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Magnum Hunter’s Borrowing ‘Stands Out’

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June 30, 2014

Even in a business whose lifeblood is borrowing, Magnum Hunter Resources Corp. (NYSE: MHR) stands out, Bloomberg said June 27.

The Houston-based shale driller owes $891 million -- about 70 times more than its EBITDA in the past year, according to data compiled by Bloomberg. The industry average is 4.3.

The U.S. Securities and Exchange Commission (SEC) opened an inquiry last year into Magnum Hunter’s accounting that began after the company’s auditor found “material weaknesses” and Magnum Hunter dismissed the firm. Chairman and CEO Gary Evans also rents his plane ...

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