Magnum Hunter Resources Corp. (NYSE: MHR) detailed full-year 2013 financial results on Feb. 24.
Total upstream capex, by Dec. 31, 2013, was $301.9 million, the company said. Out of this amount, $131.8 million was allocated for the Williston Basin, $132.4 million was allocated for the Appalachian region and $37.7 was allocated for the South Texas region, the company said.
The company had $144.3 million for leasehold acquisitions, primarily in the Utica and Marcellus shales, the company said.
The current year’s capex budget will be funded through cash flows, anticipated increased borrowing ability under senior revolving credit and additional liquidity sources, the company said. Some noncore asset sales and potential financings could be included in these sources, the company noted.
At year-end 2013, Magnum Hunter had roughly $55.5 million total liquidity—consisting of roughly $48.5 million in cash, and $7 million in borrowing ability-- under the senior revolving credit facility, the company said.
At year-end 2013, oil and natural gas revenues had increased 72.3% to $197.6 million, up from $114.7 million at year-end 2012, the company said. This was due to increased resource production through expanded unconventional drilling operations through the year, as well as higher commodity prices, the company added.
In 2013, oil and natural gas production increased 26.9%--to 9,845 million barrels of oil equivalent per day (MMBOE/d) over 2012’s 7,739 MMBOE/d, the company said. Net loss in 2013, attributable to shareholders, was $278.9 million, at $1.64 per basic and diluted common shares, the company noted.
In 2013, Magnum Hunter sold Eagle Ford assets and North Dakota properties, the company said, for a total exceeding $500 million. Eagle Ford assets in Lavaca and Gonzales Counties, Texas were sold to Penn Virgina Corp. (NYSE: PVA) for $401 million, and properties in Burke County, N.D., were sold for $32.5 million, the company said. Additionally, some North Dakota waterfloods were sold for $45 million, the company said.
Magnum Hunter Resources Corp. is a Houston-based E&P company working throughout the U.S.
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