Independent oil and gas exploration and production firm Cimarex Energy Company XEC reported first-quarter 2016 results on May 4 after the closing bell. The company incurred a loss of 40 cents per share, wider than the Zacks Consensus Estimate of a loss of 38 cents. The reported figure was also wider than the year-ago loss of 37 cents per share.Cimarex Energy Company (XEC) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany Total RevenuesIn the first quarter, Cimarex Energy’s total revenue of $240.6 million missed the Zacks Consensus Estimate of $248 million. Reported revenues also decreased from $361 million a year ago.Operational HighlightsIn the quarter under review, total production averaged 973 million cubic feet equivalent (MMcfe) per day, up 3% year over year. Oil volumes fell 10% year over year to 46.1 thousand barrels per day (MBbls/d), natural gas volumes increased 6.1% to 472.9 MMcf, and natural gas liquids (NGL) volumes grew 15.6% to 37.3 MBbls/d.The first-quarter realized prices for natural gas declined 30.7% to $1.92 per thousand cubic feet, for crude oil decreased 34.1% to $28.02 per barrel, and for NGL plunged 37.4% to $9.84 per barrel, respectively, on a year-over-year basis. The company brought 22 gross (5 net) wells onstream during the quarter.Financial ConditionCimarex Energy had cash and cash equivalents of $676.6 million as of Mar 31, 2016, down from $779.4 million as of Mar 31, 2015. Long-term debt was $1.5 billion as of Mar 31, 2016, which represents a debt-to-capitalization ratio of 36.6%.Cimarex Energy's net cash from operating activities during the quarter was $85.1 million compared with $113.2 million in the prior-year period. The company invested $158 million in exploration and development during the first quarter, which was primarily funded with cash flow from operations and cash in hand. GuidanceSecond-quarter total production is projected in the range of 935–965 MMcfe per day. In the second quarter, both oil and gas productions are expected to decrease by 4–5%. Full-year 2016 production is estimated to average 940–970 MMcfe per day, down 3% from the midpoint of the 2015 level. Capital investment for exploration and development is estimated at $650–$700 million for 2016.Zacks RankCimarex Energy currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Bill Barrett Corp. BBG, Bonanza Creek Energy, Inc. BCEI and Comstock Resources Inc. CRK. Each of these stocks holds a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report COMSTOCK RESOUR (CRK): Free Stock Analysis Report BILL BARRETT CP (BBG): Free Stock Analysis Report CIMAREX ENERGY (XEC): Free Stock Analysis Report BONANZA CREEK (BCEI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research