Impairment

Range Resources Inc., which two years ago turned away from the Barnett Shale and toward the Marcellus Shale, saw its overall production boom in 3Q2012, based in large part on a surge of Marcellus gas, according to CEO Jeff Ventura.

Debt- and dry gas-laden Quicksilver Resources Inc. posted a hefty loss for the second quarter, largely due to a nearly $1 billion asset impairment reflecting low commodity prices. Last week management talked up plans to right the balance sheet and weather the low-price period with spending cuts and other measures.

Racked by larger expenses than during last year’s quarter and an $11 million after-tax impairment charge related to its investment in the National Commodity and Derivatives Exchange (NCDEX) of India, IntercontinentalExchange Inc. (ICE), the Atlanta-based operator of regulated global exchanges, clearing houses and over-the-counter (OTC) markets, reported Tuesday a 15% drop in net income. The company recorded 2Q2009 net income of $72.1 million (97 cents/share) down from $84.9 million ($1.19) during 2Q2008.

Racked by larger expenses than during last year’s quarter and an $11 million after-tax impairment charge related to its investment in the National Commodity and Derivatives Exchange (NCDEX) of India, IntercontinentalExchange Inc. (ICE), the Atlanta-based operator of regulated global exchanges, clearing houses and over-the-counter (OTC) markets, reported Tuesday a 15% drop in net income. The company recorded 2Q2009 net income of $72.1 million (97 cents/share) down from $84.9 million ($1.19) during 2Q2008.

Following the absorption of a noncash $1.4 billion impairment of goodwill related to its Oil Sands Mining segment, Marathon Oil Corp. reported Tuesday a 4Q2008 net loss of $41 million, or minus 6 cent/share, compared with net income in 4Q2007 of $668 million, or 94 cents/share. Marathon’s management also announced that due to the current economic recession the company has shelved its plans to divide its operations into two separate entities.

In a 4Q2004 interim update on Thursday, Burlington Resources Inc. announced it will record a $90 million pre-tax impairment charge (15 cents/share) to its net income because of some undeveloped land in Canada. The charge, said the company, is not expected to impact reserves or the drilling inventory.

In a 4Q2004 interim update on Thursday, Burlington Resources Inc. said it expects to record a $90 million pre-tax impairment charge (15 cents/share) to its net income because of some undeveloped land in Canada. The charge, said the company, is not expected to impact reserves or the drilling inventory.

Brought lower by taking a one-time charge for severance and an impairment related to the adoption of new accounting standards, Topeka, KS-based Western Resources reported a consolidated net loss of $652.4 million (-$9.14 per share) in the first quarter of 2002, compared to net earnings of $ 4.5 million ($0.06 per share) in the 2001 quarter.