HOUSTON, TX -- (Marketwired) -- 07/08/13 -- 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 ended March 31, 2013. Highlights for the three months include the following:
•Total revenue increased 76% to $98.0 million for the first quarter of 2013, as compared to total revenue of $55.7 million for the first quarter of 2012 •Adjusted EBITDAX(a) was $55.4 million for the first quarter of 2013, a 63% increase over the first quarter of 2012 •Recurring net loss(a) of ($0.06) per diluted share for the first quarter of 2013, as compared to recurring net loss of ($0.02) per diluted share, for the first quarter of 2012 •Production of 13,769 BOEPD and pro forma production(b) of 16,889 BOEPD for the first quarter of 2013, representing a 9% and 34%, increase, respectively, over the actual first quarter production of 2012
(a) See Non-GAAP Financial Measures and Reconciliations below
(b) Based on including with actual production 3,120 BOEPD of temporary shut-ins in Appalachia due to pipeline and liquid handling issues
The Company plans to file its Form 10-Q for the quarter ended March 31, 2013 with the Securities and Exchange Commission tomorrow, July 9, 2013.
Financial and Production Results for the Three Months Ended March 31, 2013
Magnum Hunter reported an increase in revenues of 76% to $98.0 million for the three months ended March 31, 2013 compared to $55.7 million for the three months ended March 31, 2012. This increase in revenues was driven primarily by increases in our oil and natural gas liquids production as a result of previous acquisitions, and increased drilling activity in our unconventional resource plays as well as the Company's increased focus on oil and liquids projects during 2012.
The Company reported a net loss of $57.7 million attributable to common shareholders or ($0.34) per basic and diluted common shares outstanding for the three months ended March 31, 2013, compared to a net loss of $17.1 million, or ($0.13) per basic and diluted common shares outstanding for the three months ended March 31, 2012. When adjusted for non-cash and non-recurring expenses of $47.1 million, the Company's recurring net loss attributable to common shareholders for the three months ended March 31, 2013, was $10.6 million or ($0.06) per basic and diluted common shares outstanding (see Non-GAAP Financial Measures and Reconciliations below).
For the three months ended March 31, 2013, Magnum Hunter's Adjusted Earnings Before Interest, Income Taxes, Depreciation, Amortization and Exploration ("Adjusted EBITDAX") was $55.4 million as compared to $34.0 million for the three months ended March 31, 2012. The increase in Adjusted EBITDAX was primarily due to both an overall production increase and an increased focus on oil and liquids projects which substantially increased oil and natural gas liquids revenues. However, natural gas production shut-ins, higher lease operating expenses per BOE, and higher non-recurring cash general and administrative costs (see Non-GAAP Financial Measures and Reconciliations below) per BOE partially offset the increase. The increase in LOE costs per BOE was primarily due to new oil wells placed on production which generally have higher lease operating costs per BOE than do natural gas wells. General and administrative expenses increased overall during 2013 mainly due to accounting personnel and professional services necessitated by the recent growth of the Company.
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