Magnum Hunter Q1 Net Loss Widens, Despite Higher Production - Quick Facts

(RTTNews) - Magnum Hunter Resources Corp. (MHR) reported Friday that its first-quarter net loss attributable to the shareholders was $76.49 million or $0.44 per share, compared to a net loss of $57.69 million or $0.34 per share a year ago.

Adjusted net loss attributable to common shareholders was $0.15 per share. On average, 15 analysts polled by Thomson Reuters expected the company to report loss of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted earnings before interest, income taxes, depreciation, amortization and exploration or adjusted EBITDAX was $38.9 million, an increase of 89 percent from the prior year.

Total revenues grew to $107.44 million from $54.23 million last year. Oil and gas revenues surged 103 percent to $70.17 million from $34.64 million a year ago. Analysts expected revenues of $96.43 million.

The company attributed the increase in oil and gas revenues principally to increases in the oil and natural gas production and higher average realized commodity prices.

Midstream and marketing revenues increased 99 percent on increased throughput volumes on the Eureka Hunter Pipeline System and increased third-party gas marketing volumes.

Oil and gas production increased 102 percent to 1.332 million BOE or an average of 14,796 BOE per day.