S&P 500 (NYSE:SPY) component QEP Resources, Inc. (NYSE:QEP) posted lower net income in the first quarter compared with a year-earlier period. QEP Resources, Inc. is an energy company that explores and develops natural gas, oil, and natural gas liquids.
QEP Resources Earnings Cheat Sheet for the First Quarter
Results: Net income for the oil and gas drilling and exploration company fell to $73.2 million (41 cents/share) vs. $99.3 million (56 cents/share) a year earlier. A decline of 26.3% from the year earlier quarter.
Revenue: Fell 7.2% to $596.2 million YoY.
Quoting Management: “The QEP Resources team continued to execute well in the first quarter,” said Chuck Stanley, President and CEO. “QEP Energy production was up 28% from the 2010 period and 6% from the fourth quarter of 2010. The production growth was driven by strong results from ongoing Haynesville Shale development activities, combined with significant contributions from new wells in our Woodford Shale, Granite Wash and Bakken plays.”
Competitors to Watch: Questar Corporation (NYSE:STR), GeoResources, Inc. (NASDAQ:GEOI), Warren Resources, Inc. (NASDAQ:WRES), Chevron Corporation (NYSE:CVX), Continental Resources, Inc. (NYSE:CLR), Oasis Petroleum Inc. (NYSE:OAS), Gastar Exploration Ltd. (NYSE:USA) (AMEX:GST), Devon Energy Corporation (NYSE:DVN), Encore Energy Partners LP (NYSE:ENP), and Double Eagle Petroleum Co. (NASDAQ:DBLE).
Today’s Performance: Shares of QEP are unchanged in after hours trading.