magnum hunter resources corp (MHR) Snapshot

Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Magnum Hunter Resources Corp. and certain of its officers. The class action filed in United States District Court, Southern District of Texas, and docketed under 13-cv-01166, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of MHR between May 3, 2012 and April 16, 2013, both dates inclusive. This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated there under.

Magnum Hunter Resources Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the year, the company reported total revenue was $270,971,000 against $113,680,000 for the same period last year. Operating loss was $135,045,000 against $63,383,000 for the same period last year. Loss from continuing operations before income tax was $162,376,000 against $80,085,000 for the same period last year. Loss from continuing operations was $139,360,000 or $1.09 per basic and diluted common share against $79,389,000 or $0.83 per basic and diluted common share for the same period last year. Net loss was $136,721,000 against $76,412,000 for the same period last year. Net loss attributable to Magnum Hunter Resources Corporation was $132,708,000 against $76,661,000 for the same period last year. Net loss attributable to common shareholders was $167,414,000 or $1.07 per basic and diluted common shares against $90,668,000 or $0.80 per basic and diluted common shares for the same period last year. Total Adjusted EBITDAX was $168,623,000. This increase in revenues was driven primarily by increases in oil and natural gas production as a result of a combination of acquisitions and increased drilling efforts completed throughout the year in unconventional resource plays. Additionally, the Company focused more on oil and liquids rich natural gas related projects during 2012. Net cash provided by operating activities was $58,011,000 against $33,838,000 for the same period last year. Capital expenditures and advances were $568,610,000 against $291,942,000 for the same period last year. Fourth Quarter 2012 Adjusted EBITDAX increased 35% to $54.8 million compared to $40.6 million in the Third Quarter 2012. The company reported a net loss of $85.4 million attributable to common shareholders or $0.54 per basic and diluted common share. The company's net income attributable to common shareholders was $8.9 million or $0.05 per basic and diluted common share. The company reported production results for the fourth quarter and year ended December 31, 2012. Fourth Quarter Production Increased 60% to 14,587 BOEPD compared to 9,124 BOEPD in the Fourth Quarter 2011. The increase in production is primarily attributable to acquisitions as well as organic growth due to the Company's expanded drilling program in its various shale plays. In addition oil/liquids production mix increased to 57% of overall production in the fourth quarter of 2012 compared to 37% in the fourth quarter of 2011 as a result of the shift in capital expenditure program. Oil and gas production increased 139% for the twelve months ended December 31, 2012 to 4.814 MMBoe or 13,152 Boepd (49% oil/liquids) as compared to the 2.011 MMBoe or 5,510 Boepd reported for the twelve months ended December 31, 2011. The increase in production is primarily attributable to acquisitions as well as organic growth due to the company's expanded drilling program focused on oil/liquids drilling. The company reaffirmed production guidance for the year 2013. The company remain confident with 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.

Magnum Hunter Resources Corp., Q4 2012 Earnings Call, Jun 14, 2013