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Quicksilver Production withdraws $250 million IPO

Posted
5/7/2013 5:38:00 PM
By: Renaissance Capital
Referenced Stocks:KWK;QPP

Quicksilver Production Partners, which operates and acquires oil and gas properties in Texas, withdrew its plans for an initial public offering on Tuesday after Quicksilver Resources ( KWK ) reported a net loss for the fifth consecutive quarter. The company cited weak prices of natural gas liquids and the sale of a 25% stake in its Barnett Shale holdings to Tokyo Gas Co. as primary reasons for the withdrawal. The company reported a loss of $60 million for the quarter and $212 million in the past year.

The Fort Worth, TX-based company was founded in 2011 and booked $159 million in sales for the 12 months ended 3/31/2012. Quicksilver Production Partners initially filed for its IPO in February 2012. J.P. Morgan and Credit Suisse were set to be the joint bookrunners on the deal.