QEP Resources reports Q1 EPS 15c, consensus 0c
Reports Q1 revenue $280.6M, consensus $293.39M. "During the quarter we initiated our previously announced plan to reset our general and administrative expense with a goal of reducing 'normalized' expense by approximately 45% between year-end 2018 and 2020. We expect to be operating at our go-forward staffing levels by mid-year 2019, at which point we will have reduced our total workforce by approximately 60% since the announcement of our strategic initiatives in February 2018. Although we have been aggressive with both employee and non-employee expense reductions, we are confident that we have retained the core business, technical and operating staff and systems required to execute our forward plans." Adjusted EBITDfor the first quarter 2019 was $119.8 million compared with $171.9 million for the first quarter 2018, primarily due to the Haynesville/Cotton Valley and Uinta Basin divestitures and a 19% decrease in average field-level oil prices. These changes were partially offset by a $37.3 million decrease in realized derivative losses.