Quicksilver Resources Inc.
) posted an adjusted loss per share of 6 cents in the second
quarter of 2013, wider than the Zacks Consensus Estimate of a
loss of 3 cents and year-ago loss of 4 cents.
Including a gain of $1.43 per share, the company reported
earnings of 1.37 per share compared with a loss of $4.72 per
share a year ago.
Quicksilver Resources' total revenue was $175.5 million, beating
the Zacks Consensus Estimate by $44.5 million. On a
year-over-year basis, quarterly total revenue decreased primarily
due to a decline in production revenues.
Quicksilver Resources achieved overall average daily production
of 287.3 million cubic feet of natural gas equivalent (MMcfe),
down 20% year over year due to a drop in production volumes in
the U.S., partially offset by a rise in output levels from the
Canadian operations mainly at the Horn River.
Total realized prices decreased 12.1% year over year to $4.50 per
thousand cubic feet (Mcfe), resulting from downswings in natural
gas, NGL and oil prices.
Total expenses dropped 91.6% year over year to $113.8 million,
primarily due to the absence of impairment, and a decrease in
gathering, processing and transportation and depreciation
Quicksilver Resources' operating income was $395 million versus
an operating loss of $1.2 billion a year ago.
Quicksilver Resources' cash balance as of Jun 30, 2013 was $96.8
million versus $5.0 million as of Dec 31, 2012. The improvement
in cash position was primarily driven by strong results from the
net cash provided by investing activities.
Long-term debt as of Jun 30, 2013 was $2 billion versus $2.1
billion as of Dec 31, 2012.
Net cash used in operating activities during the first six months
of 2013 was $78.1 million versus net cash provided by operating
activities of $99.5 million in the year-ago comparable period.
During second-quarter, Quicksilver Resources invested $27 million
under its capital spending program. Of the total expenditure, $5
million was allocated for drilling and completion activities, $16
million used for acreage and surface purchases, $2 million for
interest on capital and $4 million for overhead costs on capital.
Quicksilver Resources expects production volumes in third-quarter
to be 275 - 280 MMcfe per day. The company also provided
full-year 2013 production volume guidance in the range of 290-300
MMcfe per day.
Other Company Releases
Anadarko Petroleum Corp.
) posted net earnings from continuing operations of $1.05 per
share for the second quarter, beating the Zacks Consensus
Estimate by 15 cents.
Noble Energy Inc.
) reported adjusted earnings per share of 69 cents for the second
quarter, lagging the Zacks Consensus Estimate by 4 cents.
) reported second quarter pro forma earnings per share of $2.01,
missing the Zacks Consensus Estimate by a penny.
Fort Worth, Texas-based Quicksilver Resources is primarily
engaged in the development of long-lived, unconventional
reservoirs, which include fractured shales, coalbeds and tight
sands in the North American continent. The company currently has
a Zacks Rank #3 (Hold).
APACHE CORP (APA): Free Stock Analysis Report
ANADARKO PETROL (APC): Free Stock Analysis
QUICKSILVER RES (KWK): Free Stock Analysis
NOBLE ENERGY (NBL): Free Stock Analysis
To read this article on Zacks.com click here.