2020 2019 (in thousands) Net cash provided by operating activities $ 191,477 $ 359,809 $ 904,167 $ 1,343,966 Change in operating assets and liabilities 65,109 56,178 40,032 120,174 Adjusted cash flow from operations 256,586 415,987 944,199 1,464,140 Oil and gas expenditures (112,655) (246,232) (594,796) (1,245,457) Other capital expenditures (4,337) (14,658) (44,302) (73,693) Change in capital accruals (18,356) 1,126 66,587 12,993 Free cash flow 121,238 156,223 371,688 157,983 Dividends paid (24,083) (21,579) (92,976) (81,709) Free cash flow after dividend $ 97,155 $ 134,644 $ 278,712 $ 76,274 Management uses the non-GAAP financial measures of adjusted cash flow from operations, free cash flow and free cash flow after dividend as a means of measuring our ability to fund our capital program and dividends, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of net cash provided by operating activities. Management believes these non-GAAP financial measures provide useful information to investors for the same reason, and that they are also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry. PROVED RESERVES Gas (MMcf) Oil (MBbls) NGL (MBbls) Total (MBOE) December 31, 2019 1,532,145 169,770 194,468 619,595 Revisions of previous estimates (43,504) (19,692) (25,488) (52,430) Extensions and discoveries 107,322 22,269 16,419 56,575 Purchases of reserves Production (232,625) (28,087) (25,554) (92,412) Sales of reserves (496) (197) (27) (307) December 31, 2020 1,362,842 144,063 159,818 531,021 Proved developed reserves: December 31, 2019 1,358,329 138,783 166,552 531,722 December 31, 2020 1,190,907 112,785 135,901 447,170 2020 2019 % Change Standardized Measure ($ in millions) 2,253 3,629 (38) % Pre-tax PV-10 ($ in millions) * 2,288 3,948 (42) % Average prices used in Standardized Measure 2020 2019 % Change Gas ($ per Mcf) 1.99 2.58 (23) % Oil ($ per Bbl) 39.54 55.67 (29) % * Pre-tax PV-10 is a non-GAAP financial measure. Pre-tax PV-10 is comparable to the standardized measure, which is the most directly comparable GAAP financial measure. Pre-tax PV-10 is computed on the same basis as the standardized measure but without deducting future income taxes. As of December 31, 2020 and 2019, Cimarex's discounted future income taxes were $35.6 million and $319.4 million, respectively. Cimarex's standardized measure of discounted future net cash flows was $2,252.5 million at year-end 2020 and $3,629.0 million at year-end 2019. Management uses pre-tax PV-10 as one measure of the value of the company's proved reserves and to compare relative values of proved reserves to other exploration and production companies without regard to income taxes. Management believes pre-tax PV-10 is a useful measure for comparison of proved reserve values among companies because, unlike standardized measure, it excludes future income taxes that often depend on the unique income tax characteristics of the owner of the reserves rather than on the nature, location and quality of the reserves themselves. Management further believes that professional research analysts and rating agencies use pre-tax PV-10 in similar ways. However, pre-tax PV-10 is not a substitute for the standardized measure of discounted future net cash flows. Cimarex's pre-tax PV-10 and the standardized measure of discounted future net cash flows do not purport to present the fair value of its oil and natural gas reserves. PROVED RESERVES BY REGION Gas(MMcf) Oil(MBbls) NGL(MBbls) Total(MBOE) Permian Basin 790,750 126,327 103,606 361,725 Mid-Continent 570,578 17,491 56,130 168,717 Other 1,514 245 82 579 1,362,842 144,063 159,818 531,021 OIL AND GAS CAPITALIZED EXPENDITURES Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2020 2019 2020 2019 (in thousands) Acquisitions: Proved $ 4,628 $ (723) $ 11,878 $ 695,450 Unproved 3,908 1,025,376 4,628 3,185 11,878 1,720,826 Exploration and development: Land and seismic 10,842 17,719 48,468 60,175 Exploration and development 121,031 234,603 496,388 1,181,605 131,873 252,322 544,856 1,241,780 Total acquisition, exploration, and development capital expenditures $ 136,501 $ 255,507 $ 556,734 $ 2,962,606 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) Three Months EndedDecember 31, Years EndedDecember 31, 2020 2019 2020 2019 (in thousands, except per share information) Revenues: Oil sales $ 250,059 $ 464,044 $ 999,682 $ 1,660,210 Gas and NGL sales 173,503 182,269 513,006 661,711 Gas gathering and other 11,161 10,931 45,907 41,048 434,723 657,244 1,558,595 2,362,969 Costs and expenses: Impairment of oil and gas properties 12,451 618,693 1,638,329 618,693 Depreciation, depletion, amortization, and accretion 134,556 252,637 710,607 890,759 Impairment of goodwill 714,447 Production 71,726 82,722 285,324 339,941 Transportation, processing, and other operating 52,032 64,780 213,366 238,259 Gas gathering and other 7,118 6,279 23,591 23,294 Taxes other than income 9,430 43,353 79,699 148,953 General and administrative 30,672 26,349 111,005 95,843 Stock compensation 7,016 6,394 29,895 26,398 Loss on derivative instruments, net 72,982 40,901 35,534 76,850 Other operating expense, net 291 248 839 19,305 398,274 1,142,356 3,842,636 2,478,295 Operating income (loss) 36,449 (485,112) (2,284,041) (115,326) Other (income) and expense: Interest expense 23,325 23,721 92,914 93,386 Capitalized interest (11,623) (14,421) (50,030) (56,232) Loss on early extinguishment of debt 4,250 Other, net (1,593) (1,193) (540) (5,741) Income (loss) before income tax 26,340 (493,219) (2,326,385) (150,989) Income tax expense (benefit) 1,629 (109,128) (358,927) (26,370) Net income (loss) $ 24,711 $ (384,091) $ (1,967,458) $ (124,619) Earnings (loss) per share to common stockholders: Basic $ 0.25 $ (3.87) $ (19.73) $ (1.33) Diluted $ 0.25 $ (3.87) $ (19.73) $ (1.33) Dividends declared per common share $ 0.22 $ 0.20 $ 0.88 $ 0.80 Weighted-average number of shares outstanding: Basic 100,072 99,789 99,952 98,789 Diluted 100,072 99,789 99,952 98,789 Comprehensive income (loss): Net income (loss) $ 24,711 $ (384,091) $ (1,967,458) $ (124,619) Other comprehensive income (loss): Change in fair value of investments, net of tax (10) (755) Total comprehensive income (loss) $ 24,711 $ (384,101) $ (1,967,458) $ (125,374) CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (unaudited) Three Months EndedDecember 31, Years EndedDecember 31, 2020 2019 2020 2019 (in thousands) Cash flows from operating activities: Net income (loss) $ 24,711 $ (384,091) $ (1,967,458) $ (124,619) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and gas properties 12,451 618,693 1,638,329 618,693 Depreciation, depletion, amortization, and accretion 134,556 252,637 710,607 890,759 Impairment of goodwill 714,447 Deferred income taxes 1,499 (109,660) (358,896) (26,902) Stock compensation 7,016 6,394 29,895 26,398 Loss on derivative instruments, net 72,982 40,901 35,534 76,850 Settlements on derivative instruments (1,482) (12,013) 119,247 (13,131) Loss on early extinguishment of debt 4,250 Changes in non-current assets and liabilities 1,119 (167) 7,189 (2,797) Other, net 3,734 3,293 15,305 14,639 Changes in operating assets and liabilities: Accounts receivable (63,461) (15,055) 116,492 65,128 Other current assets (1,554) (2,879) 5,134 (739) Accounts payable and other current liabilities (94) (38,244) (161,658) (184,563) Net cash provided by operating activities 191,477 359,809 904,167 1,343,966 Cash flows from investing activities: Oil and gas capital expenditures (112,655) (246,232) (594,796) (1,245,457) Acquisition of oil and gas properties (4,628) (3,185) (11,878) (288,781) Sales of oil and gas assets 147 398 69,983 28,945 Sales of other assets 226 245 2,118 1,104 Other capital expenditures (4,337) (14,658) (44,302) (73,693) Net cash used by investing activities (121,247) (263,432) (578,875) (1,577,882) Cash flows from financing activities: Borrowings of long-term debt 380,000 172,000 2,619,310 Repayments of long-term debt (380,000) (172,000) (2,990,000) Financing, underwriting, and debt redemption fees (1,566) (11,798) Finance lease payments (979) (1,138) (4,842) (3,869) Repurchase of redeemable preferred stock (43,029) (43,029) Dividends paid (24,083) (21,579) (92,976) (81,709) Employee withholding taxes paid upon the net settlement of equity-classified stock awards (1,951) (2,823) (4,456) (5,229) Proceeds from exercise of stock options 1,267 Net cash used by financing activities (70,042) (25,540) (146,869) (472,028) Net change in cash and cash equivalents 188 70,837 178,423 (705,944) Cash and cash equivalents at beginning of period 272,957 23,885 94,722 800,666 Cash and cash equivalents at end of period $ 273,145 $ 94,722 $ 273,145 $ 94,722 CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) December 31, 2020 December 31, 2019 Assets (in thousands, except share and per share information) Current assets: Cash and cash equivalents $ 273,145 $ 94,722 Accounts receivable, net of allowance 332,485 448,584 Oil and gas well equipment and supplies 37,150 47,893 Derivative instruments 6,848 17,944 Other current assets 7,710 12,343 Total current assets 657,338 621,486 Oil and gas properties at cost, using the full cost method of accounting: Proved properties 21,281,840 20,678,334 Unproved properties and properties under development, not being amortized 1,142,183 1,255,908 22,424,023 21,934,242 Less accumulated depreciation, depletion, amortization, and impairment (18,987,354) (16,723,544) Net oil and gas properties 3,436,669 5,210,698 Fixed assets, net of accumulated depreciation of $455,815 and $389,458, respectively 436,101 519,291 Goodwill 716,865 Derivative instruments 2,342 580 Deferred income taxes 20,472 Other assets 69,067 71,109 $ 4,621,989 $ 7,140,029 Liabilities, Redeemable Preferred Stock, and Stockholders' Equity Current liabilities: Accounts payable $ 44,290 $ 49,020 Accrued liabilities 280,849 418,978 Derivative instruments 145,398 16,681 Revenue payable 130,637 207,939 Operating leases 59,051 66,003 Total current liabilities 660,225 758,621 Long-term debt: Principal 2,000,000 2,000,000 Less unamortized debt issuance costs and discounts (12,701) (14,754) Long-term debt, net 1,987,299 1,985,246 Deferred income taxes 338,424 Derivative instruments 17,749 1,018 Operating leases 134,705 184,172 Other liabilities 231,776 214,787 Total liabilities 3,031,754 3,482,268 Redeemable preferred stock - 8.125% Series A Cumulative Perpetual Convertible Preferred Stock, $0.01 par value, 28,165 shares authorized and issued and 62,500 shares authorized and issued, respectively 36,781 81,620 Stockholders' equity: Common stock, $0.01 par value, 200,000,000 shares authorized, 102,866,806 and 102,144,577 shares issued, respectively 1,029 1,021 Additional paid-in capital 3,211,562 3,243,325 (Accumulated deficit) retained earnings (1,659,137) 331,795 Total stockholders' equity 1,553,454 3,576,141 $ 4,621,989 $ 7,140,029 SOURCE Cimarex Energy Co.

Answer: Cimarex Reports Fourth Quarter and Full Year 2020 Results