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QEP Resources' Q3 results beat estimates despite lower revenue

QEP Resources Inc. on Oct. 23 reported a third-quarter adjusted net income of $11.0 million, or 5 cents per share, down from $39.6 million, or 17 cents per share, posted for the third quarter of 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the third quarter was 4 cents per share.

The oil and natural gas exploration and production company reported a GAAP third-quarter net income of $81.0 million, compared to $7.3 million noted a year ago.

Total third-quarter revenue was $307.5 million, down from the $560.8 million posted during the corresponding quarter in 2018.

Production for the quarter averaged 91,300 barrels of oil equivalent per day, down from the 156,500 boe/d seen a year ago. The company's net realized equivalent price for the quarter came in at $37.47/boe, up slightly from the $36.21/boe seen during the third quarter of 2018.

QEP also increased its production guidance for 2019 and expected total oil equivalent production to range from 32.0 million barrels of oil equivalent to 32.6 million boe, up from the previous range of 29.9 million boe to 31.0 million boe.

In addition to naming two new directors, QEP, in a separate Oct. 23 securities filing, said that Executive Vice President and CFO Richard Doleshek will step down, effective Dec. 31.

On Oct. 21, QEP's board elected its current Vice President Finance and Treasurer William Buese to serve as CFO and treasurer. The board also elected Senior Vice President and General Counsel Christopher Woosley to be its executive vice president, general counsel and corporate secretary. Both appointments are effective Jan. 1, 2020.

QEP also notified its holders of 6.80% senior notes due 2020 of its intention to redeem outstanding notes on Nov. 22. The redemption price will be based on the formula under the indenture governing the notes.