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Tuesday, March 27, 2012 7:59:00 PM
QEP RESOURCES REPORTS 2011 EBITDA OF $1.39 BILLION AND PRODUCTION OF 275.2 BCFE
Company replaces 313% of production and grows year-end 2011 proved crude oil and NGL reserves 107%
DENVER, Feb. 22, 2012 /PRNewswire/ -- QEP Resources (NYSE: QEP) reported adjusted EBITDA (a non-GAAP measure) of $1,386.6 million for 2011 compared to $1,140.5 million in 2010, a 22% increase. Factors driving QEP's results included 20% higher net production and 54% higher oil and NGL production from QEP Energy, increased gathering and processing margins at QEP Field Services, and higher net realized crude oil and NGL prices which more than offset net realized natural gas prices that were 11% lower than in the previous year at QEP Energy. Adjusted EBITDA in the fourth quarter of 2011 was $390.5 million compared to $298.5 million a year earlier, a 31% increase.
QEP Resources net income from continuing operations for 2011 was $267.2 million or $1.50 per diluted share, compared to $283.0 million or $1.60 per diluted share in 2010. QEP Resources had a net loss from continuing operations in the fourth quarter of 2011 of $0.3 million or no earnings per diluted share, compared to net income of $65.0 million or $0.37 per diluted share a year earlier. The net loss in the fourth quarter of 2011 was attributed to a non-cash price-related impairment charge of $195.2 million on some of its mature, dry gas, and higher cost properties in both the Northern and Southern Regions. See Financial and Operating Results for additional information.
Excluding changes in unrealized gains and losses on natural gas basis-only swaps, gains and losses on asset sales, non-cash price-related impairment charge, separation costs and losses on early extinguishment of debt, QEP Resources adjusted net income from continuing operations (a non-GAAP measure) was $316.2 million or $1.77 per diluted share in 2011 compared to $217.8 million or $1.23 per diluted share in 2010. Similarly adjusted fourth quarter 2011 net income from continuing operations was $104.6 million or $0.58 per diluted share compared to net income of $44.8 million or $0.25 per diluted share in the year earlier period.
http://ir.qepres.com/phoenix.zhtml?c=237732&p=irol-pressArticle&ID=1664110&highlight=
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