Cimarex Energy Co. (NYSE: XEC) today reported a fourth quarter 2015 net loss of $630.5 million, or $6.78 per share. The adjusted fourth quarter net loss was $23.0 million, or $0.25 per share, compared to fourth-quarter 2014 adjusted net income of $76.4 million, or $0.87 per diluted share. For the year, Cimarex recorded a net loss of $2.4 billion, or $25.92 per share. The adjusted net loss for the full year was $0.60 per share. Adjusted cash flow from operations totaled $744 million in 2015, a 54 percent drop from 2014 levels. Revenues in 2015 totaled $1.5 billion, a 40 percent decrease from 2014. The decrease in revenues, earnings and cash flow was the result of substantially lower product prices received.
Total company production volumes averaged 986 million cubic feet equivalent (MMcfe) per day in the fourth quarter, up four percent from a year ago. Weather and facilities disruptions negatively impacted fourth quarter production by approximately 30 MMcfe per day. For the full year, Cimarex reported daily production volumes of 985 MMcfe per day, up 13 percent from our 2014 average daily output of 869 MMcfe per day.
Cimarex invested $877 million in exploration and development in 2015. This was down significantly from the amount Cimarex invested in 2014 when E&D capital investment totaled $1.9 billion. Investments made in 2015 were funded with cash flow and cash on hand.
Proved reserves at December 31, 2015 were 2.9 trillion cubic feet equivalent (Tcfe), down seven percent year over year. Cimarex added 429 Bcfe through extensions and discoveries and had 142 Bcfe in net performance revisions. As a result, the company replaced 159 percent of 2015 production (excludes negative price and operating cost revisions of 399 Bcfe and 19 Bcfe, respectively). Proved reserves are 75 percent proved developed. Prices used for 2015 proved reserve reporting for oil, gas and NGLs were down 47 percent, 40 percent and 53 percent, respectively, from 2014.
Continued declines in oil and natural gas prices impacted the company's financial results for both the fourth quarter and full year. Realized oil prices averaged $37.32 per barrel in the fourth quarter and $43.38 per barrel for the full year, down 43 percent and 48 percent, versus the respective periods a year ago. In the fourth quarter, natural gas prices averaged $2.20 per Mcf and NGL prices averaged $12.72 per barrel compared to $3.95 and $25.32, respectively, in the fourth quarter of 2014. For the full year, natural gas prices averaged $2.53 per Mcf and NGL prices averaged $13.75 per barrel compared to $4.43 and $33.14, respectively, in 2014. Total debt at December 31, 2015 consisted of $1.5 billion of long-term notes, with $750 million maturing in 2022 and $750 million maturing in 2024. Cimarex had no borrowings under its revolving credit facility and had a cash balance of $779 million. Debt was 35 percent of total capitalization.
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