Cimarex Energy Company XEC announced that its Chief Financial Officer (CFO), Paul Korus, will retire on or before Sep 1, 2015. The company also announced the appointment of Mark Burford as its CFO, effective as of Korus' retirement.
Burford joined Cimarex in 2005 and is currently serving as Vice President of Capital Markets and Planning.
Korus has been instrumental in mapping out strategies that have proved tremendously successful for the company.
Denver, CO-based Cimarex is an independent exploration & production company. The primary activities of the company are in the Mid-Continent and Permian Basin areas of the U.S.
The company is focused on increasing shareholder value through strategies linked to generating attractive economic returns on capital employed and profitable growth in per-share reserves, production and cash flow. It intends to profitably grow reserves and production through a balanced mix of exploration, exploitation and acquisitions.
Cimarex invested $308 million in exploration and development during the first quarter with funding from cash flow from operations and cash on hand. Total debt at Mar 31, 2015, consisted of $1.5 billion of long-term notes. Cimarex has a diversified base of high-quality production and attractive drilling opportunities.
However, as is the case with other independent exploration and production companies, results of Cimarex are directly exposed to oil and gas prices, which are inherently volatile and subject to complex market forces. In particular, oil has lately been entrenched into a bearish territory and has fallen below the $60-a-barrel level following OPEC's decision to keep production unchanged, the effects of booming shale supplies in North America, weakening growth in China and a stagnant European economy.
Currently, Cimarex carries a Zacks Rank #3 (Hold). Some better-ranked players from the sector are Pembina Pipeline Corporation PBA, LRR Energy LP LRE and WPX Energy Inc. WPX. All these stocks carry a Zacks Rank #1 (Strong Buy).
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