Natural gas producer Quicksilver Resources Inc. said Monday that it fell to a loss for the first quarter as it faced weaker natural gas prices and higher costs and wrote down the value of some assets.
The Fort Worth, Texas company lost $70.8 million, or 42 cents per share, for the three months ended March 31, compared with a profit of $8.2 million, or 5 cents per share, a year ago. The latest quarter included a charge of $49.1 million related to acquisitions, exploration, and development in Canada and a $23.3 million loss on the value of contracts associated with the company's stake in BreitBurn Energy Partners LP, a California-based independent oil and gas partnership.
Adjusted to exclude all one-time gains and losses, the company earned $2.8 million, or 2 cents per share, compared with $33.8 million, or 20 cents per share, in the first quarter of 2010. Revenue slipped to $212.2 million from $222.2 million a year earlier as lower natural gas prices were only partly offset by higher sales volumes of natural gas and better prices for NGLs and crude oil.
On average, analysts were expecting a slightly higher profit of 3 cents per share on revenue of $198.1 million, according to FactSet.
Production averaged 392.3 million cubic feet of natural gas equivalent per day during the first quarter, up 23 percent from a year ago. The increase was once again driven mostly by growth in the Barnett Shale, along with its Horn River Basin natural gas project in northeast British Columbia. Quicksilver said it has built up acreage positions in four developing oil plays and three natural gas plays, to grow its reserve base and production, and expects initial results later this year.
Quarterly average daily production volume is expected to increase approximately 8 percent sequentially in the second quarter.
Shares rose 35 cents, or 2.5 percent, to $14.22 in morning trading.
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