Halcon Resources Corp.'s Production Surges As Earnings Beat the Street

Production exceeded the upper end of Halcon Resources' guidance, enabling the company to beat by a penny per share.

May 7, 2014 at 7:26PM

Halcon Resources (NYSE:HK) reported first-quarter results after the closing bell today. The shale-focused driller announced adjusted net income of $11.9 million, or $0.03 per share. That beat analysts' estimates by a penny. 

Halcon Resources produced an average of 36,622 barrels of oil equivalent per day, or BOE/d. That was above the high end of the company's guidance, which helped it top earnings estimates. Production was also 41% higher than last year's first quarter, as the company's focus on technological innovation yielded strong well results.

The company also was able to push its total operating costs lower by 8% year over year. On top of that, Halcon Resources was able to realize a higher average prices per BOE than in last year's first quarter. The combination of higher production and energy prices along with lower costs had a noticeable impact on the company's bottom line. This was evidenced as net cash provided by operating activities surged from $45.7 million in last year's first quarter to $159.5 million this quarter.

In commenting on the quarter in the company's press release, CEO Floyd Wilson pointed out that "first-quarter results exceeded expectation." He further said the company is "firing on all cylinders from an operational standpoint," which is why the company is "excited about the opportunities that lie ahead."

Matt DiLallo and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.

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