QEP Midstream Partners Reports Second Quarter 2014 Financial And Operating Results

  QEP Midstream Partners Reports Second Quarter 2014 Financial And Operating
                                   Results

PR Newswire

DENVER, Aug. 6, 2014

DENVER, Aug. 6, 2014 /PRNewswire/ --QEP Midstream Partners, LP (NYSE: QEPM)
("QEPM" or the "Partnership") today reported second quarter 2014 financial and
operating results. The Partnership reported net income of $9.9 million, or
$0.18 per limited partner unit (on a diluted basis). The Partnership generated
Adjusted EBITDA (a non-GAAP measure) of $18.0 million and distributable cash
flow of $15.9 million for the second quarter 2014, which represents 104%
coverage of the second quarter 2014 distribution of $15.3 million. Please see
the definitions of non-GAAP measures and the reconciliation to the most
comparable measures calculated in accordance with GAAP in the "Non-GAAP
Financial Measures" section of this press release.

QEP Midstream Partners, LP logo.

The Partnership will pay a quarterly distribution of $0.28 per unit for the
second quarter 2014 on August 14, 2014, to unitholders of record as of the
close of business on August 4, 2014. The distribution represents an increase
of $0.01 per common unit, or 4%, over the first quarter 2014 distribution and
is 12% over the Partnership's minimum quarterly distribution of $0.25 per
unit.

Second Quarter Highlights

  oIncreased the quarterly cash distribution to $0.28 per unit.
  oEntered into a definitive agreement with QEP Resources, Inc. ("QEP") to
    acquire a 40% interest in Green River Processing, LLC for $230 million
    (the "Green River Acquisition") and subsequently closed the transaction on
    July 1, 2014.
  oGenerated $18.0 million of Adjusted EBITDA and $15.9 million of
    distributable cash flow in the second quarter 2014.

"QEPM delivered steady results in the second quarter with increases over the
first quarter in natural gas, crude oil and water gathering volumes,"
commented Chuck Stanley, President, Chairman and Chief Executive Officer.
"Second quarter volumes are typically stronger due to the seasonality in our
Pinedale operations, which allowed the Partnership to increase its
distribution by four percent compared to the prior quarter marking the third
consecutive quarter of four percent distribution increases. We expect our
recent acquisition of a 40% interest in Green River Processing, LLC ("Green
River Acquisition") will enable continued distribution growth in coming
quarters," concluded Stanley.

Operating Results

Compared to the results for the second quarter 2013 for the Partnership's
Predecessor (see discussion below regarding Predecessor Financial
Information), gathering and transportation revenue and gathering expense
decreased. The Predecessor results, which include results for assets that were
not assigned to the Partnership but were retained by the Predecessor,
decreased due to the lack of comparability of the results.

Compared to the second quarter 2013 on a pro forma basis, gathering and
transportation revenue was down slightly and condensate sales decreased by
$0.8 million from the second quarter 2014. Natural gas gathering volumes in
the second quarter 2014 declined by 2% from the prior year due to declines in
throughput on the Green River and Vermillion systems, and increased 8% from
the prior quarter, due to variances associated with seasonality. Condensate
sales revenue in the second quarter 2014 decreased 31% from the prior year and
14% from the prior quarter due in part to seasonal variability. Condensate
sales volumes typically increase in the first half of the year as colder
temperatures cause liquids to condense out of the gas stream. There was no
deficiency revenue in the second quarter 2014 compared to $2.9 million in the
first quarter 2014 related to deficiency payments on the Williston gathering
system.

Operating expenses in the second quarter 2014 increased by 10% from the prior
year due primarily to higher general and administrative expenses from
professional service fees incurred for the Green River Acquisition and higher
depreciation and amortization expense partially offset by lower gathering
expense.

Balance Sheet

As of June30, 2014, the Partnership had $16.5 million of cash and cash
equivalents and no borrowings on its $500 million revolving credit facility.
On July 1, 2014, in conjunction with the closing of the Green River
Acquisition, the Partnership borrowed $220.0 million under its revolving
credit facility.

Capital Expenditures

Capital expenditures totaled $8.3 million for the Partnership for the six
months ended June30, 2014, which includes maintenance capital of $7.3 million
and expansion capital expenditures of $1.0 million. Maintenance capital
expenditures of $7.3 million include $5.4 million related to the Green River
gathering system, of which $3.1 million related to a compressor maintenance
overhaul project, $1.3 million related to system maintenance, and $1.0 million
related to a condensate pipeline repair and replacement project. The
Partnership was reimbursed by QEP for the $1.0 million of pipeline repair
costs pursuant to an indemnification provision in the Omnibus Agreement. The
remaining maintenance capital expenditures of $1.9 million primarily related
to compressor maintenance on the Vermillion gathering system. Expansion
capital expenditures of $1.0 million related primarily to a compressor
replacement project on the Vermillion gathering system and reimbursable well
connects on the Williston gathering system.

2014 Guidance

The Partnership's guidance has been revised from the first quarter 2014
results update. For 2014 the Partnership forecasts distributable cash flow in
a range of $72 million to $78 million, unchanged from prior guidance and
Adjusted EBITDA of $85 million to $87 million, compared to $89 million to $93
million previously. Capital expenditures net of reimbursements from QEP and
excluding Green River Processing are expected to be in the range of $11
million to $14 million compared to $19 million to $23 million previously and
include expansion capital expenditures of $1 million to $2 million compared to
$8 million to $10 million previously as the expansion of the Vermillion
gathering system, which had been scheduled for late 2014, has been deferred
into 2015. In addition to capital expenditures related to our consolidated
assets, the Partnership expects to make contributions to Green River
Processing related to maintenance capital expenditures for approximately $1.0
million to $2.0 million.

Second Quarter 2014 Results Conference Call

QEPM's management will discuss second quarter 2014 results in a conference
call on Thursday, August 7, 2014, beginning at 11:00 a.m. EDT. The conference
call can be accessed at www.qepm.com. You may also participate in the
conference call by dialing (877) 407-4019 domestically or (201) 689-8337
internationally. Attendees should log in to the webcast or dial in
approximately 15 minutes prior to the call's start time. A replay of the
conference call will be available on the website and a telephone audio replay
will be available from August 7, 2014 to September 7, 2014, by calling (877)
660-6853 domestically or (201) 612-7415 internationally and then entering
conference ID # 13586969.

About QEP Midstream Partners, LP

QEP Midstream Partners, LP is a master limited partnership formed by QEP
Resources, Inc. (NYSE: QEP) to own, operate, acquire and develop midstream
energy assets. The Partnership provides midstream gathering and processing
services to QEP and third-party companies in the Green River, Uinta and
Williston basins.

Forward-Looking Statements

Disclosures in this press release contain certain forward-looking statements
within the meaning of the federal securities laws. Statements that do not
relate strictly to historical or current facts are forward-looking. These
statements contain words such as "possible," "if," "will" and "expect" and
involve risks and uncertainties including, among others that our business
plans may change as circumstances warrant. Such forward-looking statements
include statements regarding payments related to: continued growth in
distributions; impact of the Green River Acquisition; increase in condensate
volumes during the first half of the year; forecasted Adjusted EBITDA and
capital expenditures for 2014; usefulness of non-GAAP measures; supplemental
pro forma disclosures and their usefulness to investors; and adjustments made
to calculate pro forma amounts. Factors that could cause QEPM's actual
results to differ materially from the results contemplated by such
forward-looking statements include: changes in general economic conditions;
competitive conditions in QEPM's industry; actions taken by third-party
operators, processors and transporters; the demand for oil and natural gas
storage and transportation services; QEPM's ability to successfully implement
its business plan; QEPM's ability to integrate acquired assets; its ability to
complete internal growth projects on time and on budget; the price and
availability of debt and equity financing; operating risks and hazards
incidental to transporting, storing and processing oil and natural gas, as
applicable; natural disasters, weather-related delays and casualty losses; the
outcome of litigation; and other factors discussed in the Risk Factors section
of the Partnership's Annual Report on Form 10-K for the year endedDecember
31, 2013. Investors should not place undue reliance on forward-looking
statements as a prediction of actual results. The Partnership 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
Investors: Greg Bensen                Media: Brent Rockwood
                 Director, Investor                             Director,
                 Relations                           Communications
                 303-405-6665                          303-672-6999



QEP MIDSTREAM PARTNERS, LP

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)
                   Three Months Ended June 30,  Six Months Ended June 30,
                   2014          2013           2014          2013
                   Successor     Predecessor    Successor     Predecessor
                   (in millions, except per unit amounts)
Revenues
Gathering and      $    28.4     $     37.1     $    57.3     $    73.7
transportation
Condensate sales   1.8           3.0            3.9           6.5
Total revenues     30.2          40.1           61.2          80.2
Operating expenses
Gathering expense  5.4           8.3            11.8          16.0
General and        5.2           4.7            9.9           10.4
administrative
Taxes other than   0.5           0.6            1.0           0.9
income taxes
Depreciation and   8.2           9.8            16.0          20.1
amortization
Total operating    19.3          23.4           38.7          47.4
expenses
Net loss from      —             (0.1)          —             (0.4)
property sales
Operating income   10.9          16.6           22.5          32.4
Income from
unconsolidated     0.4           2.1            1.9           3.4
affiliates
Interest expense   (0.5)         (1.0)          (1.1)         (2.1)
Net income         10.8          17.7           23.3          33.7
Net income
attributable to    (0.9)         (1.3)          (1.7)         (1.9)
noncontrolling
interest
Net income
attributable to    $    9.9      $     16.4     $    21.6     $    31.8
QEP Midstream or
Predecessor
Net income attributable to QEP Midstream per limited partner
unit (basic and diluted):
Common units       $    0.18                    $    0.39
Subordinated units $    0.18                    $    0.39
Weighted-average limited partner units outstanding (basic and
diluted):
Common units       26.7                         26.7
Subordinated units 26.7                         26.7





QEP MIDSTREAM PARTNERS, LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


                                                   Six Months Ended June 30,
                                                   2014         2013
                                                   Successor    Predecessor
                                                   (in millions)
OPERATING ACTIVITIES
Net income                                         $   23.3     $   33.7
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization                      16.0         20.1
Equity-based compensation expense                  0.6          —
Income from unconsolidated affiliates              (1.9)        (3.4)
Distributions from unconsolidated affiliates       4.2          4.1
Amortization of debt issuance costs                0.3          —
Net loss from asset sales                          —            0.4
Changes in operating assets and liabilities        (2.6)        8.5
Net cash provided by operating activities          39.9         63.4
INVESTING ACTIVITIES
Property, plant and equipment                      (11.4)       (7.5)
Proceeds from sale of assets                       —            0.9
Net cash used in investing activities              (11.4)       (6.6)
FINANCING ACTIVITIES
Repayments of long-term debt (to related party)    —            (43.7)
Contributions from (distributions to) parent, net  1.0          (8.3)
Distributions to unitholders                       (28.9)       —
Distribution to noncontrolling interest            (3.1)        (3.1)
Net cash used in financing activities              (31.0)       (55.1)
Change in cash and cash equivalents                (2.5)        1.7
Beginning cash and cash equivalents                19.0         1.4
Ending cash and cash equivalents                   $   16.5     $   3.1
Supplemental Disclosures:
Non-cash investing activities
Change in capital expenditure accrual balance      $   (3.1)    $   (2.3)

Non-GAAP Financial Measures

This press release, and the accompanying tables, includes financial measures
in accordance with U.S. generally accepted accounting principles ("GAAP"), as
well as non-GAAP financial measures, including Adjusted EBITDA and
Distributable Cash Flow. Management believes that the presentation of
Adjusted EBITDA and Distributable Cash Flow provides information useful to
investors in assessing QEPM's financial condition and results of operations.
Management defines Adjusted EBITDA as net income attributable to the
Partnership or Predecessor before depreciation and amortization, interest and
other income and expense, gains and losses from asset sales, deferred revenue
associated with minimum volume commitment payments and certain other non-cash
and/or non-recurring items. Management defines Distributable Cash Flow as
Adjusted EBITDA less net cash interest paid, maintenance capital expenditures
and cash adjustments related to equity method investments and non-controlling
interests, and other non-cash expenses. Distributable Cash Flow does not
reflect changes in working capital balances.

The GAAP measures most directly comparable to Adjusted EBITDA and
Distributable Cash Flow are net income and cash flow provided by operating
activities attributable to the Partnership or Predecessor. The tables below
include reconciliations of these non-GAAP financial measures to the nearest
GAAP financial measures.

                   Three Months Ended June 30,     Six Months Ended June 30,
                   2014          2013          2014         2013
                   Successor     Predecessor   Successor    Predecessor
                   (in millions)
Unaudited Reconciliation of Net Income Attributable to QEP Midstream or
Predecessor to Adjusted EBITDA and Distributable Cash Flows
Net income
attributable to    $    9.9      $     16.4    $   21.6     $     31.8
QEP Midstream or
Predecessor
Interest expense   0.5           1.0           1.1          2.1
Depreciation and   8.2           9.8           16.0         20.1
amortization
Noncontrolling
interest share of  (0.6)         (0.3)         (1.3)        (1.0)
depreciation and
amortization^(1)
Net loss from      —             0.1           —            0.4
property sales
Adjusted EBITDA    $    18.0     $     27.0    $   37.4     $     53.4
Net cash interest  (0.4)                       (0.8)
paid
Maintenance
capital            (3.1)                       (7.3)
expenditures
Reimbursements for
maintenance        —                           1.0
capital
expenditures
Cash adjustments
related to equity
method investments 1.3                         2.7
and
non-controlling
interest
Non-cash
equity-based       0.1                         0.3
compensation
expense
Distributable Cash $    15.9                   $   33.3
Flow



                                                    Six Months Ended June 30,
                                                    2014         2013
                                                    Successor    Predecessor
                                                    (in millions)
Reconciliation of Net Cash Flows Provided by Operating
Activities to Adjusted EBITDA and Distributable Cash Flows
Net cash provided by operating activities           $    39.9    $   63.4
Noncontrolling interest share of depreciation and   (1.3)        (1.0)
amortization^(1)
Income from unconsolidated affiliates, net of       (2.3)        (0.7)
distributions from unconsolidated affiliates
Net income attributable to noncontrolling interest  (1.7)        (1.9)
Interest expense                                    1.1          2.1
Working capital changes                             2.6          (8.5)
Amortization of deferred financing charges          (0.3)        —
Equity-based compensation expense                   (0.6)        —
Adjusted EBITDA                                     $    37.4    $   53.4
Net cash interest paid                              (0.8)
Maintenance capital expenditures                    (7.3)
Reimbursements for maintenance capital expenditures 1.0
Cash adjustments related to equity method           2.7
investments and non-controlling interest
Non-cash equity-based compensation expense          0.3
Distributable Cash Flow                             $    33.3

[(1)] Represents the noncontrolling interest's 22% share of depreciation and
        amortization attributable to Rendezvous Gas Services.

Supplemental Pro Forma Disclosures

The discussion of our historic performance and financial condition is
presented for the Partnership (Successor), for the three and six months ended
June 30, 2014, and for the Predecessor for the three and six months ended June
30, 2013.

The historic financial information of the Predecessor contained in this report
relates to periods that ended prior to the completion of the IPO, and includes
results for both the properties conveyed to the Partnership in connection with
the IPO and properties retained by our Predecessor. We believe that historical
data limited to only the properties conveyed to the Partnership in connection
with the IPO, adjusted for transactions that occurred as a result of the IPO,
is relevant and meaningful, enhances the discussion of the periods presented
and is useful to the reader to better understand trends in our operations.
Therefore, we have also included the results of operations for the three and
six months ended June 30, 2013 on a pro forma basis.

The following pro forma financial data is for informational purposes only and
was derived from the Predecessor financial information adjusted to give effect
to events and circumstances that are directly attributed to the IPO
transaction as if it had occurred on January 1, 2013, that are factually
supportable and, with respect to the Consolidated Statement of Income, are
expected to have a continuing impact on the consolidated results. These
adjustments include: removing the results of the assets retained by the
Predecessor, consisting of the Uinta Basin Gathering System and general
support equipment; an adjustment to general and administrative expense for the
estimated incremental expenses that would have occurred as a result of
operating as a public company and the entry into the Omnibus Agreement
concurrent with the IPO; and an adjustment to interest expense to eliminate
the related party debt that was settled in conjunction with the IPO and to
estimate interest expense related to the Credit Facility entered into
following the IPO. The unaudited pro forma information should not be relied
upon as necessarily being indicative of the results that may be obtained in
the future.

Pro Forma Financial Data
                     Three
                     Months      Three Months Ended June 30, 2013
                     Ended June
                     30, 2014
                                 Predecessor  Pro Forma
                     Successor   As Reported  Adjustments ^      Pro Forma
                                              (1)
Revenues             (in millions, except operating and per unit amounts)
Gathering and        $   28.4    $   37.1     $    (8.4)         $  28.7
transportation
Condensate sales     1.8         3.0          (0.4)              2.6
Total revenues       30.2        40.1         (8.8)              31.3
Operating expenses
Gathering expense    5.4         8.3          (2.5)              5.8
General and          5.2         4.7          (0.6)         ^(2) 4.1
administrative
Taxes other than     0.5         0.6          (0.3)              0.3
income taxes
Depreciation and     8.2         9.8          (2.5)              7.3
amortization
Total operating      19.3        23.4         (5.9)              17.5
expenses
Net loss from        —           (0.1)        0.1                —
property sales
Operating income     10.9        16.6         (2.8)              13.8
Income from
unconsolidated       0.4         2.1          (1.2)              0.9
affiliates
Interest expense     (0.5)       (1.0)        0.5           ^(3) (0.5)
Net income           10.8        17.7         (3.5)              14.2
Net income
attributable to      (0.9)       (1.3)        —                  (1.3)
noncontrolling
interest
Net income
attributable to QEP  $   9.9     $   16.4     $    (3.5)         $  12.9
Midstream or
Predecessor
Operating Statistics
Natural gas
throughput in
millions of MMBtu
Gathering and        75.8        94.4         (18.8)             75.6
transportation
Equity interest^(4)  5.4         7.3          (0.5)              6.8
Total natural gas    81.2        101.7        (19.3)             82.4
throughput
Throughput
attributable to      (2.7)       (2.7)        —                  (2.7)
noncontrolling
interests^(5)
Total throughput
attributable to QEP  78.5        99.0         (19.3)             79.7
Midstream or
Predecessor
Crude oil and
condensate gathering 1,112.0     1,380.8      —                  1,380.8
system throughput
volumes (in MBbls)
Water gathering      1,174.3     1,027.6      —                  1,027.6
volumes (in MBbls)
Condensate sales     20.9        36.2         (3.3)              32.9
volumes (in MBbls)
Price
Average gas
gathering and        $   0.31    $   0.34                        $  0.32
transportation fee
(per MMBtu)
Average oil and
condensate gathering $   2.39    $   2.14                        $  2.14
fee (per barrel)
Average water
gathering fee (per   $   1.87    $   1.83                        $  1.83
barrel)
Average condensate
sale price (per      $   85.25   $   80.96                       $  80.94
barrel)
Non-GAAP Measures
Adjusted EBITDA ^(6) $   18.0    $   27.0     $    (6.6)         $  20.4
Distributable Cash   $   15.9
Flow ^(6)

      Pro forma adjustments reflect operating results related to assets
^(1) retained by our Predecessor following the IPO, except as otherwise
      noted.
      The pro forma adjustment for general and administrative expense
      eliminates general and administrative expense allocated to the
^(2) Predecessor by QEP and includes the estimated incremental expenses that
      would have occurred as a result of operating as a public company and the
      entry into the Omnibus Agreement concurrent with the IPO.
      The pro forma adjustment for interest expense eliminates historical
      interest expense due to QEP as the related party debt was settled
^(3) concurrent with the IPO and includes the estimated interest expense
      related to the Credit Facility, which was entered into in conjunction
      with the IPO, which includes amortization of deferred finance cost and
      commitment fees on the unused portion of the Credit Facility.
      Includes our 50% share of gross volumes from Three Rivers Gathering and
^(4) the Predecessor's 38% share of gross volumes from Uintah Basin Field
      Services.
^(5)  Includes the 22% noncontrolling interest in Rendezvous Gas.
      Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial
      measures. See "Supplemental Pro Forma Analysis —Adjusted EBITDA and
^(6) Distributable Cash Flow (Non-GAAP)" below for definitions of these
      non-GAAP financial measures and reconciliations to the most directly
      comparable GAAP financial measures.



                      Six Months
                      Ended June  Six Months Ended June 30, 2013
                      30, 2014
                                  Predecessor  Pro Forma
                      Successor   As Reported  Adjustments      Pro Forma
                                               ^(1)
                      (in millions, except operating and per unit amounts)
Revenues
Gathering and         $   57.3    $   73.7     $   (16.0)       $  57.7
transportation
Condensate sales      3.9         6.5          $   (1.9)        $  4.6
Total revenues        61.2        80.2         (17.9)           62.3
Operating expenses
Gathering expense     11.8        16.0         $   (4.4)        11.6
General and           9.9         10.4         $   (1.8)   ^(2) 8.6
administrative
Taxes other than      1.0         0.9          $   (0.4)        0.5
income taxes
Depreciation and      16.0        20.1         $   (5.1)        15.0
amortization
Total operating       38.7        47.4         (11.7)           35.7
expenses
Net loss from         —           (0.4)        $   0.4          —
property sales
Operating income      22.5        32.4         (5.8)            26.6
Income from
unconsolidated        1.9         3.4          $   (1.9)        1.5
affiliates
Interest expense      (1.1)       (2.1)        $   1.0     ^(3) (1.1)
Net income            23.3        33.7         (6.7)            27.0
Net income
attributable to       (1.7)       (1.9)        $   —            (1.9)
noncontrolling
interest
Net income
attributable to QEP   $   21.6    $   31.8     $   (6.7)        $  25.1
Midstream or
Predecessor
Operating Statistics
Natural gas
throughput in
millions of MMBtu
Gathering and         145.6       185.0        (36.9)           148.1
transportation
Equity interest ^(4)  10.6        10.6         (0.9)            9.7
Total natural gas     156.2       195.6        (37.8)           157.8
throughput
Throughput
attributable to       (5.3)       (5.3)        —                (5.3)
noncontrolling
interests ^(5)
Total throughput
attributable to QEP   150.9       190.3        (37.8)           152.5
Midstream or
Predecessor
Crude oil and
condensate gathering  2,182.1     2,659.6      —                2,659.6
system throughput
volumes (in MBbls)
Water gathering       2,250.1     1,897.7      —                1,897.7
volumes (in MBbls)
Condensate sales      45.9        78.9         (22.7)           56.2
volumes (in MBbls)
Price
Average gas gathering
and transportation    $   0.31    $   0.34                      $  0.34
fee (per MMBtu)
Average oil and
condensate gathering  $   2.37    $   2.08                      $  2.08
fee (per barrel)
Average water
gathering fee (per    $   1.86    $   1.82                      $  1.82
barrel)
Average condensate
sale price (per       $   85.25   $   82.05                     $  82.68
barrel)
Non-GAAP Measures
Adjusted EBITDA ^(6)  $   37.4    $   53.4     $   (13.2)       $  40.2
Distributable Cash    $   33.3
Flow ^(6)

      Pro forma adjustments reflect operating results related to assets
^(1) retained by our Predecessor following the IPO, except as otherwise
      noted.
      The pro forma adjustment for general and administrative expense
      eliminates general and administrative expense allocated to the
^(2) Predecessor by QEP and includes the estimated incremental expenses that
      would have occurred as a result of operating as a public company and the
      entry into the Omnibus Agreement concurrent with the IPO.
      The pro forma adjustment for interest expense eliminates historical
      interest expense due to QEP as the related party debt was settled
^(3) concurrent with the IPO and includes the estimated interest expense
      related to the Credit Facility, which was entered into in conjunction
      with the IPO, which includes amortization of deferred finance cost and
      commitment fees on the unused portion of the Credit Facility.
      Includes our 50% share of gross volumes from Three Rivers Gathering and
^(4) the Predecessor's 38% share of gross volumes from Uintah Basin Field
      Services.
^(5) Includes the 22% noncontrolling interest in Rendezvous Gas.
      Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial
      measures. See "Supplemental Pro Forma Analysis —Adjusted EBITDA and
^(6) Distributable Cash Flow (Non-GAAP)" below for definitions of these
      non-GAAP financial measures and reconciliations to the most directly
      comparable GAAP financial measures.

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SOURCE QEP Midstream Partners, LP

Website: http://www.qepm.com
 
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