UPDATE 1-Petrohawk posts Q1 loss on $1.7 bln impairment charge
* Operating revenue up 23 percent
* Raises 2009 capex budget by 30 percent
* Raises 2009 production view
* To increase Haynesville rig count to 16 by end of 2009 May 6 (Reuters) - Petrohawk Energy Corp (HK.N) posted a first-quarter loss, hurt by a $1.7 billion impairment charge resulting from lower commodity prices, but the oil and gas producer raised its 2009 production view and capital expenditure budget.
Petrohawk raised its 2009 capital expenditure budget, exclusive of acquisitions, by $300 million to $1.3 billion, to help increase its Haynesville shale rig count to 16 by the end of 2009 and boost production in the Fayetteville shale, among other things.
The company also increased its 2009 production view to a range of 435 to 445 million cubic feet equivalent per day (mmcfe/d), up 44 percent from 2008.
It expects second-quarter production of 425 and 435 mmcfe/d, up from its earlier view of 420 to 430 mmcfe/d.
For the quarter, the Houston-based company reported a net loss of $999.8 million, or $3.87 a share, compared with a loss of $55.6 million, or 30 cents a share, a year earlier.
Excluding certain items, the company earned 2 cents a share.
Total operating revenue rose 23 percent to $263.5 million. Shares of the company closed at $25.16 Tuesday on the New York Stock Exchange.
For the alerts, double-click [ID:nWNAB4050] (Reporting by Shradhha Sharma in Bangalore; Editing by Anne Pallivathuckal)
