N E W S
| Cimarex Energy Co. | |
| 1700 Lincoln Street, Suite 1800 |
| Denver, CO 80203 |
| Phone: (303) 295-3995 |
Cimarex Reports Fourth-Quarter 2008 Financial Results
DENVER, February 18, 2009 - Cimarex Energy Co. (NYSE: XEC) today reported fourth-quarter 2008 operating results. For the quarter, Cimarex reported a net loss of $1,049 million, or $12.86 per share. This compares to fourth-quarter 2007 earnings of $130.0 million, or $1.54 per diluted share.
Adjusted net income for the fourth-quarter 2008 was $26.8 million, or $0.32 per diluted share. Cimarex’s adjusted net income excludes the previously announced $1.0 billion after-tax full-cost accounting non-cash reduction in the carrying value of oil and gas properties and a $68.3 million after-tax litigation charge, which are typically not included in security analyst’s published estimates(1&2). Lower oil and gas prices resulted in the full-cost write-down of oil and gas properties.
Revenues from oil and gas sales in the fourth quarter of 2008 were $285.3 million, compared to $417.6 million in the same period of 2007. Fourth-quarter 2008 cash flow from operations totaled $261.8 million versus $302.3 million in the same period of 2007(2).
The decrease in fourth-quarter 2008 revenues and cash flow is primarily a result of lower oil and gas prices, which was only partially offset by higher production volumes in the fourth-quarter of 2008. Fourth-quarter 2008 gas prices decreased 35% to $5.04 per Mcf and oil dropped 36% to $55.96 per barrel from the same period of 2007.
Fourth-quarter 2008 daily oil and gas production grew 5% over last year’s fourth quarter to 493.7 million cubic feet equivalent per day (MMcfe/d). Average daily gas production in the latest quarter increased 3% to 350.3 million cubic feet and oil production grew 10% to an average of 23,907 barrels per day.
For the year-ended ended December 31, 2008, Cimarex had a net loss of $901.7 million, or $11.07 per share, as compared to net income of $346.5 million, or $4.09 per diluted share, for 2007. The net loss for 2008 was primarily a result of $1.4 billion of full-cost accounting non-cash after-tax oil and gas asset value impairment charges.
Adjusted net income for 2008 was $587.6 million, or $7.06 per diluted share. Adjusted net income excludes the $1.4 billion of reduction to the carrying value of oil and gas properties and the fourth-quarter litigation charge, which are typically not included in security analyst’s published estimates(1&2).
Cash flow from operations for 2008 was $1,443 million versus $991.4 million in the same period of 2007(2).
At year-end 2008 total long-term debt was $591 million, or a debt to total capitalization ratio of 20% (3).
Capital
Fourth-quarter 2008 exploration and development expenditures totaled $352.6 million, up from $265.7 million in the fourth quarter of 2007. Also in the fourth quarter, Cimarex acquired 38,000 net acres in the western Oklahoma, Anadarko-Woodford Shale play for $180 million.
During 2008, Cimarex drilled 450 gross (277 net) wells, completing 94% as producers. Exploration and development capital investment for 2008 was $1.4 billion as compared to $982.5 million in 2007.
| (1) | At each quarter-end, a full cost pool impairment evaluation is calculated using period end pricing which compares the after-tax present value at 10% of estimated future proved reserves (“full cost ceiling limit”) to the proved properties net book-value. If the proved properties net book-value exceeds the full cost ceiling limit, a write-down of the excess must be charged to expense. |
| (2) | Adjusted net income and Cash Flow from Operations are non-GAAP financial measure. See below for a reconciliation of the related amounts. |
| (3) | Reconciliation of debt to total capitalization, which is a non-GAAP measure, is: long-term debt of $591 million divided by long-term debt of $591 million plus stockholders’ equity of $2,349 million. |
Outlook
Full-year 2009 exploration and development (E&D) capital investment is targeted to be generally within cash flow. With the major drop in commodity prices, we have significantly cut back our drilling activity. By the end of the first quarter of 2009 we expect to have five operated rigs drilling as compared to a third-quarter 2008 peak of 42 rigs and a year-end 2008 count of 21 rigs. Depending on service costs and commodity prices we may choose to increase our drilling activity or continue to defer.
At the present time, based on current market prices and service costs we would expect that 2009 capital expenditures may range from $400-$600 million. We have a large inventory of drilling opportunities and limited lease expirations. We will continue to monitor industry conditions and adjust our drilling plans accordingly.
With a slowdown in our activity, first-quarter 2009 production is projected to range between 476-488 MMcfe/d. With the anticipated effect of continued deferred drilling, full-year 2009 production is projected to be in the range of 440-460 MMcfe/d.
Certain expenses for 2009 are expected to fall within the following ranges:
Expenses ($/Mcfe): | | | |
| | Production expense | | $1.20 - $1.30 | |
| | Transportation expense | | 0.17 - 0.22 | |
| | DD&A and ARO accretion | | 1.85 - 2.10 | |
| | General and administrative expense | | 0.27 - 0.30 | |
| | Taxes other than income (% of oil and gas revenue) | | 7.0% - 8.0% | |
Conference call and web cast
Cimarex will host a follow-up conference call today at 11:00 a.m. Mountain Time (1:00 p.m. Eastern Time). To access the live, interactive call, please dial (888) 603-6873 and reference call ID # 83733911 ten minutes before the scheduled start time. A digital replay will be available for one week following the live broadcast at (800) 642-1687 and by using the conference ID # 83733911. The listen-only web cast of the call will be accessible via www.cimarex.com.
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, Permian Basin and Gulf Coast 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. 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.
FOR FURTHER INFORMATION CONTACT
Cimarex Energy Co.
Mark Burford, Director of Capital Markets
303-295-3995
www.cimarex.com
| RECONCILIATION OF ADJUSTED NET INCOME |
| | | For the Three Months Ended | | | For the Twelve Months Ended | |
| | | December 31, | | | December 31, | |
| | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
| | | (in thousands, except per share data) | |
| | | | | | | | | | | | | |
| Net income (loss) | | $ | (1,048,699 | ) | | $ | 129,978 | | | $ | (901,685 | ) | | $ | 346,469 | |
| Impairment of oil and gas properties, | | | | | | | | | | | | | | | | |
| net of tax | | | 1,007,126 | | | | — | | | | 1,413,937 | | | | — | |
| Krug litigation, net of tax | | | 68,333 | | | | — | | | | 75,392 | | | | — | |
| Adjusted net income | | $ | 26,760 | | | $ | 129,978 | | | $ | 587,644 | | | $ | 346,469 | |
| | | | | | | | | | | | | | | | | |
| Diluted earnings (loss) per share | | $ | (12.86 | ) | | $ | 1.54 | | | $ | (11.07 | ) | | $ | 4.09 | |
| Adjusted diluted earnings per share | | $ | 0.32 | | | $ | 1.54 | | | $ | 7.06 | | | $ | 4.09 | |
| | | | | | | | | | | | | | | | | |
| Diluted average shares outstanding | | | 81,577 | | | | 84,188 | | | | 81,478 | | | | 84,632 | |
| Adjusted diluted shares outstanding | | | 83,170 | | | | 84,188 | | | | 83,257 | | | | 84,632 | |
Adjusted net income and adjusted earnings per diluted share excludes the impairment of oil and gas properties and the Krug litigation because management believes these items affect the comparability of operating results. The company discloses these non-GAAP financial measures as a useful adjunct to GAAP earnings because:
a) Management uses adjusted net income to evaluate the company's operational trends and performance relative to other oil and gas exploration and production companies.
b) Adjusted net income is more comparable to earnings estimates provided by research analysts.
Adjusted diluted average shares outstanding for the three months and twelve months ended December 31, 2008 include shares that are considered antidilutive for calculating earnings per share in accordance with GAAP.
RECONCILIATION OF CASH FLOW FROM OPERATIONS
| | | For the Three Months Ended | | | For the Twelve Months Ended | |
| | | December 31, | | | December 31, | |
| | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
| | | (in thousands) | | | (in thousands) | |
| | | | | | | | | | | | | |
| Net cash provided by operating activities | | $ | 226,779 | | | $ | 301,511 | | | $ | 1,367,488 | | | $ | 994,680 | |
| Change in operating assets | | | | | | | | | | | | | | | | |
| and liabilities | | | 35,047 | | | | 794 | | | | 75,731 | | | | (3,257 | ) |
| | | | | | | | | | | | | | | | | |
| Cash flow from operations | | $ | 261,826 | | | $ | 302,305 | | | $ | 1,443,219 | | | $ | 991,423 | |
Management believes that the non-GAAP measure of cash flow from operations is useful information for investors because it is used internally and is accepted by the investment community as a means of measuring the company's ability to fund its capital program. It is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.
| PRICE AND PRODUCTION DATA |
| | | For the Three Months Ended | | | For the Twelve Months Ended | |
| | | December 31, | | | December 31, | |
| | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
| | | | | | | | | | | | | |
| Total production - Mcf | | | 32,226,065 | | | | 31,377,310 | | | | 127,443,682 | | | | 119,937,142 | |
| Gas volume - Mcf per day | | | 350,283 | | | | 341,058 | | | | 348,207 | | | | 328,595 | |
| Gas price - per Mcf (before hedge effect) | | $ | 4.69 | | | $ | 7.46 | | | $ | 8.34 | | | $ | 6.82 | |
| Effect of hedges | | $ | 0.35 | | | $ | 0.25 | | | $ | 0.09 | | | $ | 0.23 | |
| Gas price - per Mcf (after hedge effect) | | $ | 5.04 | | | $ | 7.71 | | | $ | 8.43 | | | $ | 7.05 | |
| | | | | | | | | | | | | | | | | |
| Total production - barrels | | | 2,199,414 | | | | 1,994,542 | | | | 8,394,937 | | | | 7,445,453 | |
| Oil volume - barrels per day | | | 23,907 | | | | 21,680 | | | | 22,937 | | | | 20,399 | |
| Oil price - per barrel | | $ | 55.96 | | | $ | 88.07 | | | $ | 96.03 | | | $ | 69.71 | |
| | | Gas | | | Oil | | | Total | |
| | | (Bcf) | | | (MBbls) | | | (Bcfe) | |
| | | | | | | | | | |
| December 31, 2007 | | | 1,122.7 | | | | 58,250 | | | | 1,472.2 | |
| Revisions of previous estimates | | | (58.1 | ) | | | (16,465 | ) | | | (156.9 | ) |
| Extensions, discoveries, and improved recovery | | | 143.6 | | | | 11,884 | | | | 214.9 | |
| Purchase of reserves | | | 2.5 | | | | 55 | | | | 2.8 | |
| Production | | | (127.4 | ) | | | (8,395 | ) | | | (177.8 | ) |
| Sale of properties | | | (16.0 | ) | | | (127 | ) | | | (16.7 | ) |
| December 31, 2008 | | | 1,067.3 | | | | 45,202 | | | | 1,338.5 | |
| Proved developed - December 31, 2008 | | | 834.5 | | | | 44,520 | | | | 1,101.6 | |
| PROVED RESERVES BY REGION |
| | | Gas | | | Oil | | | Total | |
| | | (Bcf) | | | (MBbls) | | | (Bcfe) | |
| | | | | | | | | | |
| Mid-Continent | | | 562.5 | | | | 7,773 | | | | 609.2 | |
| Permian Basin | | | 240.8 | | | | 33,542 | | | | 442.0 | |
| Gulf Coast | | | 41.6 | | | | 3,046 | | | | 59.9 | |
| Gulf of Mexico | | | 10.2 | | | | 603 | | | | 13.9 | |
| Western/Other | | | 212.2 | | | | 238 | | | | 213.5 | |
| | | | 1,067.3 | | | | 45,202 | | | | 1,338.5 | |
| OIL AND GAS CAPITALIZED EXPENDITURES |
| | | For the Three Months Ended | | | For the Twelve Months Ended | |
| | | December 31, | | | December 31, | |
| | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
| | | (in thousands) | | | (in thousands) | |
| | | | | | | | | | | | | |
| Acquisitions: | | | | | | | | | | | | |
| Proved | | $ | 5,129 | | | $ | — | | | $ | 6,618 | | | $ | 17,334 | |
| Unproved | | | 175,777 | | | | — | | | | 175,777 | | | | 23,580 | |
| | | | 180,906 | | | | — | | | | 182,395 | | | | 40,914 | |
| | | | | | | | | | | | | | | | | |
| Exploration and development: | | | | | | | | | | | | | | | | |
| Land and Seismic | | | 47,792 | | | | 25,304 | | | | 157,403 | | | | 98,162 | |
| Exploration and development | | | 304,797 | | | | 240,429 | | | | 1,280,980 | | | | 884,358 | |
| | | | 352,589 | | | | 265,733 | | | | 1,438,383 | | | | 982,520 | |
| | | | | | | | | | | | | | | | | |
| Sale proceeds | | | (38,093 | ) | | | (153,954 | ) | | | (38,093 | ) | | | (176,659 | ) |
| | | $ | 495,402 | | | $ | 111,779 | | | $ | 1,582,685 | | | $ | 846,775 | |
CONDENSED STATEMENTS OF OPERATIONS (unaudited)
| | | For the Three Months Ended | | | For the Twelve Months Ended | |
| | | December 31, | | | December 31, | |
| | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
| | | (In thousands, except per share data) | |
| | | | | | | | | | | | | |
| Revenues: | | | | | | | | | | | | |
| Gas sales | | $ | 162,262 | | | $ | 241,981 | | | $ | 1,074,705 | | | $ | 845,631 | |
| Oil sales | | | 123,077 | | | | 175,662 | | | | 806,186 | | | | 518,991 | |
| Gas gathering, processing and other | | | 14,023 | | | | 19,275 | | | | 87,757 | | | | 60,818 | |
| Gas marketing, net | | | (526 | ) | | | 1,765 | | | | 1,699 | | | | 5,073 | |
| | | | 298,836 | | | | 438,683 | | | | 1,970,347 | | | | 1,430,513 | |
| Costs and expenses: | | | | | | | | | | | | | | | | |
| Impairment of oil and gas properties | | | 1,585,775 | | | | — | | | | 2,242,921 | | | | — | |
| Depreciation, depletion and amortization | | | 141,215 | | | | 122,476 | | | | 547,404 | | | | 461,791 | |
| Asset retirement obligation | | | 3,362 | | | | 1,823 | | | | 8,796 | | | | 8,937 | |
| Production | | | 62,230 | | | | 49,646 | | | | 218,736 | | | | 201,512 | |
| Transportation | | | 8,556 | | | | 7,251 | | | | 38,107 | | | | 26,361 | |
| Gas gathering and processing | | | 8,051 | | | | 8,747 | | | | 43,838 | | | | 29,860 | |
| Taxes other than income | | | 21,037 | | | | 26,804 | | | | 130,490 | | | | 93,630 | |
| General and administrative | | | 6,663 | | | | 13,729 | | | | 44,500 | | | | 49,260 | |
| Stock compensation, net | | | 2,658 | | | | 2,704 | | | | 10,090 | | | | 10,772 | |
| Other operating, net | | | 113,441 | | | | 455 | | | | 126,433 | | | | 6,637 | |
| | | | 1,952,988 | | | | 233,635 | | | | 3,411,315 | | | | 888,760 | |
| | | | | | | | | | | | | | | | | |
| Operating income (loss) | | | (1,654,152 | ) | | | 205,048 | | | | (1,440,968 | ) | | | 541,753 | |
| | | | | | | | | | | | | | | | | |
| Other (income) and expense: | | | | | | | | | | | | | | | | |
| Interest expense | | | 8,101 | | | | 9,230 | | | | 32,064 | | | | 37,966 | |
| Capitalized interest | | | (7,178 | ) | | | (4,701 | ) | | | (22,108 | ) | | | (19,680 | ) |
| Amortization of fair value of debt | | | (137 | ) | | | (190 | ) | | | (709 | ) | | | (1,908 | ) |
| Gain on early extinguishment of debt | | | (9,569 | ) | | | — | | | | (9,569 | ) | | | (5,099 | ) |
| Other, net | | | 6,262 | | | | (1,929 | ) | | | (10,348 | ) | | | (14,151 | ) |
| | | | | | | | | | | | | | | | | |
| Income (loss) before income tax | | | (1,651,631 | ) | | | 202,638 | | | | (1,430,298 | ) | | | 544,625 | |
| Income tax expense (benefit) | | | (602,932 | ) | | | 72,660 | | | | (528,613 | ) | | | 198,156 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | (1,048,699 | ) | | $ | 129,978 | | | $ | (901,685 | ) | | $ | 346,469 | |
| | | | | | | | | | | | | | | | | |
| Earnings (loss) per share: | | | | | | | | | | | | | | | | |
| Basic | | $ | (12.86 | ) | | $ | 1.60 | | | $ | (11.07 | ) | | $ | 4.23 | |
| Diluted | | $ | (12.86 | ) | | $ | 1.54 | | | $ | (11.07 | ) | | $ | 4.09 | |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 81,577 | | | | 81,218 | | | | 81,478 | | | | 81,819 | |
| Diluted | | | 81,577 | | | | 84,188 | | | | 81,478 | | | | 84,632 | |
CONDENSED CASH FLOW STATEMENTS (unaudited)
| | | For the Three Months Ended | | | For the Twelve Months Ended | |
| | | December 31, | | | December 31, | |
| | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
| | | (In thousands) | |
| Cash flows from operating activities: | | | | | | | | | | | | |
| Net income (loss) | | $ | (1,048,699 | ) | | $ | 129,978 | | | $ | (901,685 | ) | | $ | 346,469 | |
| Adjustment to reconcile net income (loss) to net cash | | | | | | | | | | | | | | | | |
| provided by operating activities: | | | | | | | | | | | | | | | | |
| Impairment of oil and gas properties | | | 1,585,775 | | | | — | | | | 2,242,921 | | | | — | |
| Depreciation, depletion and amortization | | | 141,215 | | | | 122,476 | | | | 547,404 | | | | 461,791 | |
| Asset retirement obligation | | | 3,362 | | | | 1,823 | | | | 8,796 | | | | 8,937 | |
| Deferred income taxes | | | (556,470 | ) | | | 42,011 | | | | (594,802 | ) | | | 167,507 | |
| Stock compensation, net | | | 2,658 | | | | 2,704 | | | | 10,090 | | | | 10,772 | |
| Gain on liquidation of equity investees | | | (39 | ) | | | — | | | | (39 | ) | | | (3,015 | ) |
| Changes in non-current assets and liabilities | | | 139,443 | | | | 3,993 | | | | 136,328 | | | | 354 | |
| Other | | | (5,419 | ) | | | (680 | ) | | | (5,794 | ) | | | (1,392 | ) |
| Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | |
| (Increase) decrease in receivables, net | | | 77,007 | | | | (27,420 | ) | | | 56,245 | | | | (7,777 | ) |
| (Increase) in other current assets | | | (95,553 | ) | | | (27,729 | ) | | | (155,222 | ) | | | (32,180 | ) |
| Increase (decrease) in accounts payable and | | | | | | | | | | | | | | | | |
| accrued liabilities | | | (16,501 | ) | | | 54,355 | | | | 23,246 | | | | 43,214 | |
| Net cash provided by operating activities | | | 226,779 | | | | 301,511 | | | | 1,367,488 | | | | 994,680 | |
| Cash flows from investing activities: | | | | | | | | | | | | | | | | |
| Oil and gas expenditures | | | (568,056 | ) | | | (267,965 | ) | | | (1,594,775 | ) | | | (1,021,456 | ) |
| Proceeds from sale of assets | | | 38,662 | | | | 153,999 | | | | 39,096 | | | | 177,195 | |
| Distributions received from equity investees | | | 39 | | | | — | | | | 39 | | | | 3,015 | |
| Purchases of short-term investments | | | — | | | | (16,000 | ) | | | — | | | | (16,000 | ) |
| Sales of short-term investments | | | 1,391 | | | | 1,424 | | | | 10,679 | | | | 1,424 | |
| Other expenditures | | | (8,504 | ) | | | (8,583 | ) | | | (51,757 | ) | | | (19,574 | ) |
| Net cash used by investing activities | | | (536,468 | ) | | | (137,125 | ) | | | (1,596,718 | ) | | | (875,396 | ) |
| Cash flows from financing activities: | | | | | | | | | | | | | | | | |
| Net increase (decrease) in bank debt | | | 220,000 | | | | (39,000 | ) | | | 220,000 | | | | (95,000 | ) |
| Increase in other long-term debt | | | — | | | | — | | | | — | | | | 350,000 | |
| Decrease in other long-term debt | | | (105,550 | ) | | | — | | | | (105,550 | ) | | | (204,360 | ) |
| Financing costs incurred | | | (108 | ) | | | (14 | ) | | | (158 | ) | | | (6,113 | ) |
| Treasury stock acquired | | | — | | | | — | | | | — | | | | (42,266 | ) |
| Dividends paid | | | (5,033 | ) | | | (3,334 | ) | | | (20,040 | ) | | | (13,429 | ) |
| Issuance of common stock and other | | | 210 | | | | 989 | | | | 13,141 | | | | 9,886 | |
| Net cash provided by (used in) financing activities | | | 109,519 | | | | (41,359 | ) | | | 107,393 | | | | (1,282 | ) |
| Net change in cash and cash equivalents | | | (200,170 | ) | | | 123,027 | | | | (121,837 | ) | | | 118,002 | |
| Cash and cash equivalents at beginning of period | | | 201,383 | | | | 23 | | | | 123,050 | | | | 5,048 | |
| Cash and cash equivalents at end of period | | $ | 1,213 | | | $ | 123,050 | | | $ | 1,213 | | | $ | 123,050 | |
BALANCE SHEETS (unaudited)
| | | December 31, | | | December 31, | |
| | | 2008 | | | 2007 | |
| | | (In thousands, except share data) | |
| Assets | | | | | | |
| Current assets: | | | | | | |
| Cash and cash equivalents | | $ | 1,213 | | | $ | 123,050 | |
| Restricted cash | | | 502 | | | | — | |
| Short-term investments | | | 2,502 | | | | 14,391 | |
| Receivables, net | | | 259,082 | | | | 315,327 | |
| Inventories | | | 186,062 | | | | 29,642 | |
| Deferred income taxes | | | 2,435 | | | | 5,697 | |
| Derivative instruments | | | — | | | | 12,124 | |
| Other current assets | | | 63,148 | | | | 64,346 | |
| Total current assets | | | 514,944 | | | | 564,577 | |
| Oil and gas properties at cost, using the full cost method of accounting: | | | | | | | | |
| Proved properties | | | 7,052,464 | | | | 5,545,977 | |
| Unproved properties and properties under development, | | | | | | | | |
| not being amortized | | | 465,638 | | | | 364,618 | |
| | | | 7,518,102 | | | | 5,910,595 | |
| Less – accumulated depreciation, depletion and amortization | | | (4,709,597 | ) | | | (1,938,863 | ) |
| Net oil and gas properties | | | 2,808,505 | | | | 3,971,732 | |
| Fixed assets, net | | | 119,616 | | | | 90,584 | |
| Goodwill | | | 691,432 | | | | 691,432 | |
| Other assets, net | | | 30,436 | | | | 44,469 | |
| | | $ | 4,164,933 | | | $ | 5,362,794 | |
| Liabilities and Stockholders’ Equity | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 101,157 | | | $ | 52,671 | |
| Accrued liabilities | | | 263,994 | | | | 240,387 | |
| Revenue payable | | | 104,438 | | | | 131,513 | |
| Total current liabilities | | | 469,589 | | | | 424,571 | |
| Long-term debt | | | 591,223 | | | | 487,159 | |
| Deferred income taxes | | | 499,634 | | | | 1,076,223 | |
| Other liabilities | | | 255,122 | | | | 115,554 | |
| Stockholders’ equity: | | | | | | | | |
| Preferred stock, $0.01 par value, 15,000,000 shares | | | | | | | | |
| authorized, no shares issued | | | — | | | | — | |
| Common stock, $0.01 par value, 200,000,000 shares authorized, | | | | | | | | |
| 84,144,024 and 83,620,480 shares issued, respectively | | | 841 | | | | 836 | |
| Treasury stock, at cost, 885,392 and 1,078,822 shares held, respectively | | | (33,344 | ) | | | (40,628 | ) |
| Paid-in capital | | | 1,855,825 | | | | 1,842,690 | |
| Retained earnings | | | 526,998 | | | | 1,448,763 | |
| Accumulated other comprehensive income | | | (955 | ) | | | 7,626 | |
| | | | 2,349,365 | | | | 3,259,287 | |
| | | $ | 4,164,933 | | | $ | 5,362,794 | |
