Quicksilver Resources said late Friday in a government filing that it will restate its earnings for the first, second and third quarters of 2012 "due to non-cash related errors to our derivative accounting treatment." The Fort Worth-based producer said it expects to file amended statements next week. Quicksilver said it determined that it was not eligible for a particular form of accounting for its hedges, contrary to its previous judgments.
"In total, the estimated aggregate impact to 2012 income (loss) before income taxes was to improve that amount by $199 million and to reduce the income tax benefit by $66 million, which yield an overall increase to net income of $133 million," Quicksilver said. "None of these matters impact the previously reported totals for cash flows from operating activities, investing activities or financing activities. None of the matters impact compliance with the financial covenants associated with our senior secured credit facility," it said.
-- Jim Fuquay