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QEP Resources Reports Third Quarter Adjusted EBITDA of $353.7 Million and Production of 70.7 Bcfe

October 25, 2011

DENVER, Oct. 25, 2011 /PRNewswire/ — QEP Resources (NYSE: QEP) reported adjusted EBITDA (a non-GAAP measure) of $353.7 million for the third quarter of 2011 compared to $297.5 million in the 2010 period, a 19% increase. Factors driving QEP’s results included increased gathering and processing margins at QEP Field Services, 15% higher net production from QEP Energy, and higher net realized crude oil and NGL prices which more than offset net realized natural gas prices that were 14% lower than a year ago at QEP Energy.

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                                     ADJUSTED EBITDA BY SUBSIDIARY
                                             (in millions)

                                        3 Months Ended                9 Months Ended
                                        September 30,                  September 30,
                                         2011     2010   Change      2011      2010  Change
                                         ----     ----   ------      ----      ----  ------
      QEP
       Energy                          $267.3   $246.0         9%  $757.0    $683.8       11%
      QEP
       Field
       Services                          84.8     48.7        74    233.1     151.4       54
      QEP
       Marketing
       and
       other                              1.6      2.8       (43)     6.0       6.8      (12)
                                          ---      ---                ---       ---
    TOTAL(a)                           $353.7   $297.5        19%  $996.1    $842.0       18%

    (a) See attached schedule for a reconciliation of
     adjusted EBITDA to net income.

QEP Resources net income from continuing operations for the third quarter was $101.5 million or $0.57 per diluted share, compared to $71.1 million or $0.40 per diluted share in the 2010 period. Excluding changes in unrealized gains and losses on natural gas basis-only swaps, gains and losses on non-core asset sales, separation costs and losses on early extinguishment of debt, QEP Resources adjusted net income from continuing operations (a non-GAAP measure) was $83.5 million or $0.47 per diluted share in the third quarter compared to $57.2 million or $0.32 per diluted share in the 2010 period.


                                          NET INCOME BY SUBSIDIARY
                                  (in millions, except earnings per share)

                                         3 Months Ended                       9 Months Ended
                                          September 30,                       September 30,
                                          2011      2010   Change            2011      2010  Change
                                          ----      ----   ------            ----      ----  ------
    QEP
     Energy                              $58.3     $58.6       (1%)        $148.2    $165.0     (10%)
    QEP
     Field
     Services(a)                          42.0      21.0       100          114.2      68.5       67
    QEP
     Marketing
     and
     other                                 1.6       2.0       (20)           5.5       3.6       53
     Separation
     and
     debt
     extinguishment
     costs                                (0.4)    (10.5)        -        (0.4)    (19.1)       -
                                          ----     -----                     ----     -----
     Income
     from
     continuing
     operations(a)                      $101.5     $71.1        43%        $267.5    $218.0       23%

     Discontinued
     operations(b)                           -         -         -              -      43.2        -
                                           ---       ---                      ---      ----
    NET
     INCOME(a)                          $101.5     $71.1        43%        $267.5    $261.2        2%

    Earnings per
     diluted
     share
      From
       continuing
       operations                        $0.57     $0.40                    $1.50     $1.23
       Total
       earnings                          $0.57     $0.40                    $1.50     $1.47
     Weighted
     average
     diluted
     shares                              178.5     177.9                    178.5     177.6

    (a) Net income represents amounts attributable to QEP
     Resources after deducting non-controlling interest.
    (b) QEP Resources completed its tax-free spin-off from
     Questar Corporation on June 30, 2010.  In conjunction
     with the spin-off, QEP Resources distributed the common
     stock of its wholly-owned subsidiary, Wexpro Company, to
     Questar.  Accordingly, Wexpro's historical financial
     results have been presented as discontinued operations in
     this release.

“The third quarter of 2011 was another strong quarter for QEP Resources,” said Chuck Stanley, President and CEO. “QEP Energy production was up 15% from a year ago, driven by strong results from the Pinedale Anticline and Haynesville Shale plays, combined with significant contributions from new wells in our Woodford “Cana” Shale and Bakken/Three Forks plays. With 65% of our 2011 drilling capital directed to oil and liquids-rich gas plays, we grew oil and NGL production 44% year-to-date compared to the same period a year ago. Oil and NGL production accounted for 29% of QEP Energy net realized production revenues year-to-date and we expect that share to grow as we continue to allocate capital to our higher-margin liquids-rich resource plays. We also completed the successful early startup, commissioning and loading of Field Service’s new Blacks Fork II gas processing plant, which made a significant contribution to both QEP Energy and Field Services results during the quarter and should continue to do so for many years to come,” Stanley added.

Third Quarter 2011 Highlights

  • QEP Energy grew natural gas, oil and NGL net production to 70.7 billion cubic feet of natural gas equivalent (Bcfe) compared to 61.7 Bcfe in the 2010 period. Crude oil and NGL comprised 15% of reported production volumes.
  • QEP Energy adjusted EBITDA increased 9% compared to the 2010 period, driven by a 15% increase in production and increased net realized liquid prices – 31% for crude oil and 27% for NGL, partially offset by a 14% decrease in net realized natural gas prices.
  • QEP Energy net realized natural gas prices averaged $4.00 per thousand cubic feet (Mcf), compared to $4.64 per Mcf in the 2010 period. Field-level natural gas prices in 2011 were $3.27 per Mcf compared to $3.37 per Mcf in 2010. Natural gas-related derivative settlements contributed $43.7 million in 2011 ($0.73 per Mcf) compared to $69.7 million in 2010 ($1.27 per Mcf).
  • QEP Energy net crude oil and NGL revenues (including the settlement of crude oil-related derivatives) increased 86% compared to the third quarter of 2010 and represented 32% of net realized production revenues.
  • Net realized crude oil prices averaged $82.44 per barrel, up 31% compared to the 2010 period. Oil related derivative settlements contributed $0.9 million in 2011 ($0.91 per bbl) compared to a loss of $1.4 million in 2010 ($1.80 per bbl).
  • Net realized NGL prices at QEP Energy averaged $38.17 per barrel, up 27% compared to the 2010 period.
  • QEP Field Services adjusted EBITDA increased 74% from the third quarter of 2010, driven by a 26% increase in gathering margin and a 127% increase in processing margin. Net income was $42.0 million – double the $21.0 million generated in the third quarter of 2010.
  • QEP Energy year-to-date capital investment (on an accrual basis) was $939.4 million comprised of $898.7 million in drilling and completion and other expenditures (including $0.5 million of dry hole exploration expense) and $40.7 million in property acquisition costs.
  • QEP Field Services year-to-date capital investments (on an accrual basis) to expand capacity at its gathering, processing and treating facilities in western Wyoming, eastern Utah and the Haynesville/Cotton Valley area of northwest Louisiana totaled $68.1 million.
  • Field Services introduced gas into the Blacks Fork II plant on July 14th. QEP Energy entered into a fee-based processing agreement with QEP Field Services under which Field Services provides cryogenic gas processing services for QEP Energy’s Pinedale production volumes at Blacks Fork II.
  • Separation costs and losses on early extinguishment of debt reduced QEP Resources pre-tax income from continuing operations by $0.7 million in the quarter compared to $13.5 million in the 2010 period.

QEP raises 2011 adjusted EBITDA and Production Guidance

QEP now expects 2011 adjusted EBITDA to range from $1,315 to $1,350 million, compared to a previously forecast range of $1,275 to $1,325 million. QEP Energy expects 2011 production should range from 270 to 274 Bcfe, compared to a previously forecast range of 265 to 269 Bcfe.

The company’s guidance assumes hedge positions in place on the date of this release and other assumptions summarized in the table below:


    Guidance and Assumptions            2011            2011
                                  Current        Previous

    QEP Resources adjusted
     EBITDA (millions)         $1,315-$1,350   $1,275-$1,325
    QEP Energy capital
     investment (millions)            $1,250          $1,173
    QEP Field Services
     capital investment
     (millions)                           95             125
    QEP Marketing and Other
     capital investment
     (millions)                            5               2
                                         ---             ---
      Total QEP Resources
       capital investment
       (millions)                     $1,350          $1,300
    QEP Energy production -            270 -           265 -
     Bcfe                                274             269
    NYMEX gas price per
     MMBtu(a)                    $3.50-$4.00     $4.00-$4.50
    NYMEX crude oil price per
     bbl(a)                    $80.00-$90.00  $90.00-$100.00
    NYMEX/Rockies basis
     differential per
     MMBtu(a)                    $0.25-$0.10     $0.50-$0.30
    NYMEX/Midcontinent basis
     differential per
     MMBtu(a)                    $0.25-$0.10     $0.30-$0.15

    (a) For remaining 2011 un-hedged volumes

Approximately 72% of QEP Energy’s forecast natural gas production and 27% of forecast oil production for the remainder of 2011 is hedged with a combination of fixed price swaps and costless price collars. On a natural gas equivalent basis, the company has approximately 60% of its forecast production for the remainder of 2011 hedged. A table with details of the Company’s hedge positions is included at the end of this release.

QEP now forecasts 2011 total capital investment of $1,350 million, comprised of $1,250 million in QEP Energy, $95 million in QEP Field Services, and $5 million in QEP Marketing. The increase in forecasted capital investment in QEP Energy is due to: 1) an increase in the number of net completed Pinedale and Haynesville Shale wells by year-end due to continued drilling/completion efficiency gains; 2) increased completed well costs associated with non-operated Haynesville wells; 3) accelerated investment for a produced water gathering/disposal system in the Williston Basin; and 4) an increase in lease acquisition spending. Forecasted capital investment in QEP Field Services declined $30 million compared to the prior forecast due to actual costs associated with new plants being less than forecast and a change in timing of expenditures on certain other gathering and processing projects.

QEP Energy Results

QEP Energy’s third quarter production increased 15% to 70.7 Bcfe compared to 61.7 Bcfe in the 2010 period. The Southern Region (formerly the Midcontinent region) contributed 55% of current quarter production compared to 54% in the 2010 period.


                               QEP Energy - Production by Major Area (Bcfe)

                                                   3 Months Ended                  9 Months Ended
                                                   September 30,                   September 30,
                                               2011     2010  Change          2011    2010  Change
                                               ----     ----  ------          ----    ----  ------
    Southern Region
    ---------------
     Haynesville/
     Cotton
     Valley                                    26.6     22.0       21%        80.4    56.7       42%
    Midcontinent                               12.1     11.4        6         34.0    30.4       12
                                               ----     ----                  ----    ----
      Total
       Southern
       Region                                  38.7     33.4       16        114.4    87.1       31
    Northern Region
    ---------------
    Pinedale
     Anticline                                 21.6     17.9       21         55.6    49.9       11
    Uinta
     Basin                                      4.8      5.3       (9)     (a)16.2    15.9        2
    Rockies
     Legacy                                     5.6      5.1       10         15.1    14.0        8
                                                ---      ---                  ----    ----
      Total
       Northern
       Region                                  32.0     28.3       13         86.9    79.8        9

      Total  QEP
       Energy                                  70.7     61.7       15%       201.3   166.9       21%

    (a) Includes 1.6 Bcfe in Q1 from prior periods due to a
     change in ownership interest in a federal unit.


                                       QEP Energy - Commodity Prices

                                                    3 Months Ended              9 Months Ended
                                                    September 30,               September 30,
                                                2011     2010  Change     2011     2010  Change
                                                ----     ----  ------     ----     ----  ------
    Average field-
     level natural
     gas price ($
     per Mcf)                                  $3.27    $3.37      (3%)  $3.34              (12%)
                                                                                    $3.80
    Natural gas
     hedging impact
     ($ per Mcf)
     (a)                                        1.20     1.77             1.19     1.62
                                                ----     ----             ----     ----
    Average revenue
     ($ per Mcf)                                4.47     5.14             4.53     5.42
    Realized losses
     on basis-only
     swaps  ($ per
     Mcf) (b)                                  (0.47)   (0.50)           (0.50)   (0.61)
                                               -----    -----            -----    -----
    Net realized
     natural gas
     price ($ per
     Mcf)                                      $4.00    $4.64     (14%)  $4.03    $4.81     (16%)

    Average field-
     level oil
     price ($ per
     bbl)                                     $81.53   $64.85       26% $84.95   $67.31       26%
    Oil hedging
     impact ($ per
     bbl) (a)                                   0.91    (1.80)            0.38    (2.42)
                                                ----    -----             ----    -----
    Net realized
     oil price ($
     per bbl)                                 $82.44   $63.05       31% $85.33   $64.89       31%

    Average field-
     level NGL
     price ($ per
     bbl)                                     $38.17   $30.07       27% $40.48   $34.83       16%
    (a) Reported in revenues in the
     consolidated income statement.
    (b) Reported below operating income
     in the consolidated income
     statement.


                     QEP Energy - Production Costs (per Mcfe)

                                       3 Months Ended               9 Months Ended
                                       September 30,                September 30,

                                   2011     2010  Change       2011    2010  Change
                                   ----     ----  ------       ----    ----  ------
    Depreciation,
     depletion and
     amortization                 $2.47    $2.56      (4%)    $2.60   $2.59       -%
    Lease
     operating
     expense                       0.54     0.54        -      0.53    0.55       (4)
    General and
     administrative
     expense                       0.33     0.29       14      0.35    0.33        6
    Allocated
     interest
     expense                       0.29     0.34      (15)     0.30    0.35      (14)
    Production
     taxes                         0.37     0.30       23      0.37    0.35        6
                                   ----     ----               ----    ----
         Total
          Production
          costs                   $4.00    $4.03      (1%)    $4.15   $4.17      - %

  • Depreciation, depletion and amortization expense per Mcfe (the DD&A rate) decreased in the third quarter of 2011 compared to 2010 primarily as the result of booking additional NGL reserves in Pinedale associated with the Blacks Fork II processing plant and the addition of lower cost reserves in the Haynesville/Cotton Valley area.
  • Lease operating expense per Mcfe decreased in the year-to-date period compared to 2010 as a result of increased production volumes in lower operating cost areas. Growing production from new high-rate, low-operating cost wells in the Haynesville/Cotton Valley area and Pinedale coupled with declining production from higher cost areas lowered average per Mcfe lease operating expense. For the quarter, lease operating expenses per Mcfe were flat.
  • General and administrative (G&A) expense per Mcfe increased in the three and nine months ended September 30, 2011, as the result of higher employee benefit plan related expenses, increased legal and outside professional services and higher insurance costs which were partially offset by increased production in the three and nine months ended September 30, 2011.
  • Production taxes per Mcfe increased in the current year periods compared to 2010 as the result of increased field-level crude oil and NGL prices.
  • QEP Energy total cash cost of production – lease operating expense plus general and administrative expense, allocated interest, and production taxes was $1.53 per Mcfe in the third quarter, compared to $1.47 per Mcfe in the 2010 period, a 4% increase.

QEP Energy Operations Update

Growth continues in the Haynesville Shale of NW Louisiana

Since the last update, QEP has completed 13 additional company-operated Haynesville wells, each with strong production rates and pressures. In 2011, QEP drill times have averaged 32 days from spud to total depth on company-operated Haynesville wells, down from 37 days in 2010. Improved drilling performance and completion efficiencies have allowed QEP to remain the lowest cost operator in its portion of the Haynesville play. QEP-operated gross completed well costs averaged $9.1 million in 2011 compared to $9.3 million in 2010. QEP has 7 wells waiting on completion or being completed and currently has 6 operated rigs working in the Haynesville play. The Company also participated in 14 outside-operated Haynesville wells that were completed and turned to sales since the last operations update. Working interest in these wells ranged from less than 1% to 38%. QEP has interests in 8 outside-operated Haynesville wells that are waiting on completion. Slides with maps and other supporting materials referred to in this release are posted on the Company’s website www.qepres.com – please refer to slides 3 and 4 for additional information on QEP’s Haynesville activities.

During the third quarter of 2011, the company’s Haynesville net production averaged approximately 238 MMcfd and Cotton Valley/Hosston net production averaged approximately 50 MMcfd. QEP net production from the Haynesville play continues to be impacted by the Company’s decision to restrict the flowing rate of Haynesville wells to decrease near-wellbore pressure drawdown. The Company continues to restrict flow rates to minimize reservoir and propped fracture damage which should lead to increased ultimate recoverable reserves.

QEP on track to deliver 100 to 105 new Pinedale well completions in 2011

QEP has completed and turned to sales 89 new wells at Pinedale since resuming completion operations in mid-March 2011. The company suspends completion operations at Pinedale during the coldest months of the winter. QEP currently has 16 operated wells drilled and cased and waiting on completion. Drilling and completion efficiencies have allowed QEP to maintain its industry leading Pinedale completed well costs which were approximately $3.8 million per well in the third quarter. The average drill time from spud to total depth is 13.8 days in 2011 compared to 17 days in 2010. The company has 4 rigs currently working at Pinedale. During the third quarter of 2011, QEP’s Pinedale net production averaged approximately 235 MMcfed. As a result of a new fee-based processing agreement between QEP Energy and QEP Field Services, QEP Energy average net equivalent production for the third quarter included a significant contribution from liquids (193 MMcf/day, 1,621 Bbl Oil/day and 5,315 Bbl NGL/day). The new fee-based processing agreement was effective August 1. Slides 5 and 6 provide additional details on QEP’s Pinedale activity.

Strong industry activity continues in the Woodford “Cana” Shale play

QEP has completed and turned to sales 4 new QEP-operated Woodford “Cana” Shale wells in western Oklahoma. QEP has 2 operated wells currently being drilled and one operated well waiting on completion. The company currently operates 22 producing wells and has a non-operated working interest in 169 producing wells across the play. The company also has interests in 7 wells currently being drilled and 18 wells waiting on completion that are operated by others. During the third quarter of 2011, QEP net production from the play averaged approximately 45 MMcfed. Slide 7 shows QEP’s acreage and additional details on the Cana play.

Bakken/Three Forks production grows on company’s 90,000 acre North Dakota leasehold

QEP has completed and turned to sales 3 additional Bakken Formation operated wells in the Williston Basin of North Dakota. QEP has 4 operated wells currently being completed and 6 operated wells waiting on completion in the play. QEP also has interests in 8 outside-operated wells currently being drilled and 9 outside-operated wells waiting on completion. The company operates 20 producing wells in the play and has a working interest in 79 producing wells that are operated by others. During the third quarter of 2011, QEP’s Bakken/Three Forks net production averaged approximately 4,100 Boepd. Gross costs for recently completed QEP-operated long lateral Bakken/Three Forks (10,000′ average lateral length) wells have averaged $9.7 million, up over $1 million from early 2011. Slide 8 shows QEP’s acreage and activity in the Bakken/Three Forks play.

Granite Wash and Atoka Wash horizontal development in the Texas Panhandle

Since the last operations update, the company has completed and turned to sales 2 additional QEP operated Atoka Wash horizontal wells and one additional Caldwell zone horizontal well in Wheeler County, Texas. QEP has a 100% working interest in all three newly completed wells. The company currently has one Caldwell zone horizontal well and one Cherokee zone horizontal well waiting on completion. QEP is also participating in one outside-operated well currently being drilled. QEP has approximately 38,900 net acres in the “Wash” plays in the western Anadarko Basin including 25,300 acres in the Texas Panhandle. QEP has a working interest in a total of 50 producing horizontal Granite Wash/Atoka Wash wells in the Texas Panhandle. During the third quarter of 2011, net production from this play (vertical and horizontal wells) averaged approximately 38 MMcfed. Slide 9 shows QEP’s acreage position and the location of the QEP-operated wells completed in the play since the last operations update and the two operated wells that are waiting on completion.

QEP Field Services Adjusted EBITDA Up 74%; Fee-based processing volumes up 11%; NGL sales volume up 32%

QEP Field Services (Field Services) – a QEP subsidiary that provides gas gathering and processing services – third quarter adjusted EBITDA increased 74% to $84.8 million compared to $48.7 million in the 2010 period. The increase was the result of higher gathering and processing margins.

  • Gathering margin (total gathering revenues less gathering related operating expenses) increased 26%, or $ 9.9 million compared to the third quarter of 2010, driven primarily by increased other gathering revenue related to a third party processing arrangement for certain gas volumes in the Northern Region and a 6% increase in the average gathering rate. Total system throughput volume for the quarter averaged 1.4 million MMBtu per day.
  • Processing margin (total processing plant revenues less plant operating expenses and shrinkage) increased 127%, or $24.1 million compared to the third quarter of 2010, driven primarily by keep-whole processing margins that were 126% higher. The increased keep-whole processing margin was primarily the result of a 52% increase in NGL prices and a 32% increase in NGL volumes.
  • Approximately 72% of Field Services’ third quarter net operating revenue was derived from fee-based gathering and processing activities compared to 81% in the 2010 period.
  • QEP Field Services gathering volumes totaled 126.9 million MMBtu for the third quarter of 2011 compared to 126.6 million MMBtu for the third quarter of 2010.
  • Fee-based processing revenues increased 73% compared to the third quarter 2010, due to a 11% increase in fee-based processing volumes to 63.8 million MMBtu and a 50% increase in the average processing fee rate to $0.24 per MMBtu.
  • NGL sales volumes totaled 34.0 million gallons during the 2011 quarter compared to 25.8 million gallons during the 2010 quarter, a 32% increase.
  • The new 420 MMcfd Blacks Forks II cryogenic gas processing plant in southwest Wyoming was completed on July 14th, well ahead of schedule and within budget. Blacks Fork II generated $9.6 million of processing margin for QEP Field Services during the third quarter. With the completion of Blacks Fork II, QEP Field Services owns and operates processing plants in the Northern (Rocky Mountain) Region with an aggregate processing capacity of 1.37 Bcfd of natural gas. Slides 10 and 11 show the location of QEP Field Services assets and the new Blacks Fork II plant.

Financing Activities

During the third quarter, QEP entered into a new $1.5 billion, 5-year, unsecured revolving credit agreement with a group of 19 financial institutions. The credit facility replaces the $1.0 billion credit facility that was scheduled to mature in March of 2013. The new credit facility provides for borrowings at short-term interest rates and contains customary covenants and restrictions. The agreement also contains provisions which would allow for the amount of the facility to be increased to $2.0 billion and for the maturity date to be extended for two additional one-year periods. QEP expensed $0.7 million of deferred financial costs associated with the old credit facility in the period.

Third Quarter 2011 Results Conference Call

QEP Resources management will discuss third quarter 2011 results in a conference call on Wednesday, October 26, beginning at 11:00 a.m. ET. The call can be accessed at www.qepres.com. A replay of the teleconference will be available on the website and from October 26 to November 9 by dialing (855) 859-2056 in the U.S. or Canada and (404) 537-3406 for international calls, and then entering passcode 17043271. In addition, updated maps showing QEP’s leasehold and current activity for key operating areas discussed in this release can be found on the company’s website.

About QEP Resources

QEP Resources, Inc. (NYSE:QEP) is a leading independent natural gas and oil exploration and production company with operations focused in the Rocky Mountain and Midcontinent of the United States. QEP Resources also gathers, compresses, treats, processes and stores natural gas.

Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “anticipates,” “believes,” “forecasts,” “plans,” “estimates,” “expects,” “should,” “will” or other similar expressions. Such statements are based on management’s current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. These forward-looking statements include statements regarding: forecasted adjusted EBITDA, production and capital investment for 2011 and related assumptions for such guidance; percentage of net realized production revenues attributed to oil and NGL production; number of rigs planned in operating areas; changes in lease operating expenses; the effects of restricting the flowing rate at the Haynesville Shale; and the capacity of the Blacks Fork II plant and the timing of such plant being fully operational. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, but not limited to: the availability of capital; changes in local, regional, national and global demand for natural gas, oil and NGL; shortages of oilfield equipment, services and personnel; operating risks such as unexpected drilling conditions; weather conditions; changes in maintenance and construction costs; the availability and cost of credit; and the other risks discussed in the Company’s periodic filings with the Securities and Exchange Commission, including the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. QEP Resources undertakes no obligation to publicly correct or update the forward-looking statements in this news release, in other documents, or on the Web site to reflect future events or circumstances. All such statements are expressly qualified by this cautionary statement.

For more information, visit QEP Resources’ website at: www.qepres.com.


                              QEP Energy Hedge Positions - October 25, 2011

       Time Periods Northern   Southern     Total               Northern     Southern        Total
                      Region     Region                           Region      Region
                                                                               Estimated
                                                                      Average price per Mcf, net to the
                       Gas (Bcf) fixed-price swaps                                                      well
    2011 remaining       20.6       13.2       33.8                 $4.09         $4.88         $4.40

    2012                 46.9       73.2      120.1                 $5.27         $4.09         $4.55

    2013                 50.3          -       50.3                 $5.44             -         $5.44


                                                                  Estimated
                                                      Average price per Mcf, net to the
                   Gas (Bcf) costless collars                                              well
                                                  Floor -        Floor -        Floor -
                                                  Ceiling        Ceiling        Ceiling
    2011 remaining    3.6       3.7        7.3 $3.01 - $5.25  $5.05 - $6.66  $4.04 - $5.97


                                                    Average price per bbl, net to the
                    Oil (Mbbl) fixed-price swaps                                      well
    2011 remaining    46.0          -       46.0 $98.00             -        $98.00

    2012           1,464.0      183.0    1,647.0 $86.10       $108.00        $88.53

    2013                 -      182.5      182.5      -       $103.80       $103.80


                                                                      Estimated
                                                          Average price per Bbl, net to the
                   Oil (Mbbl) costless collars                                                 well
                                                       Floor -           Floor -           Floor -
                                                       Ceiling           Ceiling           Ceiling
    2011 remaining  216.2      59.8      276.0 $51.38 - $99.98  $53.00 - $109.75  $51.73 - $102.10


       Time Periods Propane (MM gallons)    Average price per gallon
                      fixed-price swaps
    2012                                7.7                          $1.28


       Time Periods Ethane (MM gallons)     Average price per gallon
                      fixed-price swaps
    2012                                7.7                          $0.59


    QEP Field Services Hedge Positions - October 25, 2011

       Time Periods         Propane (MM gallons)          Average price per gallon
                              fixed-price swaps
    2011 remaining                              3.9                                $1.45

    2012                                       15.3                                $1.36


       Time Periods Ethane (MM gallons)     Average price per gallon
                      fixed-price swaps
    2012                                7.7                          $0.59


    QEP RESOURCES,
     INC.
    CONSOLIDATED
     STATEMENTS OF
     INCOME
    (Unaudited)
                       3 Months Ended September      9 Months Ended September
                                 30,                         30,
                            2011          2010          2011          2010

                           (in millions, except per share amounts)
    REVENUES
      Natural gas
       sales              $266.7        $283.2        $795.8        $808.4
      Oil sales             76.1          49.9         218.4         139.5
      NGL sales             34.1           9.3          67.8          27.4
      Gathering,
       processing
       and other           118.7          76.4         340.1         238.7
      Purchased gas
       and oil sales       356.8         145.8         810.6         460.4
      --------------       -----         -----         -----         -----
        Total Revenues     852.4         564.6       2,232.7       1,674.4

    OPERATING
     EXPENSES
      Purchased gas
       and oil
       expense             352.7         143.6         803.3         455.4
      Lease
       operating
       expense              37.0          32.8         104.1          89.7
      Gathering,
       processing
       and other            27.0          19.5          79.4          62.6

      General and
       administrative       28.7          24.7          89.1          75.6
      Separation
       costs                   -           0.2             -          14.2
      Production and
       property
       taxes                27.7          19.7          78.5          61.6
      Depreciation,
       depletion and
       amortization        189.0         170.5         566.4         469.5
      Exploration
       expense               2.4           2.9           7.5           9.2
      Abandonment
       and
       impairment            5.7          12.2          16.4          29.1
      -----------            ---          ----          ----          ----
        Total
         Operating
         Expenses          670.2         426.1       1,744.7       1,266.9
    Net gain
     (loss) from
     asset sales             1.2          10.8           1.4          12.3
    ------------             ---          ----           ---          ----
        OPERATING
         INCOME            183.4         149.3         489.4         419.8
    Interest and
     other income
     (loss)                 (0.7)          1.6          (0.5)          4.4
    Income from
     unconsolidated
     affiliates              2.3           1.1           4.5           2.5
    Loss from
     early
     extinguishment
     of debt                (0.7)        (13.3)         (0.7)        (13.3)
    Interest
     expense               (22.8)        (22.6)        (67.0)        (62.8)
    --------               -----         -----         -----         -----
        INCOME FROM
         CONTINUING
         OPERATIONS        161.5         116.1         425.7         350.6
        BEFORE INCOME
         TAXES
    Income taxes           (59.1)        (44.2)       (156.0)       (130.5)
    ------------           -----         -----        ------        ------
        INCOME FROM
         CONTINUING
         OPERATIONS        102.4          71.9         269.7         220.1
    Discontinued
     operations,
     net of income
     tax                       -             -             -          43.2
    --------------           ---           ---           ---          ----
        NET INCOME         102.4          71.9         269.7         263.3
    Net income
     attributable
     to non-
     controlling
     interest               (0.9)         (0.8)         (2.2)         (2.1)
    -------------           ----          ----          ----          ----
        NET INCOME
         ATTRIBUTABLE
         TO QEP           $101.5         $71.1        $267.5        $261.2
        =============     ======         =====        ======        ======

    EARNINGS PER
     COMMON SHARE
     -
     ATTRIBUTABLE
     TO QEP
    Basic from
     continuing
     operations            $0.58         $0.40         $1.52         $1.24
    Basic from
     discontinued
     operations                -             -             -          0.25
      Basic total          $0.58         $0.40         $1.52         $1.49
                           =====         =====         =====         =====
    Diluted from
     continuing
     operations            $0.57         $0.40         $1.50         $1.23
    Diluted from
     discontinued
     operations                -             -             -          0.24
      Diluted total        $0.57         $0.40         $1.50         $1.47
                           =====         =====         =====         =====
    Weighted-
     Average
     Common Shares
     Outstanding
        Used in basic
         calculation       176.6         175.4         176.5         175.2
        Used in
         diluted
         calculation       178.5         177.9         178.5         177.6


    QEP RESOURCES, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
                                           September 30,  December 31,
                                                    2011          2010
                                                    ----          ----
                                                   (in millions)
    ASSETS
    Current Assets
      Accounts receivable, net                    $355.3        $269.9
      Fair value of derivative contracts           225.4         257.3
      Inventories, at lower of average
       cost
        Gas oil and NGL                             16.1          16.4
        Materials and supplies                      87.1          65.4
      Prepaid expenses and other                    35.6          45.2
      --------------------------
        Total Current Assets                       719.5         654.2
        --------------------                       -----         -----
    Property, Plant and Equipment
     (successful efforts
    method for gas and oil properties)
      Proved Properties                          7,780.8       6,874.3
      Unproved properties, not being
       depleted                                    326.3         322.0
      Midstream field services                   1,430.6       1,360.5
      Marketing and other                           47.8          44.5
      -------------------                           ----          ----
      Total Property, Plant and Equipment        9,585.5       8,601.3
      -----------------------------------        -------       -------
    Less Accumulated Depreciation,
     Depletion and Amortization
      Exploration and production                 2,963.6       2,454.4
      Midstream field services                     283.7         244.6
      Marketing and other                           14.0          12.3
      -------------------                           ----          ----
      Total Accumulated Depreciation,
       Depletion and                             3,261.3       2,711.3
      -------------------------------            -------       -------
       Amortization
       ------------
      Net Property, Plant and Equipment          6,324.2       5,890.0
      ---------------------------------          -------       -------
    Investment in unconsolidated
     affiliates                                     44.1          44.5
    Goodwill                                        59.5          59.6
    Fair value of derivative contracts             116.4         120.8
    Other noncurrent assets                         33.2          16.2
    -----------------------                         ----          ----
       TOTAL ASSETS                             $7,296.9      $6,785.3
       ============                             ========      ========


    LIABILITIES AND EQUITY
    Current Liabilities
      Checks outstanding in excess of
       cash balances                               $26.7         $19.5
      Accounts payable and accrued
       expenses                                    455.3         332.2
      Production and property taxes                 40.4          18.9
      Interest payable                               6.2          28.1
      Fair value of derivative contracts            39.8         139.3
      Deferred income taxes                         20.7          27.8
      Current portion of long-term debt                -          58.5
      ---------------------------------              ---          ----
        Total Current Liabilities                  589.1         624.3
        -------------------------                  -----         -----
    Long-term debt, less current
     portion                                     1,582.7       1,472.3
    Deferred income taxes                        1,535.0       1,377.7
    Asset retirement obligations                   160.2         148.3
    Fair value of derivative contracts                 -           0.3
    Other long-term liabilities                    103.3          99.3
    EQUITY
      Common Stock                                   1.8           1.8
      Treasury Stock                               (11.6)         (3.8)
      Additional paid-in capital                   423.9         398.0
      Retained earnings                          2,677.2       2,420.0
      Accumulated other comprehensive
       income                                      184.4         194.3
      -------------------------------              -----         -----
        Total Common Shareholders' Equity        3,275.7       3,010.3
      Non-controlling interest                      50.9          52.8
      ------------------------                      ----          ----
        Total Equity                             3,326.6       3,063.1
        ------------                             -------       -------
        TOTAL LIABILITIES AND EQUITY            $7,296.9      $6,785.3
        ============================            ========      ========


    QEP RESOURCES, INC.
    CONDENSED CONSOLIDATED CASH  FLOWS
    (Unaudited)
                                                      9 Months Ended September
                                                                30,
                                                           2011          2010
                                                           ----          ----
                                                           (in millions)
    OPERATING ACTIVITIES
      Net income                                         $269.7        $263.3
      Discontinued operations, net of
       income tax                                             -         (43.2)
      Adjustments to reconcile net income to net cash provided by
       operating activities
        Depreciation, depletion and
         amortization                                     566.4         469.5
        Deferred income taxes                             155.9         206.3
        Abandonment and impairment                         16.4          29.1
        Share-based compensation                           16.5          11.3
        Amortization of debt issuance
         costs and discounts                                2.4           1.8
        Dry exploratory well expense                        0.5             -
        Net (gain) from asset sales                        (1.4)        (12.3)
        (Income) from unconsolidated
         affiliates                                        (4.5)         (2.5)
        Distributions from unconsolidated
         affiliates and other                               7.6           2.1
        Loss on early extinguishment of
         debt                                               0.7          13.3
        Unrealized (gain) loss on basis-
         only swaps                                       (86.7)        (90.0)
    Changes in operating assets and
     liabilities                                           12.2         (80.7)
    -------------------------------                        ----         -----
           Net Cash Provided By Operating
            Activities Of                                 955.7         768.0
           ------------------------------                 -----         -----
            Continuing Operations
    ---------------------

    INVESTING ACTIVITIES
      Property acquisitions                               (40.7)        (94.1)
      Property, plant and equipment,
       including dry exploratory well
       expense                                           (957.7)       (941.8)
      Proceeds from disposition of
       assets                                               7.4          25.4
      Change in notes receivable                              -          52.9
      --------------------------                            ---          ----
           Net Cash Used In Investing
            Activities Of                                (991.0)       (957.6)
           --------------------------                    ------        ------
            Continuing Operations
    ---------------------

    FINANCING ACTIVITIES
      Checks outstanding in excess of
       cash balances                                        7.2             -
      Long-term debt issued                               280.0         819.3
      Long-term debt issuance costs
       paid                                               (10.5)        (18.1)
      Current Portion Long-term debt
       repaid                                             (58.5)        (91.5)
      Repayments of notes payable                             -         (39.3)
      Long-term debt repaid                              (170.0)       (721.5)
      Long-term debt extinguishment
       costs                                                  -          (4.9)
      Equity contribution                                     -         250.0
      Other capital contributions                           1.6           1.4
      Dividends paid                                      (10.6)         (3.5)
      Distribution from Questar                             0.2         (15.7)
      Distribution to noncontrolling
       interest                                            (4.1)         (3.7)
      ------------------------------                       ----          ----
           Net Cash Provided from (Used In)
            Financing Activities Of                        35.3         172.5
           --------------------------------                ----         -----
            Continuing Operations
    ---------------------

      CASH USED IN CONTINUING OPERATIONS                     $-         (17.1)
      ----------------------------------                    ---         -----
    Cash provided by operating
     activities of discontinued
     operations                                               -          68.6
    Cash used in investing activities
     of discontinued operations                               -         (39.9)
    Cash used by financing activities
     of discontinued operations                               -         (26.9)
    Effect of change in cash and cash
     equivalents of discontinued
     operations                                               -          (1.8)
    ---------------------------------                       ---          ----
    Change in cash and cash
     equivalents                                              -         (17.1)
      Beginning cash and cash
       equivalents                                            -          19.3
      -----------------------                               ---          ----
      Ending cash and cash equivalents                       $-          $2.2
      ================================                      ===          ====


    QEP RESOURCES, INC.
    OPERATIONS BY LINE OF
     BUSINESS
    (Unaudited)

                                      3 Months Ended September          9 Months Ended
                                                 30,                  September 30,
                                            2011         2010         2011         2010

                                                        (in millions)
    Revenues
       QEP Energy                         $590.6       $343.5     $1,456.5       $979.0
       QEP Field
        Services                           116.3         75.3        331.6        234.1
       QEP Marketing
        and other                          145.5        145.8        444.6        461.3
       -------------                       -----        -----        -----        -----
       Total                              $852.4       $564.6     $2,232.7     $1,674.4
       =====                              ======       ======     ========     ========

    Operating Income
       QEP Energy                         $113.9       $112.2       $297.1       $317.0
       QEP Field
        Services                            68.4         35.3        188.0        111.9
       QEP Marketing
        and other                            1.1          2.0          4.3          5.1
       Separation
        costs                                  -         (0.2)           -        (14.2)
       ----------                            ---         ----          ---        -----
       Total                              $183.4       $149.3       $489.4       $419.8
       =====                              ======       ======       ======       ======

    Net Income (Loss) from Continuing
     Operations Attributable to QEP
     Resources
       QEP Energy                          $58.3        $58.6       $148.2       $165.0
       QEP Field
        Services                            42.0         21.0        114.2         68.5
       QEP Marketing
        and other                            1.6          2.0          5.5          3.6
       Separation and
        early debt
        extinguishment
        costs                               (0.4)       (10.5)        (0.4)       (19.1)
       ---------------                      ----        -----         ----        -----
       Total                              $101.5        $71.1       $267.5       $218.0
       =====                              ======        =====       ======       ======


    QEP RESOURCES,
     INC.
    SELECTED OPERATING
     STATISTICS
    (Unaudited)
                           3 Months Ended September     9 Months Ended
                                      30,              September 30,
                                 2011         2010     2011         2010
                                 ----         ----     ----         ----

      QEP Energy
       production
       volumes
        Natural gas (Bcf)        59.8         55.0    175.9        149.2
        Oil (Mbbl)              922.6        790.1  2,559.2      2,149.5
        NGL (Mbbl)              894.4        310.7  1,675.0        786.9
        Total production
         (Bcfe)                  70.7         61.7    201.3        166.9
        Average daily
         production
         (MMcfe)                767.7        670.3    737.2        611.2
      QEP Energy average
       net realized
       price
        Natural gas (per
         Mcf)                   $4.00        $4.64    $4.03        $4.81
        Oil (per bbl)          $82.44       $63.05   $85.33       $64.89
        NGL (per bbl)          $38.17       $30.07   $40.48       $34.83
        Oil and NGL (per
         bbl)                  $60.65       $53.74   $67.58       $56.83

    Production by
     Major Area
    -------------
    QEP Energy -
     Natural Gas (Bcf)
      Haynesville/
       CottonValley              26.6         21.9     80.2         56.4
      Midcontinent                8.9          8.8     24.7         23.6
      Pinedale Anticline         17.8         17.1     50.2         47.5
      Uinta Basin                 3.6          3.8     11.8         11.2
      Rockies Legacy              2.9          3.4      9.0         10.5
      --------------              ---          ---      ---         ----
    Total                        59.8         55.0    175.9        149.2
    =====                        ====         ====    =====        =====

    QEP Energy -Oil
     (Mbbl)
      Haynesville/
       CottonValley               8.8         13.8     32.8         49.8
      Midcontinent              187.0        163.4    543.5        488.3
      Pinedale Anticline        149.2        147.1    419.0        401.9
      Uinta Basin               198.6        236.5    657.3        706.5
      Rockies Legacy            379.0        229.3    906.6        503.0
      --------------            -----        -----    -----        -----
      Total                     922.6        790.1  2,559.2      2,149.5
      =====                     =====        =====  =======      =======
    QEP Energy -NGL
     (Mbbl)
      Haynesville/
       CottonValley                 -            -        -            -
      Midcontinent              348.3        252.3  1,013.1        622.7
      Pinedale Anticline        489.0            -    489.0            -
      Uinta Basin                23.6         31.6     83.1         89.3
      Rockies Legacy             33.5         26.8     89.8         74.9
      --------------             ----         ----     ----         ----
    Total                       894.4        310.7  1,675.0        786.9
    =====                       =====        =====  =======        =====

    QEP Production by
     Major Area (Bcfe)
      Haynesville/
       CottonValley              26.6         22.0     80.4         56.7
      Midcontinent               12.1         11.4     34.0         30.4
      Pinedale Anticline         21.6         17.9     55.6         49.9
      Uinta Basin                 4.8          5.3     16.2         15.9
      Rockies Legacy              5.6          5.1     15.1         14.0
      --------------              ---          ---     ----         ----
    Total                        70.7         61.7    201.3        166.9
    =====                        ====         ====    =====        =====

     QEP Field Services
      Gathering Margin
        Gathering               $41.9        $38.9   $120.0       $113.3
        Other Gathering          16.5          7.1     59.2         25.7
        Gathering
         (expense)              (11.0)        (8.5)   (35.3)       (27.1)
        ----------              -----         ----    -----        -----
         Gathering Margin       $47.4        $37.5   $143.9       $111.9
         ================       =====        =====   ======       ======
     Operating
      Statistics
      Natural gas
       gathering volumes
       (millions of
      MMBtu)
        For unaffiliated
         customers               66.3         74.3    193.4        210.0
        For affiliated
         customers               60.6         52.3    173.6        144.5
        --------------           ----         ----    -----        -----
          Total gathering       126.9        126.6    367.0        354.5
          ===============       =====        =====    =====        =====
        Gathering revenue
         (per MMBtu)            $0.33        $0.31    $0.33        $0.32

     QEP Field Services
      Processing Margin
      NGL Sales                 $41.6        $20.9   $115.3        $70.6
      Processing (fee
       based)                    15.4          8.9     37.6         26.2
      Other Processing
       fees                       1.7            -      1.7            -
      Processing
       (expense)                 (3.1)        (2.8)    (8.9)        (8.8)
      Processing plant
       shrinkage
       (expense)                (12.5)        (8.0)   (34.1)       (25.9)
      ----------------          -----         ----    -----        -----
        Processing Margin       $43.1        $19.0   $111.6        $62.1
        =================       =====        =====   ======        =====
        Frac spread (NGL
         sales -
         Processing             $29.1        $12.9    $81.2        $44.7
        plant shrinkage)
         Operating
          Statistics
         NGL sales (MMgal)       34.0         25.8     98.2         77.3
         NGL sales price
          (per gal)             $1.23        $0.81    $1.17        $0.91
         Fee-based
          processing
          (millions of
          MMBtu)
         For unaffiliated
          customers              31.9         29.4     96.4         87.9
         For affiliated
          customers              31.9         28.2     84.7         80.5
         --------------
        Total fee-based
         processing
         volumes                 63.8         57.6    181.1        168.4
        ===============          ====         ====    =====        =====
        Fee-based
         processing (per
         MMBtu)                 $0.24        $0.16    $0.21        $0.16

      QEP Marketing gas
       and oil marketing
       volumes                  108.5         60.4    254.4        170.1
       (millions of
        MMBtu)


    QEP RESOURCES, INC.
    NON-GAAP MEASURES
    (Unaudited)

    This release contains references to a non-GAAP measure of
     earnings per diluted share from continuing operations
     excluding gains and losses from asset sales, unrealized
     gains and losses on basis-only swaps, separation costs
     and loss on early extinguishment of debt.  Management
     believes earnings per diluted share excluding asset sales,
     unrealized basis-only swaps, separation costs and loss on
     early extinguishment of debt is an important measure of
     the Company's operational performance relative to other
     gas and oil producing companies.

    The following table calculates earnings per diluted share
     excluding gains and losses on assets sales, unrealized
     gains and losses on basis-only swaps, separations costs
     and loss on early extinguishment of debt:

                                                    3 Months Ended         9 Months Ended
                                                    September 30,          September 30,
                                                      2011        2010        2011        2010
                                                      ----        ----        ----        ----
                                                  (in millions, except earnings per share)
    Net income
     attributable to
     QEP Resources                                  $101.5       $71.1      $267.5      $261.2
    Less:
     Discontinued
     operations                                          -           -           -       (43.2)
                                                       ---         ---         ---       -----
    Net Income from
     continuing
     operations
     attributable to
     QEP                                            $101.5       $71.1      $267.5      $218.0
      Resources
    Exclusion of net (gain)
     loss from assets sales,
     unrealized (gain) loss on
     basis-only swaps,
     separation costs and loss
     on early extinguishment of
     debt from net income
        Net (gain) loss
         from asset sales                             (1.2)      (10.8)       (1.4)      (12.3)
        Income taxes on
         net (gain) loss
         on asset sales                                0.4         3.9         0.5         4.5
        Unrealized (gain)
         loss on basis-
         only swaps                                  (27.9)      (27.9)      (86.7)      (90.0)
        Income taxes on
         unrealized
         (gain) loss on
         basis-only
         swaps                                        10.3        10.4        32.2        33.4
        Separation costs                                 -         0.2           -        14.2
        Income taxes on
         separation costs                                -         2.1           -        (3.3)
        Loss from early
         extinguishment
         of debt                                       0.7        13.3         0.7        13.3
        Income taxes on
         loss from early
         extinguishment
         of debt                                      (0.3)       (5.1)       (0.3)       (5.1)
    After-tax (gain)
     loss on assets
     sales,
     unrealized
     (gain) loss on
     basis-only
     swaps,
     separation costs
     and loss from
     early
     extinguishment
     of debt                                         (18.0)      (13.9)      (55.0)      (45.3)
    -----------------                                -----       -----       -----       -----
    Net income
     attributable to
     QEP Resources
     excluding (gain)
     loss from
     assets sales,
     unrealized
     (gain) loss on
     basis-only
     swaps,
     separation costs
     and loss from
     early
     extinguishment
     of debt                                         $83.5       $57.2      $212.5      $172.7
    =================                                =====       =====      ======      ======
    EARNINGS PER COMMON SHARE FROM CONTINUING
     OPERATIONS ATTRIBUTABLE TO QEP RESOURCES
        Diluted                                      $0.57       $0.40       $1.50       $1.23
        Diluted after-
         tax (gain) loss
         from asset
         sales,
         unrealized
         (gain)                                      (0.10)      (0.08)      (0.31)      (0.26)
        ----------------                             -----       -----       -----       -----
        loss on basis-only swaps,
         separation costs and loss
         from early
        --------------------------
        extinguishment of debt
        ----------------------

    Earnings per
     diluted share
     attributable to
     QEP Resources
     excluding asset
     sales,
     unrealized
     (gain) loss on
     basis only
     swaps,
     separation costs
     and  loss from
     early
     extinguishment
     of debt                                         $0.47       $0.32       $1.19       $0.97
    =================                                =====       =====       =====       =====

    Weighted-Average Common
     Shares Outstanding
        Diluted                                      178.5       177.9       178.5       177.6


    This release also contains references to a non-GAAP measure
     of adjusted EBITDA.  Management defines adjusted EBITDA as
     net income before the following items:  discontinued
     operations, unrealized gains and losses on basis-only swaps,
     gains and losses from asset sales, interest and other income,
     income taxes, interest expense, separation costs, loss on
     early extinguishment of debt, depreciation, depletion, and
     amortization, abandonment and impairment, and exploration
     expense.  Management believes adjusted EBITDA is an important
     measure of the Company's cash flow and liquidity and an
     important measure for comparing the Company's financial
     performance to other gas and oil producing companies.

    The following table
     reconciles QEP
     Resources' net
     income to adjusted
     EBITDA:

                                                    3 Months Ended         9 Months Ended
                                                    September 30,          September 30,
                                                      2011        2010        2011        2010
                                                      ----        ----        ----        ----
                                                                (in millions)
    Net income
     attributable to QEP
     Resources                                      $101.5       $71.1      $267.5      $261.2
    Net income
     attributable to
     non-controlling
     interest                                          0.9         0.8         2.2         2.1
    ----------------                                   ---         ---         ---         ---
    Net Income                                       102.4        71.9       269.7       263.3
    Discontinued
     operations, net of
     tax                                                 -           -           -       (43.2)
    -------------------                                ---         ---         ---       -----
    Income from
     continuing
     operations                                      102.4        71.9       269.7       220.1
    Unrealized (gain)
     loss on basis-only
     swaps                                           (27.9)      (27.9)      (86.7)      (90.0)
    Net (gain) loss from
     asset sales                                      (1.2)      (10.8)       (1.4)      (12.3)
    Interest and other
     income                                            0.7        (1.6)        0.5        (4.4)
    Income taxes                                      59.1        44.2       156.0       130.5
    Interest expense                                  22.8        22.6        67.0        62.8
    Separation costs                                     -         0.2           -        14.2
    Loss from early
     extinguishment of
     debt                                              0.7        13.3         0.7        13.3
    Depreciation,
     depletion and
     amortization                                    189.0       170.5       566.4       469.5
    Abandonment and
     impairment                                        5.7        12.2        16.4        29.1
    Exploration                                        2.4         2.9         7.5         9.2
    Adjusted EBITDA                                 $353.7      $297.5      $996.1      $842.0
    ===============                                 ======      ======      ======      ======

SOURCE QEP Resources, Inc.


Source: PR Newswire