QEP Resources, Inc.

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SEC Filings

10-Q
QEP RESOURCES, INC. filed this Form 10-Q on 07/25/2018
Entire Document
 


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
QEP RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2018
 
2017
 
2018
 
2017
REVENUES
(in millions, except per share amounts)
Oil and condensate, gas and NGL sales
$
520.3

 
$
373.0

 
$
930.1

 
$
758.2

Other revenue
3.0

 
2.7

 
8.0

 
6.7

Purchased oil and gas sales
9.1

 
8.0

 
23.2

 
38.9

Total Revenues
532.4

 
383.7

 
961.3

 
803.8

OPERATING EXPENSES
 
 
 
 
 
 
 
Purchased oil and gas expense
9.8

 
9.1

 
25.3

 
38.5

Lease operating expense
66.5

 
70.0

 
139.0

 
139.2

Transportation and processing costs
31.2

 
72.2

 
65.2

 
142.4

Gathering and other expense
3.4

 
1.8

 
6.2

 
3.3

General and administrative
55.8

 
31.3

 
115.9

 
64.9

Production and property taxes
37.6

 
28.5

 
66.5

 
57.6

Depreciation, depletion and amortization
242.2

 
191.5

 
438.7

 
383.3

Exploration expenses
0.1

 

 
0.1

 
0.4

Impairment
403.7

 

 
404.4

 
0.1

Total Operating Expenses
850.3

 
404.4

 
1,261.3

 
829.7

Net gain (loss) from asset sales, inclusive of restructuring costs
(3.9
)
 
19.8

 
(0.4
)
 
19.8

OPERATING INCOME (LOSS)
(321.8
)
 
(0.9
)
 
(300.4
)
 
(6.1
)
Realized and unrealized gains (losses) on derivative contracts (Note 7)
(79.1
)
 
106.7

 
(132.3
)
 
267.6

Interest and other income (expense)
(3.1
)
 
1.8

 
(3.8
)
 
2.4

Interest expense
(38.2
)
 
(34.9
)
 
(73.2
)
 
(68.7
)
INCOME (LOSS) BEFORE INCOME TAXES
(442.2
)
 
72.7

 
(509.7
)
 
195.2

Income tax (provision) benefit
106.2

 
(27.3
)
 
120.1

 
(72.9
)
NET INCOME (LOSS)
$
(336.0
)
 
$
45.4

 
$
(389.6
)
 
$
122.3

 
 
 
 
 
 
 
 
Earnings (loss) per common share
 
 
 
 
 
 
 
Basic
$
(1.42
)
 
$
0.19

 
$
(1.63
)
 
$
0.51

Diluted
$
(1.42
)
 
$
0.19

 
$
(1.63
)
 
$
0.51

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
 
 
 
 
 
 
 
Used in basic calculation
237.0

 
240.5

 
238.9

 
240.4

Used in diluted calculation
237.0

 
240.6

 
238.9

 
240.5

Dividends per common share
$

 
$

 
$

 
$


Refer to Notes accompanying the Condensed Consolidated Financial Statements.

2