Exhibit 99.1

LOGO

 

    News Release
    QEP Resources, Inc.
    1050 17th Street, Suite 500
    Denver, CO 80265

February 23, 2011

NYSE: QEP

Contact: Scott Gutberlet

Phone: 303-672-6988

QEP RESOURCES REPORTS 2010 EBITDA OF $1.14 BILLION

AND PRODUCTION OF 229.0 BCFE

Company affirms 2011 EBITDA and production guidance

DENVER — QEP Resources (NYSE:QEP) reported 2010 EBITDA (a non-GAAP measure) of $1,140.5 million, compared to $1,165.5 million in 2009, down 2% despite a 26% decrease in net realized natural gas prices. The impact of lower natural gas prices was nearly offset by a 21% increase in production and higher net realized crude oil and NGL prices in QEP Energy, along with increased gathering and processing margins in QEP Field Services. EBITDA in the fourth quarter of 2010 was $298.5 million compared to $326.0 million a year earlier, an 8% decrease driven by a 22% decrease in net realized natural gas prices compared to the prior year quarter.

QEP also reported 2010 production of 229.0 Bcfe compared to 189.5 Bcfe in 2009, a 21% increase. Production in the fourth quarter of 2010 totaled 62.1 Bcfe compared to 55.4 Bcfe a year earlier, a 12% increase.

Net income from continuing operations in 2010 was $283.0 million or $1.60 per diluted share, compared to $212.8 million or $1.21 per diluted share in 2009. Net income from continuing operations in the fourth quarter of 2010 was $65.0 million or $0.37 per diluted share, compared to $94.6 million or $0.54 per diluted share a year earlier.

Excluding changes in unrealized gains and losses on natural gas basis-only swaps, gains and losses on non-core asset sales, separation costs and losses on early extinguishment of debt, QEP Resources adjusted net income from continuing operations (a non-GAAP measure) was $217.8 million or $1.23 per diluted share in 2010 compared to $315.2 million or $1.79 per diluted share in 2009. Similarly adjusted fourth quarter 2010 net income was $44.8 million or $0.25 per diluted share compared to $88.5 million or $0.50 per diluted share in the year earlier period.

EBITDA BY SUBSIDIARY

(in millions)

 

    

3 Months Ended

December 31,

          

12 Months Ended

December 31,

        
   2010      2009      Change     2010      2009      Change  

QEP Energy

   $ 242.4       $ 273.7         (11 %)    $ 926.2       $ 988.0         (6 %) 

QEP Field Services

     52.4         48.7         8        203.9         162.6         25   

QEP Marketing and other

     3.7         3.6         3        10.4         14.9         (30
                                        

TOTAL(a)

   $ 298.5       $ 326.0         (8 %)    $ 1,140.5       $ 1,165.5         (2 %) 

 

(a) See attached schedule for a reconciliation of EBITDA to net income.


The following information was filed by Qep Resources, Inc. (QEP) on Thursday, February 24, 2011 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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