Magnum Hunter Resources Inactive 10-Q2014 Q1 Quarterly report

Filed: 9 May 14, 12:00am

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New words: ABN, absence, accessing, al, Alberta, AMRO, analyze, Antoinette, arbitration, arbitrator, arisen, ascribed, Atascosa, attached, Australian, awaiting, Bcf, BDJ, blend, CAD, categorized, certainty, characterization, Chase, choke, Circuit, CIT, Civil, claim, colder, Colt, compensatory, composition, consummation, contemplated, contingent, contractor, cooperate, copy, CTA, death, deceased, decision, deemed, demobilization, depth, derecognition, descendant, description, disagreement, discharge, discovery, displacing, downtime, Drawbridge, driven, EBITDA, electrified, employee, encouraging, entirety, Epping, escrow, ethane, Eurodollar, excused, Exhibit, expedited, extinguish, extinguishment, Farley, fatal, favorable, FCP, fire, flash, flexibility, foot, foreign, formation, fueled, GAAP, global, group, growing, handling, Harveth, hearing, hereto, Hickory, highest, history, hole, Hub, incident, influence, influenced, injunction, injured, Investigation, investor, jointly, JPMorgan, Judge, juncture, Karen, lawsuit, leaseback, lender, lesser, leverage, listed, Madison, matter, merger, merit, Miller, mobilization, modified, modify, monetary, motion, Mountain, Muhlenberg, multiple, negligent, northeastern, NSE, Oneok, ordinary, Ormet, outcome, Park, peak, peaked, Pennant, perfected, perforate, persisted, person, pilot, plead, Pleasant, pledge, plug, Point, political, portable, pose, prejudice, profitable, prohibiting, propane, proportionate, prosecution, PSA, psi, punitive, purport, receipt, referenced, refinance, release, released, relief, removing, reorganize, resale, resided, rest, restraining, restructured, restructuring, retail, retroactive, Richard, Rogersville, Royal, satisfaction, Schramm, Seminole, Sentra, settle, settled, shift, shipped, shortly, spinoff, spring, spudding, stage, staggered, Stalder, standard, station, stemming, step, Stewart, stimulated, stimulation, stockholder, Stone, style, subpoena, Subtopic, successfully, sued, sum, summarize, summarized, SunTrust, supply, suspended, testimony, title, transmission, travel, trial, truck, trucking, true, trunk, Twin, Tyler, uncertainty, USA, variety, voluntary, weather, week, Winland, winter, wrongful, wrote, WVDNR, Zwirn

Removed: accreted, achieved, acquiring, AG, allocate, allocated, alongside, annually, Appalachia, approach, arrangement, Article, assessed, assist, assumed, attention, authenticating, automated, Aviation, barrel, basket, begun, Branch, bringing, British, charge, communication, complex, complexity, consolidate, constituted, coordinated, coordination, cubic, declaration, declared, defense, delay, delayed, deplete, depleted, Depositary, depreciated, Deutsche, discounted, dismantlement, disposition, divert, divestiture, divided, documentation, earlier, eliminated, engineering, enhanced, environment, equip, equivalent, evaluated, exchangeable, Exchangeco, exclusive, exist, expanded, experienced, expertise, explore, exploring, expose, factor, formal, forward, functionally, Gal, geographic, glossary, goodwill, governed, governing, GP, guaranteed, guaranteeing, highly, important, incorporation, insolvency, install, insufficient, internally, involved, joint, journal, junior, Lattice, Lavaca, leadership, limit, liquid, London, long, manually, maturing, MBbl, meant, merge, met, minimal, mitigating, mix, Mobley, monetized, month, multiplied, nationality, necessitated, network, newly, nonvoting, notice, notional, NuLoch, objective, organized, partnership, paying, percentage, performing, personnel, precise, presently, pretax, priority, produce, proportion, provision, publicity, rata, Real, reallocated, recording, recourse, redeem, redeemed, refocused, registrar, remained, repurchase, resolved, restrictive, resultant, retaining, retention, retire, return, reviewing, revolver, Sanish, segregation, seismic, separate, setup, sharing, staffing, storage, strategically, subordinated, supplement, supporting, tangible, taxable, team, thermal, thousand, tracked, transitioning, translated, Trust, trustee, UBS, unconditionally, understanding, unsuccessful, upgrading, volumetric, waived, Wilmington, window

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Exhibit 12.1



		For the Three Months Ended March 31, 2014				Years Ended December 31,
		For the Three Months Ended March 31, 2014				2013				2012				2011				2010				2009
		(in thousands)
Fixed Charges:
Interest Charges		25,227				$	75,782			$	56,650			$	12,388			$	3,995			$	2,801
Series A Convertible Preferred Units of Eureka Hunter Holdings, LLC, cumulative distribution rate of 8.0%		4,028				14,323				8,090				—				—				—
Series B Convertible Preferred Stock, cumulative, dividend rate 2.75%		—				—				—				—				131				—
Series C Cumulative Perpetual Preferred Stock, cumulative dividend rate 10.25%		2,562				10,248				10,248				10,248				2,336				26
Series D Cumulative Preferred Stock, cumulative dividend rate 8.0%		4,424				17,655				11,699				3,759				—				—
Series E preferred stock, cumulative dividend rate 8.0%		1,834				7,561				894				—				—				—
Total Fixed Charges		$	38,075			$	125,569			$	87,581			$	26,395			$	6,462			$	2,827

Loss Before Taxes and Non-controlling Interest		$	(37,901	)		$	(274,349	)		$	(138,968	)		$	(59,676	)		$	(22,812	)		$	(15,633	)
Fixed Charges (Calculated Above)		38,075				125,569				87,581				26,395				6,462				2,827
Less: Capitalized Interest		(525		)		(2,396		)		(4,240		)		—				—				—
Less: Series A Convertible Preferred Units of Eureka Hunter Holdings, LLC, cumulative distribution rate of 8.0%		(4,028		)		(14,323		)		(8,090		)		—				—				—
Earnings		$	(4,379	)		$	(165,499	)		$	(63,717	)		$	(33,281	)		$	(16,350	)		$	(12,806	)

Ratio of Earnings to Fixed Charges with Preferred Dividend ⁽¹⁾		—			⁽⁷⁾	—			⁽⁶⁾	—			⁽⁵⁾	—			⁽⁴⁾	—			⁽³⁾	—			⁽²⁾

(1)	For purposes of determining the ratio of earnings to fixed charges, earnings are defined as income from continuing operations before income taxes and non-controlling interest, plus fixed charges and amortization of capitalized interest, less capitalized interest. Fixed charges consist of interest incurred (whether expensed or capitalized), amortization of deferred financing costs and an estimate of the interest within rental expense. All reported periods of the calculation of the ratio of earnings to fixed charges exclude discontinued operations.
(2)	Earnings were inadequate to cover fixed charges for the year ended December 31, 2009 by $15.6 million
(3)	Earnings were inadequate to cover fixed charges for the year ended December 31, 2010 by $22.8 million
(4)	Earnings were inadequate to cover fixed charges for the year ended December 31, 2011 by $59.7 million
(5)	Earnings were inadequate to cover fixed charges for the year ended December 31, 2012 by $139.0 million
(6)	Earnings were inadequate to cover fixed charges for the year ended December 31, 2013 by $274.3 million
(7)	Earnings were inadequate to cover fixed charges for the three months ended March 31, 2014 by $37.9 million