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.