Halcon Q3 Results Miss Estimates

(RTTNews) - Halcon Resources Corp. (HK) reported net income for the third quarter of $186.9 million or $0.36 per share, compared to a net loss of $859.9 million or $2.19 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $10.9 million or $0.03 per share.

Total operating revenues for the third quarter grew to $306.51 million from $305.01 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.05 per share on revenue of $317.69 million for the third quarter. Analysts' estimates typically exclude special items.

In response to lower oil prices, the company expects to operate six rigs in 2015, five rigs less than originally planned. Halcon said its preliminary drilling and completion budget for 2015 is $750 million to $800 million. Despite the reduced capital budget, the Williston Basin and El Halcon assets are expected to drive year-over-year pro forma production growth of 15% to 20% in 2015, the company said.