QEP Resources (QEP) Tops Q1 EPS by 7c, Updates Guidance

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:

• A reduction in QEP's operated rig count from nine at year-end 2015 to three by early second quarter 2016
  • At least one rig in the Williston and Permian basins and Pinedale for the remainder of 2016
  • Assumes the addition of a fourth rig in the second half of 2016
• No additional asset acquisitions or divestitures
• No exploratory drilling costs
• Partial recovery of ethane in the Williston and Permian basins, to the extent that QEP cannot elect to reject ethane, for the entire year

QEP's full-year 2016 guidance is shown below.

(1) Forecasted

For earnings history and earnings-related data on QEP Resources (QEP) click here.

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