Quicksilver Resources reports USD 36 million net loss in Q2
Quicksilver Resources Inc. announced preliminary 2014 second-quarter results, showing net loss for the second-quarter 2014 of $36 million, compared to reported net income of $243 million, in the 2013 quarter.
Most notably, reported net income in the 2013 quarter included a non-operational, pre-tax gain on sale of $333 million related to the Tokyo Gas Transaction.
Excluding the impact of unrealized derivative gains or losses in each quarter, and other non-operational items, adjusted net loss for the second-quarter 2014, a non-GAAP financial measure, was $11 million, or $0.07 per diluted share, compared to adjusted net loss of $11 million or $0.06 per diluted share, in the 2013 quarter.
Second-quarter 2014 production was 23.3 Bcfe, or an average of 255 million cubic feet of natural gas equivalent per day (MMcfed) compared to 26.1 Bcfe, or an average of 287 MMcfed, in the 2013 quarter.
This quarteralso marks the filing of an application with the Canadian National Energy Board to export up to 20 million tons per annum of LNG for a period of 25 years from its Discovery site located near Campbell River, B.C.
Press Release, August 5, 2014; Image: Discovery LNG