Quicksilver Resources posts 1Q loss on write-down

Natural gas and oil producer Quicksilver Resources Inc. on Wednesday posted a first-quarter loss, driven by a $593.8 million write-down on the value of oil and gas properties amid a deteriorating commodity price environment.

The company reported a net loss of $569 million, or $3.37 per share, compared with earnings of $41.1 million, or 25 cents per share during the same period last year.

Besides the $593.8 write-down, other special items amounted to a loss of $2.3 million. Excluding nonrecurring items, the company reported adjusted earnings of $26.6 million, or 16 cents per share.

Analysts surveyed by Thomson Reuters estimated a profit of 9 cents per share, on average. Analysts typically exclude one-time items.

Revenue climbed 18 percent to $185.9 million, from $157.6 million in the prior-year period. Analysts forecast an average revenue of $184.43 million.

First-quarter average daily production came to about 332 million cubic feet of natural gas equivalent per day, a 57 percent boost from levels in the prior-year period. The company said it expects second-quarter production volumes to average between 330 MMcfe and 335 MMcfe per day.

Shares of the company climbed 23 cents, or 2.6 percent, to $9.10 in afternoon trading.