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QEP Loss Widens In Q4 On Severe North American Weather

|Includes:QEP Resources, Inc. (QEP)

QEP Resources reported a net loss of $52 million in Q4-2013, compared to a loss of $23 million in Q4-2012. The wider loss was attributed to a fall in gas production, due to severe winter weather in North America within the quarter.

Q4-2013 highlights:

  • Revenue of $715.5 million, up 2% YoY
  • Total production of 816 MMcfe/d, down 11% YoY; pulled down by reduced gas output
  • Gas production of 525 MMcf/d, down 21% YoY; partly offset by a 30% YoY growth in oil output to 33 Mbbl/d

For 2014, the company forecast total production of 775-841 MMcfe/d, lower than the 847 MMcfe/d produced in 2013.

QEP Commences Sale of Non-Core Mid-Con Assets

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: QEP