Gastar 2015: Paper Loss of $429M; Ending Preferred Dividends

As MDN previously reported, Gastar Exploration is throwing in the towel in the Marcellus/Utica (see Gastar Leaving Marcellus/Utica, Sells Assets to Tug Hill for $80M). Gastar is selling its Marcellus/Utica assets–mainly located in Marshall and Wetzel counties in West Virginia–to Tug Hill for $80 million. Before they go into the long, dark night, Gastar has just filed its fourth quarter and full year 2015 operating and financial update. During 2015 Gastar lost $429 million–but virtually all of it was a paper loss of writing down assets (not out of pocket money loss). Gastar also announced yesterday that after this month, the company will no longer pay dividends on its preferred stock. Here’s the updates from yesterday…

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