Quicksilver Resources Inc. (NYSE:KWK): Preliminary 1Q14 Earnings Release

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Dallas, Texas 05/12/2014 (FINANCIALSTRENDS) –Quicksilver Resources Inc. (NYSE:KWK) recently releases its preliminary earnings for the 1st quarter of 2014. An adjusted loss per share of 8 cents has been posted by the company in the 1Q14, which was more than the Zacks Consensus Estimate which is a loss of 6 cents and also more as compared to loss of 4 cents per share of last year.

Considering the effect of a strategic transaction costs, an unrealized commodity derivatives loss and income tax adjustments the company posted a loss of 34 cents per share on a GAAP basis.

Total Revenue

In the reported quarter the company’s revenues were $91.8 million which was less by 16.5% as compared to Zacks Consensus Estimate. Quarterly revenues of the company were reduced mostly by 22.7% on a year-over-year basis.

Operational Update

In 1Q14 the company’s average daily production was 245.9 million cubic feet of natural gas equivalent (MMcfed), which was down by 31.2% year over year because of lower NGL (natural gas liquids), natural gas and oil production volumes.

Total realized prices excluding hedging were increased by 34.9% year over year to $4.79 per thousand cubic feet (MCfe) during the 1Q14 because of higher average realized prices of natural gas and oil, NGL. Total expenses of the company decreased by 16.1% year over a year to $102.8 million, because of reduction of 24.7% in lease operating expenses.

During the quarter the company incurred an operating loss of $11.1 million as compared to loss of $3.9 million for the same quarter of last year.

Financials

As of March 31, 2014, Quicksilver Resources Inc. (NYSE:KWK)’s cash balance was $69.3 million as compared to cash balance of $89.1 million as of December 31, 2013. As of March 31, 2014, Long-term debt of the company was around $1986.4 million as compared to $1988.9 million as of December 31, 2013.

Stock Update:

Stock of Quicksilver Resources Inc. (NYSE:KWK) closed at $2.79 on Friday, gaining 14.34% from its previous close. Its 52 week range is between $1.44 and $3.67.

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