- Magnum Hunter (MHR +10.8%) shares are strong after solid Q3 results, including an 80% Y/Y rise in revenues due to production increases and higher average realized commodity prices.
- Oil and gas production rose 38.5% Y/Y to 10,049 boe/day, although continued troubles getting natural gas and natural gas liquids processed weighed on totals; without production shut-ins at its Appalachian division caused by the complete shut-down of MarkWest's Mobley gas processing facility, Q3 production would have been more than 30% higher.
- Oil and natural gas liquids production has increased to 54% of production from 42%, which is helping to improve margins and cash flows.
Magnum Hunter +11% after solid Q3 results
Nov 8 2013, 15:45 ET