Magnum reported a Q2 loss of 18 cents/share. This missed estimates by 7 cents/share. Total revenues increased
98% year over year. 48% of this production was liquids. Oil and gas
production increased 23% year over year. From this standpoint the
company did well, but costs were also a big problem.
Magnum saw its LOE
increase per barrel of oil equivalent. This was attributed to high costs
in the Bakken, bringing liquids production on line. Company production
was negatively impacted due to Appalachian well shut ins as a result of
pipeline and liquids handling issues with its midstream assets. Magnum
also had permitting issues in West Virginia.
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