DENVER February 26, 2020 — QEP Resources, Inc. (NYSE: QEP) (QEP or the Company) today reported fourth quarter and full year 2019 financial and operating results and provided initial 2020 guidance and capital investment plan.


Delivered equivalent production 11% above and capital investment 11% below the midpoint of original 2019 guidance
Lowered drilling, completion, and equipment costs in the Permian Basin by $2.0 million per well
Reduced General & Administrative (G&A) expense by approximately 30% from 2018 to 2019
Decreased officer headcount by 54%, which resulted in a $10 million reduction to target officer compensation
Generated $566.9 million of Net Cash Provided from Operating Activities
Retired $66.9 million of debt and ended the year with a $166.3 million cash balance


Plan to deliver 4% oil growth in the Permian Basin, while reducing the Permian capital program by approximately 8%
Completed G&A expense reduction initiatives, which delivers a 40% reduction to G&A expense compared to 2019
Plan to generate approximately $100 million of Free Cash Flow (a non-GAAP measure) at $50 WTI
76% of forecasted 2020 oil production hedged at approximately $58 per barrel
Continue to organically de-lever balance sheet

"2019 was a year of significant change for QEP. We were intensely focused throughout the year on right-sizing our corporate overhead, improving capital efficiency and reducing operating expenses in the field. Our focus resulted in QEP essentially being Free Cash Flow neutral for the full year 2019 as we prioritize profitability and financial discipline over production growth," commented Tim Cutt, President and CEO of QEP.

"Our highly efficient capital investment program in 2020, along with the reduced corporate G&A and operating cost structure, provides us confidence in our ability to generate approximately $100 million of Free Cash Flow at $50 WTI in 2020. Our robust hedge position, 76% of forecasted 2020 oil production at approximately $58 per barrel, creates a solid floor to achieve our financial goals. Through the efforts of our top tier employee base, QEP is in a strong position to build cash in 2020, which supports our corporate goal of organically de-levering our balance sheet and returning capital to shareholders."


The following information was filed by Qep Resources, Inc. (QEP) on Wednesday, February 26, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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