Originally published at www.seclive.com
Magnum Hunter Resources (MHR) announced its first quarter financial results, reporting a 76% increase in revenue from $55.7M to $98.0M. The increase in revenue was attributed to increases in gas and oil production from recent acquisitions. Though a 76% revenue increase, the company reported a net loss of $57.7M, a greater loss from the $17.1M net loss this same quarter last year, resulting in $0.34 losses per share. The losses stemmed from natural gas shut-ins as a result of midstream gathering issues, requiring the company's midstream subsidiary to re-engineer its gathering lines to facilitate capacity. President and CEO Gary Evans commented that though the company had a difficult time and was addressing its midstream gathering issues, its production growth through the year remains promising.
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