Tue, Nov. 10, 12:58 PM
- Magnum Hunter (MHR -41.8%) has remained in a trading halt since the opening half-hour of trade after warning in its latest 10-Q that a Chapter 11 bankruptcy filing "may be unavoidable."
- The NYSE now says it has commenced delisting procedures for MHR stock, saying it is no longer suitable for listing based on “abnormally low” price levels.
- "We continue to incur significant losses from continuing operations," MHR says, as oil and gas revenues in the quarter fell 55% Y/Y to $27.9M from $62.5M in the year-ago period.
- The majority owner of the Eureka Hunter pipeline, owned in part by MHR, is demanding $20.8M for past-due gas gathering fees and wants payment assurance by today; if not, it says it will suspend its gas-gathering agreement with MHR and kill the deal altogether without assurance by Nov. 20.
Mon, Aug. 24, 12:44 PM
- Energy Transfer Equity (ETE -0.5%) is bidding for Magnum Hunter Resources' (MHR +6.9%) 46% stake in the Eureka Hunter Pipeline, a deal that could be valued at as much as $600M, Bloomberg reports.
- MHR, which announced in June its plan to sell its Eureka stake, also is said to have reached out to Crestwood Midstream Partners and Summit Midstream Partners to gauge their interest in the pipeline, which carries natural gas between Ohio and West Virginia.
- ETE also is chasing a potential deal with Williams Cos.
Tue, Aug. 11, 2:32 PM
- Magnum Hunter Resources (MHR -13.1%) discloses it has agreed to a joint venture worth up to $430M to farm out 9,500 acres of its undeveloped acreage in the Utica shale play to an unnamed P-E fund.
- MHR will receive a small cash injection, and the P-E firm will retain the rights to drill up to $400M worth of wells on that acreage; once the P-E company generates a 12% internal rate of return, the wells would be returned and any residual production would go to MHR.
- MHR has 200K acres under lease in the Marcellus and Utica shale region, but has not drilled a well since January in order to preserve capital.
Tue, Aug. 11, 9:16 AM
Wed, Jul. 15, 12:45 PM
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Tue, Jul. 7, 12:46 PM
Mon, Jul. 6, 11:33 AM
- Magnum Hunter Resources (MHR +1.9%) says throughput volumes on its Eureka Hunter gas gathering pipeline system located in West Virginia and Ohio have reached a new record high of more than 700K MMBtu/day.
- MHR also says it believes a sale of all its equity ownership in Eureka Hunter could generate up to $600M-$700M in gross cash proceeds.
Tue, Jun. 30, 12:47 PM
Thu, Jun. 25, 9:17 AM
Thu, Jun. 25, 8:54 AM
- Magnum Hunter Resources (NYSE:MHR) +17.1% premarket after disclosing it intends to pursue the sale of 100% of its current equity ownership interest in Eureka Hunter Holdings.
- MHR currently owns ~45.5% of the equity in Eureka Hunter, and believes that a sale of all of its equity ownership interest could generate up to $600M-$700M in gross cash proceeds to the company.
- MHR says the potential transaction would allow it to restructure its balance sheet and dramatically improve its current liquidity position.
Tue, Jun. 23, 12:46 PM
Mon, Jun. 22, 12:45 PM
Fri, Jun. 12, 12:45 PM
Thu, Jun. 11, 12:45 PM
Wed, Jun. 10, 10:47 AM
- Magnum Hunter Resources (MHR -3.3%) is downgraded to Underperform from In-line with a $1.25 price target, cut from $1.75, at Imperial Capital, which foresees challenges to generating adequate funds to spur growth given the company's debt burden.
- The firm believes that even if MHR is successful in raising $100M cash in the relatively near term, MHR in its current operating configuration will outspend cash flow by roughly an equal amount in the latter three quarters of 2015; if MHR raises all the cash it has targeted through sales and JVs, then it likely will have enough liquidity to move through 2016 but need to raise considerable cash for 2017 activity.
- Although MHR has announced liquidity initiatives worth $300M, Imperial expects significant risk in achieving the target.
Magnum Hunter Resources Corporation is an oil and exploration and production company. The Company is engaged in exploration, acquisition, development and production of crude oil, natural gas and NGLs resources in the United States and Canada.
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