(MENAFN) Texas-based Quicksilver Resources Inc. announced that its loss for the fourth quarter reached USD548 million, down form earlier reports made in February of a loss of USD1.1 billion, reported AP.
The natural gas producer said that quarterly revenue grew to USD224 million, up from February's report of USD179.1 million.
Furthermore, annual net loss fell to USD2.35 billion, from USD2.49 billion in earlier estimates.
Quicksilver also reported higher revenue of USD709 million for the full-year, up from the USD670.8 million reported last month.
It is worth noting that as the firm was preparing its final documents for the year, it concluded that certain hedges did not qualify for hedge accounting at their designation dates, therefore, the unrealized gains and losses on these derivatives have been recognized in earnings rather than deferred, with the accounting change having a ripple effect on other parts of Quicksilver financial statement and on its other quarters.
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