QEP Resources (QEP) Tops Q1 EPS by 7c, Updates Guidance
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QEP Resources (NYSE: QEP) reported Q1 EPS of ($0.53), $0.07 better than the analyst estimate of ($0.60). Revenue for the quarter came in at $261.3 million versus the consensus estimate of $393.22 million.
QEP 2016 Guidance
In response to the current commodity price environment, QEP has reduced its full-year capital budget for drilling and completions by over 50% compared with 2015. Due to efficiency gains, strong well performance and ongoing cost reduction initiatives, the Company anticipates approximately flat year-over-year crude oil production in 2016.
The guidance assumes the following:
QEP's full-year 2016 guidance is shown below.
2016 Guidance | ||||||
2016 | 2016 | |||||
Previous Forecast | CurrentForecast | |||||
Oil production (MMbbl) | 18.5 - 20.5 | 19.0 - 20.5 | ||||
NGL production (MMbbl) | 4 - 5 | 4 - 5 | ||||
Natural gas production (Bcf) | 165 - 175 | 165 - 175 | ||||
Total natural gas equivalent production (Bcfe) | 300 - 328 | 303 - 328 | ||||
Lease operating and transportation expense (per Mcfe) | $1.60 - $1.70 | $1.60 - $1.70 | ||||
Depletion, depreciation and amortization (per Mcfe) | $3.00 - $3.30 | $2.70 - $3.00 | ||||
Production and property taxes (% of field-level revenue) | 8.5 | % | 8.5 | % | ||
(in millions) | ||||||
General and administrative expense(1) | $150 - $160 | $150 - $160 | ||||
Capital investment (excluding acquisitions and exploratory drilling costs) | $450 - $500 | $450 - $500 |
(1) Forecasted
For earnings history and earnings-related data on QEP Resources (QEP) click here.
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