Company Delivers 44% Year-Over-Year Production Growth
Full Year 2014 Production Guidance Raised
HOUSTON, July 30, 2014 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today announced its second quarter 2014 results.Revenues for the three months ended June 30, 2014 totaled $327.1 million, an increase of 53% compared to the three months ended June 30, 2013. Production for the quarter came in above guidance and increased 44% year-over-year to an average of 42,055 barrels of oil equivalent per day (Boe/d). Second quarter 2014 production was 85% oil, 7% natural gas liquids (NGLs) and 8% natural gas. Excluding the impact of hedges, the Company realized 91% of the average NYMEX oil price, 35% of the average NYMEX oil price for NGLs and 113% of the average NYMEX natural gas price during the period. Total operating costs per unit (including lease operating expense, workover and other expense, taxes other than income, gathering and other expense, and general and administrative expense), after adjusting for selected items (see Selected Operating Data table for additional information), decreased by 21% to $24.45 per Boe in the second quarter of 2014, compared to the second quarter of 2013. After adjusting for selected items primarily related to the non-cash impact of derivatives (see Selected Item Review and Reconciliation table for additional information), net income was $32.5 million, or $0.07 per diluted share, for the three months ended June 30, 2014. Halcón reported a net loss available to common stockholders of $73.3 million, or $0.18 per diluted share for the quarter. Steve W. Herod, President, commented, "Second quarter results were solid and reflect our ongoing efforts to maximize returns. We believe we are well positioned to continue delivering strong growth in our core plays, and we are comfortable with our current liquidity position. Leverage metrics should also improve over time."