QEP Resources Announces Receipt of Alternative Minimum Tax Refund
August 27 2020 - 4:05PM
QEP Resources, Inc. (NYSE: QEP) (QEP or the Company) today
announced that it has received its expected alternative minimum tax
credit refund of $170.7 million, which includes $5.1 million of
accrued interest. The Company expects to use the proceeds from the
refund towards the repayment of its senior notes due in March 2021.
"We are pleased to have received our tax refund ahead of our
expected timeline," commented Tim Cutt, President and CEO of QEP.
"The tax refund is another important step toward our corporate goal
of organically de-levering our balance sheet and improving
liquidity. As we continue to navigate through the challenging
market conditions, we remain focused on protecting shareholder
value over the long term," concluded Cutt.
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, among other things, our expectations
regarding the Company's ability to repay its senior notes due in
March 2021 and our ability to organically de-lever our balance
sheet, improve liquidity and protect shareholder value.
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, as updated by the Risk
Factors section of the Company’s Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2020 and June 30, 2020. 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, IRC |
Director, Investor
Relations |
303-405-6665 |
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