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QEP Resources Reports Third Quarter 2012 Financial And Operational Results

QEP Resources, Inc. (NYSE: QEP) reported Adjusted EBITDA (a non-GAAP measure) for the third quarter 2012 of $328.7 million, compared to $353.7 million in the third quarter 2011, a 7% decrease. QEP Resources reported a net loss during the third quarter 2012 of $3.1 million, or $0.02 per diluted share, compared to net income of $101.5 million, or $0.57 per diluted share, in the third quarter 2011. Net income includes non-cash gains and losses associated with the change in the fair value of derivative instruments, gains and losses from asset sales, costs associated with the early extinguishment of debt and non-cash price-related impairment charges. Excluding these items, the Company’s Adjusted Net Income (a non-GAAP measure) was $32.7 million, or $0.19 per diluted share, in the third quarter 2012 compared to $83.6 million, or $0.47 per diluted share, in the third quarter 2011. The lower Adjusted Net Income is primarily due to lower natural gas and NGL prices in the third quarter 2012 compared to 2011. A reconciliation of Adjusted EBITDA and Adjusted Net Income to net income is provided within the financial tables of this release.

Third Quarter 2012 Highlights
  • On September 27, 2012, QEP Energy completed the previously announced acquisition of approximately 27,600 net acres and 72 gross producing wells in the Williston Basin for an aggregate adjusted purchase price of approximately $1.4 billion, subject to post closing adjustments.
  • QEP Energy reported record net production of 81.5 Bcfe in the third quarter 2012, an increase of 15% when compared to the prior-year period. The growth was driven primarily by increased crude oil and NGL production.
  • QEP Energy delivered a 56% increase in crude oil production and a 55% increase in NGL production in the third quarter 2012, when compared to the prior-year period.
  • QEP Field Services’ (Field Services) NGL sales volumes increased by 3%, gathering volumes by 2% and total fee-based processing volumes by 2% in the third quarter 2012 compared to 2011.

“QEP achieved a number of significant accomplishments in the third quarter of 2012,” said Chuck Stanley, Chairman, President and CEO of QEP Resources. “QEP Energy's third quarter production increased to a new record, up 15% compared to last year. The record production was driven by an increase in crude oil and NGL volumes that were both up over 50% from a year ago. Crude oil and NGL represented 21% of QEP Energy's total production volumes in the third quarter, up from 15% a year ago."

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