January 30, 2012 / 2:07 PM / 6 years ago

UPDATE 1-Magnum Hunter Q4 output jumps, raises 2012 view

* Raises 2012 exit rate forecast to 15,000 boepd from 14,500 boepd

* Says Q4 production soared 455 pct to 9,166 boepd (Follows alerts)

Jan 30 (Reuters) - Magnum Hunter Resources said its fourth-quarter production rose more than four times and the oil and gas company increased its 2012 exit rate forecast, helped by stronger output at its Eagle Ford shale, Williston Basin and Marcellus shale.

“Current company-wide production rates now give us the confidence to increase our 2012 exit rate guidance to 15,000 boepd (barrels of oil equivalent per day),” Chief Executive Gary Evans said in a statement.

In December, Houston-based Magnum Hunter had raised its 2012 exit production view to 14,500 boepd from 13,000 boepd that it had forecast earlier.

Fourth-quarter average production rose 455 percent to 9,166 boepd. Currently, the company produces more than 13,000 boepd, Magnum Hunter said.

Shares of the company, valued at $726.93 million, closed at $5.64 on the New York Stock Exchange on Friday. (Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Joyjeet Das)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below