QEP Resources Inc. Appoints Independent Director to Its Board

  QEP Resources Inc. Appoints Independent Director to Its Board

                  Announces agreement with JANA Partners LLC

  New board member, William Thacker, to serve through the completion of the
         planned separation of QEP Field Services from QEP Resources

Business Wire

DENVER -- February 24, 2014

QEP Resources Inc. (NYSE:QEP)(“QEP” or the “Company”) today announced that it
has appointed William L. Thacker to its board of directors, effective
immediately. In joining the board, Mr. Thacker will be able to assist with the
Company’s previously announced separation of its midstream business, QEP Field
Services Company (“QEP Field Services”), including the Company’s ownership of
QEP Midstream Partners, LP (NYSE:QEPM, “QEPM”), from QEP. Mr. Thacker has
agreed to resign from the QEP board upon completion of the separation. For
more background on the decision to separate QEP Field Services from QEP please
see the Company’s Form 8-Ks filed December 5, 2013 and February 4, 2014.

Mr. Thacker brings significant midstream energy expertise to QEP’s Board
through his experience as a director on multiple public midstream company
boards, including serving as non-executive chairman of the board of Copano
Energy LLC from 2009 through to its sale to Kinder Morgan Energy Partners for
$5.1 billion in 2013. Previously, Mr. Thacker served as chief executive
officer of TEPPCO Partners, overseeing the company’s steady expansion and
entrance into crude oil gathering and marketing, petrochemical pipelining, and
gas gathering and processing. Mr. Thacker also served as chairman of Pacific
Energy Management’s Special Committee during its sale to Plains All American
Pipeline for $2.3 billion in 2006. Mr. Thacker will qualify as an “independent
director” under New York Stock Exchange rules.

“We are pleased to welcome Bill and the deep and complementary expertise he
brings to the Board as we pursue the separation of our midstream business in a
continuation of our work to enhance the value of the Company for all of its
shareholders,” said Chuck Stanley, Chairman, President and CEO of QEP.

QEP also announced that it has reached an agreement with JANA Partners to vote
in favor of QEP’s nominees at its 2014 Annual Meeting of Stockholders, as well
as other customary related terms.

“For more than a year, we have worked collaboratively with the QEP Board and
management team in connection with their execution of various steps to deliver
value to QEP shareholders,” said Barry Rosenstein, Managing Partner of JANA
Partners LLC. “Adding Bill’s depth of experience will be very helpful in
maximizing shareholder value as the Company continues to execute the
completion of its previously announced separation of its midstream business,
QEP Field Services, from QEP, including determining the use of the proceeds,
if any, from the separation.”

About QEP Resources

QEP Resources, Inc. (NYSE:QEP) is a leading independent natural gas and crude
oil exploration and production company focused in two major regions: the
Northern Region (primarily the Rockies and the Williston Basin) and the
Southern Region (primarily Oklahoma, the Texas Panhandle, and Louisiana) of
the United States. QEP Resources also gathers, compresses, treats, processes
and stores natural gas. QEP Resources is the majority owner of QEP Midstream
Partners, LP (NYSE:QEPM) and owns 100% of the partnership’s general partner.
For more information, visit QEP Resources' 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. All
statements that address expectations or projections about the future are
forward-looking statements. Forward-looking statements are not guarantees of
future performance and are based on certain assumptions and expectations of
future results which may not be realized. Forward-looking statements also
involve risks and uncertainties, many of which are beyond the Company’s
control. Actual results may differ materially from those included in the
forward-looking statements due to a number of factors, including, but not
limited to: the availability of capital; global geopolitical and macroeconomic
factors; general economic conditions, including interest rates; changes in
local, regional, national and global demand for natural gas, oil and NGL;
natural gas, NGL and oil prices; impact of new laws and regulations, including
regulations regarding the use of hydraulic fracture stimulation and the
implementation of the Dodd-Frank Act; elimination of federal income tax
deductions for oil and gas exploration and development; drilling results;
shortages of oilfield equipment, services and personnel; operating risks such
as unexpected drilling conditions; weather conditions; changes in maintenance
and construction costs and possible inflationary pressures; permitting delays;
the availability and cost of credit; outcome of contingencies such as legal
proceedings; risks relating to the securities markets generally; the impact of
adverse market conditions affecting the Company's business; fluctuations in
processing margins; unexpected changes in costs for constructing, modifying or
operating midstream facilities; lack of, or disruptions in, adequate and
reliable transportation for the Company's products; limited access to capital
or significantly higher cost of capital related to illiquidity or uncertainty
in the domestic or international financial markets; inadequate supplies of
water and/or lack of water disposal sources; the implications of the JANA
Partners, LLC share accumulations and its proposals to the Company and the
Company’s response to those proposals; the impact of capital market and
business conditions on the nature and timing of a separation of QEP Field
Services; the impact on QEP of such separation, including the time and
resources devoted to its execution and the consequences of separation of the
midstream assets from QEP; future opportunities that the Company’s board of
directors may determine present greater potential value to stockholders than
any contemplated transaction; and the other risks discussed in the Company’s
periodic filings with the Securities and Exchange Commission, including the
Risk Factors section of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2012. The Company undertakes no obligation to publicly
correct or update the forward-looking statements in this news release, in
other documents, or on its website to reflect future events or circumstances.
All such statements are expressly qualified by this cautionary statement.

Contact:

QEP Resources, Inc.
Investors:
Greg Bensen
Director, Investor Relations
303-405-6665
or
Media:
Brent Rockwood
Director, Communications
303-672-6999
 
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