feet. The second well put on production in the quarter had a peak 24-hour IP rate of 38.3 MMcfed (100% gas) with a lateral length of 9,947 feet.
During the quarter the Company completed and returned to production seven QEP-operated refracs, with an average incremental 24-hour rate increase of 14.6 MMcfed (average working interest 99%). The Company expects to refrac approximately six additional net operated wells during 2018.
Current average gross QEP-operated Haynesville refrac costs are approximately $4.9 million per well.
At the end of the first quarter, the Company had one operated rig in Haynesville/Cotton Valley and two gross horizontal wells in the process of being drilled (average working interest 100%).
Slides 20-21 in the April 2018 Investor Presentation depict QEP's acreage and activity in Haynesville/Cotton Valley.
Uinta Basin net production averaged approximately 53.6 MMcfed (8.9 Mboed) (23% liquids) during the first quarter 2018, a 2% decrease compared with the fourth quarter 2017 and an 18% decrease compared with the first quarter 2017.
During the first quarter 2018, the Company put on production two gross operated vertical wells (average working interest 100%).
At the end of the first quarter, the Company had no drilling rigs in the Uinta Basin.
Slide 22 in the April 2018 Investor Presentation depicts QEP's acreage and activity in the Uinta Basin.
First Quarter 2018 Results Conference Call
QEP’s management will discuss first quarter 2018 results in a conference call on Thursday, April 26, 2018, beginning at 9:00 a.m. EDT. The conference call can be accessed at www.qepres.com. You may also participate in the conference call by dialing (877) 869-3847 in the U.S. or Canada and (201) 689-8261 for international calls. A replay of the teleconference will be available on the website immediately after the call through May 26, 2018, or by dialing (877) 660-6853 in the U.S. or Canada and (201) 612-7415 for international calls, and then entering the conference ID # 13678506. In addition, QEP’s slides for the first quarter 2018, with updated maps showing QEP’s leasehold and current activity for key operating areas discussed in this release, can be found on the Company’s website.
About QEP Resources, Inc.
QEP Resources, Inc. (NYSE:QEP) is an independent crude oil and natural gas exploration and production company with operations in two regions of the United States: the Northern Region (primarily in North Dakota and Utah) and the Southern Region (primarily in Texas and Louisiana). For more information, visit QEP's website at: www.qepres.com.