Why QEP Resources Stock Is Rocketing Today

Shares of QEP Resources (NYSE: QEP) took off on Thursday, surging more than 17% by 10 a.m. EDT. Fueling the energy company's rally was its strong third-quarter report.

QEP Resources' turnaround strategy paid dividends during the third quarter. The oil and gas driller generated $11 million, or $0.05 per share, of adjusted net income, which surpassed the consensus estimate by $0.01 per share. Driving that expectation-beating result was the company's ability to reduce costs, with its lease operating expenses per barrel of oil equivalent declining 20%. That's due to the sale of higher-cost assets in the Haynesville/Cotton Valley and Uinta regions as well as an increase in lower-cost output in the Permian Basin.

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Source Fool.com