Cimarex Energy (NYSE:XEC) posted fourth quarter and year end results with net income coming in at $1.36 per diluted share, beating analyst expectations. Oil, gas and natural gas liquids revenue in the fourth quarter totaled $417.5 million, a 6% increase compared to the same period of 2010. Additionally, the company said they had record year-end proved reserves of 2.05 trillion cubic feet equivalent.
Total company 2012 volumes are projected to show 4%-10% growth over 2011.
Shares of XEC are currently trading higher by more than 11%.
Devon Energy (NYSE:DVN) posted adjusted earnings of $1.55 per diluted common share for the quarter, also beating analyst expectations. The company also said they estimated proved reserves reached a record 3 billion oil-equivalent barrels.
Shares of Devon are trading up more than 3.25% so far today.
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