Halcon Resources Q4 Results Miss Estimates

(RTTNews) - Halcon Resources Corp. (HK) reported a reported a net loss for the fourth quarter of $415.3 million or $1.01 per share, compared to a net loss of $8.0 million or $0.04 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $4.1 million or $0.01 per share.

Revenues for the fourth quarter rose to $289.3 million from $124.8 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.04 per share on revenue of $290.09 million for the fourth quarter.

Production for the fourth quarter increased by 119% to 40,217 barrels of oil equivalent per day.

The company also said it has 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 the second quarter of 2014.

The closing of this sale would essentially conclude Halcon's planned 2014 divestiture program. The company plans to continue to evaluate all remaining non-core properties for future divestment opportunities.