QEP ends Q1 with more than $3 billion of debt, assets of $9 billion

By Lisa Kerner

Charlotte, N.C., May 1 - QEP Resources, Inc. ended the first quarter with total assets of $9.1 billion, shareholders' equity of $3.2 billion and total debt at the end of the quarter of $3.37 billion, "which is about a two-and-a-quarter times multiple of our annualized first-quarter EBITDA," said chief financial officer Richard Doleshek during the company's earnings conference call on Wednesday.

"With regard to our balance sheet at the end of quarter, total assets were $9.1 billion. Our debt at the end of the quarter consisted of $2.2 billion of senior notes, $300 million under our term loan due in 2017, and $850.5 million drawn under our $1.5 billion revolving credit facility that matures in 2016," Doleshek said.

Financial highlights

QEP reported a net loss during the first-quarter 2013 of $4.3 million, or $0.02 per diluted share, compared to net income of $155.2 million, or $0.87 earnings per diluted share, in the first-quarter 2012.

Adjusted EBITDA for the first quarter was $375 million, compared to $350.7 million in the prior-year period.

QEP is a Denver-based natural gas and crude oil exploration and production company.

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