QEP Resources, Inc.

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SEC Filings

8-K
QEP RESOURCES, INC. filed this Form 8-K on 07/25/2018
Entire Document
 


QEP RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
June 30,
2018
 
December 31,
2017
ASSETS
(in millions)
Current Assets
 
 
 
Cash and cash equivalents
$

 
$

Accounts receivable, net
175.0

 
141.8

Income tax receivable
5.3

 
4.9

Fair value of derivative contracts
23.7

 
3.4

Prepaid expenses
9.8

 
10.1

Other current assets
0.3

 
4.3

Total Current Assets
214.1

 
164.5

Property, Plant and Equipment (successful efforts method for oil and gas properties)
 
 
 
Proved properties
12,852.3

 
11,873.6

Unproved properties
1,041.0

 
1,086.4

Gathering and other
359.7

 
318.7

Materials and supplies
32.2

 
32.9

Total Property, Plant and Equipment
14,285.2

 
13,311.6

Less Accumulated Depreciation, Depletion and Amortization
 

 
 

Exploration and production
7,267.1

 
6,642.9

Gathering and other
116.2

 
124.3

Total Accumulated Depreciation, Depletion and Amortization
7,383.3


6,767.2

Net Property, Plant and Equipment
6,901.9


6,544.4

Fair value of derivative contracts
5.4

 
0.1

Other noncurrent assets
56.5

 
53.0

Noncurrent assets held for sale
211.8

 
$
632.8

TOTAL ASSETS
$
7,389.7


$
7,394.8

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 
 
 
Checks outstanding in excess of cash balances
$
8.5

 
$
44.0

Accounts payable and accrued expenses
388.0

 
363.8

Production and property taxes
36.3

 
31.6

Interest payable
32.7

 
26.0

Fair value of derivative contracts
155.2

 
103.6

Asset retirement obligations
6.0

 
3.5

Total Current Liabilities
626.7


572.5

Long-term debt
2,649.4

 
2,160.8

Deferred income taxes
397.7

 
518.0

Asset retirement obligations
154.6

 
159.0

Fair value of derivative contracts
49.3

 
31.8

Other long-term liabilities
97.8

 
102.2

Other long-term liabilities held for sale
52.8

 
52.6

Commitments and contingencies
 
 
 
EQUITY
 
 
 
Common stock – par value $0.01 per share; 500.0 million shares authorized;  239.7 million and 243.0 million shares issued, respectively
2.4

 
2.4

Treasury stock – 2.7 million and 2.0 million shares, respectively
(41.2
)
 
(34.2
)
Additional paid-in capital
1,415.7

 
1,398.2

Retained earnings
1,994.7

 
2,442.6

Accumulated other comprehensive income (loss)
(10.2
)
 
(11.1
)
Total Common Shareholders' Equity
3,361.4


3,797.9

TOTAL LIABILITIES AND EQUITY
$
7,389.7


$
7,394.8


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