QEP Resources, Inc. (NYSE: QEP) ("QEP" or the "Company"), today reported estimated fourth quarter and full year 2012 financial and operating results. The Company reported a net loss during the fourth quarter 2012 of $23.1 million, or $0.13 per diluted share, compared to a net loss of $0.3 million and no earnings per diluted share, in the fourth quarter 2011. For the year ended December 31, 2012, QEP Resources reported net income of $128.3 million, or $0.72 per diluted share, compared to $267.2 million, or $1.50 per diluted share, for the comparable 2011 period. Net income or loss 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, non-cash price-related impairment charges and an accrual for a litigation loss contingency. Excluding these items, the Company’s Adjusted Net Income (a non-GAAP measure) was $227.9 million, or $1.28 per diluted share, for the year ended December 31, 2012, compared to $316.2 million or $1.77 per diluted share, for the comparable 2011 period. Similarly, the Company's Adjusted Net Income was $59.8 million, or $0.33 per diluted share, in the fourth quarter 2012 compared to $104.6 million, or $0.58 per diluted share, in the fourth quarter 2011. The lower Adjusted Net Income was due primarily to lower natural gas and NGL prices, lower midstream NGL sales volumes and prices, and higher depreciation, depletion and amortization and other expenses in the fourth quarter 2012 compared to 2011.
Adjusted EBITDA (a non-GAAP measure) for the fourth quarter 2012 was $391.8 million, compared to $390.5 million in the fourth quarter 2011. For the year ended December 31, 2012, the Company reported Adjusted EBITDA of $1,415.5 million compared to $1,386.6 million for the year ended December 31, 2011. A reconciliation of Adjusted EBITDA and Adjusted Net Income to net income is provided within the financial tables of this release.
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