Magnum Hunter Resources Corp (MHR) Posts Q4 Loss of 54c/Share

Magnum Hunter Resources Corp (NYSE: MHR) reported Q4 EPS of ($0.54), $0.47 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $83.7 million versus the consensus estimate of $82.63 million. Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources, commented, "Magnum Hunter significantly improved its financial results reported during fiscal year 2012 in all areas: revenues, production, cash flow, and proved reserves. At the same time, costs in the field as well as general and administrative costs continue to decline on a barrel of oil produced equivalent basis. While we are well into the new year, liquidity has subsequently improved with the sale of our Eagle Ford Shale properties which occurred in April. Current cash on hand and credit availability under our existing Senior Revolving Credit Facility is approximately $380 million, excluding non-core asset sales in the works. Even with the loss of approximately 3,500 barrels per day of production as a result of our Eagle Ford Shale properties sale, we remain confident with our prior production guidance of exiting this fiscal year between 23,000 - 25,000 barrels of oil equivalent per day, which is almost double the actual production of last year." For earnings history and earnings-related data on Magnum Hunter Resources Corp (MHR) click here.

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