QEP Resources (QEP) Reports Q1 EPS of $0.15, Revenues Miss

QEP Resources (NYSE: QEP) reported Q1 EPS of $0.15, versus $0.00 reported last year. Revenue for the quarter came in at $280.6 million versus the consensus estimate of $293.39 million.

"QEP’s assets performed as expected in all categories during the first quarter 2019. Our drilling and completions teams continue to deliver efficiency and cost improvements which positively impacted cycle time and capital intensity. These cost savings, along with other efficiency projects, are expected to free up enough capital to allow us to drill and complete an additional 10 to 12 wells in the Permian in 2019, while still living within our original 2019 capital guidance," commented Tim Cutt, President and CEO of QEP.

"During the quarter we initiated our previously announced plan to reset our general and administrative expense with a goal of reducing ‘normalized’ expense by approximately 45% between year-end 2018 and 2020. We expect to be operating at our go-forward staffing levels by mid-year 2019, at which point we will have reduced our total workforce by approximately 60% since the announcement of our strategic initiatives in February 2018. Although we have been aggressive with both employee and non-employee expense reductions, we are confident that we have retained the core business, technical and operating staff and systems required to execute our forward plans."

"With our focus on cost reduction and volume delivery, we remain confident in our ability to achieve cash flow neutrality before year-end at commodity prices of $55 for crude oil and $2.75 for natural gas."

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

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