This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Magnum Hunter Resources' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Our 2011 Annual report also includes a glossary of certain industry terms that may be used in today’s conference call. The full forward-looking statements disclaimer as well as reconciliation to certain non-GAAP financial information presented are included in the company’s second quarter 2012 financial results press release dated August 9, 2012, which is posted on the company’s website under press releases. This disclaimer is in effect for the full duration of this conference call.

I will now turn the meeting over to Mr. Gary C. Evans, our Chairman and CEO.

Gary Evans

Thank you for dialing in today and hearing about our second quarter as well as our six months ended June 30 financial results we reported this morning before the market opened. The company reported a record revenues of $60.3 million for the three months ended June 30. We also reported record EBITDA of $41.1 million pro forma for the second quarter, which included our acquisition of the Baytex properties located in Williston Basin that was completed in May.

Average production rate for the second quarter increased to 162% and our liquidity continue to increase with combination of our high-yield offering, our perpetual preferred, our new borrowing-based increase and we presently have about $255 million of liquidity including what we can sell under our perpetual preferred Series D.

So, all in all, if you look at the quarter, we continued our game plan of exploiting predominantly our existing assets located in Williston Basin with active rigs running in North Dakota, five rigs today; two rigs running in Saskatchewan. And then we also continued our development efforts in the Eagle Ford of South Texas, predominantly Gonzales and Lavaca counties where we’ve had substantial success. We have two rigs running down there today.

So we made a decision, early part of the year, to refocus a significant piece of our capital budget to oil. Magnum Hunter is in a unique position of having a number of shale plays where we can redirect capital dollars and as operator, be in control of that and therefore change our production mix pretty rapidly.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs