PetroQuest Energy Inc. in Lafayette reported a first-quarter net loss of $122.2 million, or $1.89 per share, with plunging oil prices causing it to write down $108.9 million in the value of its proved reserves.

The loss compares to a $10.0 million profit, or 15 cents per share, a year ago.

Oil and gas sales during the first quarter dropped to $33.5 million from $60.0 milion in the first quarter of 2014.