DENVER, Feb. 23, 2016 /PRNewswire/ -- Cimarex Energy Co. (NYSE: XEC) announced today that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.08 per share, an $0.08 reduction from the last declared dividend of $0.16 per share. The dividend is payable on June 1, 2016, to stockholders of record on May 13, 2016.
Tom Jorden, Cimarex Chairman and CEO said, "We believe the adjustment to our dividend is appropriate in light of the current commodity price environment. On an annualized basis, it will provide approximately $30 million of additional cash for investments that create shareholder value."
About Cimarex Energy Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent and Permian Basin areas of the U.S.
This communication contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding planned investments and shareholder value. These statements are based on current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are more fully described in SEC reports filed by Cimarex. While Cimarex makes these forward-looking statements in good faith, management cannot guarantee that anticipated future results will be achieved. Cimarex assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law. Actual results may differ materially from Cimarex projections and can be affected by a variety of factors outside the company's control including the risks and uncertainties described in the company's SEC reports.
SOURCE Cimarex Energy Co.