Unproved/Proved Property Impairments by($ million) Division ----------------------------------------------- Williston Appalachian Basin Basin South Texas Total ----------- ----------- ----------- -----------Unproved Impairments $ 62.2 $ 7.0 $ 1.4 $ 70.6Proved Impairments 3.9 0.2 - 4.1 ----------- ----------- ----------- -----------Total $ 66.1 $ 7.2 $ 1.4 $ 74.7 =========== =========== =========== ===========
Capital Expenditures, Liquidity and Derivative Update
Magnum Hunter's total upstream and midstream capital expenditures, excluding acquisitions, were $489 million for the twelve months ended December 31, 2012, including $428 million for upstream activities and $61 million for midstream activities. As a result of our Eagle Ford Shale properties sale in April 2013, the Company has reaffirmed its 2013 upstream capital expenditure budget of $300 million, which is allocated $150 million to the Appalachian Basin, almost all of which is allocated to its Marcellus Shale and Utica Shale plays, and $150 million to its Williston Basin/Bakken Shale play. The Company has allocated a significant portion of its 2013 upstream capital budget to the Marcellus Shale and Utica Shale plays to take advantage of its processing capacity with the start-up of MarkWest's Mobley Processing Plant in mid-December 2012 and the continued build-out of the Company's Eureka Hunter Gas Gathering System.
As a result of the Company's internally generated cash flows and availability under its Senior Revolving Credit Facility, Magnum Hunter has more than sufficient liquidity to fund its fiscal 2013 upstream capital budget of $300 million. As of May 1, 2013, the Company had total cash liquidity of approximately $380 million which is comprised of approximately $115 million of cash and $265 million of availability under its Senior Revolving Credit Facility. The Company currently owns 10 million shares of common stock of Penn Virginia Corporation that could be divested to increase liquidity and provide increased financial flexibility. The Company is also aggressively pursuing between $100 - $200 million of non-core asset sales to further bolster our overall liquidity and better manage our financial leverage.
The Company maintains an active hedging program to support economic returns and ensure strong coverage metrics. Since December 31, 2012, the Company has added incremental crude oil swaps in 2013, and gas swaps and three-way collars in 2013 and 2014. The Company has incrementally hedged 6,200 BBls per day of crude oil at an average price of $92.15 per Bbl from February 2013 to December 2013, 10,000 MMBtu per day of natural gas at an average price of $3.825 per MMBtu from April 2013 to December 2013, and 15,000 MMBtu per day of natural gas at an average price of $4.25 per MMBtu in 2014. Please see the "Derivatives Information" table at the end of this press release for more detailed information regarding our commodity derivatives entered into subsequent to December 31, 2012.
As disclosed in the Company's Form 10-K for the fiscal year ended December 31, 2012, the Company identified a number of material weaknesses in its internal controls. The Board, Audit Committee and senior management of the Company recognize the importance of improving the Company's internal controls and are committed to remediating these material weaknesses as quickly as possible. The Company is implementing remediation plans which it believes will successfully address these material weaknesses. Management has significantly expanded the number and quality of staff; has added outside consultants with the knowledge, training and experience necessary to develop and support the Company's overall internal control environment; and is implementing new land and accounting information systems.