Fort Worth-based oil and gas producer Quicksilver Resources said it lost $32 million in the fourth quarter, or $5 million after adjustments. That amounted to a loss of 3 cents a share, in line with financial analysts' estimates, and the shares were down 1 percent in mid-morning trading after opening sharply lower. Quicksilver said its fourth-quarter production averaged 266 million cubic feet of gas equivalent per day, down 22 percent from a year earlier, largely reflecting asset sales. After accounting for those asset sales, production was down 3 percent, which Quicksilver said was "mainly attributable to the impact of curtailed capital spending." The company realized an average $4.59 per 1,000 cubic feet equivalent in the fourth quarter.
In 2014, Quicksilver said it plans $136 million in capital spending, with $98 million of that going to drilling and completion in the Fort Worth Basin and in Alberta's Horseshoe Canyon, a coalbed methane play. That's up from $99 million actually spent in 2013, which was $21 million below budget. The company expects production to average 245 million to 255 million cubic feet a day, with 85 percent of that natural gas.
-- Jim Fuquay