QEP Resources, Inc. (NYSE:QEP) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.79%.
QEP Resources, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 9.68% to $0.34 in the quarter versus EPS of $0.31 in the year-earlier quarter.
Revenue: Rose 50.41% to $751 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: QEP Resources, Inc. reported adjusted EPS income of $0.34 per share. By that measure, the company missed the mean analyst estimate of $0.35. It missed the average revenue estimate of $766.25 million.
Quoting Management: “The second quarter was one of steady progress at QEP,” commented Chuck Stanley, Chairman, President and CEO of QEP Resources. “We continued to increase activity in the Williston Basin and brought on 15 new operated wells in the quarter. Individual well performance has been in line with or ahead of expectations, and we continue to make progress on lowering well costs. Crude oil volumes increased 82% from the second quarter 2012 and 12% from the prior quarter to a new record level. Crude oil and NGL volumes represented 27% of total production in the quarter, up 2% from the first quarter of 2013 and 7% from the prior year quarter, and crude oil comprised over 18% of production compared to less than 10% in the second quarter of 2012. Through steady execution we remain on track to deliver crude oil volume growth of at least 70% in 2013.
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