Cimarex 4Q Profit Soars on Oil Prices

It earned $130 million or $1.54 per share compared with $58.7 million or 70 cents per share in 2006.

Sales jumped 48.3 percent to $438.5 million from $295.6 million.

Analysts polled by Thomson Financial expected profit of $1.23 per share on sales of $377.4 million. Analysts typically exclude one-time items.

Cimarex said oil prices jumped 58 percent to $88.07 per barrel compared to the same period in 2006, while gas prices rose 24 percent to $7.71 per thousand cubic feet.

For the 2007 fiscal year, the company's profit rose just 0.2 percent to $346.5 million from $345.7 million in 2006, weighed down by higher costs.

Sales rose 12.6 percent to $1.43 billion from $1.27 billion, beating Wall Street expectations.

Cimarex drilling locations include the Gulf Coast and the Gulf of Mexico.