qepresourcesstackcmykra28.jpg

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

Hires financial advisors to assist with divestiture of Williston and Uinta basin assets

Authorizes $1.25 billion share repurchase program to be funded primarily with proceeds from asset sales

DENVER February 28, 2018 — QEP Resources, Inc. (NYSE: QEP) (QEP or the Company) today announced strategic initiatives to transition to a pure-play Permian Basin company, reported fourth quarter and full year 2017 financial and operating results, and provided initial 2018 guidance and capital investment plan.

2018 Strategic and Financial Initiatives

QEP’s Board of Directors has unanimously approved several strategic and financial initiatives to transition the Company to a pure-play Permian Basin company and to address the significant discount to net asset value reflected in the Company's share price.

Strategic Initiatives

Engaged financial advisors to assist with the divestiture of the Company’s Williston and Uinta basin assets, with data rooms expected to be opened in late March or early April
Market remaining non-Permian assets, including the Haynesville/Cotton Valley (Haynesville), in the second half of 2018

Financial Initiatives

Use proceeds from asset sales to fund Permian Basin development program, until the program reaches operating cash flow neutrality in 2019, reduce debt and return cash to shareholders through share repurchases
Authorized a $1.25 billion share repurchase program(1) 
Approved 2018 capital investment plan of approximately $1.075 billion, of which approximately 65% will be directed toward the Permian Basin

"The strategic initiatives announced today are responsive to ongoing shareholder feedback and fit with our long-term goal of becoming a more oil-focused company. The initiatives will allow us to simplify our portfolio, streamline our operations, and sharpen our focus on our Permian Basin assets, quickly resulting in QEP becoming a leading pure-play Permian company. Today our Permian Basin assets consist of approximately 44,000 net acres in the core of the northern Midland Basin. The assets delivered 8.2 MMboe of net production in 2017 with estimated total proved year-end 2017 reserves of 272.7 MMboe,” commented Chuck Stanley, Chairman, President and CEO of QEP.







____________________________
(1)  
Subject to available liquidity, market conditions and proceeds from asset sales.

1

The following information was filed by Qep Resources, Inc. (QEP) on Wednesday, February 28, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Qep Resources, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Qep Resources, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Log in with your credentials

or    

Forgot your details?

Create Account