QEP Resources Issues Notice of Redemption for Its 6.8% Senior Notes Due 2020
October 23 2019 - 4:05PM
QEP Resources, Inc. (NYSE:QEP) (QEP or the Company) today announced
that it has issued a notice (the “Redemption Notice”) to holders of
its outstanding 6.80% Senior Notes due 2020 (the “2020 Notes”) of
QEP’s intent to redeem all of the outstanding 2020 Notes on
November 22, 2019.
The redemption price for the 2020 Notes will be calculated
pursuant to the formula set forth in the indenture governing the
2020 Notes.
Additional information concerning the terms and conditions of
the redemption are fully described in the Redemption Notice
distributed to the holders of the 2020 Notes. Beneficial holders
with any questions about the redemption should contact their
respective brokerage firm or financial institution.
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: ability to generate Free Cash Flow in
the fourth quarter of 2019 and full year 2020; ability to
strengthen our balance sheet; ability to execute on our development
programs and capture opportunities to create shareholder value;
actively managing and improving our cost structure; reducing
G&A expense; plans for development of our Permian Basin and
Williston Basin assets; operating our business safely; the number
and location of drilling rigs to be deployed and wells to be put on
production; forecast production amounts and related assumptions;
forecasted lease operating expense and Adjusted Transportation and
Processing Expense, depletion, depreciation and amortization
expense, general and administrative expense, non-cash share-based
compensation expense, restructuring costs, production and property
taxes, and capital investment for 2019 and related assumptions for
such guidance; allocation of capital investment; fourth quarter and
full year 2019 production guidance and assumptions for such
guidance; plans regarding ethane rejection and recovery; the impact
of lower flare volume and higher gas and NGL capture in the Permian
Basin; the amount of additional indebtedness QEP could incur and be
compliance with loan covenants; and usefulness of non-GAAP
measures. 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
Elliott Management Corporation or other 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 (SEC),
including the Risk Factors section of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2018 and in the
Company's quarterly and current reports filed with the SEC
subsequent to the Annual Report on Form 10-K. 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 |
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Investors: |
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William I. Kent, IRC |
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Director, Investor
Relations |
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303-405-6665 |
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