QEP sees production growth
Petrobras runs rule over offshore rig hopefulsPETROBRAS has opened bids from a batch of companies vying to supply mid-water depth rigs for delivery in 2012, and Brazil’s Petroserv and Island Offshore (Marrac) have emerged as the low bidders in respective 1500-metre and 1200-metre categories, both of which require dynamically-positioned units.
The E&P outfit reported net income of $102.4 million on $852.4 million in revenue in the three months ended in September.
That was compared with $71.9 million on $564.6 million in revenue over the same period the prior year.
QEP saw 15% production growth, the company said, fueled by projects including those in Louisiana’s Haynesville Shale and Wyoming's Pinedale Anticline areas, chief executive Chuck Stanley said.
“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,” Stanley said in a statement.
Diluted earnings per share were $0.57, compared to $0.40 during the same period the prior quarter.
Total production increased to 70.7 billion cubic feet of natural gas equivalent during the quarter, up from 61.7 bcfe during the same period the year before.
The company upgraded its production estimates for the year to a range of 270 Bcfe to 274 Bcfe, a jump from its previous projection of 265 Bcfe to 269 Bcfe.
The company describes itself as focusing on the Rocky Mountain and mid-continent areas, and also handles some storage and processing of natural gas.
In a note, Tudor Pickering Holt said the results solidly beat analyst forecasts, but questioned how gas prices would affect earnings going forward.
"All eyes turn to analyst day 14 November, where we expect 2012 guidance and reveal of new plays in Rockies/Mid-Continent," the firm said.
Who Makes Qep Saws - News
QEP saw 15% production growth, the company said, fueled by projects including those in Louisiana's Haynesville Shale and Wyoming's Pinedale Anticline areas, chief executive Chuck Stanley said. “With 65% of our 2011 drilling capital directed to oil and
If the price of oil continues to increase through the end of 2011, these companies could significantly outperform the broader market. I would keep an eye on well costs for these companies. QEP Resources (QEP) and Newfield (NFX) both said their well
Independent energy company QEP up 4.5 percent today. Alpha is up more than 60 percent from this October 3rd low. Oil giant Chevron (NYSE: CVX) turned in earnings that were $0.44 better than estimates, big blow away number here on the bottom line.
We also have negative equity sitting at the parent arising from the spin-off of QEP when we made an equity injection there. That does elevate that consolidated ROE. And that negative equity at the parent, will that be reversed at some point or are you
Turning to Williston Basin in North Dakota, as you no doubt saw yesterday in our release, we've developed a substantial backlog of standing wells that are waiting on completion. Some of the delay was caused by the drilling of a number of recent wells