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Oil: “You Ain’t Seen Nothing Yet”
That is the quote from the CFO of small energy exploration company Cimarex (XEC) during their first quarter conference call earlier this month.
He was talking mainly about the profits the company is going to make in the second quarter and beyond, after reporting a record profit in the first quarter, based on $110 to $120 a barrel oil.
Prices averaged about $95 a barrel for the explorers in the first quarter.
Natural gas has also spiked sharply higher.
It’s Christmas in the springtime for the explorers.
Big Oil is being dragged up to Capitol Hill, again, to “explain” its record profits, all the while the small explorers are laughing all the way to the bank. Apache (APA) has made $1 billion in profit each of the last two quarters. That’s pure cash flow.
It will end sometime, of course, as crude oil prices pull back. But in the meantime, it’s nice to be Cimarex.
“You ain’t seen nothing yet.”
Indeed.
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