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Last $14.04 USD
Change Today +0.34 / 2.48%
Volume 3.1M
QEP On Other Exchanges
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Exchange
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As of 4:15 PM 08/31/15 All times are local (Market data is delayed by at least 15 minutes).

qep resources inc (QEP) Key Developments

QEP Resources Not Actively Seeking Out For Acquisitions

QEP Resources, Inc. (NYSE:QEP) not actively seeking out for acquisitions. Despite having a big chunk of cash on hand, QEP Resources is not aggressively seeking out acquisition opportunities and is focusing instead on expanding its inventory of drilling locations by adding wells to existing pads in the Bakken tight oil play. Charles Stanley, Chief Executive of QEP Resources, said, “We haven't set a deadline for ourselves and said 'Gee, we have a big pile of cash and we've got to spend it by 'X' date.”

QEP Resources Eyes Acquisitions

QEP Resources, Inc. (NYSE:QEP) is looking for acquisitions. Chuck Stanley, Chairman and President said, One of the things that I think one of the messages that we're trying to convey, not so subtly here, is that we think we just solved part of the inventory problem. Obviously we're going to look for opportunities to bolt on to our existing assets. Look, the acquisition market, especially the asset market, hasn't been very active so far. We've seen few deals. We're seeing some distressed assets start to come out now, and there may be some opportunities. Our A&D and new ventures teams are continuing to evaluate opportunities. It hasn't been a huge deal flow in the first half of the year."

QEP Resources, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Operating Results for the Second Quarter Ended June 30, 2015; Revises Operating Guidance for the Full Year of 2015; Reports Impairment for the Second Quarter Ended June 30, 2015

QEP Resources, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company’s reported a net loss from continuing operations of $76.3 million, or $0.43 per diluted share compared with a net loss from continuing operations of $106.1 million, or $0.59 per diluted share, in the second quarter 2014. 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, a non-cash pension curtailment expense and impairment charges. Excluding these items, the company's second quarter 2015 adjusted net income (a non-GAAP measure) was $16.0 million, or $0.09 per diluted share, compared with adjusted net income from continuing operations of $54.1 million, or $0.30 per diluted share, for the comparable 2014 period. The decrease in adjusted net income was due primarily to significantly lower average field-level prices for crude oil, natural gas and NGL, partially offset by higher crude oil volumes, lower production taxes and higher proceeds from realized commodity derivatives. Adjusted EBITDA was $279.4 million compared to $400.8 million a year ago. Adjusted net income was $16.0 million or $0.09 per diluted share, compared to $67.9 million or $0.38 per diluted share, a year ago. Total revenues were $608.6 million compared to $887.2 million a year ago. Operating loss was $16.7 million compared to $35.9 million a year ago. Loss from continuing operations before income taxes was $115.1 million compared to $168.0 million a year ago. Net loss was $76.3 or $0.43 per basic and diluted share, compared to $92.3 million or $0.51 per basic and diluted share, a year ago. Capital expenditures for E&P activities, on an accrual basis for the second quarter, were $275 million, which was slightly less than the company’s second quarter adjusted EBITDA. For the six months, the company’s reported a net loss from continuing operations of $131.9 million, or $0.75 per diluted share compared with a net loss from continuing operations of $93.4 million, or $0.52 per diluted share a year ago. Adjusted net income from continuing operations was $7.3 million or $0.04 per diluted share compared to $95.2 million, or $0.53 per diluted share a year ago. Adjusted EBITDA was $502.2 million compared to $787.1 million a year ago. Adjusted net income was $7.3 million or $0.04 per diluted share, compared to $136.0 million or $0.76 per diluted share, a year ago. Total revenues were $1,100.2 million compared to $1,704.7 million a year ago. Operating loss was $145.3 million compared to operating income of $104.9 million a year ago. Loss from continuing operations before income taxes was $202.2 million compared to $147.1 million a year ago. Net loss was $131.9 or $0.75 per basic and diluted share, compared to $52.6 million or $0.29 per basic and diluted share, a year ago. Net cash used in operating activities was $2.6 million compared to net cash provided by operating activities of $860.3 million a year ago. Property, plant and equipment, including dry exploratory well expense was $651.36 million compared $779.0 million a year ago. The company reported operating results for the second quarter ended June 30, 2015. Crude oil production increased 9%, natural gas production increased 4% and NGL production increased 26% in the second quarter 2015 compared with the first quarter 2015. Net natural gas equivalent production increased by 8% to 80.9 Bcfe in the second quarter 2015 compared with 75.2 Bcfe in the first quarter 2015. The increase was due primarily to increased production in the Williston and Permian basins, partially offset by decreased Haynesville production. Average daily production was 889.0 MMcfe against 922.0 MMcfe a year ago. For the six months, the company reported total production of 156.1 Bcfe against 157.6 Bcfe a year ago. Average daily production was 862.4 MMcfe against 870.4 MMcfe a year ago. The company revised operating guidance for the full year of 2015. QEP Resources capital investment guidance to the range of $900 million to $1,050 million. The company expects capital investment in the second-half 2015 to decline from the first six months of 2015, as improved operational efficiencies are realized and lower service and supply costs are fully captured. The company reported impairment for the second quarter ended June 30, 2015. For the quarter, the company reported impairment of $0.5 million compared to $1.5 million a year ago.

QEP Resources to Shut Down Tulsa Office

QEP Resources announced that it will be shutting down its regional office in Tulsa. About 70 employees, most of them in technical jobs, work in the company's Tulsa office. Approximately half of those employees will be given relocation offers at the crude oil and natural gas exploration and production company's headquarters in Denver. Others will be laid off. Tulsa operations are expected to close by this fall. Employees who do not transfer will be eligible for severance, outplacement assistance and other transitional support.

QEP Resources, Inc. Declares Quarterly Cash Dividend, Payable on September 4, 2015

QEP Resources, Inc. announced that its Board of Directors approved a quarterly cash dividend of $0.02 per share of common stock, payable on September 4, 2015, to shareholders of record on August 18, 2015.

 

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QEP

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Valuation QEP Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.9x
Price/Book 0.6x
Price/Cash Flow 0.9x
TEV/Sales NM Not Meaningful
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