Magnum Hunter sees $461.09 million operating loss for full-year 2015

By Caroline Salls

Pittsburgh, May 6 – Magnum Hunter Resources Corp. reported a $461.09 million operating loss for the year ended Dec. 31 on $154.12 million in total revenue, according to a 10-K filed Friday with the Securities and Exchange Commission.

In comparison, Magnum Hunter posted a $490.36 million operating loss for the year ended Dec. 31, 2014 on $391.47 million in total revenue.

According to the 10-K, the company’s oil and natural gas sales decreased 50.3% for the year ended Dec. 31 compared to the year ended Dec. 31, 2014, primarily as a result of decreases in average sales prices received and partially offset by higher production volumes from its Marcellus Shale and Utica Shale wells.

The net loss for 2015 was $783.87 million, widening from a $137.83 million net loss for 2014.

In addition, the company had $40.87 million in cash and cash equivalents as of Dec. 31, down from $53.18 million at Dec. 31, 2014.

Based in Irving, Texas, Magnum Hunter is an oil and gas exploration company. It filed for Chapter 11 relief on Dec. 15, 2015 in the U.S. Bankruptcy Court for the District of Delaware under the case number 15-12533.

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