QEP Resources, Inc.

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SEC Filings

10-Q
QEP RESOURCES, INC. filed this Form 10-Q on 04/25/2018
Entire Document
 


The following tables present our revenues disaggregated by revenue source and by geographic area. Transportation and processing costs in the following tables are not all of the transportation and processing costs that the Company incurs, only the expenses that are netted against revenues pursuant to ASC 606.

 
Oil and condensate sales
 
Gas sales
 
NGL sales
 
Transportation and processing costs included in revenue
 
Oil and condensate, gas and NGL sales, as presented
 
(in millions)
 
Three Months Ended March 31, 2018
Northern Region
 
 
 
 
 
 
 
 
 
Williston Basin
$
160.5

 
$
9.8

 
$
11.8

 
$
(9.9
)
 
$
172.2

Uinta Basin
8.4

 
10.1

 
1.7

 

 
20.2

Other Northern
1.9

 
1.0

 
(0.2
)
 

 
2.7

Southern Region
 
 
 
 
 
 
 
 
 
Permian Basin
129.8

 
4.6

 
6.5

 
(2.8
)
 
138.1

Haynesville/Cotton Valley
0.4

 
76.4

 

 

 
76.8

Other Southern
(0.3
)
 
0.1

 

 

 
(0.2
)
Total oil and condensate, gas and NGL sales
$
300.7

 
$
102.0

 
$
19.8

 
$
(12.7
)
 
$
409.8

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2017(1)
Northern Region
 
Williston Basin
$
155.4

 
$
12.0

 
$
12.5

 
$

 
$
179.9

Pinedale
6.8

 
60.6

 
11.6

 

 
79.0

Uinta Basin
7.4

 
14.6

 
1.6

 

 
23.6

Other Northern
1.4

 
5.9

 
0.1

 

 
7.4

Southern Region
 
 
 
 
 
 
 
 
 
Permian Basin
50.2

 
3.2

 
3.1

 

 
56.5

Haynesville/Cotton Valley
0.4

 
38.2

 
0.1

 

 
38.7

Other Southern
0.1

 

 

 

 
0.1

Total oil and condensate, gas and NGL sales
$
221.7

 
$
134.5

 
$
29.0

 
$

 
$
385.2

_______________________
(1) 
Prior period amounts have not been adjusted under the modified retrospective method.

Note 3 – Acquisitions and Divestitures

Acquisitions

During the three months ended March 31, 2018, QEP acquired various oil and gas properties, which primarily included proved and unproved leasehold acreage in the Permian Basin for an aggregate purchase price of $36.2 million, subject to customary purchase price adjustments. Of the $36.2 million, $35.7 million was related to acquisitions from various persons who owned additional oil and gas interests in certain properties included in the 2017 acquisition of oil and gas properties in the Permian Basin (the 2017 Permian Basin Acquisition) on substantially the same terms and conditions as the 2017 Permian Basin Acquisition in the fourth quarter of 2017.

During the three months ended March 31, 2017, QEP acquired various oil and gas properties, which primarily included proved and unproved leasehold acreage and additional surface acreage in the Permian Basin, for an aggregate purchase price of $68.2 million. In conjunction with these acquisitions, the Company recorded $5.3 million of goodwill, which was subsequently impaired in 2017.


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