Quarterly / Earnings Reports | First Quarter (1Q) Update | Financial Results | Hedging | Capital Markets | Capital Expenditure | Drilling Program-Rig Count | Capital Expenditure - 2020 | 2020 Guidance
QEP Q1: Capex Down 32% for 2020, One Active Rig; Free Cash Flow Improves YOY
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QEP Resources, Inc. reported its Q1 2020 results.
Q1 Financial / Production Highlights: QEP reported several key financial developments in Q1, including: Negative Free Cash of $-31.6MM in Q1 (56% Improvement from 1Q19): QEP reported a negative free cash flow of $31.6 million in 1Q20 - however this is a 56% improvement YOY ($40.5 million) when compared to -$72.1 million in free cash flow for 1Q19 Q1 Production Declines 4% from 4Q19: QEP hit 4.9 MMBOE in production in 1Q (all from its Permian asset). During Q1, the company drilled 16 wells and TIL 25 wells, all in the Permian. Increased Hedges: Increased remaining 2020 hedge position to 13.1 million barrels of oil at an average price of approximately $56.50 per barrel (see chart further below for more details) 2020 Capex Cut by 32%…- ✓ Full news archive — U.S., Canada & international coverage
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