QEP Resources : Glass Lewis Joins ISS in Reaffirming Support for Pending Acquisition of QEP Resources by Diamondback Energy

DENVER - QEP Resources, Inc. (NYSE: QEP) (QEP or the Company) today issued the following statement in response to Glass Lewis & Co.'s (Glass Lewis) decision to reaffirm its previous recommendation of support for the pending acquisition of QEP by Diamondback Energy, Inc. (Nasdaq: FANG) (Diamondback).

The Company is pleased to receive Glass Lewis' continued support of its pending transaction with Diamondback Energy as evidenced by Glass Lewis reaffirming its position and continuing to recommend that QEP's shareholders vote in favor of the transaction at the upcoming meeting of QEP's stockholders on March 16, 2021 (Special Meeting). In its initial report, Glass Lewis recommended that shareholders vote in favor of the transaction given that QEP and Diamondback will have a 'strengthened ability to generate returns for investors and return capital to stockholders, compared to QEP on a standalone basis' and that the proposed acquisition represents 'the best path currently available to maximize QEP shareholder value.'

Glass Lewis' decision follows Institutional Shareholder Services' (ISS) reaffirmation of its previous recommendation of support in which ISS cited the transaction's 'credible strategic rationale and multiple levers for value creation.'

QEP's Special Meeting will be held virtually via the Internet on March 16, 2021, at 8:00 a.m. MT. QEP stockholders of record as of the close of business on February 5, 2021, are entitled to vote. Investors with questions about the transaction or how to vote their shares may contact the company's proxy solicitor, Georgeson LLC, toll-free at [phone].

About QEP Resources

QEP Resources, Inc. (NYSE: QEP) is an independent crude oil and natural gas exploration and production company focused in two regions of the United States: the Southern Region (primarily in Texas) and the Northern Region (primarily in North Dakota).

Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as 'anticipates,' 'believes,' 'forecasts,' 'plans,' 'estimates,' 'expects,' 'should,' 'will' or other similar expressions. Such statements are based on management's current expectations and current views about future events, which are subject to a wide range of uncertainties and business risks. These forward-looking statements include statements regarding the benefits of the proposed merger with Diamondback and the expected timing and likelihood of completion of the merger.

Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, but not limited to: changes in oil, gas and NGL prices; liquidity constraints, including those resulting from the cost or unavailability of financing due to debt and equity capital and credit market conditions, changes in QEP's credit rating, QEP's compliance with loan covenants, the increasing credit pressure on QEP's industry or demands for cash collateral by counterparties to derivative and other contracts; market conditions; global geopolitical and macroeconomic factors; the activities of the Organization of Petroleum Exporting Countries and other oil producing countries such as Russia; general economic conditions, including interest rates; changes in local, regional, national and global demand for natural oil, gas and NGL; impact of new laws and regulations, including the use of hydraulic fracture stimulation; impact of U.S. dollar exchange rates on oil, gas and NGL prices; elimination of federal income tax deductions for oil and gas exploration and development; guidance for implementation of the Tax Cuts and Jobs Act; actual proceeds from asset sales; actions of activist shareholders; tariffs on products QEP uses in its operations or on the products QEP sells; drilling results; shortages of oilfield equipment, services and personnel; the availability of storage and refining capacity; operating risks such as unexpected drilling conditions; transportation constraints, including gas and crude oil pipeline takeaway capacity in the Permian Basin; weather conditions; changes in maintenance, service and construction costs; permitting delays; outcome of contingencies such as legal proceedings; inadequate supplies of water and/or lack of water disposal sources; credit worthiness of counterparties to agreements and the other risks discussed in QEP's periodic filings with the Securities and Exchange Commission, including the Risk Factors section of QEP's Annual Report on Form 10-K for the year ended December 31, 2020 and QEP's Proxy Statement in respect of the Merger, filed February 10, 2021, including the Risk Factors section. QEP undertakes no obligation to publicly correct or update the forward-looking statements in this news release, in other documents, or on the website to reflect future events or circumstances. All such statements are expressly qualified by this cautionary statement.

Contact:

William I. Kent

Tel: [phone]

Email: [e-mail]

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