Magnum Hunter ends 2013 with total liquidity of $56 million, eyes asset sales in 2014

By Lisa Kerner

Charlotte, N.C., Feb. 24 - Magnum Hunter Resources Corp. announced it had total liquidity of about $56 million on Jan. 31, comprised of about $49 million of cash and $7 million of borrowing availability under its senior revolving credit facility.

The company is also pursuing up to an estimated $400 million of non-core asset sales throughout 2014 to further enhance its liquidity. In 2013, During 2013 Magnum Hunter completed several divestitures for proceeds of more than $500 million.

Magnum Hunter announced its fourth quarter and full-year 2013 results on Monday.

Total upstream and midstream capital expenditures for the three months ended Dec. 31 were $173 million and about $302 million for the full year.

According to the company, it will have sufficient liquidity to fund its fiscal 2014 capital budget.

Financial highlights

Magnum Hunter's oil and gas revenues were up 64% at $59 million for the fourth quarter, compared to the prior-year period, while midstream and marketing revenues were up 595% at $18 million, compared to $2.6 million for the year-ago quarter.

Full-year 2013 oil and gas revenues were up 72.3% to about $198 million versus 2012.

The company reported a fourth-quarter net loss of $0.14 per diluted share and a net loss of $1.64 per diluted share for the full year.

Magnum Hunter is a Houston-based independent exploration and production company.

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