Earnings Review and Free Research Report: QEP Resources’ Revenue Grew 2%; Net Loss Narrowed

Research Desk Line-up: Cheniere Energy PartnersPost Earnings Coverage

LONDON, UK / ACCESSWIRE / November 21, 2017 /

Pro-Trader Daily has just published a free post-earnings coverage on QEP Resources, Inc. (NYSE: QEP), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=QEP, following the Company's disclosure of its third quarter fiscal 2017 operating results on October 25, 2017. The Company's adjusted EBITDA grew 14% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Oil & Gas Pipelines industry. Pro-TD has currently selected Cheniere Energy Partners, L.P. (NYSE AMER: CQP) for due-diligence and potential coverage as the Company reported on November 14, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Cheniere Energy Partners when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on QEP; also brushing on CQP. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For the three months ended September 30, 2017, QEP Resources reported revenues of $390.1 million, up 2% compared to $382.4 million in Q3 2016. The Company's revenue numbers fell short of analysts' estimates of $392 million.

During Q3 2017, QEP Resources' lease operating expenses were $5.39 per Barrel of Oil Equivalent (Boe); transportation and processing costs were $4.26 per Boe; and production and property taxes were $2.02 per Boe. The Company's general and administrative expenses were $43.4 million for the reported quarter, down 35% on a y-o-y basis, and driven primarily by a decrease in legal expenses and loss contingencies, a decrease in share-based compensation, and a decline in bad debt expenses.

QEP Resources reported a net loss of $3.3 million, or $0.01 per diluted share, for Q3 2017 compared to a net loss of $50.9 million, or $0.21 per diluted share, for Q3 2016. The Company's adjusted net loss was $23.9 million, or $0.10 per diluted share, for the reported quarter compared to an adjusted net loss of $51.1 million, or $0.21 per diluted share, for the year-ago same period. QEP Resources' loss was narrower than Wall Street's expectations for a loss of $0.20 per share.

During Q3 2017, QEP Resources' adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was $193.1 million, up 14% compared to $169.2 million for Q3 2016, and was primarily due to an increase in average realized prices, and a decrease in transportation and processing costs.

Production

QEP Resources' oil equivalent production was 14.12 million barrels of oil equivalent (Mboe) for Q3 2017, down 2% compared to 14.45 Mboe for Q3 2016. The Company's oil volumes totaled 4.8 million barrels, down 4% on a y-o-y basis. Permian Basin oil volumes were approximately 1.7 million barrels, up 71% on a y-o-y basis.

During Q3 2017, QEP Resources' NGL production were down 6% respectively, while natural gas production totaled 46.7 billion cubic feet (Bcf), which remained essentially flat on a y-o-y basis. The Company's natural gas production for the reported quarter was driven primarily by QEP Resources' successful Haynesville Shale well refrac program, while NGL production declined primarily in Pinedale due to a reduced completion activity, its midstream provider withholding additional volumes to meet line-fill requirements and the Pinedale Divestiture.

QEP Resources' net realized equivalent price, including the settlement of its commodity derivatives, averaged $27.80 per Boe in the reported quarter, $0.43 per Boe higher than the net realized equivalent price that the Company realized in Q3 2016.

Capital Investment

During Q3 2017, QEP Resources' capital investments, excluding acquisitions, were $327.3 million compared to $141.9 million for Q3 2016. The Company also invested $17.9 million to acquire various oil and gas properties.

Liquidity

QEP Resources' cash and cash equivalents were $782.6 million at the end of Q3 2017, which included $718.2 million of proceeds from the Pinedale Divestiture deposited with a qualified intermediary to facilitate a like-kind-exchange for the 2017 Permian Basin Acquisition assets. At the end of the reported quarter, the Company had no borrowings under its unsecured revolving credit facility.

Portfolio Optimization

As part of the Company's ongoing effort to simplify its portfolio, QEP Resources entered into agreements, or closed the sale of several non-core assets, including its Central Basin Platform exploration project in the Permian Basin, and other non-core assets in Southwest Wyoming and Utah, for total proceeds of approximately $34.5 million during Q3 2017.

Outlook

For FY17, QEP Resources revised forecasted annual oil production volumes to 19.5 million barrels to 20 million barrels from an original range of 21 million barrels to 22 million barrels, driven by lower forecasted oil volumes from both its Williston and Permian Basin assets.

Stock Performance

On Monday, November 20, 2017, the stock closed the trading session at $8.67, dropping 1.48% from its previous closing price of $8.80. A total volume of 3.07 million shares have exchanged hands. QEP Resources' stock price rallied4.33% in the last one month and 18.44% in the past three months. The stock currently has a market cap of $2.09 billion.

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SOURCE: Pro-Trader Daily