Montage Resources (MR) Tops Q3 EPS by 7c, Revenues Miss

Montage Resources (NYSE: MR) reported Q3 EPS of ($0.48), $0.07 better than the analyst estimate of ($0.55). Revenue for the quarter came in at $115.41 million versus the consensus estimate of $122.82 million.

Third Quarter 2020 Highlights:

• Merger with Southwestern Energy Company expected to close following Montage Resources shareholder vote on November 12, 2020
• Average net daily production was 602.6 MMcfe per day, above the high end of the Company’s previously issued guidance range of 580 to 600 MMcfe per day, consisting of 82% natural gas and 18% liquids
• Average natural gas equivalent realized price was $2.30 per Mcfe, including cash settled commodity derivatives and excluding firm transportation expenses
• Per unit cash production costs (including lease operating, transportation, gathering and compression, production, and ad valorem taxes) were $1.21 per Mcfe, below the Company’s previously issued guidance range of $1.25 to $1.35 per Mcfe
• Cash operating margin of $0.93 per Mcfe, or 40%, which was a $0.17 per Mcfe improvement from the second quarter 2020 of $0.76 per Mcfe
• Capital spending for the quarter was $22.3 million, with cumulative spending for the nine months ended September 30, 2020 of $103.8 million

For earnings history and earnings-related data on Montage Resources (MR) click here.

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