Questar Corp.'s (STR) board has taken final action on the
spinoff of its exploration and midstream operations, which will
take effect at the end of the month.
The company, which primarily produces natural gas, first
announced in April it was considering the move and the board
approved the effort last month.
In addition to the exploration and production efforts, the new
company, called QEP Resources Inc., will include Questar's
gas-management and energy-trading businesses. Questar will remain a
natural gas company comprised of subsidiaries Wexpro Co., Questar
Pipeline and Questar Gas Co.
Questar said Monday that its shareholders as of the close of
business Friday will get one share of QEP for each share of Questar
they hold.
Its stock closed Friday at $47.80 and hasn't traded premarket.
Shares are up 15% this year.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com