Quicksilver Resources Inc. posted an adjusted loss per share of 8 cents in the first quarter of 2014, wider than the Zacks Consensus Estimate of a loss of 6 cents and the year-ago loss of 4 cents per share.
On a GAAP basis, the loss was 34 cents per share considering the effect of an unrealized commodity derivatives loss, strategic transaction costs and income tax adjustments.
Quicksilver Resources' total revenues were $91.8 million in the reported quarter, lagging the Zacks Consensus Estimate by 16.5%. On a year-over-year basis, quarterly revenues decreased nearly 22.7%. The revenue decline can be attributed to a 12.8% downside in production returns.
In first-quarter 2014, Quicksilver Resources achieved overall average daily production of 245.9 million cubic feet of natural gas equivalent (MMcfed), down 31.2% year over year due to lower natural gas, natural gas liquids (NGL) and oil production volumes.
Total realized prices (excluding hedging) surged 34.9% year over year to $4.79 per thousand cubic feet (Mcfe) in the reported quarter due to higher average realized prices of NGL, natural gas and oil.
Total expenses fell 16.1% year over year to $102.8 million due to a sharp 24.7% decline in lease operating expenses.
Quicksilver Resources incurred an operating loss of $11.1 million, wider than a loss of $3.9 million in the year-ago period. The steep revenue downturn outweighed the favorable cost decline resulting in the company to incur a loss in the first quarter 2014.
Quicksilver Resources' cash balance as of Mar 31, 2014, was $69.3 million versus $89.1 million as of Dec 31, 2013.
Long-term debt as of Mar 31, 2014, was nearly $1,986.4 million versus $1,988.9 million as of Dec 31, 2013.
Net cash used in operating activities during the quarter was $20.0 million versus $14.4 million in the year-ago comparable period.
Capital expenditure was $38.7 million, higher than the year-ago figure of $27.4 million.
Quicksilver Resources maintained its capital investment guidance at $136 million for 2014. The company expects second quarter daily average production volume in the range of 255−260 MMcfe per day. Quicksilver Resources retained its full-year 2014 production volume guidance in the range of 245–255 MMcfe per day.
Other Company Releases
Clayton Williams Energy, Inc.’s (CWEI - Snapshot Report) adjusted earnings from continuing operations were 94 cents per share, exceeding the Zacks Consensus Estimate by 10.6%.
Ultra Petroleum Corp. reported first-quarter adjusted earnings of 87 cents per share, beating the Zacks Consensus Estimate by 16%.
Rex Energy Corp. (REXX - Snapshot Report) reported first-quarter pro forma earnings per share of 20 cents, well above the Zacks Consensus Estimate of 15 cents.
Quicksilver Resources currently carries a Zacks Rank #3 (Hold).