Exploration & Production | Quarterly / Earnings Reports
QEP Hits Milestones in Q3; Sees Multi-Play Operational Success
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QEP Resources, Inc. reported third quarter 2013 financial and operating results.
Third Quarter 2013 Highlights QEP Energy's crude oil production increased 83% over the third quarter 2012 and 11% from the second quarter 2013 to a record 28.7 Mbopd. Crude oil and NGLs comprised 29% of QEP Energy's production compared to 21% in the third quarter 2012. QEP Field Services' fee-based processing revenue increased 13% compared to the third quarter 2012. QEP completed the initial public offering of limited partner interests in QEP Midstream Partners, LP raising proceeds of $450 million net to QEP.Chuck Stanley, Chairman, President and CEO of QEP Resources, commented: "QEP achieved a number of important milestones in the third quarter, including record Adjusted EBITDA. The initial public…
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