Shares of Quicksilver Resources fell by 15 percent today as the Fort Worth-based producer said its second-quarter net loss was a bit wider than last year and production declined.
The Fort Worth-based producer, which is dealing with a big debtload, said its adjusted net loss, excluding charges for derivative gains or losses and other items, was $11 million, or 7 cents a share, compared to $11 million, or 6 cents a share, a year ago.
Overall, the company's net loss was $36 million, or 21 cents a share, compared to net income of $243 million a year ago, when the company logged a big gain from the sale of Barnett Shale assets to Tokyo Gas.
Second-quarter production was 23.3 billion cubic feet of natural gas equivaleent, off from 26.1 Bcfe a year ago, due to the effects of its venture with Tokyo Gas and natural declines in Canadian volumes. In the Barnett Shale, production was 15.3 Bcfe, up 11 percent, a bit more than expected.
CEO Glenn Darden said: "Quicksilver's top goals for the remainder of 2014 remain unchanged and management is extremely focused on unlocking the value in the Horn River, building cash flow in core areas, and addressing the subordinated notes due in 2016," said Glenn Darden, CEO of Quicksilver Resources. "In addition, we will push hard to advance our West Texas project and reduce overall company debt."
Shares were off 23 cents at $1.55 a share in late morning trading.
-- Steve Kaskovich