Memorial Resource Development Corp. Reports Q2 Loss - Quick Facts

(RTTNews) - Memorial Resource Development Corp. (MRD) reported a second-quarter net loss for MRD Segment of $948.38 million, compared to profit of $38.67 million, a year ago. Adjusted net income increased to $44.8 million from $15.4 million, a year ago.

Total revenues increased to $113.3 million from $56.9 million, a year ago. The company said the increase was primarily due to production increases from MRD's drilling activity in the Terryville Field. Analysts polled by Thomson Reuters expected revenue of $116.93 million for the quarter.

MRD increased production 86% year-over-year to 222 MMcfe/d for the second quarter 2014 compared to 119 MMcfe/d for the second quarter 2013. Second quarter 2014 production consisted of 172 MMcf/d of natural gas, 5.6 MBbls/d of natural gas liquids and 2.7 MBbls/d of oil.

On a consolidated basis, net loss was $1.05 billion, compared to profit of $78.16 million, prior year. Consolidated total revenues increased to $236.56 million from $147.05 million, last year.