Memorial Resource reports Q2 revenue $113.28M, consensus $116.93M Reports Q2 adjusted net income $44.8M vs. $15.4M. Production and ad valorem taxes totaled $3.9M for Q2, or 10c per Mcfe, compared to $3.8M, or 35c per Mcfe, for 2Q13. Per unit production and ad valorem taxes decreased in the quarter compared to the prior year period primarily due to the utilization of temporary production tax rate incentives available on new wells drilled.
Memorial Resource reports 2014-end proved reserves up 45% to 1.6 Tcfe Proved reserve value on a PV-10 basis increased 106% to $3B compared to $1.5 billion at year-end 2013. Proved, probable and possible reserves increased 34% to 4.9 Tcfe at year-end 2014 compared to 3.6 Tcfe at year-end 2013. MRD reported estimated fourth quarter 2014 average daily production of 282 MMcfe/d which represents a 21% sequential increase from the third quarter 2014. MRD increased estimated full year 2014 production 77% to 227 MMcfe/d compared to 128 MMcfe/d for full year 2013. MRD completed 11 gross horizontal wells in the Terryville Field during the fourth quarter 2014.