FORT WORTH, Texas (AP) — Shares of Quicksilver Resources Inc. tumbled Tuesday after the natural gas producer posted a $651.8 million third-quarter loss, hurt by one-time charges and a drop in natural gas prices.
For the quarter ended Sept. 30, Quicksilver's loss amounted to $3.83 per share and compared with a profit of $28.7 million, or 17 cents per share, in the same quarter last year.
Excluding charges related to a drop in the value of some of its assets because of lower-than-average prices for natural gas and natural gas liquids, along with tax-related charges, the company had an adjusted loss of 4 cents per share.
Revenue fell 32 percent to $177.7 million, with production revenue down 24 percent to $157.7 million.
The results fell short of Wall Street predictions. Analysts, on average, expected a loss of 1 cent per share on $182 million in revenue, according to FactSet.
Production averaged 362 million cubic feet of natural gas equivalent per day, down 15 percent from 427 million cubic feet of natural gas equivalent per day a year ago. The company attributed the drop to less investment and a production decline at its existing wells.
The company's average realized price, including hedging, fell to $4.73 per 1,000 cubic feet equivalent from $5.29 per 1,000 cubic feet equivalent.
Quicksilver shares fell 35 cents, or 9.4 percent, to $3.36 in afternoon trading.