QEP Resources Receives Continued Listing Notice from NYSE
April 16 2020 - 5:00PM
QEP Resources, Inc. (NYSE: QEP) (QEP or the Company) announced that
on April 10, 2020, it received written notice from the New York
Stock Exchange (NYSE) that the average closing price of the
Company's common stock over the prior 30-consecutive trading day
period was below $1.00 per share, which is the minimum average
share price for continued listing on the NYSE.
QEP has notified the NYSE of its intent to cure the deficiency
and return to compliance with the NYSE continued listing
requirements within the six-month cure period. During the cure
period, QEP's shares of common stock will continue to trade on the
NYSE, subject to compliance with other continued listing
requirements.
The NYSE notification does not affect QEP's ongoing business
operations or its Securities and Exchange Commission reporting
requirements, nor does it trigger any violation of its debt
obligations. QEP is considering all available options to regain
compliance with the NYSE's continued listing standards, including
the consummation of a potential reverse stock split.
About QEP Resources, Inc.
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). For
more information, visit QEP's website at: www.qepres.com.
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,
estimates and projections, which are subject to a wide range of
uncertainties and business risks. These forward-looking statements
include statements regarding: the Company’s intention to regain
compliance with the NYSE’s continued listing standards. Actual
results may differ materially from those included in the
forward-looking statements due to a number of factors, including,
but not limited to: the length and severity of the recent outbreak
of the COVID-19 virus and its impact on QEP’s business; 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 the Company’s periodic
filings with the Securities and Exchange Commission, including
the Risk Factors section of the Company’s Annual Report on Form
10-K for the year ended December 31, 2019. QEP Resources
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
Investors/Media:William I. Kent, IRCDirector, Investor
Relations303-405-6665
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