Friday, May 9, 2014

Enerplus Announces Strong 1Q14 Results; Magnum Hunter Resources Production Surges Almost 60%

Press release: ERF announces strong 1Q14 results.
  • funds flow increased 22% from the previous quarter (remember, the current quarter was hampered by all that bad weather that shut down clipboard-carrying bureaucrats in Washington, DC; apparently the same weather had less effect on the roughnecks working in the Bakken oil patch)
  • average selling price: $91/bbl (1Q14) vs $78/bbl (1Q13)
  • natural gas: 58% (1Q14) vs 52% (1Q13)
Press release from Magnum Hunter Resources pending. A headline suggests MHR production surged almost 60%.
Magnum Hunter misses by $0.02, beats on revs: Reports Q1 (Mar) loss of $0.15 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of ($0.13); total rev rose 98.2% year/year to $107.4 mln; oil and gas sales +102% to $70.2 mln; rev consensus was $98.47 mln consensus; adj. EBITDAX was $38.9 million, compared with $20.6 mln last year. 
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