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Post-Earnings Briefing and Notes - Magnum Hunter Resources

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LONDON, August 19, 2014 /PRNewswire/ --

Investor-Edge.com has issued free post-earnings briefing and notes on Magnum Hunter Resources Corporation (NYSE: MHR) as the company recently featured in the headlines on Friday, August 08, 2014 for reporting a 103% year-over-year surge in its adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX) in Q2 2014. Meanwhile, oil and gas revenues rose by 58% year-over-year in the second quarter of 2014. Our free coverage report can be accessed at:


Earnings Overview 

For the quarter ended June 30, 2014, primarily due to increases in oil and natural gas production and higher average realized commodity prices, Magnum Hunter Resources Corp.'s oil and gas revenues improved to $78.19 million from $49.58 million in Q2 2013. The company's midstream and marketing revenues rallied 246% year-over-year to $48.36 million. During the second quarter 2014, adjusted EBITDAX stood at $51.43 million, versus $25.39 million in the year-ago period. The company's oil and gas production from continuing operations increased 49% year-over-year to 1.449 million barrels of oil equivalent (MMBoe), or an average of 15,923 BOE per day (Boe/d) in Q2 2014 from 0.97 million BOE (MBoe), or an average of 10,664 Boe/d in the year ago period. The free research on MHR can be downloaded as in PDF format at:


Till the date of Q2 2014 results announcement in 2014, Magnum Hunter Resources Corp. has divested several non-core assets, which resulted in net proceeds worth in excess of $100 million, before customary purchase price adjustments. The company has also decided to monetize its Divide County, North Dakota operated and non-operated properties and reallocate the financial resources to its core operations in the Appalachian Basin. During the quarter, the company acquired 15,228 net leasehold acres within the Marcellus and Utica Shale plays and 1,700 net mineral acres located in Monroe County, Ohio and Wetzel County, West Virginia. In the second quarter 2014, the company commenced or participated in the drilling of a total of 18 gross wells, of which 5 were operated by the Company. The company also recorded a success rate of 100% on the 10 wells in which it had a working interest that were completed during the reported period.

Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer at Magnum Hunter Resources Corp., said that the company's Q2 2014 financial numbers are symbolic to the changes in the business model with greater emphasis on Appalachian assets. Mr. Evans asserted that the company will continue this redirection and concentrate on the substantial leasehold position in the Marcellus and Utica Shale plays. He notified that though the company's production growth in 2014 is significantly back end loaded due to pad drilling, Magnum Hunter Resources Corp expects to meet its 2014 exit rate target of 32,500 Boe/d.

The Houston, Texas based-independent oil exploration and production company outperformed market expectations by reporting better than expected revenues for the second quarter 2014. During the quarter, total revenue surged to $132.52 million from $67.91 million in Q2 2013, thereby, outperforming the Bloomberg consensus estimate of $115.09 million. The company reported net loss attributable to common shareholders of $79.98 million, or $0.43 loss per share, in Q2 2014 as compared to net income of $151.31 million, or $0.89 per share, in the prior year quarter and Bloomberg net loss expectation of $26.50 million, or $0.16 loss per share. Sign up and read the free analyst's notes on MHR at:


Stock Performance  

On the day of the earnings release, Friday, August 08, 2014, Magnum Hunter Resources Corp.'s shares rallied 10.00% to close the session at $6.38. However, on the last close, Monday, August 18, 2014, the company's shares lost 1.11% to end the day at $6.24. The stock oscillated between $6.16 and $6.39 during the trading session. A total of 2.60 million shares were traded, which was below the three months average volume 3.64 million shares. Magnum Hunter Resources Corp.'s shares have advanced 3.31% in the previous three trading sessions, while the stock has lost 14.17 % in the last one month and 14.64 % on YTD basis. The stock is trading below its 50-day and 200-day moving averages $7.43 and $7.66, respectively. Moreover, Magnum Hunter Resources Corp.'s stock has a Relative Strength Index (RSI) of 41.25. Visit Investor-Edge and access the latest research on MHR at:


Sneak Peek to Corporate Insider Trading  

In the last one month, Magnum Hunter Resources Corp. has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on MHR is available at:


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1. This is not company news. We are an independent source and our views do not reflect the companies mentioned.

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