Cimarex Energy Q3 Profit Down

(RTTNews) - Cimarex Energy Co. (XEC) Monday reported third-quarter profit of $40.5 million or $0.39 per share, down from $148.4 million or $1.56 per share reported in the same period a year ago.

Third-quarter adjusted net income was $92.9 million or $0.91 per share, compared to $189.6 million or $1.99 per share last year.

Analysts had expected the company to earn $0.95 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter dropped to $582.3 million from $591.5 million last year.

Oil production averaged 89.7 thousand barrels per day, up 40 percent from the same period a year ago and up eight percent sequentially. Total company production volumes for the quarter averaged 287.1 thousand barrels of oil equivalent per day.