5 Apr 2018agm notice● Neutral
QEP RESOURCES, INC. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Mar 2018securities registration● Neutral
QEP RESOURCES, INC. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
28 Feb 2018quarterly activities report● Neutral
QEP RESOURCES, INC. reported a quarterly net income of $150.3 million for the period ended 2017-12-31.
12 Feb 2018substantial holder notice● Neutral
The Vanguard Group reported a QEP RESOURCES, INC. shareholding of 20,556,038 shares (8.53% of votes) in a periodic institutional filing.
9 Feb 2018director interest notice● Neutral
QEP RESOURCES, INC. Executive VP Operations Jim E Torgerson disposed of 36,884 shares via option/appreciation-right settlement.
9 Feb 2018director interest notice● Neutral
QEP RESOURCES, INC. VP and Controller Alice B Ley disposed of 4,236 shares via option/appreciation-right settlement.
9 Feb 2018director interest notice● Neutral
QEP RESOURCES, INC. EVP, CFO Richard J Doleshek disposed of 43,523 shares via option/appreciation-right settlement.
9 Feb 2018director interest notice● Neutral
QEP RESOURCES, INC. SVP and General Counsel Christopher K Woosley disposed of 10,374 shares via option/appreciation-right settlement.
9 Feb 2018director interest notice● Neutral
QEP RESOURCES, INC. President and CEO Charles B Stanley disposed of 88,521 shares via option/appreciation-right settlement.
9 Feb 2018director interest notice● Neutral
QEP RESOURCES, INC. VP-Human Resources Margo D Fiala disposed of 5,475 shares via option/appreciation-right settlement.
29 Jan 2018substantial holder notice● Neutral
BlackRock, Inc reported a QEP RESOURCES, INC. shareholding of 20,778,162 shares (8.60% of votes) in a periodic institutional filing.
19 Jan 2018substantial holder notice● Neutral
Integrated Assets II LLC, Cognizant Holdings, Ltd, Integrated Assets, Ltd, ICS Opportunities, Ltd, Millennium International Management LP, Millennium Management LLC, Millennium Group Management LLC, Israel A. Englander reported a QEP RESOURCES, INC. shareholding of 4,487,785 shares (1.90% of votes) in a periodic institutional filing.
2 Jan 2018director interest notice● Neutral
QEP RESOURCES, INC. director Myles W Scoggins was credited 2,220 deferred share units under a company plan.
27 Nov 2017material agreement● NeutralMajor
On November 21, 2017 QEP signed a Seventh Amendment to its revolving credit agreement with Wells Fargo as agent. It cuts commitments to $1.25 billion (from $1.8 billion in the existing context), extends maturity to September 1, 2022 (from December 2019) subject to conditions, and raises borrowing rates by 0.25% and the unused-commitment fee by 0.05%. Letter of credit and swing line sublimits fall to $225 million and $100 million. A smaller facility at higher cost, but with a longer maturity, alongside the same-day notes refinancing.
21 Nov 2017debt financing● NeutralMajor
QEP closed its $500 million 5.625% senior notes due 2026 on November 21, 2017, receiving about $492.5 million net, which resolves the November 6 pricing. About $134 million will redeem the 6.80% notes due 2018, and the rest, with cash and possibly revolver borrowings, funds the tender offers. Early tender results: $84.21 million of the 6.80% 2020 notes and $227.187 million of the 6.875% 2021 notes were accepted (about $311.4 million combined, under the $361 million cap), with the tender offers open until December 5, 2017.
8 Nov 2017material agreement● NeutralMajor
On November 6, 2017 QEP agreed to sell $500 million of 5.625% senior notes due 2026, expected to close November 21, 2017, with net proceeds of about $492.5 million. It plans to use the money, with cash on hand and possibly revolver borrowings, to redeem its 6.80% notes due 2018 and to fund tender offers for up to $361 million of its 6.80% notes due 2020 and 6.875% notes due 2021. This refinances existing debt rather than adding new borrowing capacity, and the repayment amounts are not yet known.
8 Nov 2017securities registration● Neutral
QEP RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
6 Nov 2017securities registration● Neutral
QEP RESOURCES, INC. filed a free-writing prospectus - marketing material for an offering in progress.
6 Nov 2017securities registration● Neutral
QEP RESOURCES, INC. filed the final prospectus for a registered offering.
25 Oct 2017quarterly activities report▼ Bad
QEP RESOURCES, INC. reported a quarterly net loss of $3.3 million for the period ended 2017-09-30.
25 Oct 2017asset acquisition disposition● NeutralMajor
On October 24, 2017 QEP closed the Permian Basin acquisition from JM Cox, Alpine and Kelly Cox for about $683.5 million (below the $732.1 million originally agreed), funded entirely from the Pinedale sale proceeds held for a tax-deferred exchange. About 700 further acres (up to $38 million) are expected within 30 days, and offers to other owners could add up to $65 million. The attached results show a third-quarter 2017 net loss of $3.3 million, $782.6 million cash, and no borrowings on the revolver at September 30.
3 Oct 2017director interest notice● Neutral
QEP RESOURCES, INC. director Myles W Scoggins was credited 2,480 deferred share units under a company plan.
25 Sept 2017asset acquisition disposition● NeutralMajor
The Pinedale sale to Pinedale Energy Partners closed on September 20, 2017 for net cash of about $718.2 million, subject to later adjustments; this resolves the July 24 agreement. In the same filing QEP cut its 2017 production guidance (oil midpoint 19.75 MMbbl, gas 167.5 Bcf, NGL 5.5 MMbbl), citing underperforming Williston Basin pilot wells, a mechanical issue in three South Antelope wells, lower non-operated volumes, and about a one-month delay in Permian wells. It also says it expects 2018 oil production growth in the mid-teens, and that it expects the Permian acquisition to close in October 2017.
11 Sept 2017substantial holder notice● Neutral
Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP reported a QEP RESOURCES, INC. shareholding of 7,795,381 shares (3.24% of votes) in a periodic institutional filing.
7 Sept 2017director interest notice● Neutral
QEP RESOURCES, INC. VP and Controller Alice B Ley had 289 shares withheld for taxes on vesting stock.
17 Aug 2017director interest notice● Neutral
QEP RESOURCES, INC. director David A Trice bought 25,000 shares on the open market at $7.20.
16 Aug 2017substantial holder notice● Neutral
Integrated Assets II LLC, Cognizant Holdings, Ltd, Integrated Assets, Ltd, Millennium International Management LP, Millennium Management LLC, Millennium Group Management LLC, Israel A. Englander disclosed a new substantial QEP RESOURCES, INC. shareholding (5.10% of votes).
15 Aug 2017substantial holder notice● Neutral
Integrated Assets II LLC, Cognizant Holdings, Ltd, Integrated Assets, Ltd, Millennium International Management LP, Millennium Management LLC, Millennium Group Management LLC, Israel A. Englander disclosed a new substantial QEP RESOURCES, INC. shareholding (4.80% of votes).
2 Aug 2017substantial holder notice● Neutral
Integrated Assets II LLC, Cognizant Holdings, Ltd, Integrated Assets, Ltd, Millennium International Management LP, Millennium Management LLC, Millennium Group Management LLC, Israel A. Englander disclosed a new substantial QEP RESOURCES, INC. shareholding (4.50% of votes).
1 Aug 2017director interest notice● Neutral
QEP RESOURCES, INC. director Phillips S Baker Jr. bought 7,000 shares on the open market at $8.29.