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QEP REPORTS FIRST QUARTER 2019 FINANCIAL AND OPERATING RESULTS

DENVER April 24, 2019 — QEP Resources, Inc. (NYSE:QEP) (QEP or the Company) today reported first quarter 2019 financial and operating results.

FIRST QUARTER 2019 OPERATING HIGHLIGHTS

Delivered oil and condensate production of 2.9 million barrels in the Permian Basin, a 35% year-over-year increase
Initiated plan to significantly reduce corporate general and administrative expense by approximately 45%
Closed previously announced Haynesville divestiture in January 2019 for net cash proceeds of $615.3 million

"QEP’s assets performed as expected in all categories during the first quarter 2019. Our drilling and completions teams continue to deliver efficiency and cost improvements which positively impacted cycle time and capital intensity. These cost savings, along with other efficiency projects, are expected to free up enough capital to allow us to drill and complete an additional 10 to 12 wells in the Permian in 2019, while still living within our original 2019 capital guidance," commented Tim Cutt, President and CEO of QEP.

"During the quarter we initiated our previously announced plan to reset our general and administrative expense with a goal of reducing ‘normalized’ expense by approximately 45% between year-end 2018 and 2020. We expect to be operating at our go-forward staffing levels by mid-year 2019, at which point we will have reduced our total workforce by approximately 60% since the announcement of our strategic initiatives in February 2018. Although we have been aggressive with both employee and non-employee expense reductions, we are confident that we have retained the core business, technical and operating staff and systems required to execute our forward plans."

"With our focus on cost reduction and volume delivery, we remain confident in our ability to achieve cash flow neutrality before year-end at commodity prices of $55 for crude oil and $2.75 for natural gas."

The Company has posted to its website www.qepres.com a presentation that supplements the information provided in this release.



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The following information was filed by Qep Resources, Inc. (QEP) on Wednesday, April 24, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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