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QEP Resources Inc (QEP) Earnings Report: Q! 2016 Conference Call Transcript

The following QEP Resources Inc ( QEP) conference call took place on April 28, 2016, 09:00 AM ET. This is a transcript of that earnings call:

Company Participants

  • William Kent; QEP Resources; Director of Investor Relations
  • Chuck Stanley; QEP Resources; Chairman, President and Chief Executive Officer
  • Richard Doleshek; QEP Resources; Executive Vice President and Chief Financial Officer
  • Jim Torgerson; QEP Resources; Executive Vice President

Other Participants

  • David Heikkinen; Heikkinen Energy; Analyst
  • David Tameron; Wells Fargo; Analyst
  • Brian Corales; Howard Weil; Analyst
  • Josh Silverstein; Deutsche Bank; Analyst
  • Kevin Smith; Raymond James; Analyst
  • Gabe Daoud; JPMorgan; Analyst
  • Gail Nicholson; KLR Group; Analyst
  • Brian Velie; Capital One; Analyst

MANAGEMENT DISCUSSION SECTION Operator: Greetings and welcome to the QEP Resources (NYSE [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. William Kent, Director of Investor Relations. Thank you, Mr. Kent. You may begin. William Kent (Director of Investor Relations): Thank you, Michelle. Good morning and thank you for joining us for the QEP Resources (NYSE If you have not done so already, please go to our website, to obtain copies of our earnings release, which contains tables with our financial results and a slide presentation with maps and other supporting materials. In today's conference call, we will use a non-GAAP measure EBITDA which is referred to as adjusted EBITDA in our earnings release and SEC filings and is reconciled to net income in the earnings release and SEC filings. In addition, we are making numerous forward-looking statements to remind everyone that our actual results could differ materially from our forward-looking statements for a variety of reasons, many of which would be out of our control. We refer everyone to our more robust forward-looking statement disclaimer and discussion of these risks facing our business in our earnings release and SEC filings. With that, I would like to turn the call over to Richard. Richard Doleshek (Executive Vice President and Chief Financial Officer): Thank you, Will and good morning everyone. Before I get into our first quarter results, I want to remind folks that at the beginning of this year we collapsed the bulk of what QEP Marketing was doing in the QEP Energy Company. We terminated the majority of the intercompany agreements between QEP Marketing and QEP Energy. We assigned all of QEP Marketing's third-party purchasing sale agreements and gathering and processing and transportation contracts for QEP Energy except those contracts related to natural gas storage activities in the Haynesville gathering system. QEP is no longer the first purchaser of other working interest owners' production from QEP operated wells. And as a result, you will notice significantly lower revenues and...