Whiting, Williams, Questar; QEP Earnings -- April 29, 2015

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Whiting Petroleum beats by $0.09, misses on revs; Record Q1 2015 production of 166,930 BOE/d exceeds high end of guidance: Reports Q1 (Mar) loss of $0.23 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of ($0.32); revenues fell 28.5% year/year to $529.2 mln vs the $557.47 mln consensus.

• The co's borrowing base was reaffirmed at $4.5 billion, zero drawn at March 31, 2015.
• Production in the first quarter 2015 totaled 15.0 million barrels of oil equivalent (:MMBOE), 88% crude oil/natural gas liquids (NGLs). First quarter 2015 production averaged 166,930 barrels of oil equivalent per day (BOE/d). This represents a 3% pro forma increase over the full fourth quarter 2014.
• Redtail Niobrara field production of 13,000 BOE/d in Q1 2015, up 28% over Q4 2014
• Co sees Q2 production at 14.8-15.2 MMBOE
• Co sees 2015 production at 58.8-59.4 MMBOE
• Whiting's full-year 2015 capital budget is at $2.0 billion

Williams Cos beats by $0.04: Reports Q1 (Mar) earnings of $0.16 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.12.

Guidance:

• Williams is reaffirming its guidance for the years 2015 through 2017 provided on Feb. 18, 2015. We expect Williams Partners' 2015 adjusted EBITDA and distributable cash flow to be near the low end of the range due to the extended Geismar ramp-up and the effects of low commodity prices on volumes and margins.
• Co sees 2015 adj. EBITDA guidance at $4.3-4.7 bln, sees 2016 adj. EBITDA guidance at $5.2-5.6 bln, sees 2017 adj. EBITDA guidance at $5.8-6.3 bln.
• Reaffirming Williams Partners adjusted EBITDA guidance for 2015-2017 with 2015 expected to be near low end of range on extended Geismar ramp-up and effects of low commodity prices
• Reaffirming Williams dividend guidance of $2.38 per share in 2015 with 10% to 15% annual dividend growth through 2017 with growing coverage

Questar reports EPS in-line, misses on revs; reaffirms FY15 EPS guidance: Reports Q1 (Mar) earnings of $0.48 per share, in-line with the Capital IQ Consensus Estimate of $0.48; revenues fell 6.2% year/year to $428.6 mln vs the $457.99 mln consensus.

• Co issues reaffirms guidance for FY15, sees EPS of $1.20-1.30 vs. $1.29 Capital IQ Consensus Estimate. 
• Adjusted EBITDA for the quarter were down 1% to $203.6 million compared to $206.3 million in the year-ago period. 
• Co increased its quarterly dividend by 11% to $0.21, and raised its target payout ratio to 65%. 

QEP Resources reports Q1 (Mar) results, misses on revs: Reports Q1 (Mar) loss of $0.05 per share, may not be comparable to the Capital IQ Consensus Estimate of ($0.30); revenues fell 39.9% year/year to $491.6 mln vs the $663.2 mln consensus.

• The Company reported a net loss from continuing operations of $55.6 million, or $0.32 per diluted share, for the first quarter 2015 compared with net income from continuing operations of $12.7 million, or $0.07 per diluted share, in the first quarter 2014. Net income or loss includes non-cash gains and losses associated with the change in the fair value of derivative instruments, gains and losses from asset sales, and impairment charges. Excluding these items, the Company's first quarter 2015 Adjusted Net Loss (a non-GAAP measure) was $8.7 million, or $0.05 per diluted share, compared with Adjusted Net Income from continuing operations of $41.1 million, or $0.23 per diluted share, for the comparable 2014 period.
• Adjusted EBITDA (a non-GAAP measure) for the first quarter 2015 was $222.8 million, compared with $333.1 million on a continuing operations basis in the first quarter 2014, a 33% decrease.