Delaware (State or other jurisdiction of incorporation) | 001-14837 (Commission File Number) | 75-2756163 (IRS Employer Identification No.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit | |
Number | Description |
99.1 | Press Release dated November 6, 2012. |
QUICKSILVER RESOURCES INC. | ||
By: | /s/ John C. Regan | |
John C. Regan | ||
Senior Vice President – Chief Financial Officer |
Exhibit | |
Number | Description |
99.1 | Press Release dated November 6, 2012. |
![]() | N e w s R e l e a s e |
QUICKSILVER RESOURCES INC. | |
801 Cherry Street | |
Fort Worth, TX 76102 | |
www.qrinc.com |
• | Completed an eight-well pad in the Horn River Basin in British Columbia; the company's wells in the Horn River Basin are estimated to be capable of producing in excess of 150 MMcfd |
• | Signed agreement with SWEPI LP, a subsidiary of Royal Dutch Shell, to jointly develop approximately 330,000 acres in the Sand Wash Basin in Colorado |
• | Advanced West Texas Project - completed Price Ranch #1 horizontal well in Pecos County with an initial production rate of 300 Boed; currently completing Vande Ranch State 1H horizontal well in Upton County |
• | Entered into new multi-year hedges; majority of expected 2013 and 2014 volumes hedged at a price in excess of $5 per Mcf |
• | Secured C$39 million reduction in letter of credit obligations in Horn River Basin and deferred pipeline completion to mid-2015 |
• | Secured financial covenant flexibility in Combined Credit Agreements, providing time to manage the balance sheet |
• | Advanced negotiations on two joint ventures |
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· | Lease operating expense | $0.70 - $0.75 | |
· | Gathering, processing & transportation | 1.22 - 1.26 | |
· | Production and ad-valorem taxes | 0.20 - 0.22 | |
· | General and administrative | 0.50 - 0.53 | |
· | Depletion, depreciation & accretion | 1.10 - 1.14 |
![]() | NEWS RELEASE |
Page 6 of 16 |
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Page 7 of 16 |
QUICKSILVER RESOURCES INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
In thousands, except for per share data - Unaudited |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Revenue: | ||||||||||||||||
Production | $ | 157,699 | $ | 208,064 | $ | 480,021 | $ | 606,070 | ||||||||
Sales of purchased natural gas | 21,313 | 20,130 | 42,842 | 60,116 | ||||||||||||
Other | (1,310 | ) | 31,699 | (31,130 | ) | 54,340 | ||||||||||
Total revenue | 177,702 | 259,893 | 491,733 | 720,526 | ||||||||||||
Operating expense: | ||||||||||||||||
Lease operating | 22,115 | 27,673 | 72,405 | 73,366 | ||||||||||||
Gathering, processing and transportation | 41,338 | 51,113 | 127,040 | 142,201 | ||||||||||||
Production and ad valorem taxes | 6,881 | 7,757 | 20,833 | 23,844 | ||||||||||||
Costs of purchased natural gas | 21,254 | 19,954 | 42,528 | 59,254 | ||||||||||||
Depletion, depreciation and accretion | 43,209 | 57,686 | 149,590 | 164,861 | ||||||||||||
Impairment | 546,835 | — | 1,601,502 | 49,063 | ||||||||||||
General and administrative | 17,335 | 27,584 | 54,836 | 61,745 | ||||||||||||
Other operating | 670 | 145 | 820 | 328 | ||||||||||||
Total expense | 699,637 | 191,912 | 2,069,554 | 574,662 | ||||||||||||
Crestwood earn-out | — | — | 41,097 | — | ||||||||||||
Operating income (loss) | (521,935 | ) | 67,981 | (1,536,724 | ) | 145,864 | ||||||||||
Loss from earnings of BBEP | — | 14,370 | — | (32,721 | ) | |||||||||||
Other income - net | (395 | ) | 11,142 | (237 | ) | 135,441 | ||||||||||
Fortune Creek accretion | (4,978 | ) | — | (14,549 | ) | — | ||||||||||
Interest expense | (42,102 | ) | (48,393 | ) | (122,348 | ) | (142,123 | ) | ||||||||
Income (loss) before income taxes | (569,410 | ) | 45,100 | (1,673,858 | ) | 106,461 | ||||||||||
Income tax (expense) benefit | (82,352 | ) | (16,414 | ) | 289,631 | (39,946 | ) | |||||||||
Net income (loss) | $ | (651,762 | ) | $ | 28,686 | $ | (1,384,227 | ) | $ | 66,515 | ||||||
Earnings (loss) per common share - basic | $ | (3.83 | ) | $ | 0.17 | $ | (8.14 | ) | $ | 0.39 | ||||||
Earnings (loss) per common share - diluted | $ | (3.83 | ) | $ | 0.17 | $ | (8.14 | ) | $ | 0.39 | ||||||
Basic weighted average shares outstanding | 170,179 | 169,031 | 170,054 | 168,963 | ||||||||||||
Diluted weighted average shares outstanding | 170,179 | 169,736 | 170,054 | 169,768 |
![]() | NEWS RELEASE |
Page 8 of 16 |
QUICKSILVER RESOURCES INC. | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
In thousands, except share data - Unaudited |
September 30, 2012 | December 31, 2011 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 7,436 | $ | 13,146 | ||||
Accounts receivable - net of allowance for doubtful accounts | 67,951 | 95,282 | ||||||
Derivative assets at fair value | 126,075 | 162,845 | ||||||
Other current assets | 41,575 | 29,154 | ||||||
Total current assets | 243,037 | 300,427 | ||||||
Property, plant and equipment - net | ||||||||
Oil and gas properties, full cost method (including unevaluated costs of | ||||||||
$439,767 and $433,341, respectively) | 1,846,028 | 3,226,476 | ||||||
Other property and equipment | 248,021 | 234,043 | ||||||
Property, plant and equipment - net | 2,094,049 | 3,460,519 | ||||||
Derivative assets at fair value | 109,313 | 183,982 | ||||||
Other assets | 43,845 | 50,534 | ||||||
$ | 2,490,244 | $ | 3,995,462 | |||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Current portion of long-term debt | $ | — | $ | 18 | ||||
Accounts payable | 48,143 | 142,672 | ||||||
Accrued liabilities | 123,661 | 142,193 | ||||||
Derivative liabilities at fair value | — | 4,028 | ||||||
Current deferred tax liability | 3,243 | 45,262 | ||||||
Total current liabilities | 175,047 | 334,173 | ||||||
Long-term debt | 2,165,384 | 1,903,431 | ||||||
Partnership liability | 135,446 | 122,913 | ||||||
Asset retirement obligations | 97,771 | 85,568 | ||||||
Derivative liabilities at fair value | 42,538 | — | ||||||
Other liabilities | 19,242 | 28,461 | ||||||
Deferred income taxes | 1,518 | 258,997 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Preferred stock, par value $0.01, 10,000,000 shares authorized, none outstanding | ||||||||
Common stock, $0.01 par value, 400,000,000 shares authorized; | ||||||||
178,770,278 and 176,980,483 shares issued, respectively | 1,788 | 1,770 | ||||||
Paid in capital in excess of par value | 755,080 | 737,015 | ||||||
Treasury stock of 5,816,293 and 5,379,702 shares, respectively | (49,161 | ) | (46,351 | ) | ||||
Accumulated other comprehensive income | 175,191 | 214,858 | ||||||
Retained earnings | (1,029,600 | ) | 354,627 | |||||
Total stockholders' equity | (146,702 | ) | 1,261,919 | |||||
$ | 2,490,244 | $ | 3,995,462 |
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Page 9 of 16 |
QUICKSILVER RESOURCES INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
In thousands - Unaudited |
For the Nine Months Ended September 30, | ||||||||
2012 | 2011 | |||||||
Operating activities: | ||||||||
Net income (loss) | $ | (1,384,227 | ) | $ | 66,515 | |||
Adjustments to reconcile net income (loss) to | ||||||||
net cash provided by operating activities: | ||||||||
Depletion, depreciation and accretion | 149,590 | 164,861 | ||||||
Impairment expense | 1,601,502 | 49,063 | ||||||
Crestwood earn-out | (41,097 | ) | — | |||||
Deferred income tax expense (benefit) | (285,204 | ) | 50,960 | |||||
Non-cash (gain) loss from hedging and derivative activities | 82,252 | (50,550 | ) | |||||
Stock-based compensation | 16,983 | 15,475 | ||||||
Non-cash interest expense | 8,060 | 13,109 | ||||||
Fortune Creek accretion | 14,549 | — | ||||||
Gain on disposition of BBEP units | — | (133,248 | ) | |||||
Loss from BBEP in excess of cash distributions | — | 49,065 | ||||||
Other | 495 | (897 | ) | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 27,259 | 2,101 | ||||||
Prepaid expenses and other assets | (4,503 | ) | (20,791 | ) | ||||
Accounts payable | (24,329 | ) | (29,430 | ) | ||||
Accrued and other liabilities | (19,954 | ) | (1,567 | ) | ||||
Net cash provided by operating activities | 141,376 | 174,666 | ||||||
Investing activities: | ||||||||
Purchases of property, plant and equipment | (437,172 | ) | (550,954 | ) | ||||
Proceeds from Crestwood earn-out | 41,097 | — | ||||||
Proceeds from sale of BBEP units | — | 145,799 | ||||||
Proceeds from sales of property and equipment | 3,843 | 3,719 | ||||||
Net cash used for investing activities | (392,232 | ) | (401,436 | ) | ||||
Financing activities: | ||||||||
Issuance of debt | 367,646 | 648,819 | ||||||
Repayments of debt | (111,115 | ) | (455,886 | ) | ||||
Debt issuance costs paid | (3,048 | ) | (10,276 | ) | ||||
Distribution of Fortune Creek Partnership funds | (6,520 | ) | — | |||||
Proceeds from exercise of stock options | 11 | 733 | ||||||
Excess tax deductions on stock compensation | 1,089 | — | ||||||
Purchase of treasury stock | (2,810 | ) | (4,841 | ) | ||||
Net cash provided by financing activities | 245,253 | 178,549 | ||||||
Effect of exchange rate changes in cash | (107 | ) | (114 | ) | ||||
Net increase (decrease) in cash | (5,710 | ) | (48,335 | ) | ||||
Cash at beginning of period | 13,146 | 54,937 | ||||||
Cash at end of period | $ | 7,436 | $ | 6,602 |
![]() | NEWS RELEASE |
Page 10 of 16 |
QUICKSILVER RESOURCES INC. |
Unaudited Selected Operating Results |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Average Daily Production: | ||||||||||||||||
Natural Gas (MMcfd) | 291.3 | 351.6 | 293.2 | 334.6 | ||||||||||||
NGL (Bbld) | 11,073 | 11,945 | 11,321 | 12,234 | ||||||||||||
Oil (Bbld) | 761 | 696 | 804 | 745 | ||||||||||||
Total (MMcfed) | 362.4 | 427.4 | 366.0 | 412.4 | ||||||||||||
Average Realized Prices, including hedging: | ||||||||||||||||
Natural Gas (per Mcf) | $ | 4.23 | $ | 4.96 | $ | 4.19 | $ | 5.02 | ||||||||
NGL (per Bbl) | 37.75 | 38.68 | 40.06 | 38.67 | ||||||||||||
Oil (per Bbl) | 83.88 | 82.58 | 88.24 | 89.05 | ||||||||||||
Total (Mcfe) | 4.73 | 5.29 | 4.79 | 5.38 | ||||||||||||
Expense per Mcfe: | ||||||||||||||||
Lease operating expense: | ||||||||||||||||
Cash expense | $ | 0.65 | $ | 0.69 | $ | 0.71 | $ | 0.64 | ||||||||
Equity compensation | 0.01 | 0.01 | 0.01 | 0.01 | ||||||||||||
Total lease operating expense: | $ | 0.66 | $ | 0.70 | $ | 0.72 | $ | 0.65 | ||||||||
Gathering, processing and transportation expense | $ | 1.24 | $ | 1.30 | $ | 1.27 | $ | 1.26 | ||||||||
Production and ad valorem taxes | $ | 0.21 | $ | 0.20 | $ | 0.20 | $ | 0.21 | ||||||||
Depletion, depreciation and accretion | $ | 1.30 | $ | 1.47 | $ | 1.49 | $ | 1.46 | ||||||||
General and administrative expense: | ||||||||||||||||
Cash expense | $ | 0.27 | $ | 0.28 | $ | 0.33 | $ | 0.30 | ||||||||
Audit and accounting fees | 0.03 | 0.01 | 0.05 | 0.01 | ||||||||||||
Strategic transaction costs | 0.03 | 0.08 | 0.01 | 0.04 | ||||||||||||
Litigation settlement | — | 0.22 | — | 0.08 | ||||||||||||
Equity compensation | 0.20 | 0.11 | 0.16 | 0.12 | ||||||||||||
Total general and administrative expense | $ | 0.53 | $ | 0.70 | $ | 0.55 | $ | 0.55 | ||||||||
Interest expense: | ||||||||||||||||
Cash expense on debt outstanding | $ | 1.32 | $ | 1.09 | $ | 1.28 | $ | 1.16 | ||||||||
Fees paid on letters of credit outstanding | — | 0.01 | — | 0.01 | ||||||||||||
Premium on senior notes repurchased | — | 0.05 | — | 0.02 | ||||||||||||
Non-cash interest | 0.14 | 0.13 | 0.08 | 0.12 | ||||||||||||
Capitalized interest | (0.20 | ) | (0.05 | ) | (0.14 | ) | (0.05 | ) | ||||||||
Total interest expense | $ | 1.26 | $ | 1.23 | $ | 1.22 | $ | 1.26 |
![]() | NEWS RELEASE |
Page 11 of 16 |
QUICKSILVER RESOURCES INC. |
Production, on a million cubic feet of natural gas equivalent (MMcfe) |
per day basis, by operating area |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||
Barnett Shale | 261.5 | 350.9 | 284.1 | 336.1 | ||||||||
Other U.S. | 3.4 | 3.7 | 3.6 | 3.3 | ||||||||
Total U.S. | 264.9 | 354.6 | 287.7 | 339.4 | ||||||||
Horseshoe Canyon | 53.9 | 57.6 | 55.0 | 58.5 | ||||||||
Horn River | 43.6 | 15.2 | 23.3 | 14.5 | ||||||||
Total Canada | 97.5 | 72.8 | 78.3 | 73.0 | ||||||||
Total Company | 362.4 | 427.4 | 366.0 | 412.4 |
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Page 12 of 16 |
QUICKSILVER RESOURCES INC. | |||||
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME | |||||
In thousands, except per share data - Unaudited |
For the Three Months Ended September 30, 2012 | ||||||||||||
As Reported | Adjustments | Adjusted Net Income | ||||||||||
Revenue: | ||||||||||||
Production | $ | 157,699 | $ | — | $ | 157,699 | ||||||
Sales of purchased natural gas | 21,313 | — | 21,313 | |||||||||
Other | (1,310 | ) | 2,831 | 1,521 | ||||||||
Total revenue | 177,702 | 2,831 | 180,533 | |||||||||
Operating expense: | ||||||||||||
Lease operating | 22,115 | — | 22,115 | |||||||||
Gathering, processing and transportation | 41,338 | — | 41,338 | |||||||||
Production and ad valorem taxes | 6,881 | — | 6,881 | |||||||||
Costs of purchased natural gas | 21,254 | — | 21,254 | |||||||||
Depletion, depreciation and accretion | 43,209 | — | 43,209 | |||||||||
Impairment | 546,835 | (546,835 | ) | — | ||||||||
General and administrative | 17,335 | (4,223 | ) | 13,112 | ||||||||
Other operating | 670 | — | 670 | |||||||||
Total expense | 699,637 | (551,058 | ) | 148,579 | ||||||||
Crestwood earn-out | — | — | — | |||||||||
Operating income (loss) | (521,935 | ) | 553,889 | 31,954 | ||||||||
Income from earnings of BBEP | — | — | — | |||||||||
Other income - net | (395 | ) | 1,130 | 735 | ||||||||
Fortune Creek accretion | (4,978 | ) | — | (4,978 | ) | |||||||
Interest expense | (42,102 | ) | 2,789 | (39,313 | ) | |||||||
Income before income taxes | (569,410 | ) | 557,808 | (11,602 | ) | |||||||
Income tax (expense) benefit | (82,352 | ) | 86,413 | 4,061 | ||||||||
Net income (loss) | $ | (651,762 | ) | $ | 644,221 | $ | (7,541 | ) | ||||
Earnings (loss) per common share - diluted | $ | (3.83 | ) | $ | (0.04 | ) | ||||||
Diluted weighted average shares outstanding | 170,179 | 170,179 |
![]() | NEWS RELEASE |
Page 13 of 16 |
QUICKSILVER RESOURCES INC. | |||||
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME | |||||
In thousands, except per share data - Unaudited |
For the Three Months Ended September 30, 2011 | ||||||||||||
As Reported | Adjustments | Adjusted Net Income | ||||||||||
Revenue: | ||||||||||||
Production | $ | 208,064 | $ | — | $ | 208,064 | ||||||
Sales of purchased natural gas | 20,130 | — | 20,130 | |||||||||
Other | 31,699 | (29,737 | ) | 1,962 | ||||||||
Total revenue | 259,893 | (29,737 | ) | 230,156 | ||||||||
Operating expense: | ||||||||||||
Lease operating | 27,673 | — | 27,673 | |||||||||
Gathering, processing and transportation | 51,113 | — | 51,113 | |||||||||
Production and ad valorem taxes | 7,757 | — | 7,757 | |||||||||
Costs of purchased natural gas | 19,954 | — | 19,954 | |||||||||
Depletion, depreciation and accretion | 57,686 | — | 57,686 | |||||||||
Impairment | — | — | — | |||||||||
General and administrative | 27,584 | (11,555 | ) | 16,029 | ||||||||
Other operating | 145 | — | 145 | |||||||||
Total expense | 191,912 | (11,555 | ) | 180,357 | ||||||||
Crestwood earn-out | — | — | — | |||||||||
Operating income (loss) | 67,981 | (18,182 | ) | 49,799 | ||||||||
Income from earnings of BBEP | 14,370 | (11,542 | ) | 2,828 | ||||||||
Other income - net | 11,142 | (9,496 | ) | 1,646 | ||||||||
Fortune Creek accretion | — | — | — | |||||||||
Interest expense | (48,393 | ) | 3,304 | (45,089 | ) | |||||||
Income before income taxes | 45,100 | (35,916 | ) | 9,184 | ||||||||
Income tax (expense) benefit | (16,414 | ) | 12,969 | (3,445 | ) | |||||||
Net income (loss) | $ | 28,686 | $ | (22,947 | ) | $ | 5,739 | |||||
Earnings (loss) per common share - diluted | $ | 0.17 | $ | 0.03 | ||||||||
Diluted weighted average shares outstanding | 169,736 | 169,736 |
![]() | NEWS RELEASE |
Page 14 of 16 |
QUICKSILVER RESOURCES INC. | |||||
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME | |||||
In thousands, except per share data - Unaudited |
For the Nine Months Ended September 30, 2012 | ||||||||||||
As Reported | Adjustments | Adjusted Net Income | ||||||||||
Revenue: | ||||||||||||
Production | $ | 480,021 | $ | — | $ | 480,021 | ||||||
Sales of purchased natural gas | 42,842 | — | 42,842 | |||||||||
Other | (31,130 | ) | 34,157 | 3,027 | ||||||||
Total revenue | 491,733 | 34,157 | 525,890 | |||||||||
Operating expense: | ||||||||||||
Lease operating | 72,405 | — | 72,405 | |||||||||
Gathering, processing and transportation | 127,040 | — | 127,040 | |||||||||
Production and ad valorem taxes | 20,833 | — | 20,833 | |||||||||
Costs of purchased natural gas | 42,528 | — | 42,528 | |||||||||
Depletion, depreciation and accretion | 149,590 | — | 149,590 | |||||||||
Impairment | 1,601,502 | (1,601,502 | ) | — | ||||||||
General and administrative | 54,836 | (7,714 | ) | 47,122 | ||||||||
Other operating | 820 | — | 820 | |||||||||
Total expense | 2,069,554 | (1,609,216 | ) | 460,338 | ||||||||
Crestwood earn-out | 41,097 | (41,097 | ) | — | ||||||||
Operating income (loss) | (1,536,724 | ) | 1,602,276 | 65,552 | ||||||||
Income from earnings of BBEP | — | — | — | |||||||||
Other income - net | (237 | ) | 1,130 | 893 | ||||||||
Fortune Creek accretion | (14,549 | ) | — | (14,549 | ) | |||||||
Interest expense | (122,348 | ) | 2,789 | (119,559 | ) | |||||||
Income before income taxes | (1,673,858 | ) | 1,606,195 | (67,663 | ) | |||||||
Income tax (expense) benefit | 289,631 | (265,949 | ) | 23,682 | ||||||||
Net income (loss) | $ | (1,384,227 | ) | $ | 1,340,246 | $ | (43,981 | ) | ||||
Earnings (loss) per common share - diluted | $ | (8.14 | ) | $ | (0.26 | ) | ||||||
Diluted weighted average shares outstanding | 170,054 | 170,054 |
![]() | NEWS RELEASE |
Page 15 of 16 |
QUICKSILVER RESOURCES INC. | |||||
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME | |||||
In thousands, except per share data - Unaudited |
For the Nine Months Ended September 30, 2011 | ||||||||||||
As Reported | Adjustments | Adjusted Net Income | ||||||||||
Revenue: | ||||||||||||
Production | $ | 606,070 | $ | — | $ | 606,070 | ||||||
Sales of purchased natural gas | 60,116 | — | 60,116 | |||||||||
Other | 54,340 | (48,852 | ) | 5,488 | ||||||||
Total revenue | 720,526 | (48,852 | ) | 671,674 | ||||||||
Operating expense: | ||||||||||||
Lease operating | 73,366 | — | 73,366 | |||||||||
Gathering, processing and transportation | 142,201 | — | 142,201 | |||||||||
Production and ad valorem taxes | 23,844 | — | 23,844 | |||||||||
Costs of purchased natural gas | 59,254 | — | 59,254 | |||||||||
Depletion, depreciation and accretion | 164,861 | — | 164,861 | |||||||||
Impairment | 49,063 | (49,063 | ) | — | ||||||||
General and administrative | 61,745 | (13,032 | ) | 48,713 | ||||||||
Other operating | 328 | — | 328 | |||||||||
Total expense | 574,662 | (62,095 | ) | 512,567 | ||||||||
Crestwood earn-out | — | — | — | |||||||||
Operating income (loss) | 145,864 | 13,243 | 159,107 | |||||||||
Income from earnings of BBEP | (32,721 | ) | 42,553 | 9,832 | ||||||||
Other income - net | 135,441 | (133,248 | ) | 2,193 | ||||||||
Fortune Creek accretion | — | — | — | |||||||||
Interest expense | (142,123 | ) | 3,960 | (138,163 | ) | |||||||
Income before income taxes | 106,461 | (73,492 | ) | 32,969 | ||||||||
Income tax (expense) benefit | (39,946 | ) | 27,576 | (12,370 | ) | |||||||
Net income (loss) | $ | 66,515 | $ | (45,916 | ) | $ | 20,599 | |||||
Earnings (loss) per common share - diluted | $ | 0.39 | $ | 0.12 | ||||||||
Diluted weighted average shares outstanding | 169,768 | 169,768 |
![]() | NEWS RELEASE |
Page 16 of 16 |
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