HOUSTON, TX -- (Marketwired) -- 06/14/13 -- Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) (the "Company" or "Magnum Hunter") announced today financial and operating results for the three months and year ended December 31, 2012. Highlights for the three months and year ended December 31, 2012 include:
•Total Revenue Increased 138% to $271.0 million for the Year Ended 2012 •Adjusted EBITDAX was $168.6 million for the Year Ended 2012* •Fourth Quarter 2012 Adjusted EBITDAX increased 35% to $54.8 million compared to $40.6 million in the Third Quarter 2012* •2012 Production Increased 139% to 13,152 BOEPD compared to 5,510 BOEPD for the Year Ended 2011 •Fourth Quarter Production Increased 60% to 14,587 BOEPD compared to 9,124 BOEPD in the Fourth Quarter 2011 •Proved Reserves at December 31, 2012 Remain Unchanged at 73.1 MMBoe •Year-End 2013 Production Exit Rate Guidance Reaffirmed at 23,000 - 25,000 BOEPD
* See Non-GAAP Financial Measures and Reconciliations below
Financial and Production Results for the Three Months Ended December 31, 2012
Magnum Hunter reported an increase in revenues of 101% to $83.7 million for the three months ended December 31, 2012 compared to $41.6 million for the three months ended December 31, 2011. This increase in revenues was driven primarily by increases in our oil and natural gas production as a result of a combination of acquisitions and increased drilling efforts completed throughout the year in our unconventional resource plays. Additionally, the Company focused more on oil and liquids rich natural gas related projects during 2012.
The Company reported a net loss of $85.4 million attributable to common shareholders or ($0.54) per basic and diluted common shares outstanding for the three months ended December 31, 2012. The Company's net income attributable to common shareholders for the three months ended December 31, 2012, was $8.9 million or $0.05 per basic and diluted common shares outstanding when adjusted for non-cash and non-recurring expenses of $94.3 million (see Non-GAAP Financial Measures and Reconciliations below).
For the three months ended December 31, 2012, Magnum Hunter's Adjusted Earnings Before Interest, Income Taxes, Depreciation, Amortization and Exploration ("Adjusted EBITDAX") was $54.7 million. Operating margins increased primarily due to an overall production improvement; increased focus on oil and liquids rich natural gas related projects and reduction in operating expenses per Boe. (see Non-GAAP Financial Measures and Reconciliations below).
Oil and gas production increased 60% for the three months ended December 31, 2012 to 1.342 million barrels of oil equivalent ("MMBoe") or 14,587 barrels of oil equivalent per day ("Boepd") (57% oil/liquids) as compared to the 0.839 MMBoe or 9,124 Boepd reported for the three months ended December 31, 2011. The increase in production is primarily attributable to acquisitions as well as organic growth due to the Company's expanded drilling program in its various shale plays. In addition our oil/liquids production mix increased to 57% of overall production in the fourth quarter of 2012 compared to 37% in the fourth quarter of 2011 as a result of the shift in our capital expenditure program.
Most Popular Stories
- Adam Levine Wins Big as 'The Voice' Crowns Champ
- Target Security Breach May Affect 40 Million Cardholders
- Texting With Vodka: Booze and Social Media Can Mix After All
- Tyson Foods Charged With Civil Rights Violation
- Archer Daniels Midland Moving HQ to Chicago
- How to Protect Yourself After Target Data Breach
- Mazda Leads the Pack for Fuel Efficiency
- 'Beyonce' Tops the U.S. Album Chart
- Bernanke Lets Congress Have It in Final Press Conference
- Wall Street Falls a Day After Surge