Quicksilver Resources, which is working to sell assets and reduce a big debt load, announced a narrower loss for the first quarter.
The Fort Worth natural oil and gas producer said its net loss totaled $60 million, down from a restated $212 million loss in the first quarter of 2012. Revenues declined to $133 million from $166.5 million a year ago as both production and prices of natural gas, natural gas liquids and oil declined.
In March, the company announced a deal to sell 25 percent of its Barnett Shale assets to Tokyo Gas for $485 million. Proceeds from that deal were not included in the results, as the transaction did not close until April 30.
The company said its Barnett Shale production declined by 5 percent from the fourth quarter 2012, but its production in Canada's Horn River Basin was up 30 percent.
The company's Quicksilver Production Partners entity also announced that it is withdrawing its filing for an initial public offering of stock due to the sale of the Barnett Shale assets and "the persistence of challenging" pricing for natural gas liquids.
Shares of Quicksilver were off nearly 9 percent, to $2.43 cents a share, in afternoon trading after the results came up short of Wall Street expectations.
-- Steve Kaskovich