Company Quick10K Filing
QEP Resources
Price4.36 EPS-3
Shares238 P/E-2
MCap1,037 P/FCF3
Net Debt1,907 EBIT-721
TEV2,945 TEV/EBIT-4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-10-28
10-Q 2011-06-30 Filed 2011-07-29
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-06-04
8-K 2020-05-12
8-K 2020-04-29
8-K 2020-04-10
8-K 2020-03-12
8-K 2020-03-03
8-K 2020-02-26
8-K 2019-10-21
8-K 2019-10-17
8-K 2019-08-07
8-K 2019-05-14
8-K 2019-04-24
8-K 2019-02-20
8-K 2019-01-11
8-K 2019-01-10
8-K 2018-12-05
8-K 2018-11-17
8-K 2018-11-16
8-K 2018-11-07
8-K 2018-11-06
8-K 2018-07-25
8-K 2018-05-15
8-K 2018-04-25
8-K 2018-03-01
8-K 2018-02-28

QEP 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Revenue
Note 3 - Acquisitions and Divestitures
Note 4 - Earnings per Share
Note 5 - Asset Retirement Obligations
Note 6 - Fair Value Measurements
Note 7 - Derivative Contracts
Note 8 - Leases
Note 9 - Restructuring
Note 10 - Debt
Note 11 - Commitments and Contingencies
Note 12 - Share - Based and Long - Term Incentive Compensation
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 qep-20200630ex311.htm
EX-31.2 qep-20200630ex312.htm
EX-32.1 qep-20200630ex321.htm

QEP Resources Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.40.30.20.20.10.02018201820192020
Rev, G Profit, Net Income
2.11.40.70.1-0.6-1.32012201420172020
Ops, Inv, Fin

qep-20200630
0001108827December 31Yes2020Q2false0.10.10.010.01500.0500.0247.2242.14.94.400011088272020-01-012020-06-30xbrli:shares00011088272020-06-30iso4217:USD0001108827us-gaap:OilAndGasExplorationAndProductionMember2020-04-012020-06-300001108827us-gaap:OilAndGasExplorationAndProductionMember2019-04-012019-06-300001108827us-gaap:OilAndGasExplorationAndProductionMember2020-01-012020-06-300001108827us-gaap:OilAndGasExplorationAndProductionMember2019-01-012019-06-300001108827us-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001108827us-gaap:ProductAndServiceOtherMember2019-04-012019-06-300001108827us-gaap:ProductAndServiceOtherMember2020-01-012020-06-300001108827us-gaap:ProductAndServiceOtherMember2019-01-012019-06-300001108827us-gaap:OilAndGasPurchasedMember2020-04-012020-06-300001108827us-gaap:OilAndGasPurchasedMember2019-04-012019-06-300001108827us-gaap:OilAndGasPurchasedMember2020-01-012020-06-300001108827us-gaap:OilAndGasPurchasedMember2019-01-012019-06-3000011088272020-04-012020-06-3000011088272019-04-012019-06-3000011088272019-01-012019-06-300001108827qep:LeaseOperatingExpenseMember2020-04-012020-06-300001108827qep:LeaseOperatingExpenseMember2019-04-012019-06-300001108827qep:LeaseOperatingExpenseMember2020-01-012020-06-300001108827qep:LeaseOperatingExpenseMember2019-01-012019-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2020-04-012020-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-04-012019-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2020-01-012020-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-01-012019-06-300001108827qep:GatheringandotherexpenseMember2020-04-012020-06-300001108827qep:GatheringandotherexpenseMember2019-04-012019-06-300001108827qep:GatheringandotherexpenseMember2020-01-012020-06-300001108827qep:GatheringandotherexpenseMember2019-01-012019-06-30iso4217:USDxbrli:shares00011088272019-12-310001108827us-gaap:CommonStockMember2020-03-310001108827us-gaap:TreasuryStockMember2020-03-310001108827us-gaap:AdditionalPaidInCapitalMember2020-03-310001108827us-gaap:RetainedEarningsMember2020-03-310001108827us-gaap:OtherComprehensiveIncomeMember2020-03-3100011088272020-03-310001108827us-gaap:RetainedEarningsMember2020-04-012020-06-300001108827us-gaap:CommonStockMember2020-04-012020-06-300001108827us-gaap:TreasuryStockMember2020-04-012020-06-300001108827us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001108827us-gaap:OtherComprehensiveIncomeMember2020-04-012020-06-300001108827us-gaap:CommonStockMember2020-06-300001108827us-gaap:TreasuryStockMember2020-06-300001108827us-gaap:AdditionalPaidInCapitalMember2020-06-300001108827us-gaap:RetainedEarningsMember2020-06-300001108827us-gaap:OtherComprehensiveIncomeMember2020-06-300001108827us-gaap:CommonStockMember2019-12-310001108827us-gaap:TreasuryStockMember2019-12-310001108827us-gaap:AdditionalPaidInCapitalMember2019-12-310001108827us-gaap:RetainedEarningsMember2019-12-310001108827us-gaap:OtherComprehensiveIncomeMember2019-12-310001108827us-gaap:RetainedEarningsMember2020-01-012020-06-300001108827us-gaap:CommonStockMember2020-01-012020-06-300001108827us-gaap:TreasuryStockMember2020-01-012020-06-300001108827us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001108827us-gaap:OtherComprehensiveIncomeMember2020-01-012020-06-300001108827us-gaap:CommonStockMember2019-03-310001108827us-gaap:TreasuryStockMember2019-03-310001108827us-gaap:AdditionalPaidInCapitalMember2019-03-310001108827us-gaap:RetainedEarningsMember2019-03-310001108827us-gaap:OtherComprehensiveIncomeMember2019-03-3100011088272019-03-310001108827us-gaap:RetainedEarningsMember2019-04-012019-06-300001108827us-gaap:TreasuryStockMember2019-04-012019-06-300001108827us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001108827us-gaap:OtherComprehensiveIncomeMember2019-04-012019-06-300001108827us-gaap:CommonStockMember2019-06-300001108827us-gaap:TreasuryStockMember2019-06-300001108827us-gaap:AdditionalPaidInCapitalMember2019-06-300001108827us-gaap:RetainedEarningsMember2019-06-300001108827us-gaap:OtherComprehensiveIncomeMember2019-06-3000011088272019-06-300001108827us-gaap:CommonStockMember2018-12-310001108827us-gaap:TreasuryStockMember2018-12-310001108827us-gaap:AdditionalPaidInCapitalMember2018-12-310001108827us-gaap:RetainedEarningsMember2018-12-310001108827us-gaap:OtherComprehensiveIncomeMember2018-12-3100011088272018-12-310001108827us-gaap:RetainedEarningsMember2019-01-012019-06-300001108827us-gaap:CommonStockMember2019-01-012019-06-300001108827us-gaap:TreasuryStockMember2019-01-012019-06-300001108827us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001108827us-gaap:OtherComprehensiveIncomeMember2019-01-012019-06-30xbrli:pure00011088272018-01-012018-03-3100011088272018-04-012018-06-3000011088272019-01-012019-12-310001108827us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300001108827qep:SERPMember2020-01-012020-06-300001108827us-gaap:PensionPlansDefinedBenefitMember2020-06-300001108827qep:SERPMember2020-06-300001108827qep:MedicalPlanMember2020-06-300001108827qep:WillistonBasinMemberus-gaap:OilAndCondensateMember2020-04-012020-06-300001108827srt:NaturalGasReservesMemberqep:WillistonBasinMember2020-04-012020-06-300001108827qep:WillistonBasinMembersrt:NaturalGasLiquidsReservesMember2020-04-012020-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:WillistonBasinMember2020-04-012020-06-300001108827qep:AsreportedMemberqep:WillistonBasinMember2020-04-012020-06-300001108827qep:OtherNorthernMemberus-gaap:OilAndCondensateMember2020-04-012020-06-300001108827qep:OtherNorthernMembersrt:NaturalGasReservesMember2020-04-012020-06-300001108827qep:OtherNorthernMembersrt:NaturalGasLiquidsReservesMember2020-04-012020-06-300001108827qep:OtherNorthernMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2020-04-012020-06-300001108827qep:AsreportedMemberqep:OtherNorthernMember2020-04-012020-06-300001108827qep:PermianBasinMemberus-gaap:OilAndCondensateMember2020-04-012020-06-300001108827srt:NaturalGasReservesMemberqep:PermianBasinMember2020-04-012020-06-300001108827qep:PermianBasinMembersrt:NaturalGasLiquidsReservesMember2020-04-012020-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:PermianBasinMember2020-04-012020-06-300001108827qep:AsreportedMemberqep:PermianBasinMember2020-04-012020-06-300001108827qep:OtherSouthernMemberus-gaap:OilAndCondensateMember2020-04-012020-06-300001108827srt:NaturalGasReservesMemberqep:OtherSouthernMember2020-04-012020-06-300001108827qep:OtherSouthernMembersrt:NaturalGasLiquidsReservesMember2020-04-012020-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:OtherSouthernMember2020-04-012020-06-300001108827qep:AsreportedMemberqep:OtherSouthernMember2020-04-012020-06-300001108827us-gaap:OilAndCondensateMember2020-04-012020-06-300001108827srt:NaturalGasReservesMember2020-04-012020-06-300001108827srt:NaturalGasLiquidsReservesMember2020-04-012020-06-300001108827qep:AsreportedMember2020-04-012020-06-300001108827qep:WillistonBasinMemberus-gaap:OilAndCondensateMember2019-04-012019-06-300001108827srt:NaturalGasReservesMemberqep:WillistonBasinMember2019-04-012019-06-300001108827qep:WillistonBasinMembersrt:NaturalGasLiquidsReservesMember2019-04-012019-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:WillistonBasinMember2019-04-012019-06-300001108827qep:AsreportedMemberqep:WillistonBasinMember2019-04-012019-06-300001108827qep:OtherNorthernMemberus-gaap:OilAndCondensateMember2019-04-012019-06-300001108827qep:OtherNorthernMembersrt:NaturalGasReservesMember2019-04-012019-06-300001108827qep:OtherNorthernMembersrt:NaturalGasLiquidsReservesMember2019-04-012019-06-300001108827qep:OtherNorthernMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-04-012019-06-300001108827qep:AsreportedMemberqep:OtherNorthernMember2019-04-012019-06-300001108827qep:PermianBasinMemberus-gaap:OilAndCondensateMember2019-04-012019-06-300001108827srt:NaturalGasReservesMemberqep:PermianBasinMember2019-04-012019-06-300001108827qep:PermianBasinMembersrt:NaturalGasLiquidsReservesMember2019-04-012019-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:PermianBasinMember2019-04-012019-06-300001108827qep:AsreportedMemberqep:PermianBasinMember2019-04-012019-06-300001108827qep:OtherSouthernMemberus-gaap:OilAndCondensateMember2019-04-012019-06-300001108827srt:NaturalGasReservesMemberqep:OtherSouthernMember2019-04-012019-06-300001108827qep:OtherSouthernMembersrt:NaturalGasLiquidsReservesMember2019-04-012019-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:OtherSouthernMember2019-04-012019-06-300001108827qep:AsreportedMemberqep:OtherSouthernMember2019-04-012019-06-300001108827us-gaap:OilAndCondensateMember2019-04-012019-06-300001108827srt:NaturalGasReservesMember2019-04-012019-06-300001108827srt:NaturalGasLiquidsReservesMember2019-04-012019-06-300001108827qep:AsreportedMember2019-04-012019-06-300001108827qep:WillistonBasinMemberus-gaap:OilAndCondensateMember2020-01-012020-06-300001108827srt:NaturalGasReservesMemberqep:WillistonBasinMember2020-01-012020-06-300001108827qep:WillistonBasinMembersrt:NaturalGasLiquidsReservesMember2020-01-012020-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:WillistonBasinMember2020-01-012020-06-300001108827qep:AsreportedMemberqep:WillistonBasinMember2020-01-012020-06-300001108827qep:OtherNorthernMemberus-gaap:OilAndCondensateMember2020-01-012020-06-300001108827qep:OtherNorthernMembersrt:NaturalGasReservesMember2020-01-012020-06-300001108827qep:OtherNorthernMembersrt:NaturalGasLiquidsReservesMember2020-01-012020-06-300001108827qep:OtherNorthernMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2020-01-012020-06-300001108827qep:AsreportedMemberqep:OtherNorthernMember2020-01-012020-06-300001108827qep:PermianBasinMemberus-gaap:OilAndCondensateMember2020-01-012020-06-300001108827srt:NaturalGasReservesMemberqep:PermianBasinMember2020-01-012020-06-300001108827qep:PermianBasinMembersrt:NaturalGasLiquidsReservesMember2020-01-012020-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:PermianBasinMember2020-01-012020-06-300001108827qep:AsreportedMemberqep:PermianBasinMember2020-01-012020-06-300001108827qep:OtherSouthernMemberus-gaap:OilAndCondensateMember2020-01-012020-06-300001108827srt:NaturalGasReservesMemberqep:OtherSouthernMember2020-01-012020-06-300001108827qep:OtherSouthernMembersrt:NaturalGasLiquidsReservesMember2020-01-012020-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:OtherSouthernMember2020-01-012020-06-300001108827qep:AsreportedMemberqep:OtherSouthernMember2020-01-012020-06-300001108827us-gaap:OilAndCondensateMember2020-01-012020-06-300001108827srt:NaturalGasReservesMember2020-01-012020-06-300001108827srt:NaturalGasLiquidsReservesMember2020-01-012020-06-300001108827qep:AsreportedMember2020-01-012020-06-300001108827qep:WillistonBasinMemberus-gaap:OilAndCondensateMember2019-01-012019-06-300001108827srt:NaturalGasReservesMemberqep:WillistonBasinMember2019-01-012019-06-300001108827qep:WillistonBasinMembersrt:NaturalGasLiquidsReservesMember2019-01-012019-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:WillistonBasinMember2019-01-012019-06-300001108827qep:AsreportedMemberqep:WillistonBasinMember2019-01-012019-06-300001108827qep:OtherNorthernMemberus-gaap:OilAndCondensateMember2019-01-012019-06-300001108827qep:OtherNorthernMembersrt:NaturalGasReservesMember2019-01-012019-06-300001108827qep:OtherNorthernMembersrt:NaturalGasLiquidsReservesMember2019-01-012019-06-300001108827qep:OtherNorthernMemberus-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-01-012019-06-300001108827qep:AsreportedMemberqep:OtherNorthernMember2019-01-012019-06-300001108827qep:PermianBasinMemberus-gaap:OilAndCondensateMember2019-01-012019-06-300001108827srt:NaturalGasReservesMemberqep:PermianBasinMember2019-01-012019-06-300001108827qep:PermianBasinMembersrt:NaturalGasLiquidsReservesMember2019-01-012019-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:PermianBasinMember2019-01-012019-06-300001108827qep:AsreportedMemberqep:PermianBasinMember2019-01-012019-06-300001108827qep:OtherSouthernMemberus-gaap:OilAndCondensateMember2019-01-012019-06-300001108827srt:NaturalGasReservesMemberqep:OtherSouthernMember2019-01-012019-06-300001108827qep:OtherSouthernMembersrt:NaturalGasLiquidsReservesMember2019-01-012019-06-300001108827us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMemberqep:OtherSouthernMember2019-01-012019-06-300001108827qep:AsreportedMemberqep:OtherSouthernMember2019-01-012019-06-300001108827us-gaap:OilAndCondensateMember2019-01-012019-06-300001108827srt:NaturalGasReservesMember2019-01-012019-06-300001108827srt:NaturalGasLiquidsReservesMember2019-01-012019-06-300001108827qep:AsreportedMember2019-01-012019-06-300001108827qep:HaynesvilleDivestitureMember2020-01-012020-03-310001108827qep:HaynesvilleDivestitureMember2019-04-012019-06-300001108827qep:HaynesvilleDivestitureMember2019-01-012019-06-300001108827qep:NoncorepropertiesDivestituresMember2019-01-012019-06-3000011088272019-01-010001108827qep:ShortTermMemberus-gaap:FairValueInputsLevel1Member2020-06-300001108827qep:ShortTermMemberus-gaap:FairValueInputsLevel2Member2020-06-300001108827qep:ShortTermMemberus-gaap:FairValueInputsLevel3Member2020-06-300001108827qep:ShortTermMember2020-06-300001108827us-gaap:FairValueInputsLevel1Memberqep:LongTermMember2020-06-300001108827qep:LongTermMemberus-gaap:FairValueInputsLevel2Member2020-06-300001108827qep:LongTermMemberus-gaap:FairValueInputsLevel3Member2020-06-300001108827qep:LongTermMember2020-06-300001108827us-gaap:FairValueInputsLevel1Member2020-06-300001108827us-gaap:FairValueInputsLevel2Member2020-06-300001108827us-gaap:FairValueInputsLevel3Member2020-06-300001108827qep:ShortTermMemberus-gaap:FairValueInputsLevel1Member2019-12-310001108827qep:ShortTermMemberus-gaap:FairValueInputsLevel2Member2019-12-310001108827qep:ShortTermMemberus-gaap:FairValueInputsLevel3Member2019-12-310001108827qep:ShortTermMember2019-12-310001108827us-gaap:FairValueInputsLevel1Memberqep:LongTermMember2019-12-310001108827qep:LongTermMemberus-gaap:FairValueInputsLevel2Member2019-12-310001108827qep:LongTermMemberus-gaap:FairValueInputsLevel3Member2019-12-310001108827qep:LongTermMember2019-12-310001108827us-gaap:FairValueInputsLevel1Member2019-12-310001108827us-gaap:FairValueInputsLevel2Member2019-12-310001108827us-gaap:FairValueInputsLevel3Member2019-12-310001108827srt:MinimumMember2020-01-012020-06-300001108827srt:MaximumMember2020-01-012020-06-30utr:MMBTU0001108827qep:Year2020Memberqep:OilSwapsMemberqep:NymexWtiMember2020-06-300001108827qep:Year2020Memberqep:OilSwapsMemberqep:ArgusWTIMidlandMember2020-06-300001108827qep:Year2021Memberqep:OilSwapsMemberqep:NymexWtiMember2020-06-300001108827qep:Year2020Memberqep:IFWahaMemberqep:GasSwapsMember2020-06-300001108827qep:Year2020Memberqep:NYMEXHHMemberqep:GasSwapsMember2020-06-300001108827qep:Year2021Memberqep:IFWahaMemberqep:GasSwapsMember2020-06-300001108827qep:Year2021Memberqep:NYMEXHHMemberqep:GasSwapsMember2020-06-300001108827qep:Year2020Memberqep:NYMEXWTIlessArgusWTIMidlandMemberqep:OilBasisSwapsMember2020-06-30iso4217:USDutr:MMBTU0001108827qep:Year2020Memberqep:NYMEXWTIlessArgusWTIMidlandMemberqep:OilBasisSwapsMember2020-01-012020-06-300001108827qep:Year2021Memberqep:NYMEXWTIlessArgusWTIMidlandMemberqep:OilBasisSwapsMember2020-06-300001108827qep:Year2021Memberqep:NYMEXWTIlessArgusWTIMidlandMemberqep:OilBasisSwapsMember2020-01-012020-06-300001108827qep:ProductionMemberqep:OilDerivativeContractsMember2020-04-012020-06-300001108827qep:ProductionMemberqep:OilDerivativeContractsMember2019-04-012019-06-300001108827qep:ProductionMemberqep:OilDerivativeContractsMember2020-01-012020-06-300001108827qep:ProductionMemberqep:OilDerivativeContractsMember2019-01-012019-06-300001108827qep:ProductionMemberqep:NaturalGasDerivativeContractsMember2020-04-012020-06-300001108827qep:ProductionMemberqep:NaturalGasDerivativeContractsMember2019-04-012019-06-300001108827qep:ProductionMemberqep:NaturalGasDerivativeContractsMember2020-01-012020-06-300001108827qep:ProductionMemberqep:NaturalGasDerivativeContractsMember2019-01-012019-06-300001108827qep:ProductionMemberqep:NaturalGasDerivativeContractsMemberqep:HaynesvilleDivestitureMember2020-04-012020-06-300001108827qep:ProductionMemberqep:NaturalGasDerivativeContractsMemberqep:HaynesvilleDivestitureMember2019-04-012019-06-300001108827qep:ProductionMemberqep:NaturalGasDerivativeContractsMemberqep:HaynesvilleDivestitureMember2020-01-012020-06-300001108827qep:ProductionMemberqep:NaturalGasDerivativeContractsMemberqep:HaynesvilleDivestitureMember2019-01-012019-06-300001108827qep:HaynesvilleDivestitureMember2020-04-012020-06-300001108827qep:HaynesvilleDivestitureMember2019-04-012019-06-300001108827qep:HaynesvilleDivestitureMember2020-01-012020-06-300001108827qep:HaynesvilleDivestitureMember2019-01-012019-06-300001108827us-gaap:PropertyPlantAndEquipmentMember2020-04-012020-06-300001108827us-gaap:PropertyPlantAndEquipmentMember2019-04-012019-06-300001108827us-gaap:PropertyPlantAndEquipmentMember2020-01-012020-06-300001108827us-gaap:PropertyPlantAndEquipmentMember2019-01-012019-06-300001108827qep:LeaseOperatingExpenseMember2020-04-012020-06-300001108827qep:LeaseOperatingExpenseMember2019-04-012019-06-300001108827qep:LeaseOperatingExpenseMember2020-01-012020-06-300001108827qep:LeaseOperatingExpenseMember2019-01-012019-06-300001108827qep:GatheringandotherexpenseMember2020-04-012020-06-300001108827qep:GatheringandotherexpenseMember2019-04-012019-06-300001108827qep:GatheringandotherexpenseMember2020-01-012020-06-300001108827qep:GatheringandotherexpenseMember2019-01-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMember2020-04-012020-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMember2019-04-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMember2019-01-012019-06-300001108827us-gaap:OneTimeTerminationBenefitsMember2020-04-012020-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:OneTimeTerminationBenefitsMember2020-04-012020-06-300001108827qep:NetgainlossfromassetsalesMemberus-gaap:OneTimeTerminationBenefitsMember2020-04-012020-06-300001108827us-gaap:OneTimeTerminationBenefitsMemberus-gaap:InterestIncomeMember2020-04-012020-06-300001108827qep:AcceleratedShareBasedCompensationMember2020-04-012020-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:AcceleratedShareBasedCompensationMember2020-04-012020-06-300001108827qep:NetgainlossfromassetsalesMemberqep:AcceleratedShareBasedCompensationMember2020-04-012020-06-300001108827qep:AcceleratedShareBasedCompensationMemberus-gaap:InterestIncomeMember2020-04-012020-06-300001108827qep:RetentionExpenseMember2020-04-012020-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:RetentionExpenseMember2020-04-012020-06-300001108827qep:RetentionExpenseMemberqep:NetgainlossfromassetsalesMember2020-04-012020-06-300001108827qep:RetentionExpenseMemberus-gaap:InterestIncomeMember2020-04-012020-06-300001108827qep:NetgainlossfromassetsalesMember2020-04-012020-06-300001108827us-gaap:InterestIncomeMember2020-04-012020-06-300001108827us-gaap:OneTimeTerminationBenefitsMember2020-01-012020-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:OneTimeTerminationBenefitsMember2020-01-012020-06-300001108827qep:NetgainlossfromassetsalesMemberus-gaap:OneTimeTerminationBenefitsMember2020-01-012020-06-300001108827us-gaap:OneTimeTerminationBenefitsMemberus-gaap:InterestIncomeMember2020-01-012020-06-300001108827qep:AcceleratedShareBasedCompensationMember2020-01-012020-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:AcceleratedShareBasedCompensationMember2020-01-012020-06-300001108827qep:NetgainlossfromassetsalesMemberqep:AcceleratedShareBasedCompensationMember2020-01-012020-06-300001108827qep:AcceleratedShareBasedCompensationMemberus-gaap:InterestIncomeMember2020-01-012020-06-300001108827qep:RetentionExpenseMember2020-01-012020-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:RetentionExpenseMember2020-01-012020-06-300001108827qep:RetentionExpenseMemberqep:NetgainlossfromassetsalesMember2020-01-012020-06-300001108827qep:RetentionExpenseMemberus-gaap:InterestIncomeMember2020-01-012020-06-300001108827qep:NetgainlossfromassetsalesMember2020-01-012020-06-300001108827us-gaap:InterestIncomeMember2020-01-012020-06-300001108827us-gaap:OneTimeTerminationBenefitsMember2019-04-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:OneTimeTerminationBenefitsMember2019-04-012019-06-300001108827qep:NetgainlossfromassetsalesMemberus-gaap:OneTimeTerminationBenefitsMember2019-04-012019-06-300001108827us-gaap:OneTimeTerminationBenefitsMemberus-gaap:InterestIncomeMember2019-04-012019-06-300001108827qep:AcceleratedShareBasedCompensationMember2019-04-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:AcceleratedShareBasedCompensationMember2019-04-012019-06-300001108827qep:NetgainlossfromassetsalesMemberqep:AcceleratedShareBasedCompensationMember2019-04-012019-06-300001108827qep:AcceleratedShareBasedCompensationMemberus-gaap:InterestIncomeMember2019-04-012019-06-300001108827qep:RetentionExpenseMember2019-04-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:RetentionExpenseMember2019-04-012019-06-300001108827qep:RetentionExpenseMemberqep:NetgainlossfromassetsalesMember2019-04-012019-06-300001108827qep:RetentionExpenseMemberus-gaap:InterestIncomeMember2019-04-012019-06-300001108827qep:PensioncurtailmentMember2019-04-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:PensioncurtailmentMember2019-04-012019-06-300001108827qep:NetgainlossfromassetsalesMemberqep:PensioncurtailmentMember2019-04-012019-06-300001108827qep:PensioncurtailmentMemberus-gaap:InterestIncomeMember2019-04-012019-06-300001108827qep:NetgainlossfromassetsalesMember2019-04-012019-06-300001108827us-gaap:InterestIncomeMember2019-04-012019-06-300001108827us-gaap:OneTimeTerminationBenefitsMember2019-01-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:OneTimeTerminationBenefitsMember2019-01-012019-06-300001108827qep:NetgainlossfromassetsalesMemberus-gaap:OneTimeTerminationBenefitsMember2019-01-012019-06-300001108827us-gaap:OneTimeTerminationBenefitsMemberus-gaap:InterestIncomeMember2019-01-012019-06-300001108827qep:LeaseTerminationCostsMember2019-01-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:LeaseTerminationCostsMember2019-01-012019-06-300001108827qep:NetgainlossfromassetsalesMemberqep:LeaseTerminationCostsMember2019-01-012019-06-300001108827qep:LeaseTerminationCostsMemberus-gaap:InterestIncomeMember2019-01-012019-06-300001108827qep:AcceleratedShareBasedCompensationMember2019-01-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:AcceleratedShareBasedCompensationMember2019-01-012019-06-300001108827qep:NetgainlossfromassetsalesMemberqep:AcceleratedShareBasedCompensationMember2019-01-012019-06-300001108827qep:AcceleratedShareBasedCompensationMemberus-gaap:InterestIncomeMember2019-01-012019-06-300001108827qep:RetentionExpenseMember2019-01-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:RetentionExpenseMember2019-01-012019-06-300001108827qep:RetentionExpenseMemberqep:NetgainlossfromassetsalesMember2019-01-012019-06-300001108827qep:RetentionExpenseMemberus-gaap:InterestIncomeMember2019-01-012019-06-300001108827qep:PensioncurtailmentMember2019-01-012019-06-300001108827us-gaap:GeneralAndAdministrativeExpenseMemberqep:PensioncurtailmentMember2019-01-012019-06-300001108827qep:NetgainlossfromassetsalesMemberqep:PensioncurtailmentMember2019-01-012019-06-300001108827qep:PensioncurtailmentMemberus-gaap:InterestIncomeMember2019-01-012019-06-300001108827qep:NetgainlossfromassetsalesMember2019-01-012019-06-300001108827us-gaap:InterestIncomeMember2019-01-012019-06-300001108827us-gaap:OneTimeTerminationBenefitsMember2020-06-300001108827qep:LeaseTerminationCostsMember2020-06-300001108827qep:LeaseTerminationCostsMember2020-04-012020-06-300001108827qep:AcceleratedShareBasedCompensationMember2020-06-300001108827qep:RetentionExpenseMember2020-06-300001108827qep:PensioncurtailmentMember2020-06-300001108827qep:PensioncurtailmentMember2020-04-012020-06-300001108827us-gaap:OneTimeTerminationBenefitsMember2019-12-310001108827qep:LeaseTerminationCostsMember2019-12-310001108827qep:AcceleratedShareBasedCompensationMember2019-12-310001108827qep:RetentionExpenseMember2019-12-310001108827qep:PensioncurtailmentMember2019-12-310001108827qep:LeaseTerminationCostsMember2020-01-012020-06-300001108827qep:PensioncurtailmentMember2020-01-012020-06-300001108827us-gaap:LineOfCreditMember2020-06-300001108827us-gaap:LineOfCreditMember2019-12-310001108827qep:SeniorNotesDue2021Member2020-06-300001108827qep:SeniorNotesDue2021Member2019-12-310001108827qep:SeniorNotesDue2022Member2020-06-300001108827qep:SeniorNotesDue2022Member2019-12-310001108827qep:A525SeniorNotesDue2023Member2020-06-300001108827qep:A525SeniorNotesDue2023Member2019-12-310001108827qep:SeniorNotesDue2026Member2020-06-300001108827qep:SeniorNotesDue2026Member2019-12-310001108827qep:SeniorNotesDue2023Member2020-06-300001108827qep:SeniorNotesDue2021Member2020-01-012020-06-300001108827qep:SeniorNotesDue2022Member2020-01-012020-06-300001108827qep:SeniorNotesDue2023Member2020-01-012020-06-300001108827us-gaap:EmployeeStockOptionMember2020-04-012020-06-300001108827us-gaap:EmployeeStockOptionMember2019-04-012019-06-300001108827us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001108827us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001108827qep:RestrictedSharesMember2020-04-012020-06-300001108827qep:RestrictedSharesMember2019-04-012019-06-300001108827qep:RestrictedSharesMember2020-01-012020-06-300001108827qep:RestrictedSharesMember2019-01-012019-06-300001108827qep:RestrictedCashAwardsMember2020-04-012020-06-300001108827qep:RestrictedCashAwardsMember2019-04-012019-06-300001108827qep:RestrictedCashAwardsMember2020-01-012020-06-300001108827qep:RestrictedCashAwardsMember2019-01-012019-06-300001108827qep:PerformanceShareUnitsMember2020-04-012020-06-300001108827qep:PerformanceShareUnitsMember2019-04-012019-06-300001108827qep:PerformanceShareUnitsMember2020-01-012020-06-300001108827qep:PerformanceShareUnitsMember2019-01-012019-06-300001108827us-gaap:RestrictedStockUnitsRSUMember2020-04-012020-06-300001108827us-gaap:RestrictedStockUnitsRSUMember2019-04-012019-06-300001108827us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001108827us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-06-300001108827us-gaap:EmployeeStockOptionMember2019-12-310001108827us-gaap:EmployeeStockOptionMember2020-06-300001108827us-gaap:RestrictedStockMember2020-01-012020-06-300001108827us-gaap:RestrictedStockMember2019-01-012019-06-300001108827us-gaap:RestrictedStockMember2020-06-300001108827us-gaap:RestrictedStockMember2019-12-310001108827qep:RestrictedCashAwardsMember2020-06-300001108827qep:RestrictedCashAwardsMember2019-12-310001108827qep:PerformanceShareUnitsMember2020-06-300001108827qep:PerformanceShareUnitsMember2019-12-310001108827us-gaap:RestrictedStockUnitsRSUMember2020-06-300001108827us-gaap:RestrictedStockUnitsRSUMember2019-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-34778
qep-20200630_g1.jpg
QEP RESOURCES, INC.

(Exact name of registrant as specified in its charter)
Delaware87-0287750
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)

1050 17th Street, Suite 800, Denver, Colorado 80265
(Address of principal executive offices)

Registrant's telephone number, including area code (303) 672-6900

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueQEPNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
No

At June 30, 2020, there were 242,324,832 shares of the registrant's common stock, $0.01 par value, outstanding.
 




QEP Resources, Inc.
Form 10-Q for the Quarter Ended June 30, 2020

TABLE OF CONTENTS
Page
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
1


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
QEP RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
REVENUES(in millions, except per share amounts)
Oil and condensate, gas and NGL sales$118.3  $294.6  $340.1  $570.2  
Other revenues(0.2) 1.6  0.2  5.3  
Purchased oil and gas sales2.5    6.1  1.3  
Total Revenues120.6  296.2  346.4  576.8  
OPERATING EXPENSES
Purchased oil and gas expense3.9    7.4  1.4  
Lease operating expense28.8  45.7  69.0  97.2  
Transportation and processing costs12.3  9.9  25.8  20.8  
Gathering and other expense2.8  3.0  5.5  6.8  
General and administrative26.3  31.5  42.2  94.8  
Production and property taxes9.6  23.6  28.3  47.6  
Depreciation, depletion and amortization149.4  128.0  291.6  251.3  
Impairment      5.0  
Total Operating Expenses233.1  241.7  469.8  524.9  
Net gain (loss) from asset sales, inclusive of restructuring costs  17.8  3.7  4.6  
OPERATING INCOME (LOSS)(112.5) 72.3  (119.7) 56.5  
Realized and unrealized gains (losses) on derivative contracts(98.7) 38.5  351.2  (143.2) 
Interest and other income (expense)2.6  0.9    3.7  
Gain from early extinguishment of debt0.4    25.6    
Interest expense(29.8) (33.2) (61.4) (67.2) 
INCOME (LOSS) BEFORE INCOME TAXES(238.0) 78.5  195.7  (150.2) 
Income tax (provision) benefit53.6  (29.7) (12.7) 82.3  
NET INCOME (LOSS)$(184.4) $48.8  $183.0  $(67.9) 
Earnings (loss) per common share
Basic$(0.76) $0.20  $0.76  $(0.29) 
Diluted$(0.76) $0.20  $0.76  $(0.29) 
Weighted-average common shares outstanding
Used in basic calculation242.3  238.0  240.7  237.5  
Used in diluted calculation242.3  238.0  240.7  237.5  

Refer to Notes accompanying the Condensed Consolidated Financial Statements.
2


QEP RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
(in millions)
Net income (loss)$(184.4) $48.8  $183.0  $(67.9) 
Other comprehensive income (loss), net of tax:
Pension and other postretirement plans adjustments:
Amortization of prior service costs
      0.1  
Amortization of actuarial losses(1)
0.3  —  0.4  0.1  
Net curtailment(2)
—  0.1  —  (0.3) 
Other comprehensive income (loss)0.3  0.1  0.4  (0.1) 
Comprehensive income (loss)$(184.1) $48.9  $183.4  $(68.0) 
____________________________
(1)Presented net of income tax benefit of $0.1 million for the three and six months ended June 30, 2020.
(2)Presented net of income tax expense of $0.1 million for the six months ended June 30, 2019.

Refer to Notes accompanying the Condensed Consolidated Financial Statements.
3


QEP RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,
2020
December 31,
2019
ASSETS(in millions)
Current Assets
Cash and cash equivalents$3.4  $166.3  
Accounts receivable, net97.9  108.4  
Income tax receivable165.0  37.4  
Fair value of derivative contracts169.4  1.5  
Prepaid expenses and other current assets10.7  11.6  
Total Current Assets446.4  325.2  
Property, Plant and Equipment (successful efforts method for oil and gas properties)
Proved properties9,786.2  9,574.9  
Unproved properties543.6  599.1  
Gathering and other165.5  164.2  
Materials and supplies16.5  15.6  
Total Property, Plant and Equipment10,511.8  10,353.8  
Less Accumulated Depreciation, Depletion and Amortization
Exploration and production5,482.4  5,250.5  
Gathering and other66.3  61.0  
Total Accumulated Depreciation, Depletion and Amortization5,548.7  5,311.5  
Net Property, Plant and Equipment4,963.1  5,042.3  
Fair value of derivative contracts6.2  0.2  
Operating lease right-of-use assets, net54.1  56.8  
Other noncurrent assets54.3  53.3  
TOTAL ASSETS$5,524.1  $5,477.8  
LIABILITIES AND EQUITY 
Current Liabilities
Checks outstanding in excess of cash balances$2.3  $18.3  
Accounts payable and accrued expenses157.0  227.2  
Production and property taxes9.2  18.9  
Current portion of long-term debt274.9    
Interest payable27.9  31.0  
Fair value of derivative contracts1.8  18.7  
Current operating lease liabilities20.3  18.0  
Asset retirement obligations6.2  6.0  
Total Current Liabilities499.6  338.1  
Long-term debt1,589.4  2,015.6  
Deferred income taxes416.1  274.5  
Asset retirement obligations94.9  94.9  
Fair value of derivative contracts3.2  0.5  
Operating lease liabilities39.2  44.8  
Other long-term liabilities36.8  48.8  
Commitments and contingencies (Note 11)
EQUITY
Common stock – par value $0.01 per share; 500.0 million shares authorized; 247.2 million and 242.1 million shares issued, respectively
2.5  2.4  
Treasury stock – 4.9 million and 4.4 million shares, respectively(56.6) (55.4) 
Additional paid-in capital1,463.3  1,456.5  
Retained earnings1,447.8  1,269.6  
Accumulated other comprehensive income (loss)(12.1) (12.5) 
Total Common Shareholders' Equity2,844.9  2,660.6  
TOTAL LIABILITIES AND EQUITY$5,524.1  $5,477.8  
 
Refer to Notes accompanying the Condensed Consolidated Financial Statements.
4


QEP RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income(Loss)Total
SharesAmountSharesAmount
(in millions)
Balance at March 31, 2020247.0  $2.5  (4.8) $(56.2) $1,459.9  $1,632.2  $(12.4) $3,026.0  
Net income (loss)—  —  —  —  —  (184.4) —  (184.4) 
Share-based compensation0.2  —  (0.1) (0.4) 3.4  —  —  3.0  
Change in pension and postretirement liability, net of tax—  —  —  —  —  —  0.3  0.3  
Balance at June 30, 2020247.2  $2.5  (4.9) $(56.6) $1,463.3  $1,447.8  $(12.1) $2,844.9  
Balance at December 31, 2019242.1  $2.4  (4.4) $(55.4) $1,456.5  $1,269.6  $(12.5) $2,660.6  
Net income (loss)—  —  —  —  —  183.0  —  183.0  
Cash dividends paid, $0.02 per share—  —  —  —  —  (4.8) —  (4.8) 
Share-based compensation5.1  0.1  (0.5) (1.2) 6.8      5.7  
Change in pension and postretirement liability, net of tax—  —  —  —  —  —  0.4  0.4  
Balance at June 30, 2020247.2  $2.5  (4.9) $(56.6) $1,463.3  $1,447.8  $(12.1) $2,844.9  
Balance at March 31, 2019242.0  $2.4  (3.9) $(51.8) $1,440.2  $1,259.8  $(14.5) $2,636.1  
Net income (loss)—  —  —  —  —  48.8  —  48.8  
Share-based compensation—  —  (0.2) (1.8) 6.1  —  —  4.3  
Change in pension and postretirement liability, net of tax—  —  —  —  —  —  0.1  0.1  
Balance at June 30, 2019242.0  $2.4  (4.1) $(53.6) $1,446.3  $1,308.6  $(14.4) $2,689.3  
Balance at December 31, 2018239.8  $2.4  (3.1) $(45.6) $1,431.9  $1,376.5  (14.3) $2,750.9  
Net income (loss)—  —  —  —  —  (67.9) —  (67.9) 
Share-based compensation2.2    (1.0) (8.0) 14.4  —  —  6.4  
Change in pension and postretirement liability, net of tax—  —  —  —  —  —  (0.1) (0.1) 
Balance at June 30, 2019242.0  $2.4  (4.1) $(53.6) $1,446.3  $1,308.6  $(14.4) $2,689.3  

Refer to Notes accompanying the Condensed Consolidated Financial Statements.
5


QEP RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30
20202019
OPERATING ACTIVITIES(in millions)
Net income (loss)$183.0  $(67.9) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization291.6  251.3  
Deferred income taxes (benefit)141.4  (87.7) 
Impairment  5.0  
Non-cash share-based compensation6.4  11.2  
Amortization of debt issuance costs and discounts2.6  2.7  
Net (gain) loss from asset sales, inclusive of restructuring costs(3.7) (4.6) 
Gain from early extinguishment of debt(25.6)   
Unrealized (gains) losses on marketable securities