WASHINGTON (dpa-AFX) - QEP Resources, Inc. (QEP) announced, in response to the current commodity price environment, the company has reduced its full-year capital budget for drilling and completions by over 50% compared with 2015. The company anticipates approximately flat year-over-year crude oil production in 2016.
Net natural gas equivalent production was 82.7 Bcfe for the first quarter 2016 compared with 75.2 Bcfe for the first quarter 2015, an increase of 10%. The increase was primarily due to increased production in the Williston, Permian and Uinta basins and in Pinedale, partially offset by decreased production in Haynesville/Cotton Valley.
Crude oil, NGL and natural gas production increased 16%, 44% and 2%, respectively, in the first quarter 2016 compared with the first quarter 2015.
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