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Dahlman Rose Comments On Cimarex 1Q11


According to Dahlman Rose, Cimarex Energy (NYSE: XEC) 1Q11 was largely in line with our expectations.

Dahlman Rose said that pricing was above expectations; production was in line with guidance and costs were a bit higher. “Similar to other E&P companies, weather impacted 1Q11 results, with two-thirds of the impact being in the Permian. Management lowered its 2011 production guidance by 10 MMcfepd to 605-635 MMcfepd (around 5% y/y production growth), and 2Q11 production is guided to be flat. Cimarex is trying to optimize fracking/completion techniques and the use of slow-flow has impacted near-term production.”

Cimarex Energy closed yesterday at $95.30.


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