Magnum Hunter Resources Earnings: Here’s Why Shares are Up Now
Magnum Hunter Resources Corporation (NYSE:MHR) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.52%.
Magnum Hunter Resources Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.06 in the quarter versus EPS of $-0.01 in the year-earlier quarter.
Revenue: Rose 62.52% to $98 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Magnum Hunter Resources Corporation reported adjusted EPS loss of $0.06 per share. By that measure, the company beat the mean analyst estimate of $-0.11. It beat the average revenue estimate of $88.73 million.
Quoting Management: Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources, commented, “Our management team and Board are pleased to complete this first quarter 2013 financial statement filing. We accomplished this goal within our previously stated thirty day plan. As reflected in this filing, internal control issues are being addressed, and we intend to refocus our time and efforts on growing our production from our substantial asset base with our current drilling plans. Actual production for this first quarter was substantially impacted by shut-ins necessary in our Appalachian Division due to midstream gathering issues. While the problem was troublesome and required additional pigging launchers to be installed due to heavy NGL and liquids production found in our new Marcellus wells current gas stream, this is a good problem in that this should prove beneficial over time with greater overall liquids production. We are confident that our leasehold acreage positions in both the Williston Basin and Marcellus/Utica Shale Plays will reflect great production growth as the year unfolds.”
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