Quicksilver Resources ( KWK) – no respect for the effort

Glenn M. Darden – Chief Executive Officer, President, Director and Member of Equity Awards Committee

Thank you, David. Good morning. Today, Quicksilver reported earnings for the fourth quarter and for the full year 2013. For the fourth quarter of ’13, we had an adjusted net loss of $5 million. The full year reported earnings were positively impacted by the sale of the Barnett properties to Tokyo Gas. And John Regan, our Chief Financial Officer, will give you the financial detail following my remarks.

Quicksilver’s concentration has been on improving the company’s balance sheet and liquidity, and as a result, 2013 was more of a defensive year. On the financial front, we lowered net company debt approximately $300 million to the end of the year. We also refinanced $1.1 billion of company bond debt, which reduced interest expense and extended debt maturities by 2.5 years. We have relied on asset sales to lower debt.

 

Quicksilver Resources Reports Preliminary 2013 Fourth-Quarter and Full-Year Results

       Fri March 14, 2014   7:00 AM|GlobeNewswire          | About:         KWK

FORT WORTH, Texas, March 14, 2014 (GLOBE NEWSWIRE) — Quicksilver Resources Inc. (KWK) today announced preliminary 2013 fourth-quarter and full-year results.

2013 and Q1 2014 Highlights:

— Raised proceeds and announced sales for total of $596 million

  •   Sold 25% interest in Barnett Asset to TGBR, a subsidiary of Tokyo Gas Co., Ltd., for net proceeds of $464 million
  •   Sold Montana Asset to Synergy Offshore LLC for net proceeds of $42 million
  •   Announced sale of Niobrara Asset along with SWEPI LP to Southwestern Energy Co., which is expected to generate cash proceeds of $90 million

— Refinanced $1.1 billion in debt, extended maturities and reduced weighted average interest rates

— Increased pro forma proved reserves by 20%

— Secured partners on the West Texas Asset and narrowed focus on core Wolfcamp to Pecos County

— Added to the 2014 derivative position; approximately 75% of expected 2014 equivalent production covered with commodity swaps at a weighted average price of $5.08/Mcfe

— Resumed Barnett drilling activity in the third quarter with the goal to rebuild volumes

— Secured amendment to lower gathering rate and defer capital spending requirements in the Horn River Basin

— Secured site for potential LNG exports from CanadaQuicksilver Resources Inc(KWK:NYSE, US)

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2.62USDDecrease0.15(-5.42%)Volume:
Above Average
As of 14 Mar 2014 at 3:12 PM EDT.

Quote Details

Open 2.74 P/E Ratio (TTM)
Last Bid/Size 2.62 / 58 EPS (TTM) -2.13
Last Ask/Size 2.63 / 120 Next Earnings 14 Mar 2014
Previous Close 2.77 Beta 2.02
Volume 3,921,026 Last Dividend
Average Volume 3,886,999 Dividend Yield 0.00%
Day High 2.81 Ex-Dividend Date
Day Low 2.53 Shares Outstanding 177.1M
52 Week High 3.67 # of Floating Shares 123.8212M
52 Week Low 1.44 Short Interest as % of Float 25.72%

 

 

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