(Source: Fort Worth Star-Telegram (Fort Worth, Texas))
By Jack Z. Smith, Fort Worth Star-Telegram, Texas
Nov. 9--Fort Worth-based Quicksilver Resources reported today a third-quarter net income of $0.7 million, or less than a penny per share, on revenues of $206.7 million. That compared to a net loss of $3.8 million, or two cents a share, on revenues of $236.3 million in the third quarter of 2008.
The natural gas producer said its third-quarter production averaged the equivalent of 311 milion cubic feet of natural gas per day, up 12 percent over a year earlier. Quicksilver "is on pace for a record production year," company CEO Glenn Darden said. Its third-quarter production in the Barnett Shale in North Texas was up 14 percent.
Quicksilver's third-quarter adjusted net income was $42.7 million, or 25 cents per share, compared to $69.8 million, or 40 cents per share, in the corresponding period in 2008.
The adjusted net income for the 2009 third quarter excluded net charges of $49.9 million associated with the company's ownership in Breitburn Energy Partners and an income tax expense of $9.6 million, while the 2008 third-quarter included a charge of $103.5 million for hedging losses associated with the the company's ownership in Breitburn and a charge of $9.6 million related to the company's settlement of litigation.
Darden said the company's performance for the first nine months of this year has been solid, despite a steep downturn in natural gas prices. In addition to being on pace for record production, the company "generated record cash flow through operating activities" and "reduced unit production costs nearly 30 percent," he said.
JACK Z. SMITH, 817-390-7724
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