QEP Resources completes spin-off from Questar Corporation
Company commences trading on NYSE under symbol ‘QEP’
by QEP Resources Inc.
July 1, 2010
DENVER, COLORADO – QEP Resources, Inc. (NYSE: QEP) today (July 1, 2010) announced the completion of the tax-free spin-off from Questar Corporation (NYSE: STR). Effective 11:59 p.m. Eastern Daylight Time on June 30, 2010, all of the shares of common stock of QEP Resources were distributed through a pro rata dividend to Questar shareholders. Each Questar shareholder received one share of QEP Resources common stock for each share of Questar common stock (including fractional shares) held by such shareholder on the record date, which was June 18, 2010.
Shares of QEP Resources will commence trading on the NYSE under the symbol "QEP" today. The CUSIP number for QEP Resources common stock is 74733V 100.
"This transaction establishes QEP Resources as a top-tier, independent domestic exploration and production company and enables us to focus on developing our high-quality, low-cost asset portfolio" said Charles B. Stanley, President and CEO. "Over the past four years, QEP Resources has grown production and proved reserves at compound annual growth rates of 14% and 17%, respectively. The same management and technical teams responsible for generating this strong track record remain with QEP Resources and will continue to generate industry-leading low cost, high margin growth for our shareholders."
About QEP Resources, Inc.
QEP Resources is a leading independent natural gas and oil exploration and production company with operations focused in the Rocky Mountain and Midcontinent regions of the United States. The company also gathers and processes natural gas. The company is headquartered in Denver, CO.
Additional information regarding the distribution of QEP Resources common stock, and QEP Resources’ business and management, can be found on the company’s website at www.qepres.com.
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• changes in industry trends;
• changes in laws or regulations; and
• other factors, most of which are beyond the control of QEP Resources.