Total operating costs per unit during the third quarter of 2013 (including lease operating expense, workover and other expense, taxes other than income, gathering and other and general and administrative expense), after adjusting for selected items (see Selected Operating Data table for additional information), decreased by 17% to $28.30 per Boe, compared to the third quarter of 2012.
After adjusting for selected items (primarily related to non-cash impairment charges and the non-cash impact of derivatives), the Company reported net income for the quarter of $18.1 million, or $0.04 per diluted share, compared to net loss of $0.9 million, or $0.01 per diluted share in the comparable quarter of 2012 (see Selected Item Review and Reconciliation table for additional information). Halcón reported a net loss available to common stockholders of $859.9 million, or $2.19 per diluted share for the quarter. The reported net loss available to common stockholders includes non-cash pre-tax impairment charges of $1.2 billion. Transfers of unevaluated Woodbine and certain Utica/Point Pleasant property costs to the full cost pool during the period contributed to the impairment charges. There were no additional proved reserves associated with these property transfers.
Floyd C. Wilson, Chairman and Chief Executive Officer, commented, "Third quarter results were defined by continued expansion of our activities in the Williston Basin, El Halcón and other areas. We are focused on exploiting the substantial growth potential in our core plays and translating that growth into value for shareholders."
Capital Spending, Liquidity and Recent DevelopmentsDuring the third quarter of 2013, the Company incurred capital costs of $390.1 million on drilling and completions, $59.1 million on infrastructure/seismic and $65.9 million on other capital expenditures. In addition, $155.7 million was incurred to acquire producing properties and undeveloped acreage during the quarter. Halcón received proceeds from common stock and senior unsecured notes offerings of approximately $607 million during the period, which were used to repay a portion of then outstanding borrowings under its senior secured revolving credit facility.
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