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QEP Resources' Fourth Quarter 2013 Weak During Shift To Oil

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By Darren Barbee, Hart Energy
February 26, 2014

QEP Resources Inc. (NYSE: QEP) is shifting direction, closing its Permian Basin deal Feb. 25 while it attempts to jettison its gassier and midstream assets.

But the company turned in a weak fourth quarter for 2013, missing analyst expectations and reporting a net $52 million loss. Its outlook for the year is underwhelming, analysts said.

QEP also announced Feb. 25 that it closed the deal to acquire Permian Basin acreage for $950 million, subject to customary purchase-price adjustments. The company said the acreage provides QEP with a 10-year crude-oil-directed drilling ...

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