NEW YORK (TheStreet) -- Memorial Resource Development (MRD) shares are down $18.28% to $16.76 after the oil and gas exploration company reported its fourth quarter earnings results before the opening bell today. 

The company reported a fourth quarter profit of $167.2 million, or 1 cent per diluted share on an adjusted basis, missing analysts' 13 cent per share expectations for the period.

The company generated $103.8 million in revenue during the period, missing analysts $123.7 million guidance.

Memorial reiterated its 2015 capital expenditure guidance of $500 million as it aims to complete between 40 and 45 gross wells at its Terryville Field in Louisiana.

The company said that it is exploring cost cutting measures in both capital and expense related items this year, presumably due to falling oil prices which have been hurting the sector as a whole for the past seven months.

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