QEP Resources, Inc. engages in the exploration and production of oil and gas. The company also engages in the oil and gas marketing. The company’s subsidiaries include QEP Energy Company (QEP Energy); and QEP Marketing Company. The company’s operations are focused in two geographic regions: the Northern Region (primarily in Wyoming, North Dakota and Utah) and the Southern Region (primarily in Texas and Louisiana) of the United States. Strategy The key elements of the company’s strategy include operating in a safe and environmentally responsible manner; acquiring businesses and assets that complement or expand its current business; maintaining a sustainable, diverse inventory of low-cost, high-margin resource plays; marketing its production to maximize value; and utilizing derivative contracts to mitigate the impact of gas, oil or natural gas liquids (NGL) price volatility and fluctuating interest rates. Exploration and Production QEP Energy conducts exploration and production activities in various hydrocarbon resource plays in North America. QEP Energy has an inventory of identified development drilling locations, primarily in the 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. QEP Energy acquired oil and gas properties in the Permian Basin of Texas (the Permian Basin Acquisition). The acquired properties consist of approximately 26,500 net acres of producing and undeveloped oil and gas properties and approximately 260 vertical producing wells in the Permian Basin, which creates a new core area of operation for QEP Energy. QEP Energy, both directly and through QEP Marketing Company, sells its gas, oil and NGL production to various customers, including gas-marketing firms, industrial users, local-distribution companies, crude oil refiners and marketers. QEP Energy regularly evaluates counterparty credit and may require financial guarantees or prepayments from parties that fail to meet its credit criteria. Energy Marketing QEP Marketing Company provides wholesale marketing and sales of affiliate and third-party gas, oil and NGL. As a wholesale marketing entity, QEP Marketing Company concentrates on markets in the Rocky Mountains and Midcontinent that are either close to affiliate reserves and production or accessible by major pipelines. QEP Marketing Company contracts for firm-transportation capacity on pipelines and firm-storage capacity at Clay Basin, a large gas storage facility in northeast Utah. QEP Marketing Company, through its wholly owned subsidiary Clear Creek Storage Company, LLC (Clear Creek), owns and operates an underground gas-storage reservoir in southwestern Wyoming. QEP Marketing Company uses owned and leased storage capacity together with firm-transportation capacity to manage seasonal swings in prices in the Rocky Mountain region. QEP Marketing Company sells NGL volumes associated with the gas stored in its Clear Creek storage facility. In addition, QEP Marketing Company owns and operates the Haynesville Gathering System, located in Louisiana. The Haynesville Gathering System includes 200 miles of gas gathering facilities with approximate throughput capacity of 2,000 million cubic foot or feet per day and a treating facility with throughput capacity of 600 000 million cubic foot or feet per day and primarily provides services to QEP Energy. QEP Marketing Company sells QEP Energy's gas and volumes purchased from third parties to wholesale marketers, industrial end-users and utilities. QEP Marketing Company sells QEP Energy's oil volume to refiners, marketers and other companies, including some with pipeline facilities near QEP Energy's producing properties. Significant Customers During the year ended December 31, 2014, Valero Marketing and Supply Company accounted for 10% of the company's total revenues. Regulation The company’s business operations are subject to regulation under a range of local, state, tribal and federal statutes, rules, orders and regulations, which include the following: Regulation of Exploration, Production, Gathering and Processing Activities; Clean Air Act; Greenhouse Gases Regulations and Climate Change Legislation; Clean Water Act and Safe Drinking Water Act; Oil Pollution Act of 1990; Comprehensive Environmental Response, Compensation and Liability Act of 1980; Resource Conservation and Recovery Act; Hydraulic Fracturing Regulations; Tribal Lands and Minerals; Endangered Species Act, National Environmental Policy Act; Emergency Planning and Community Right-to-Know Act and Occupational Safety and Health Act; and Dodd-Frank Wall Street Reform and Consumer Protection Act. The company, through its wholly owned subsidiary Clear Creek, operates an underground gas-storage facility under the jurisdiction of the Federal Energy Regulatory Commission.
qep resources inc (QEP:New York)
1050 17th Street
Denver, CO 80265
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