Halcon Resources Q1 Adj. Profit Beats View - Quick Facts

(RTTNews) - Halcon Resources Corp. (HK) reported net loss available to common stockholders for the first quarter of $77.92 million or $0.19 per share, compared to net income of $5.47 million or $0.01 per share for the year-ago quarter.

The latest quarter's results include a non-cash pre-tax impairment charge of $61.2 million, primarily related to non-core asset sales.

Excluding items primarily related to the non-cash impairment charge and non-cash impact of derivatives, adjusted net income for the latest quarter was $11.92 million or $0.03 per share, compared to adjusted net income of $17.50 million or $0.05 per share in the prior-year period.

Total operating revenues for the quarter rose 44 percent to $275.15 million from $190.85 million in the prior-year period.

On average, analysts polled by Thomson Reuters expected the company to earn $0.02 per share for the quarter on revenue of $256.14 million.

The company noted that production for the quarter was above the high-end of the guidance and increased 41 percent from the year-ago period to 36,622 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 second quarter in a range of 39,000 Boe/d to 41,000 Boe/d and reaffirmed its full-year 2014 production guidance of 38000 Boe/d to 42000 Boe/d.