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Forest Slashes Eagle Ford, Cotton Valley Drilling Costs in 1Q
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Forest Oil Corporation has reported financial and operational results for the first quarter of 2014.
For the three months ended March 31, 2014, Forest reported a net loss of $21 million, or $(0.18) per diluted share, compared to net earnings of $106 million, or $0.89 per share in the fourth quarter of 2013. Net loss for the first quarter of 2014 included the following items:
Unrealized losses on derivative instruments of $8 million Rig lease buyout/stacking costs of $5 million Write-off of debt issuance costs of $3 million Employee-related asset disposition costs of $1 million Loss on asset disposition of $1 millionWithout the effect of these items, Forest’s results for the first quarter were as follows:
Adjusted net loss of $3 million, or $(0.02) per diluted share Adjusted EBITDA of…- ✓ Full news archive — U.S., Canada & international coverage
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