On Tuesday, in the course of current trade, Shares of Cimarex Energy Co. (NYSE:XEC), dropped -2.85%, and is now trading at $119.66.
Cimarex Energy, stated a first quarter 2015 net loss of $414.9 million, or $4.84 per diluted share, primarily the result of a non-cash charge related to the impairment of oil and gas properties. The adjusted first quarter net loss was $31.7 million, or $0.37 per diluted share. First quarter 2015 adjusted cash flow from operations was $186.9 million as compared to $408.9 million a year ago.
Total company production averaged 946.7 million cubic feet equivalent (MMcfe) per day during the first quarter, a 28 percent enhance from first quarter 2014. Year-over-year natural gas volumes raised 25 percent, oil volumes grew 31 percent and NGL volumes were up 29 percent.
Continued weakness in commodity prices influenced Cimarex’s financial results for the quarter. Realized oil prices averaged $42.50 per barrel, down 54 percent as compared to a year ago and 35 percent sequentially. Natural gas prices were down 48 percent year-over-year and averaged $2.77 per Mcf contrast to $5.32 per Mcf. NGL prices averaged $15.71 per barrel, down 61 percent from the $39.94 per barrel in the first quarter of 2014.
Cimarex invested $308 million in exploration and development during the first quarter which was funded with cash flow from operations and cash on hand. Total debt at March 31, 2015, compriseed of $1.5 billion of long-term notes. Cimarex had no borrowings under its revolving credit facility and a cash balance of $121 million. Debt was 27 percent of total capitalization.
Cimarex Energy Co. operates as an independent oil and gas exploration and production company primarily in Texas, Oklahoma, and New Mexico. The company owns interests in 3,240 net productive oil and gas wells.
During Morning trade, Shares of HCP, Inc. (NYSE:HCP), dipped -2.83%, and is now trading at $39.60.
Today, HCP, declared results for the quarter ended March 31, 2015.
HCR MANORCARE UPDATES
During the quarter ended March 31, 2015, HCP and HCRMC agreed to market for sale the real estate and operations associated with up to 50 non-planned assets that are under the Master Lease and Security Agreement (the “Master Lease”) for an estimated total gross sales price between $250 million and $350 million. Six assets are presently under a letter of intent for sale. HCRMC will receive an annual rent reduction under the Master Lease based on 7.75% of the net sales proceeds received by HCP. The asset sales are predictable to occur during the second half of 2015 and the first quarter of 2016.
Additionally, HCP and HCRMC agreed to amend the Master Lease (the “HCRMC Lease Amendment”). Commencing April 1, 2015, HCP offered an annual net rent reduction of $68 million, which equates to initial lease year rent of $473 million, contrast to $541 million that would have commenced April 1, 2015 preceding to the HCRMC Lease Amendment. The contractual rent will enhance by 3.0% annually during the initial term. In exchange, HCP will receive the following consideration:
- Fee ownership in nine post-acute facilities valued at $275 million with a median age of four years, presently owned and operated by HCRMC, which transfer is predictable to be accomplished within the next 12 months, subject to customary licensing and regulatory approvals; until the transfer is complete, HCP will retain a lease receivable of equal value, earning income of $19 million annually (comprised of in the amended initial lease year rent of $473 million above);
- A second lease receivable with an initial amount of $250 million, payable by HCRMC upon the earlier of: (i) the end of the initial term of the first renewal pool under the HCRMC Lease Amendment, or (ii) certain capital or liquidity events of HCRMC, counting an IPO or sale. The $250 million lease receivable amount will enhance each year as follows: 3.0% in April 2016 through 2018, 4.0% in 2019, 5.0% in 2020 and 6.0% in 2021 until the end of the initial lease term; and
- Extension of the initial lease term by five years, to an average of 16 years.
HCP, Inc. is an independent hybrid real estate investment trust. The fund invests in real estate markets of the United States. It primarily invests in properties serving the healthcare industry counting sectors of healthcare such as senior housing, life science, medical office, hospital and skilled nursing.
Finally, InvenSense, Inc. (NYSE:INVN), lost -2.58% Tuesday, after the company stated its fourth quarter earnings results after the closing bell yesterday.
The San Jose, CA-based sensor chip manufacturer stated fourth quarter earnings that raised 71.4% over the previous year to 12 cents per diluted share, in line with analysts’ estimates for the period.
Revenue for the period raised 68% over the year ago period to $99.3 million, topping analysts’ $97 million forecast.
“Fiscal 2015 was a noteworthy year for InvenSense. We achieved the highest revenue in company history, driven by strong market share gains and several high-volume customer wins. We also brought to market a record number of new products across our motion sensor, software and microphone portfolio intended to open up incremental revenue growth opportunities over the coming quarters,” said CEO Behrooz Abdi.
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