Halcon Resources Corp. (HK) reported net loss available to common stockholders for the second quarter of $73.33 million or $0.18 per share, compared to net income of $36.37 million or $0.08 per share for the year-ago quarter.
After adjusting for selected items primarily related to the non-cash impact of derivatives, adjusted net income was $32.5 million, or $0.07 per diluted share versus $16.8 million or $0.04 per share in the prior year.
Total operating revenues for the quarter rose 53 percent to $327.1 million from $214.34 million in the prior-year period.
Analysts polled by Thomson Reuters expected the company to earn $0.04 per share for the quarter on revenue of $303.63 million.
The company noted that production for the quarter came in above guidance and increased 44% year-over-year to an average of 42,055 barrels of oil equivalent per day.
The company has previously said it entered into a purchase and sale agreement to divest non-core assets in East Texas for $450 million. The deal is expected to close in May 2014 with an effective date of April 1, 2014. The Company continues to evaluate all remaining non-core properties for additional divestiture opportunities during 2014.
Looking ahead, Halcon Resources forecast production for the third quarter in a range of 41,000 Boe/d to 43,000 Boe/d and revises its full-year 2014 production guidance of 40,000 Boe/d to 42,000 Boe/d from prior view of of 38000 Boe/d to 42000 Boe/d.
For comments and feedback contact: editorial@rttnews.com
Business News