FORT WORTH, Texas (AP) — Natural gas producer Quicksilver Resources Inc. said Monday that it lost more than $1 billion in the fourth quarter after it took a large impairment charge.

The company said the $1.2 billion ceiling test impairment charge was mostly due to a change in its accounting policy.

Quicksilver shares lost 26 cents, or 13 percent, to close at $1.74 amid a broad market decline.

Quicksilver lost $1.1 billion, or $6.47 per share, in the fourth quarter. A year ago it turned a profit of $23.5 million, or 14 cents per share, in the quarter. Excluding the impairment charge Quicksilver said it lost a penny per share in the recent quarter. Revenue fell 20 percent, to $179.1 million.

Analysts expected net income of a penny per share and $173 million in revenue, according to FactSet.

For all of 2012 Quicksilver took a loss of $2.49 billion, or $14.61 per share. The company made $90 million, or 52 cents per share, in 2011. Revenue fell 29 percent last year to $670.8 million.


Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.




If you have any questions or concerns please email us on


  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.