Quicksilver (KWK +4.5%) says it's cutting its full-year capital expenditure budget by $50M to...

|About: Quicksilver Resources Inc. (KWK)|By:, SA News Editor

Quicksilver (KWK +4.5%) says it's cutting its full-year capital expenditure budget by $50M to $360M citing reduced drilling activity. Q2 results were hurt by a $992M non-cash impairment of oil and gas properties due to lower prices. KWK lowers its 2012 production estimate to 365-380 MMcfe/day vs. its prior outlook of ~412 MMcfe/day.