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QEP Resources Inc : QEP Resources Announces Plan to Form Midstream Master Limited Partnership

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01/07/2013 | 02:15pm CEST

QEP Resources, Inc. (NYSE: QEP) ("QEP" or the "Company") announced today that while it continues to evaluate strategic alternatives to enhance shareholder value with respect to certain of its midstream assets, QEP's board of directors has authorized the formation of a master limited partnership (MLP) and the preparation and filing of a registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) of common units of the MLP. The Company expects to file a registration statement with the SEC in the second quarter of 2013.

The MLP is intended to support the growth of QEP's midstream business and is consistent with the Company's focus on maximizing shareholder value and maintaining balance sheet strength. The Company expects to initially contribute a majority of its gathering assets in Wyoming and North Dakota to the MLP. Subject to final board approval and market conditions, QEP expects to sell a minority interest in the MLP in the IPO and raise $300 million to $400 million in gross proceeds. Proceeds from the offering would be used to fund ongoing operations, to repay debt under the Company's revolving credit facility and for general corporate purposes. Additional detail will be included in the registration statement.

There can be no assurance that there will be an initial public offering of the MLP or any other transaction. This announcement is made in accordance with Rule 135 of the Securities Act of 1933, as amended. As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

Some of the statements included in this press release constitute "forward looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Such forward-looking statements are based on management's beliefs and assumptions and on information currently available. You should not put undue reliance on any forward-looking statements. Forward-looking statements include all statements that are not historical facts and may be identified by the use of forward looking terminology such as the words "believe," "expect," "plan," "project," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "will," "should" or the negative of these terms or similar expressions. Forward-looking statements involve risks, uncertainties and assumptions.

Risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements include economic, business, competitive and/or regulatory factors affecting the Company's business, as well as uncertainties related to the outcomes of pending or future litigation, legislation, or regulatory actions. Among such risks are: changes in timing and structure of the planned MLP; unanticipated developments that may delay or negatively impact the planned MLP; regulatory approvals and compliance with contractual obligations; impact of the planned MLP on the Company's relationships with its employees, customers and vendors and the Company's credit rating and cost of funds; changes in market conditions; and future opportunities that the Company's board of directors may determine present greater potential value to stockholders than the planned MLP. No assurance can be given as to the value of the common units of the planned MLP, the price at which they may trade or whether a liquid market may develop for such units. Unpredictable or unknown factors not discussed in this release also could have material adverse effects on forward-looking statements.

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, QEP has included in its filings with the Securities and Exchange Commission cautionary language identifying important factors (but not necessarily all the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement made by QEP. For more information concerning these factors, see QEP's Securities and Exchange Commission filings. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. QEP does not have any intention or obligation to update any forward-looking statement (or its associated cautionary language), whether as a result of new information or future events, after the date of this press release, except as required by applicable law.

About QEP Resources

QEP Resources, Inc. (NYSE: QEP) is a leading independent natural gas and crude oil exploration and production company focused in two major regions: the Northern Region (primarily in the Rockies and the Williston Basin) and the Southern Region (primarily Oklahoma, Louisiana, and the Texas Panhandle) of the United States. QEP Resources also gathers, compresses, treats, processes and stores natural gas. For more information, visit QEP Resources' website at: www.qepres.com.

QEP Resources, Inc.
Greg Bensen
Director, Investor Relations

© Business Wire 2013
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Financials ($)
Sales 2018 1 876 M
EBIT 2018 59,2 M
Net income 2018 -349 M
Debt 2018 2 640 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019 99,45
EV / Sales 2018 2,79x
EV / Sales 2019 2,86x
Capitalization 2 593 M
Duration : Period :
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Technical analysis trends QEP RESOURCES INC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 15,2 $
Spread / Average Target 39%
EPS Revisions
Charles B. Stanley Chairman, President & Chief Executive Officer
Richard J. Doleshek Chief Financial Officer & Executive Vice President
Jamie C. Cutler Chief Information Officer & Vice President
Phillips S. Baker Independent Director
Myles W. Scoggins Independent Director
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1st jan.Capitalization (M$)
TOTAL18.88%170 230
EQUINOR22.83%88 166
NK ROSNEFT' PAO--.--%70 479