Top Energy Stocks
Energy stocks were extending their losses with the NYSE Energy
Sector Index sinking 2.4% while shares of energy companies in the
S&P 500 were down 2.1% as a group.
In company news, Quicksilver Resources (
) fell hard Tuesday, sliding to a near 14-year low after the oil
and gas producer reported a wider Q2 net loss compared with the
same period last year despite revenues beating Wall Street
KWK shares recently were down over 16% at $1.50 per share, just
a penny off its session low and it lowest share price since
The company today reported an adjusted net loss of $0.07 per
share, expanding on a $0.06 per share loss during the same quarter
last year and exceeding the projected net loss of analysts
following the company by $0.01 per share.
Total revenue declined 32.7% year over year to $118.03 million
but still surpassed the Capital IQ consensus by around $8.96
Q2 production fell almost 11% from year-ago levels to 23.3
billion cubic feet of natural gas equivalent, averaging around 255
million cubic feet per day. The company blamed much of the decline
to its sale of a 25% stake in Barnett shale formation assets to a
subsidiary of Tokyo Gas and the natural decline of volumes from its
The company also said Q3 production is seen in a range of 245
million to 250 million cubic feet per day, consisting of around 85%
natural gas and 15% natural gas liquids. Expected production
levels, on average, are being reduced roughly 5 million cubic feet
per day by a planned, two-week outage at a third-party treating
facility in the Horn River Basin.
It continues to project FY14 production of around 245 million to
255 million cubic feet per day.
In other sector news,
(+) NTI, Q2 revenue rises 41.7% year over year to $1.6 bln,
topping estimates by around $30 mln. EPS of $0.62 misses by $0.08
(-) AREX, Adjusted Q2 EPS of $0.22 per share misses by $0.01.
Revenue rises 73.7% year over year to $73.41 mln, topping consensus
by around $8.33 mln. Q2 production rises 58% year over year to
14,100 barrel of oil equivalent per day.
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