March 26, 2017 1:13 AM ET

Oil, Gas and Consumable Fuels

Company Overview of QEP Energy Company

Company Overview

QEP Energy Company acquires, explores, and produces natural gas, oil, and natural gas liquids. The company operates in Pinedale Anticline in western Wyoming, the Williston Basin in North Dakota, the Uinta Basin in eastern Utah, the Permian Basin in western Texas, the Haynesville/Cotton Valley in northwestern Louisiana, and other proven properties in Wyoming, Utah and Colorado. It was formerly known as Questar Exploration and Production Company and changed its name to QEP Energy Company in June 2010. The company was incorporated in 1970 and is based in Denver, Colorado. QEP Energy Company operates as a subsidiary of QEP Resources, Inc.

Independence Plaza

1050 17th Street

Suite 500

Denver, CO 80265

United States

Founded in 1970

Phone:

303-672-6900

Fax:

303-294-9632

Key Executives for QEP Energy Company

QEP Energy Company does not have any Key Executives recorded.

QEP Energy Company Key Developments

QEP Resources, Inc. to Acquire Additional Oil Properties in Core of Permian Basin

QEP Resources Inc. announced that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement with certain individuals and entities (the “Initial Sellers”) to acquire oil and gas properties in the Permian Basin from the Initial Sellers and other associated individuals and entities for an aggregate purchase price of approximately $600 million, subject to customary purchase price adjustments. The Acquisition properties, which are located in Martin County, TX, will further broaden the Company’s exploration and production footprint in the core of the northern Midland Basin. The Acquisition advances QEP’s strategy of acquiring, developing and producing oil and gas from resource plays in its core operating areas and expanding into areas where it can capitalize on its operating and technical expertise. The Agreement provides that the Initial Sellers have until July 13, 2016, to obtain executed joinders to the Agreement from the Associated Owners. In addition to customary purchase price adjustments, the $600 million purchase price shall be reduced by the allocated value of any assets owned by Associated Owners that fail to execute a joinder of the Agreement prior to the Election Deadline. The Agreement may be terminated by QEP, at its sole option, if the aggregate allocated value of all assets owned by Non-Participating Associated Owners exceeds 10% of the $600 million purchase price.

QEP Energy Reports Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2015

QEP Energy reported earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported adjusted EBITDA of $254.1 million compared to $373 million a year ago. Capital investment (on an accrual basis) for the fourth quarter 2015, was $218.6 million, down $15.4 million from the third quarter 2015, excluding acquisitions. For the year, the company reported adjusted EBITDA of $1,029.3 million compared to $1,582.7 million a year ago. Capital investment (on an accrual basis) for the year ended December 31, 2015, was $1,007.4 million, down 41% compared with the full year 2014, excluding acquisitions. Net equivalent production decreased by 2% to 84.0 Bcfe in the fourth quarter 2015 compared with 85.9 Bcfe in the fourth quarter 2014. This decrease was primarily due to decreased crude oil and NGL production in the Williston Basin, partially offset by increased crude oil, NGL and natural gas production in the Permian Basin and increased natural gas production at Pinedale. Crude oil and NGL production decreased 2% and 27%, respectively, while natural gas production increased 4%, in the fourth quarter 2015 compared with the fourth quarter 2014. Fourth quarter 2015 crude oil volumes were impacted by completion related shut-ins in the Williston Basin, while NGL volumes were lower due to operating in ethane rejection. The company reported total production of 326.8 Bcfe compared to 322.7 Bcfe a year ago.

QEP Energy Reports Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2015; Revises Capital Investment Guidance for the Year 2015

QEP Energy reported earnings and production results for the third quarter and nine months ended September 30, 2015. For the quarter, adjusted EBITDA was $271.0 million compared to $368.9 million a year ago. The capital expenditures (on an accrual basis) for the third quarter 2015 were $257.5 million, down $17.1 million from the second quarter 2015. For the quarter, crude oil, natural gas, and NGL production increased 6%, 8% and 7%, respectively, in the third quarter 2015 compared with the second quarter 2015. Net natural gas equivalent production was 86.7 Bcfe, an increase of 7%, in the third quarter 2015 compared with 80.9 Bcfe in the second quarter 2015. The increase was due primarily to increased production in Pinedale and the Williston and Uinta basins. For the nine months, adjusted EBITDA was $773.0 million compared to $1,064.0 million a year ago. The capital investment (on an accrual basis) was $812.3 million, down $471.8 million, excluding the Permian Basin acquisition, from the first nine months of 2014. For the nine months, total production was 242.8 Bcfe compared to 236.8 Bcfe a year ago. Average daily production was 889.4 MMcfe compared to 867.4 MMcfea year ago. The company revised capital investment guidance for the year 2015. For the year, the company expects capital investment of $975 million to $1,050 million compared to previous guidance of $900 million to $1,050 million.

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Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
July 26, 2016
III Exploration II, LP
Merger/Acquisition
June 21, 2016
Oil and Gas Properties in the Permian Basin in Martin County, Texas
 

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