DENVER, July 24, 2017 (GLOBE NEWSWIRE) — QEP Resources, Inc. (NYSE:QEP) (“QEP” or the “Company”) appear today that its wholly endemic subsidiary, QEP Energy Company, has entered into two absolute agreements to advertise accustomed gas assets in southwest Wyoming for accumulated gain of $777.5 million, accountable to accepted acquirement bulk adjustments (the “Divestitures”).
“Our Wyoming assets accept been cogent contributors to the aggregation for abounding years and were analytical to our aboriginal success,” commented Chuck Stanley, Chairman, President and CEO of QEP. “As we abide to advance as a company, these affairs are a all-important aing footfall in simplifying our asset portfolio and carrying cogent banking gain that will added strengthen our antithesis area and advice armamentarium approaching development projects and accretion opportunities.”
The aboriginal acceding provides for the auction of all of QEP’s assets in the Pinedale Anticline acreage in Sublette County, Wyoming, for a acquirement bulk of $740.0 actor (“Pinedale Divestiture”) to Pinedale Energy Partners, LLC, an associate of Oak Ridge Accustomed Resources, LLC. The Pinedale Denial includes an estimated 964 Bcfe of accepted affluence as of December 31, 2016, and net assembly in the aboriginal division of 2017 was 234 MMcfed, of which about 12% was liquids. As allotment of the Pinedale Divestiture, QEP has agreed to antithesis the client for assertive absence accuse it incurs accompanying to gas processing and NGL busline and fractionation contracts, if any, amid the able date of the auction and December 31, 2019, in an accumulated bulk not to beat $45.0 million. The transaction is accountable to closing conditions, including authoritative approval, and is accepted to aing by September 30, 2017.
BMO Basic Markets served as banking adviser and Vinson & Elkins LLP provided acknowledged admonition to QEP. Wells Fargo Securities, LLC served as banking adviser and Baker Botts L.L.P. provided acknowledged admonition to Pinedale Energy Partners, LLC.
In a abstracted transaction, the Aggregation bankrupt the auction of assertive non-core accustomed gas assets in southern Wyoming to an bearding client on June 30, 2017. The acquirement bulk was $37.5 million. The denial includes an estimated 15.2 Bcfe of accepted affluence as of December 31, 2016, and net assembly in the aboriginal division of 2017 was about 4 MMcfed, of which about 2% was liquids.
About QEP Resources
QEP Resources, Inc. (NYSE:QEP) is an absolute accustomed gas and awkward oil analysis and assembly aggregation focused in two geographic regions: the Northern Region (primarily Wyoming, North Dakota and Utah) and the Southern Region (primarily Texas and Louisiana) of the United States.
This absolution includes advanced statements aural the acceptation of Area 27(a) of the Securities Act of 1933, as amended, and Area 21(e) of the Securities Exchange Act of 1934, as amended. Advanced statements can be articular by words such as “anticipates,” “believes,” “forecasts,” “plans,” “estimates,” “expects,” “should,” “will” or added agnate expressions. Such statements are based on management’s accepted expectations, estimates and projections, which are accountable to a advanced ambit of uncertainties and business risks. These advanced statements include, but are not bound to, statements regarding: the allowances of the Divestitures, including the adeptness of the Divestitures to strengthen QEP’s antithesis area and armamentarium approaching development projects and accretion opportunities; the estimated affluence to be divested; the estimated percentages of liquids and assembly associated with the assets included in the Divestitures; and the timing of the closing of the Pinedale Divestiture. Actual after-effects may alter materially from those included in the advanced statements due to a cardinal of factors, including, but not bound to: disruptions of QEP’s advancing business, aberration of administration and employees, added costs and abnormally afflicted after-effects of operations from authoritative modifications due to the Divestitures; the disability of the parties to amuse the altitude to the cleanup of the Divestitures, including authoritative approval of the Pinedale Divestiture; changes in accustomed gas, NGL and oil prices; clamminess constraints, including those consistent from the amount or dearth of costs due to debt and disinterestedness basic and acclaim bazaar conditions, changes in our acclaim rating, our acquiescence with accommodation covenants, the accretion acclaim burden on our industry or demands for banknote accessory by counterparties to acquired and added contracts; all-around geopolitical and macroeconomic factors; the activities of the Organization of Petroleum Exporting Countries (OPEC); the appulse of Brexit; accepted bread-and-er conditions, including absorption rates; changes in local, regional, civic and all-around appeal for accustomed gas, oil and NGL; changes in, acceptance of and acquiescence with laws and regulations, including decisions and behavior apropos the environment, altitude change, greenhouse gas or added emissions, accustomed resources, and angle and wildlife, hydraulic fracturing, baptize use and conduct and achievement techniques, as able-bodied as the accident of acknowledged affairs arising from such matters, whether involving accessible or clandestine claimants or authoritative analytic or administration measures; backbone of the U.S. dollar; aishment of federal assets tax deductions for oil and gas analysis and development; conduct results; shortages of oilfield equipment, casework and personnel; the availability of accumulator and adorning capacity; operating risks such as abrupt conduct conditions; busline constraints; acclimate conditions; changes in maintenance, account and architecture costs; allowing delays; aftereffect of contingencies such as acknowledged proceedings; bare food of baptize and/or abridgement of baptize auctioning sources; and the added risks discussed in the Company’s alternate filings with the Securities and Exchange Commission, including the Accident Factors area of the Company’s Annual Report on Form 10-K for the year concluded December 31, 2016, and Quarterly Report on Form 10-Q for the division concluded March 31, 2017. QEP undertakes no obligation to about actual or amend the advanced statements in this account release, in added documents, or on the website to reflect approaching contest or circumstances. All such statements are especially able by this cautionary statement.
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