QEP Resources, Inc.

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SEC Filings

8-K
QEP RESOURCES, INC. filed this Form 8-K on 11/07/2018
Entire Document
 


QEP RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
REVENUES
(in millions, except per share amounts)
Oil and condensate, gas and NGL sales
$
544.0

 
$
380.9

 
$
1,474.1

 
$
1,139.1

Other revenue
3.8

 
3.6

 
11.8

 
10.3

Purchased oil and gas sales
13.0

 
5.6

 
36.2

 
44.5

Total Revenues
560.8

 
390.1

 
1,522.1

 
1,193.9

OPERATING EXPENSES
 
 
 
 
 
 
 
Purchased oil and gas expense
13.3

 
6.9

 
38.6

 
45.4

Lease operating expense
64.6

 
76.2

 
203.6

 
215.4

Transportation and processing costs
28.0

 
60.2

 
93.2

 
202.6

Gathering and other expense
4.6

 
1.7

 
10.8

 
5.0

General and administrative
48.3

 
43.4

 
164.2

 
108.3

Production and property taxes
37.4

 
28.5

 
103.9

 
86.1

Depreciation, depletion and amortization
234.9

 
176.9

 
673.6

 
560.2

Exploration expenses

 
21.3

 
0.1

 
21.7

Impairment

 
28.3

 
404.4

 
28.4

Total Operating Expenses
431.1

 
443.4

 
1,692.4

 
1,273.1

Net gain (loss) from asset sales, inclusive of restructuring costs
27.1

 
185.4

 
26.7

 
205.2

OPERATING INCOME (LOSS)
156.8


132.1

 
(143.6
)
 
126.0

Realized and unrealized gains (losses) on derivative contracts
(108.0
)
 
(104.3
)
 
(240.3
)
 
163.3

Interest and other income (expense)
(0.3
)
 
0.1

 
(4.1
)
 
2.5

Interest expense
(38.7
)
 
(34.4
)
 
(111.9
)
 
(103.1
)
INCOME (LOSS) BEFORE INCOME TAXES
9.8

 
(6.5
)
 
(499.9
)
 
188.7

Income tax (provision) benefit
(2.5
)
 
3.2

 
117.6

 
(69.7
)
NET INCOME (LOSS)
$
7.3

 
$
(3.3
)
 
$
(382.3
)
 
$
119.0

 
 
 
 
 
 
 
 
Earnings (loss) per common share
 
 
 
 
 
 
 
Basic
$
0.03

 
$
(0.01
)
 
$
(1.60
)
 
$
0.49

Diluted
$
0.03

 
$
(0.01
)
 
$
(1.60
)
 
$
0.49

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
 
 
 
 
 
 
 
Used in basic calculation
236.9

 
240.7

 
238.3

 
240.5

Used in diluted calculation
237.0

 
240.7

 
238.3

 
240.5



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