12 Mar 2015securities registration● Neutral
QEP RESOURCES, INC. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Feb 2015substantial holder notice● Neutral
Wellington Management Group LLP disclosed a new substantial QEP RESOURCES, INC. shareholding (6.51% of votes).
11 Feb 2015substantial holder notice● Neutral
Invesco Ltd. IRS # disclosed a new substantial QEP RESOURCES, INC. shareholding (5.40% of votes).
10 Feb 2015substantial holder notice● Neutral
The Vanguard Group reported a QEP RESOURCES, INC. shareholding of 13,573,325 shares (7.53% of votes) in a periodic institutional filing.
9 Feb 2015substantial holder notice● Neutral
BlackRock, Inc reported a QEP RESOURCES, INC. shareholding of 9,914,687 shares (5.50% of votes) in a periodic institutional filing.
4 Dec 2014asset acquisition disposition● NeutralMajor
QEP closed the sale of its midstream business to Tesoro Logistics LP on December 2, 2014, for $2.5 billion in cash (including $230 million to refinance QEP Midstream Partners debt), subject to post-closing adjustments. This completes the deal announced October 19, 2014, and ends QEP's roughly 55.8% limited partner interest in QEP Midstream Partners and its general partner. QEP repaid and terminated its April 2012 Term Loan Agreement using sale proceeds, and amended its revolving credit agreement (commitments raised to $1.8 billion, maturity extended to December 2, 2019, leverage covenant changed to 3.75x net debt to EBITDAX). QEP also guaranteed the seller's obligations to Tesoro Logistics, with a requirement to add affiliate guarantors if QEP's net worth falls below $3 billion. Perry H. Richards, Senior Vice President, Field Services, resigned effective December 2, 2014 in connection with the closing.
4 Dec 2014substantial holder notice● Neutral
QEP Resources, Inc, QEP Field Services Company disclosed a new substantial QEP RESOURCES, INC. shareholding (0.00% of votes).
5 Nov 2014quarterly activities report● Neutral
QEP RESOURCES, INC. reported a quarterly net income of $171.1 million for the period ended 2014-09-30.
20 Oct 2014material agreement● NeutralMajor
On October 19, 2014, QEP agreed to sell its midstream business to Tesoro Logistics LP for $2.5 billion, including $230 million to refinance QEP Midstream Partners debt. This covers Uinta Basin gathering systems, Green River and Uinta basin processing complexes, QEP's roughly 55.8% limited partner interest in QEP Midstream Partners and its general partner. It would sell the midstream holdings built up since the 2013 IPO and is subject to approvals including Hart-Scott-Rodino, and either side can terminate if it has not closed by December 31, 2014.
6 Aug 2014quarterly activities report▼ Bad
QEP RESOURCES, INC. reported a quarterly net loss of $92.3 million for the period ended 2014-06-30.
2 July 2014asset acquisition disposition● NeutralMajor
QEP completed the sales announced in May 2014. Cana-Woodford went to Cimarex for an adjusted $475.9 million (below the $497 million first announced), Granite Wash closed at an adjusted $191.9 million (below the $275 million first announced) with $28.7 million held in escrow over unresolved title defects, and 40% of Green River Processing was sold to QEP Midstream Partners for $230.0 million. After this QEP owns about 55.8% of the partnership as a limited partner, plus a 2% general partner interest and the incentive distribution rights.
14 May 2014agm notice● Neutral
QEP RESOURCES, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
9 May 2014quarterly activities report● Neutral
QEP RESOURCES, INC. reported a quarterly net income of $39.7 million for the period ended 2014-03-31.
8 May 2014substantial holder notice● Neutral
BlackRock, Inc reported a QEP RESOURCES, INC. shareholding of 9,960,570 shares (5.60% of votes) in a periodic institutional filing.
8 May 2014material agreement● NeutralMajor
In May 2014 QEP agreed to sell Cana-Woodford interests in Oklahoma to Cimarex for about $497 million and Granite Wash interests in Texas and Oklahoma to EnerVest funds and FourPoint Energy for about $275 million, both expected to close by June 30, 2014. It also agreed to sell 40% of Green River Processing, LLC to its own QEP Midstream Partners for $230 million in cash, expected to close around July 1, 2014. The last deal is between QEP affiliates.
7 May 2014quarterly activities report● Neutral
QEP RESOURCES, INC. reported a quarterly net income of $39.7 million for the period ended 2014-03-31.
3 Apr 2014agm notice● Neutral
QEP RESOURCES, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
28 Feb 2014quarterly activities report▼ Bad
QEP RESOURCES, INC. reported a quarterly net loss of $52.0 million for the period ended 2013-12-31.
14 Feb 2014substantial holder notice● Neutral
QEP Resources, Inc, QEP Field Services Company disclosed a new substantial QEP RESOURCES, INC. shareholding (56.90% of votes).
12 Feb 2014substantial holder notice● Neutral
The Vanguard Group reported a QEP RESOURCES, INC. shareholding of 12,339,681 shares (6.88% of votes) in a periodic institutional filing.
7 Feb 2014substantial holder notice● Neutral
BlackRock, Inc reported a QEP RESOURCES, INC. shareholding of 14,682,620 shares (8.20% of votes) in a periodic institutional filing.
7 Feb 2014substantial holder notice● Neutral
BlackRock, Inc reported a QEP RESOURCES, INC. shareholding of 19,623,695 shares (10.90% of votes) in a periodic institutional filing.
6 Feb 2014substantial holder notice● Neutral
Invesco Ltd. IRS # reported a QEP RESOURCES, INC. shareholding of 7,795,498 shares (4.30% of votes) in a periodic institutional filing.
12 Dec 2013material agreement● NeutralMajor
On December 6, 2013, QEP agreed to buy Permian Basin (Midland sub-basin, mainly Martin and Andrews counties, Texas) oil and gas interests from EnerVest entities for about $950 million, subject to adjustments. It paid a $50 million deposit, plans to fund it with its revolving credit facility and cash, and expects to close by January 31, 2014; either side may decline to close if title and environmental defects exceed 20% of the price.
6 Nov 2013quarterly activities report● Neutral
QEP RESOURCES, INC. reported a quarterly net income of $37.3 million for the period ended 2013-09-30.
5 Nov 2013quarterly activities report● Neutral
QEP RESOURCES, INC. reported a quarterly net income of $37.3 million for the period ended 2013-09-30.
16 Aug 2013asset acquisition disposition▲ GoodMajor
QEP's subsidiary QEP Midstream Partners completed its IPO on August 14, 2013, selling 20,000,000 common units at $21.00 each. QEP's Field Services unit received 6,701,750 common units (12.3%) and 26,705,000 subordinated units (49.0%), and QEP's general partner holds a 2% interest plus the incentive distribution rights. QEP also amended its term loan and revolving credit agreements to allow the IPO and exclude the partnership from certain covenants.
1 Aug 2013quarterly activities report● Neutral
QEP RESOURCES, INC. reported a quarterly net income of $178.4 million for the period ended 2013-06-30.
31 July 2013quarterly activities report● Neutral
QEP RESOURCES, INC. reported a quarterly net income of $178.4 million for the period ended 2013-06-30.
30 May 2013agm notice● Neutral
QEP RESOURCES, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).