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
 


Forward-Looking Statements

The quarterly report contains information that includes or is based upon "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. We use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements include statements relating to, among other things:

our Strategic Initiatives to transition to a pure-play Permian Basin company, including the use of proceeds from such asset sales;
reducing operating and per well drilling costs and managing liquidity;
plans to grow oil and condensate production in the Permian Basin;
drilling and completion plans and strategies;
acquiring acreage in the Permian Basin to add development opportunities and facilitate the drilling of long lateral wells;
estimated future payments to reimburse the buyer in the Pinedale Divestiture for certain deficiency charges related to the gas processing and NGL transportation and fractionation contracts;
future development costs and funding for such development costs;
the conditions impacting the timing and amount of share repurchases under our share repurchase program;
the usefulness of non-GAAP financial measures;
our inventory of drilling locations;
ability of our inventory locations to provide a solid base for growth in production and reserves;
evaluation of potential acquisitions and divestiture opportunities;
our balance sheet and liquidity position allowing us to grow oil production in the Permian Basin and achieve our Strategic Initiatives;
amount and allocation of forecasted capital expenditures (excluding property acquisitions) and, plans for funding operations and capital investments;
potential for asset impairments, including estimated impairment amounts, and factors impacting impairment amounts;
fair value estimates and related assumptions and assessment of the sensitivity of changes in assumptions, and critical accounting estimates, including estimated asset retirement obligations and fair value estimates of stock options;
impact of global geopolitical and macroeconomic events;
plans regarding derivative contracts, including the volumes utilized, and the anticipated benefits derived there from;
delays in completion of wells, well shut-ins and volatility to operating results caused by multi-well pad drilling, including the effect of such delays on quarterly operating results;
plans and ability to pursue acquisition opportunities;
sufficiency of our liquidity position to ensure financial flexibility and fund our operations and capital expenditures;
estimates of the amount of additional indebtedness we may incur under our revolving credit facility;
implementation and impact of new accounting pronouncements;
assumptions regarding share-based compensation;
settlement of performance share units and restricted share units in cash;
recognition of compensation expense related to share-based compensation grants;
expected contributions to our employee benefit plans;
novation of commodity derivatives upon the closing of the Uinta Basin Divestiture;
effect of the Strategic Initiatives on employee benefit plans; and
costs associated with employee retention program and contractual termination benefits, including severance and accelerated vesting of share-based compensations.

Any or all forward-looking statements may turn out to be incorrect. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining actual future results. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to the following:

the risk factors discussed in Item 1A of Part I of the 2017 Form 10-K and Item 1A of Part II of this Quarterly Report on Form 10-Q;
changes in oil, gas and NGL prices;
global geopolitical and macroeconomic factors;
general economic conditions, including the performance of financial markets and interest rates;

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