U.S. News

Quicksilver Resources swings to 1Q profit

Oil and natural gas producer Quicksilver Resources Inc. said Monday it made money in the first quarter on higher prices, reversing a big year-ago loss when the company took large write-downs on assets.

The company reported net income of $8.2 million, or 5 cents per share, compared with a loss of $569 million, or $3.37 per share, a year ago.

Adjusted to exclude one-time costs including a derivative loss in the latest quarter, the company said it would have earned $33.8 million, or 20 cents per share.

Analysts, who usually exclude items from their forecasts, expected the company to earn 15 cents per share.

Revenue rose to $222.2 million from $185.9 million a year earlier, beating analysts' forecast of $190.9 million. The company said it got higher prices for natural gas, liquids and crude oil.

Quicksilver also said it expects to boost production between 11 percent and 14 percent over a year ago.

The shares rose 36 cents, or 3 percent, to $12.62 in midday trading.