QEP Resources, Inc. announced that it expects to complete a total of approximately 110 wells during 2013, including 29 wells in the area in which QEP Energy is the designated operator but owns only a small overriding royalty interest.

QEP Resources, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues of $696.5 million against $603.2 million a year ago. Operating income was $64.8 million against $49.5 million a year ago. Loss before income taxes was $5.9 million against income before income taxes of $244.7 million a year ago. Net loss was $3.7 million against net income of $156 million a year ago. Net loss attributable to holders of the company was $4.3 million against net income attributable to holders of the company of $155.2 million a year ago. The company reported a net loss in the quarter driven by an $85 million loss from the March market value or derivatives portfolio, and sequential DD&A expenses were down $3 million to $254 million. Loss per diluted common share attributable to company was $0.02 against earnings per diluted common share attributable to company of $0.87 a year ago. Net cash provided by operating activities was $172.1 million against $328.5 million a year ago. Property acquisitions were $23.6 million against $1.4 million a year ago. Property, plant and equipment, including dry exploratory well expense were $361.0 million against $336.5 million a year ago. Adjusted EBITDA was $375.0 million against $350.7 million a year ago. Adjusted net income attributable to company was $49.4 million against $78.1 million a year ago. Diluted adjusted net income per share was $0.28 against $0.44 a year ago. The lower adjusted net Income was due primarily to lower midstream NGL revenue and higher depreciation, depletion and amortization and other expenses in the first quarter 2013 compared to 2012. Capital expenditures for the quarter was $340 million of including acquisitions, capital expenditures for E&P drilling and completion activities with $302 million. The company announced total production of 78.0 (bcfe) for the first quarter ended March 31, 2013 against 74.2 (bcfe) for the same period a year ago. Average daily production (MMcfe) was $866.4 against 815.1 for the same period a year ago. The company has revised its full-year 2013 guidance due to changes in commodity prices. The company currently expects adjusted EBITDA is to be in the range between from $1,575 million to $1,675 million and total QEP Resources capital investment is to be in the range between from $1,625 million to $1,725 million. The company earlier expected adjusted EBITDA is to be in the range between from $1,500 million to $1,650 million.

QEP Resources, Inc. announced that they will report Q1, 2013 results After-Market on Apr 30, 2013