QEP RESOURCES REPORTS FOURTH QUARTER AND FULL YEAR 2016 FINANCIAL AND OPERATING RESULTS AND ANNOUNCES 2017 CAPITAL INVESTMENT PLAN AND GUIDANCE
Full Year 2016 Highlights
Delivered record oil equivalent production of 55.8 MMboe
Delivered record crude oil production of 20.3 MMbbl, including a record 4.0 MMbbl in the Permian Basin
Reported record year-end total proved reserves of 731.4 MMboe, a 21% increase compared with year-end 2015, including record proved crude oil reserves of 238.6 MMbbl
Acquired approximately 9,600 net acres in the core of the Permian Basin (2016 Permian Basin Acquisition)
Maintained strong liquidity, including $443.8 million of cash and cash equivalents at year-end
2017 Capital Investment Plan and Guidance
Total forecasted capital investment plan of $950.0 million to $1.0 billion, including approximately $50.0 to $60.0 million for infrastructure, primarily in the Permian Basin
Operating plan assumes a seven rig program, with five rigs in the Permian Basin and one each in the Williston Basin and Pinedale
Forecasted oil equivalent production of 57.0 to 60.0 MMboe, a 5% increase at the midpoint compared with 2016
Forecasted crude oil production of 21.0 to 22.0 MMbbl, a 6% increase at the midpoint compared with 2016
Forecasted crude oil production of 6.5 to 7.0 MMbbl in the Permian Basin, a nearly 70% increase at the midpoint compared with 2016
DENVER — February 22, 2017 — QEP Resources, Inc. (NYSE: QEP) (QEP or the Company) today reported fourth quarter and full year 2016 financial and operating results. The Company reported a net loss of $133.3 million for the fourth quarter 2016, or $0.56 per diluted share, compared with net loss of $38.6 million, or $0.22 per diluted share, in the fourth quarter 2015. For the year ended December 31, 2016, QEP reported a net loss of $1,245.0 million, or $5.62 per diluted share, compared with a net loss of $149.4 million, or $0.85 per diluted share, for the comparable 2015 period.
Net income or loss includes non-cash gains and losses associated with the change in the fair value of derivative instruments, gains and losses from asset sales, asset impairments and certain other items. Excluding these items, the Company's fourth quarter 2016 Adjusted Net Loss (a non-GAAP measure) was $36.2 million, or $0.15 per diluted share, compared with an Adjusted Net Loss of $1.8 million, or $0.01 per diluted share, in the fourth quarter 2015. For the year ended December 31, 2016, the Company’s Adjusted Net Loss was $232.8 million, or $1.05 per diluted share, compared with Adjusted Net Income of $1.9 million, or $0.01 per diluted share, for 2015.
Adjusted EBITDA (a non-GAAP measure) for the fourth quarter 2016 was $174.1 million, compared with $254.0 million in the fourth quarter 2015. For the year ended December 31, 2016, the Company reported Adjusted EBITDA of $626.2 million compared with $1,029.3 million for the comparable 2015 period, primarily due to a decrease in net average realized prices, partially offset by a 2% increase in oil equivalent production, a 19% decrease in production and property taxes and a 6% decrease in lease operating expense. The definition and reconciliations of Adjusted EBITDA and Adjusted Net Income to net income (loss) are provided within the financial tables of this release.
"QEP is well positioned to capitalize on the improving commodity price environment and to generate superior shareholder returns through the development of our core Permian Basin assets," commented Chuck Stanley, Chairman, President and CEO of QEP. "We have laid out an ambitious 2017 capital investment plan, which will allow us to deliver significant crude oil volume growth in the Permian Basin as we continue to develop our County Line acreage and embark on our concentrated development
The following information was filed by Qep Resources, Inc. (QEP) on Wednesday, February 22, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: QEP CIK: 1108827 Form Type: 10-K Annual Report Accession Number: 0001108827-17-000007 Submitted to the SEC: Wed Feb 22 2017 4:08:42 PM EST Accepted by the SEC: Wed Feb 22 2017 Period: Saturday, December 31, 2016 Industry: Crude Petroleum And Natural Gas