Eureka Hunter Announces Record Gas Gathering Throughput
07 January 2014 - 12:00PM
Marketwired
Eureka Hunter Announces Record Gas Gathering Throughput
HOUSTON, TX--(Marketwired - Jan 7, 2014) - Eureka Hunter
Pipeline, LLC ("Eureka Hunter"), a majority-owned subsidiary of
Magnum Hunter Resources Corporation (NYSE: MHR) (NYSEMKT: MHR.PRC)
(NYSEMKT: MHR.PRD) (NYSEMKT: MHR.PRE) ("Magnum Hunter" or the
"Company"), announced today that throughput volumes on Eureka
Hunter's gas gathering pipeline system located in West Virginia and
Ohio have increased to approximately 166,500 MMBtu per
day. During December 2013, Triad Hunter, LLC ("Triad"), a
wholly-owned subsidiary of the Company, produced approximately 45%
of the volumes that flowed through the Eureka Hunter Pipeline
System. The Company expects Eureka Hunter to flow an additional
40,000 MMBtu per day of throughput volumes (approximately 206,500
MMBtu per day total) from Triad's new WVDNR and Ormet wells located
in Wetzel County, West Virginia and Monroe County, Ohio,
respectively. These new wells are scheduled to go online sometime
over the next three to six weeks. In addition, based upon new
Marcellus and Utica drilling schedules, the Company expects Eureka
Hunter to add significant throughput volumes shipped from a
combination of third parties and Triad throughout 2014.
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Eureka Hunter Pipeline |
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2012 Avg. |
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Jan-13 |
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Feb-13 |
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Mar-13 |
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Apr-13 |
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May-13 |
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Jun-13 |
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Jul-13 |
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Aug-13 |
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Sep-13 |
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Oct-13 |
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Nov-13 |
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Dec-13 |
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High Pressure Reservation Volume (MMBtu/d) |
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Magnum
Hunter |
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40,000 |
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87,950 |
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87,950 |
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87,950 |
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91,117 |
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92,950 |
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92,950 |
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75,000 |
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75,000 |
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75,000 |
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75,000 |
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75,000 |
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75,000 |
Third-Parties |
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6,667 |
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35,000 |
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35,000 |
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35,000 |
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47,000 |
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47,000 |
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47,000 |
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88,000 |
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88,000 |
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88,000 |
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88,000 |
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88,000 |
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88,000 |
Total |
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46,667 |
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122,950 |
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122,950 |
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122,950 |
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138,117 |
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139,950 |
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139,950 |
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163,000 |
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163,000 |
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163,000 |
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163,000 |
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163,000 |
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163,000 |
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High Pressure Throughput Volume (MMBtu/d) |
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Magnum
Hunter |
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23,291 |
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16,055 |
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20,137 |
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29,448 |
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27,876 |
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49,201 |
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59,461 |
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53,984 |
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37,601 |
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26,677 |
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41,729 |
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44,071 |
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77,120 |
Third-Parties |
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- |
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23,688 |
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29,194 |
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35,167 |
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35,180 |
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37,161 |
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38,691 |
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54,426 |
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51,147 |
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26,787 |
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49,965 |
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58,825 |
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82,350 |
Total |
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23,291 |
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39,743 |
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49,331 |
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64,615 |
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63,056 |
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86,362 |
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98,152 |
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108,410 |
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88,748* |
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53,464* |
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91,694* |
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102,896 |
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159,470 |
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* Throughput drop was due to MarkWest Mobley Plant
shut-in
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and subsidiaries are a
Houston, Texas-based independent exploration and production company
engaged in the acquisition, development and production of crude
oil, natural gas and natural gas liquids, primarily in the States
of West Virginia, Ohio, Kentucky, and North Dakota. The Company is
presently active in three of the most prolific unconventional shale
resource plays in North America, namely the Marcellus Shale, Utica
Shale, and Williston Basin/Bakken Shale.
Availability of Information on the Company's Website
Magnum Hunter is providing a reminder that it makes available on
its website (at www.magnumhunterresources.com) a variety of
information for investors, analysts and the media, including the
following:
- annual reports on Form 10-K, quarterly reports on Form 10-Q,
current reports on Form 8-K and any amendments to those reports as
soon as reasonably practicable after the material is electronically
filed with or furnished to the Securities and Exchange
Commission;
- the most recent version of the Company's Investor Presentation
slide deck;
- announcements of conference calls, webcasts, investor
conferences, speeches and other events at which Company executives
may discuss the Company and its business and archives or
transcripts of such events;
- press releases regarding annual and quarterly earnings,
operational developments, legal developments and other matters;
and
- corporate governance information, including the Company's
corporate governance guidelines, committee charters, code of
conduct and other governance-related matters.
Magnum Hunter's goal is to maintain its website as the
authoritative portal through which visitors can easily access
current information about the Company. Over time, the Company
intends for its website to become a primary channel for public
dissemination of important information about the
Company. Investors, analysts, media and other interested
persons are encouraged to visit the Company's website
frequently.
Certain information included on the Company's website
constitutes forward-looking statements and is subject to the
qualifications under the heading "Forward-Looking Statements" below
and in the Company's Investor Presentation slide deck.
Forward-Looking Statements
This press release includes "forward-looking statements." All
statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements.
Actual results could vary significantly from those expressed or
implied in such statements and are subject to a number of risks and
uncertainties. Although Magnum Hunter believes that the
expectations reflected in the forward-looking statements are
reasonable, Magnum Hunter can give no assurance that such
expectations will prove to be correct. The forward-looking
statements involve risks and uncertainties that affect operations,
financial performance, and other factors as discussed in filings
made by Magnum Hunter with the Securities and Exchange Commission
(SEC). Among the factors that could cause results to differ
materially are those risks discussed in the periodic reports filed
by Magnum Hunter with the SEC, including Magnum Hunter's Annual
Report on Form 10-K for the fiscal year ended December 31, 2012 and
its Quarterly Reports on Form 10-Q for the fiscal quarters ended
after such fiscal year. You are urged to carefully review and
consider the cautionary statements and other disclosures made in
those filings, specifically those under the heading "Risk Factors."
Forward-looking statements speak only as of the date of the
document in which they are contained, and Magnum Hunter does not
undertake any duty to update any forward-looking statements except
as may be required by law.
Contact: Chris Benton AVP, Finance and Capital Markets
ir@magnumhunterresources.com 832-203-4539