LONDON, UK / ACCESSWIRE / April 13, 2018 / Active-Investors.com has just released a free earnings report on QEP Resources, Inc. (NYSE: QEP) (''QEP''). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=QEP. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 28, 2018. The independent oil and gas Company reported better than expected revenues and earnings results, and achieved a record production in the Permian basin in Q4 2017. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, QEP Resources most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For Q4 2017, QEP recorded revenues of $429.0 million, up 7% compared to $399.7 million in Q4 2016. The Company's revenue numbers topped analysts' estimates of $387.1 million.

For the full fiscal year ended December 31, 2017, QEP recorded revenues of $1.62 billion, up 17% compared to $1.38 billion in FY16.

QEP reported a net income of $150.3 million, or $0.62 per diluted share, in Q4 2017 compared to a loss of $133.3 million, or $0.56 loss per diluted share, in Q4 2016.

For FY17, QEP reported a net income of $269.3 million, or $1.12 per diluted share, compared to a net loss of $1.25 billion, or $5.62 loss per diluted share, in FY16. The Company's net income for Q4 2017 and FY17 benefitted from a tax benefit of $307.9 million, primarily due to a revaluation of the Company's net deferred tax liability under the Tax Cuts and Jobs Act 2017 (TCJA), signed into law on December 22, 2017.

For Q4 2017, QEP's adjusted net income was $274.0 million, or $1.13 per diluted share, compared to an adjusted net loss of $36.2 million, or $0.15 loss per diluted share, in Q4 2016, and was ahead of Wall Street's estimates for a loss of $0.04 per share. For FY17, the Company's adjusted net income was $185.2 million, or $0.77 per diluted share, compared to an adjusted net loss of $232.8 million, or $1.05 per diluted share, in FY16.

Production

During Q4 2017, QEP's oil equivalent production was 12.1 million barrels of oil equivalent (MMboe) compared to 13.7 MMboe in Q4 2016. For the reported quarter, the Company's equivalent production was 33.5 thousand barrels of oil equivalents (Mboe) and 52.0 Mboe in the Williston and Permian basins, respectively; impacted by weather-related issues and the Pinedale Divestiture in September 2017.

During Q4 2017, QEP's lease operating expenses (LOE) were $6.58 per Boe, up 47% on a y-o-y basis, primarily driven by an increase in workovers in the Williston and Permian Basins and Haynesville; power and fuel expenses; services and supplies expenses in the Permian Basin; and increased water disposal expenses in Haynesville.

During Q4 2017, QEP's transportation and processing costs were $3.54 per barrel of oil equivalent (Boe), down 31% on a y-o-y basis; attributed to decreases in Pinedale, primarily related to the Pinedale Divestiture, and a recovery of historical transportation costs; and in Haynesville, primarily related to the recovery of fees for historical unutilized gathering and transportation capacity.

Permian Basin - During Q4 2017, QEP's Permian Basin net production averaged approximately 27.8 million barrels of oil equivalent per day (Mboed), a Company record for the Permian Basin, and reflecting an increase of 87% on a y-o-y basis. For the reported quarter, the Company completed and turned to sales 24 gross-operated horizontal wells in two drilling spacing units (DSU), one with 8 wells and the other with 16 wells.
At the end of Q4 2017, QEP had 36 gross-operated horizontal wells waiting on completion and 11 gross-operated horizontal wells being drilled, and an additional 18 wells for which surface casing has been set as of December 31, 2017. At the end of Q4 2017, the Company had 6 operated rigs in the Permian Basin.

Williston Basin - QEP's Williston Basin net production averaged approximately 48.7 Mboed in Q4 2017, up 9% on a y-o-y basis. The Company completed and turned to sales 2 gross operated wells during the reported quarter, both of which were on Ft. Berthold. QEP also completed 9 gross-operated refracs, 5 on South Antelope and 4 on Ft. Berthold in the reported quarter.

At the end of Q4 2017, QEP had 5 gross-operated wells waiting on completion and two wells being drilled, all on South Antelope. At the end of the reported quarter, the Company had 1 operated rig in the Williston Basin, operating on South Antelope.

Haynesville - For Q4 2017, QEP's Haynesville net production averaged approximately 262.7 million cubic feet equivalent per day (MMcfed), representing an increase of 83% compared to Q4 2016. The Company completed and turned to sales 2 gross operated wells in the reported quarter. At the end of Q4 2017, QEP had 1 operated rig in Haynesville.

Uinta Basin - QEP's Uinta Basin net production averaged approximately 54.4 MMcfed during Q4 2017. This represented a decrease of 14% compared to Q4 2016. At the end of the reported quarter, the Company had 1 drilling rig in the Uinta Basin.

Estimated Proved Reserves

At December 31, 2017, QEP's estimated proved reserves were approximately 684.7 MMboe, a decrease of 6% on a y-o-y basis, primarily due to the sale of reserves in-place associated with the Pinedale Divestiture. Approximately 56% of total proved reserves at year-end 2017 and 42% of total proved reserves at year-end 2016 were crude oil and NGL, respectively. Proved developed reserves were 253.1 MMboe, or 37%, of total estimated proved reserves at year-end 2017.

Capital Investment

For Q4 2017, QEP's total capital investment was $1.06 billion compared to $714.6 million in Q4 2016. The Company's capital investment, excluding property acquisitions, was $372.2 million in the reported quarter compared to $145.5 million in the prior year's same quarter.

Stock Performance Snapshot

April 12, 2018 - At Thursday's closing bell, QEP Resources' stock marginally rose 0.65%, ending the trading session at $10.81.

Volume traded for the day: 2.99 million shares.

Stock performance in the last month - up 14.63%; previous three-month period - up 2.27%; past six-month period - up 20.65%; and year-to-date - up 12.96%

After yesterday's close, QEP Resources' market cap was at $2.68 billion.

Price to Earnings (P/E) ratio was at 9.78.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Pipelines industry. This sector was up 0.1% at the end of the session.

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