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Quicksilver Production withdraws $250 million IPO
By: Renaissance Capital
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 (
) 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.