QEP Resources: Asset Rich With A Strong Balance Sheet
QEP Resources: Testing Downspacing Limits In The Bakken
Wed, Jun. 22, 9:24 AM
Tue, Jun. 21, 4:35 PM
- QEP Resources (NYSE:QEP) -2.9% AH after agreeing to acquire additional oil and gas properties in the Permian Basin from unnamed sellers for ~$600M.
- QEP says the properties' current net production is ~1,400 boe/day (83% oil) from 96 vertical wells, with net proved reserves of 76M boe.
- To help fund the deal, QEP announces a public offering of 20M common share, with an underwriters option to purchase up to an additional 3M shares.
Mon, Feb. 29, 9:17 AM
Mon, Feb. 29, 8:35 AM
- QEP Resources (NYSE:QEP) -6.1% premarket after announcing a public offering of 30M common shares, with an underwriters option to purchase up to an additional 4.5M shares.
- QEP says it plans to use the proceeds for general corporate purposes, including cutting debt, acquiring properties and funding part of its exploration and production activities and working capital.
Fri, Feb. 12, 2:37 PM
- Whiting Petroleum (WLL -8.9%) may have received the toughest treatment from Moody's, but the ratings agency downgrades a total of eight of companies as part of a sweeping re-examination of oil and gas producers.
- The ratings affected companies rated Ba, or the first tier of debt Moody’s considers risky enough to be a speculative investment.
- While Moody's cut WLL's debt rating by five notches, SM Energy (SM -1.2%) and WPX Energy (WPX +3.5%) both fell four notches to B2 from Ba1, and cites the likelihood of a "dramatic increase in financial leverage in 2017” with SM's cut.
- QEP Resources (QEP -0.5%) and Energen (EGN -11.6%) fell three notches to B1 from Ba1.
- Unit Corp. (UNT +2%) fell two notches to B2 from Ba3, which Range Resources (RRC +0.7%) and Newfield Exploration (NFX +2.7%) both slipped to Ba3 from Ba1.
- Ratings for Antero Resources (AR +2.7%) and Concho Resources (CXO +2.2%) were confirmed at Ba2 and Ba1, respectively.
Nov. 19, 2015, 12:55 PM
- QEP Resources (QEP -2.1%) is lower despite Goldman Sachs' upgrade to Buy from Neutral with a $19 price target, as the firm thinks improved assets will drive oil growth.
- QEP shares have consistently lagged peers by 20% over the past five years, but Goldman sees QEP outperforming going forward as its improved asset quality via acquisitions over the past few years should drive differentiated organic growth in 2016.
- The firm believes investors will place a greater value on QEP’s historical strength - clean balance sheet and low cash flow multiples - in the current depressed commodity environment.
Aug. 4, 2015, 2:59 PM
- QEP Resources (QEP +4.2%) rallies after posting a surprise Q2 profit even as revenues fell by nearly a third compared with year-ago levels.
- QEP's Q2 crude oil production gained 9% Q/Q, natural gas production rose 4% Q/Q, and natural gas liquids jumped 26%, boosted by a strong early performance of its first set of high-density infill development wells at South Antelope in the Williston Basin.
- QEP upwardly revised its full-year production guidance to 297B-315B cfe from an earlier outlook for 291B-312B cfe, as expected oil production is now seen at 18M-19B bbl from an earlier 17M-18.5M bbl.
- Prior to today's advance, the stock had lost slightly more than half its former value over the past 12 months.
Aug. 3, 2015, 5:37 PM
Jan. 28, 2015, 3:59 PM
- Energy stocks are broadly lower as Nymex crude oil futures fell another $1.68/bbl (-3.6%) to $44.53 after today's inventory report showed the largest weekly supply buildup since 1982, but drilling contractor are whacked with especially large losses.
- Examples: NBR -11.7%, PTEN -8.6%, PES -10.9%, PDS -12.3%, KEG -6.5%; Helmerich & Payne (NYSE:HP), which reportedly has launched a round of steep layoffs, -6.3%.
- Among independent producers: DNR -9.7%, NFX -4.6%, SM -8.6%, SGY -10%, SD -9.7%, EOG -5.3%, PXD -6.8%, QEP -6%, APC -4.2%, XEC -3%.
- ETFs: XLE, ERX, VDE, OIH, XOP, ERY, FCG, DIG, GASL, DUG, IYE, XES, IEO, IEZ, PXE, PXI, FENY, PXJ, RYE, FXN, DDG
Dec. 22, 2014, 10:45 AM
- Natural gas prices fall 9.5% to near two-year lows at $3.133/mmBtu, in the biggest one-day percentage loss since February and the lowest intraday price since January 2013, on mild weather forecasts and inventory that is above year-ago levels.
- Prices are now down more than 15% in three straight losing sessions and are 30% lower than the six-month high closing price of $4.489/mmBtu it hit just a month ago.
- Weather has been unseasonably warm for December, limiting demand for home heating and allowing relatively low stockpiles to catch up to where they were a year ago and encouraging traders to sell based on the belief that supply is relatively healthy.
- Gas producers are among the biggest early decliners: XOM -1.1%, CHK -7.3%, APC -2.6%, SWN -6%, DVN -2.2%, COP -2.3%, BP -1.5%, COG -4%, BHP -1.9%, CVX -1.3%, ECA -5.1%, EQT -4.3%, RDS.A -1.7%, UPL -12%, WPX -6.9%, EOG -1%, OXY -1.1%, RRC -6.1%, APA -2.3%, AR -3.2%, CNX -3%, QEP -4.8%, LINE -4.9%, NBL -1.6%, SM -2.6%, XEC -4.2%, PXD -2.9%, NFX -5.1%.
- ETFs: UNG, DGAZ, UGAZ, BOIL, GAZ, FCG, GASL, KOLD, UNL, NAGS, DCNG
Dec. 3, 2014, 10:48 AM
- QEP Resources (QEP +4.3%) moves sharply higher after saying it completed the $2.5B sale of its natural gas gathering and processing business, including 2K miles of pipelines and four processing complexes, to Tesoro Logistics (TLLP +3.8%).
- QEP says it has now repaid a $600M term loan and all of its debt under its revolving credit line, and has expanded its credit line to $1.8B.
- Adding $2.5B to the balance sheet could allow QEP to boost dividends five-fold and still maintain enough cash to make both acquisitions and capex as needed to maintain market share, 24/7's Paul Ausick writes.
Oct. 20, 2014, 9:21 AM
Oct. 17, 2014, 6:06 PM
- QEP Resources (NYSE:QEP) +4.1% AH after Bloomberg reports that Williams Cos. (NYSE:WMB) is among the bidders for its Entrada Midstream natural gas pipeline unit, which could fetch ~$2.5B in a sale.
- Questar (NYSE:STR), QEP’s former parent, also is interested in Entrada, a spokesperson for the gas utility said separately today.
- Entrada and 56%-owned QEP Midstream (NYSE:QEPM) own nearly 3K miles of gas pipelines in the Rocky Mountain region, handling gas gathering and processing services for several major energy companies.
Jul. 14, 2014, 2:21 PM
- Whiting Petroleum's (WLL +7.4%) $6B buyout of Kodiak Oil & Gas (KOG +5.1%) is renewing investor attention on independent energy firms with operations in the Bakken Shale, especially those significantly owned by hedge funds; Paulson & Co. is the single biggest owner of KOG stock, with just under 10% of shares outstanding as of the last filing date.
- While many of the largest Bakken producers are huge companies or parts of huge companies - Hess (NYSE:HES), EOG, Statoil (NYSE:STO), Marathon Oil (NYSE:MRO), XTO Energy (NYSE:XOM) - a few small and mid-cap independent players show hedge fund interest, CNBC's Brian Sullivan writes.
- The single biggest holder of Oasis Petroleum (OAS +0.5%) also is John Paulson's hedge fund, which owns 9.9M shares (~9.8% of shares outstanding), Jana Partners owns 16M-plus shares in QEP Resources (QEP +1.4%), and WPX Energy (WPX +1.1%) has substantial hedge fund ownership.
Apr. 22, 2014, 2:35 PM
- QEP Resources (QEP -2.2%) is downgraded to Equal Weight from Overweight with a new $31 price target, down from $36, at Barclays as the firm lowers its 2014 and 2015 debt-adjusted cash flow estimates by 14%, primarily reflecting negative revisions in production forecasts following the disappointing outlook provided by QEP earlier this year.
- Barclays is cutting 2014-15 production estimates by 11% and 16%, respectively, including 8% and 9% cuts in oil production.
Feb. 26, 2014, 9:16 AM
QEP Resources, Inc. operates as a holding company which is engaged in natural gas and oil exploration and production. The company also gathers, compresses, treats and processes natural gas. It focuses its operations in the Rocky Mountain and Midcontinent regions of the United States. The company... More
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Country: United States
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