UPDATE 3-Cimarex Q4 earnings beat Street; ups production view

miércoles 17 de febrero de 2010 20:51 CET

* Q4 EPS $1.23 vs est of $0.99

* Q4 revenue up 10 percent

* Sees Q1 production of 560-575 mmcfed * Shares reach 17 month high

* Co benefits from new SEC rules (Adds analyst comments, details, updates share movement)

By Arup Roychoudhury

BANGALORE, Feb 17 (Reuters) - Independent oil and gas company Cimarex Energy Co (XEC.N: Cotización) reported a fourth-quarter profit that beat analysts' estimates, helped by an increase in oil and gas prices, and raised its first-quarter and 2010 production outlook, sending its shares up almost 5 percent to 17 month high.

The company raised its first-quarter production outlook by about 9 percent to 560 to 575 million cubic feet equivalent per day (mmcfed) and also upped its full-year forecast to 540 to 570 mmcfed, citing accelerating production in its southeast Texas and Cana-Woodford shale assets.

"I think it underscores the strong position the company finds itself in having great success in southeast Texas, and that can translate into strong 2010," UBS analyst Andrew Coleman said by phone.

Pritchard Capital analyst Raymond Deacon said he expected the company to meet its 2010 targets.   Continuación...