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QEP Resources profit lags estimates on lower natural gas output
February 25, 2014 / 11:20 PM / 4 years ago

QEP Resources profit lags estimates on lower natural gas output

Feb 25 (Reuters) - QEP Resources Inc’s quarterly adjusted profit missed analysts’ expectations by a wide margin, hurt by a 21 percent fall in natural gas production due to severe winter weather In North America.

The Denver, Colorado-based company’s shares fell as much as 12 percent in extended trading on Tuesday after the company also forecast a fall in full-year production.

Net loss attributable to the company more than doubled to $52.0 million in the fourth quarter from $23.1 million a year earlier.

Excluding items, the company earned 17 cents per share.

Analysts on average were expecting profit of 40 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 2 percent to $715.5 million, but missed analysts’ average estimate of $767.8 million.

The company’s fourth-quarter natural gas output slumped 21 percent to 48.3 billion cubic feet. That led to a 10 percent fall in total output.

For 2014, the company expects total production of 283-307 billion cubic feet equivalent, lower than the 309.0 bcfe it produced in 2014.

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