QEP Resources Loss Narrows, Lifts FY Production Guidance; Stock Up 7%

(RTTNews) - Oil and gas company QEP Resources Inc (QEP) on Monday reported second-quarter net loss of $76.3 million or $0.43 per share compared with a loss of $92.3 million or $0.51 per share last year.

Excluding derivative losses and other one-time items, adjusted earnings for the quarter were $0.09 per share compared with earnings of $0.30 per share a year ago.

Analysts polled by Thomson Reuters estimated a loss of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

The decline in adjusted earnings were due to significantly lower average field-level prices for crude oil, natural gas and NGL, partly offset by higher crude oil volumes, the company said.

Revenues for the quarter were lower at $608.6 million compared with $887.2 million in the prior year.

Analysts estimated revenues of $556.9 million for the quarter.

For the full year 2015, the company lifted its output guidance, now expecting total equivalent production of 297 - 315 Bcfe, from prior expectations of 291 - 312 Bcfe.