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
 


Gas Volumes and Prices
 
Three Months Ended March 31,
 
2018
 
2017
 
Change
Gas production volumes (Bcf)
 
 
 
 
 
Northern Region
 
 
 
 
 
Williston Basin
3.4

 
4.0

 
(0.6
)
Pinedale

 
18.5

 
(18.5
)
Uinta Basin
3.7

 
4.6

 
(0.9
)
Other Northern
0.4

 
1.8

 
(1.4
)
Southern Region
 
 
 
 


Permian Basin
1.9

 
1.2

 
0.7

Haynesville/Cotton Valley
25.7

 
12.2

 
13.5

Other Southern

 

 

Total production
35.1

 
42.3

 
(7.2
)
Average field-level gas prices (per Mcf)
 
 
 
 
 
Northern Region
$
2.79

 
$
3.22

 
$
(0.43
)
Southern Region
$
2.94

 
$
3.09

 
$
(0.15
)
 
 
 
 
 
 
Average field-level price
$
2.91

 
$
3.18

 
$
(0.27
)
Commodity derivative impact
0.03

 
(0.34
)
 
0.37

Net realized price
$
2.94

 
$
2.84

 
$
0.10


Gas revenues decreased $32.5 million, or 24%, in the first quarter of 2018 compared to the first quarter of 2017, due to lower gas production volumes and lower average field-level prices. Production volumes decreased primarily due to the Pinedale Divestiture and divestitures in Other Northern. These production decreases were partially offset by an increase in production in the first quarter of 2018 in Haynesville/Cotton Valley due to a continued refracturing program and the initiation of a drilling program. Average field-level gas prices decreased 8% in the first quarter of 2018 compared to the first quarter of 2017, primarily driven by a decrease in average NYMEX-HH gas prices for the comparable periods.


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