Magnum Hunter Resources Corp. (NYSE:MHR) reported its fourth-quarter and full-year results this morning before the opening bell. The company suffered a net loss of $61.2 million, or $0.036 per share. On an adjusted basis, though, the loss was just $0.14 per share, which beat analysts' expectations by $0.06 per share. Despite the loss, Magnum Hunter Resources' underlying business is solid.

One of the key metrics that shows this strength is the growth in adjusted EBITDAX. In the fourth quarter, Magnum Hunter Resources' adjusted EBITDAX rose to $37.0 million, which is up 54% over last year's fourth quarter. The company's focus on drilling for oil and natural gas liquids is having a positive impact on its underlying cash flow.

Speaking of production, it was up 44% in the fourth quarter when comparing it to the fourth quarter of 2012. Overall production for the quarter was 1.039 million barrels of oil equivalent. That was an average of 11,298 BOE per day and was liquids-rich as 56.7% of its production was oil or natural gas liquids.

Production would have been higher if it weren't for the company's asset sales as well as production shut-ins due to bad weather and pipeline issues. Adjusting for these three issues, production would have jumped 96% year over year.

Overall, Magnum Hunter Resources delivered solid operating and financial results. The company remains focused on growing in its two core operating areas and has the financial strength to pursue this development plan. 

Matt DiLallo has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.