February 28, 2018 / 11:14 PM / 6 months ago

BRIEF-QEP Resources Reports Q4 Earnings Per Share $0.62

Feb 28 (Reuters) - Qep Resources Inc:

* QEP RESOURCES ANNOUNCES STRATEGIC INITIATIVES FOR AN ACCELERATED TRANSITION TO A PURE-PLAY PERMIAN BASIN COMPANY, REPORTS FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL AND OPERATING RESULTS, AND PROVIDES INITIAL 2018 GUIDANCE AND CAPITAL INVESTMENT PLAN

* Q4 EARNINGS PER SHARE $0.62

* Q4 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.13 EXCLUDING ITEMS

* ‍AUTHORIZES $1.25 BILLION SHARE REPURCHASE PROGRAM TO BE FUNDED PRIMARILY WITH PROCEEDS FROM ASSET SALES​

* ‍HIRES FINANCIAL ADVISORS TO ASSIST WITH DIVESTITURE OF WILLISTON AND UINTA BASIN ASSETS​

* ‍APPROVED 2018 CAPITAL INVESTMENT PLAN OF ABOUT $1.075 BILLION, OF WHICH APPROXIMATELY 65% WILL BE DIRECTED TOWARD PERMIAN BASIN​

* QEP RESOURCES - ‍BOARD UNANIMOUSLY APPROVED SEVERAL FINANCIAL INITIATIVES TO TRANSITION CO TO A "PURE-PLAY" PERMIAN BASIN CO

* ‍MARKET REMAINING NON-PERMIAN ASSETS, INCLUDING HAYNESVILLE/COTTON VALLEY (HAYNESVILLE), IN SECOND HALF OF 2018​

* QEP RESOURCES - ‍INTEND TO USE PROCEEDS FROM ASSET SALES TO FUND ONGOING DEVELOPMENT OF CORE PERMIAN OPERATIONS, REDUCE DEBT, OTHERS

* ‍OIL EQUIVALENT PRODUCTION WAS 12.1 MMBOE FOR Q4 2017 COMPARED WITH 13.7 MMBOE FOR Q4 2016​

* SEES 2018 ‍OIL PRODUCTION OF 21.0 MMBBL TO 22.5 MMBBL​

* QEP RESOURCES - QTRLY TOTAL REVENUE $‍429.0​ MILLION VERSUS $399.7 MILLION LAST YEAR

* SEES 2018 GAS PRODUCTION 132.0 BCF - 143.0 BCF

* SEES 2018 TOTAL OIL EQUIVALENT PRODUCTION OF 47.7 MMBOE - 51.5 MMBOE

* SEES 2018 TOTAL CAPITAL INVESTMENT (EXCLUDING PROPERTY ACQUISITIONS) $1,025 MILLION - $1,125 MILLION

* QEP RESOURCES - NET INCOME FOR Q4 AND YEAR ENDED DECEMBER 31, 2017, WAS POSITIVELY IMPACTED BY A $307.9 MILLION TAX BENEFIT DUE TO TCJA Source text for Eikon: Further company coverage:

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