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THRC Holdings L.P., a significant QEP Resources shareholder with 5.84% ownership, has publicly backed the acquisition of QEP by Diamondback Energy. THRC asserts that this consolidation is vital for improving balance sheets and reducing leverage issues. The acquisition is seen as beneficial due to expected synergies and enhanced production capabilities. Matt Wilks, VP of Investments for Wilks Brothers, expressed confidence in the long-term value for shareholders. The acquisition will be voted on during QEP's Special Meeting scheduled for March 16, 2021.
QEP Resources (NYSE: QEP) announced Institutional Shareholder Services (ISS) supports its acquisition by Diamondback Energy (Nasdaq: FANG), citing a strong strategic rationale. The merger enjoys robust backing from QEP shareholders, who are encouraged to vote in favor during the upcoming Special Meeting on March 16, 2021. The combination aims to enhance operational efficiencies and protect against downside risks in the volatile oil market, offering shareholders the chance to benefit from a more stable and capitalized entity focused on returns.
On March 11, 2021, Glazer Capital, which owns 5.7% of QEP Resources, Inc. (NYSE: QEP), urged shareholders to reject the proposed acquisition by Diamondback Energy, Inc. (Nasdaq: FANG) set for March 16, 2021. Glazer Capital asserts that the offer undervalues QEP shares, which they believe are worth significantly more than the 0.05 shares of Diamondback proposed. They cite an estimated forfeited value per QEP share of $1.21 to $2.26 and advocate for a vote against the deal to prompt a better offer.
On March 9, 2021, Glazer Capital, which owns 5.7% of QEP Resources shares, issued a letter urging fellow shareholders to reject the proposed acquisition by Diamondback Energy, scheduled for a vote on March 16, 2021. The letter argues that the merger consideration of 0.05 shares of Diamondback per QEP share is grossly inadequate, especially given recent surges in small-cap exploration and production company valuations. Glazer believes QEP is worth between $5.74 and $6.34 per share based on comparative valuations, significantly higher than the current acquisition terms.
QEP Resources reported its fourth quarter and full year 2020 results, highlighting a reduction in drilling and completion costs to $411 per lateral foot in the Permian Basin and a significant reduction in General & Administrative expenses by 40% year-over-year. The company generated $673.2 million in net cash from operating activities and $225.4 million in free cash flow, while retiring $430.5 million in debt. The merger with Diamondback Energy, valued at an all-stock transaction, is expected to complete in late Q1 2021, subject to stockholder approval.
Diamondback Energy has announced its acquisition of QEP Resources in an all-stock transaction valued at approximately $2.2 billion, inclusive of QEP's net debt. Each QEP shareholder will receive 0.05 shares of Diamondback for each QEP share, translating to an implied value of $2.29 per QEP share. The deal adds significant Midland Basin inventory to Diamondback's portfolio and is projected to generate annual synergies of $60-$80 million. Diamondback aims to maintain its Investment Grade status and reduce its reinvestment ratio while enhancing free cash flow generation post-transaction.
QEP Resources (NYSE: QEP) will present at the MKM Partners Virtual Conference on December 16, 2020, at 11:50 AM ET. Interested participants should access the webcast via www.qepres.com, logging in 15 minutes prior to the start. The company specializes in crude oil and natural gas exploration and production, primarily operating in Texas and North Dakota. For more details, visit QEP's website or contact William I. Kent, Director of Investor Relations, at 303-405-6665.
On November 3, 2020, QEP Resources (NYSE: QEP) announced it received notification from the NYSE regarding its common stock trading below the required $1.00 average closing price. QEP intends to rectify this issue within the six-month cure period without affecting its business operations or SEC reporting obligations. The company is exploring options, including a potential reverse stock split, to comply with NYSE listing standards.
QEP Resources reported its third quarter 2020 results, highlighting a $170.7 million AMT credit refund and $329.6 million in net cash from operations. The company generated $98.3 million in free cash flow and redeemed $275.3 million in senior notes. However, QEP faced a net loss of $49.2 million, attributed to unrealized derivative losses. Production declined 16% year-over-year, with a 29% drop in oil and condensate output from the Permian Basin. Despite these challenges, the company expects to generate over $200 million in free cash flow for the year.
QEP Resources, Inc. (NYSE: QEP) will host a teleconference on October 29, 2020, at 9:00 a.m. ET to discuss its third quarter 2020 results. The financial report will be issued on October 28, 2020, after market close. Investors can access the live call via the QEP website or by dialing in. A replay will be available after the call until November 29, 2020. QEP focuses on crude oil and natural gas exploration and has operations mainly in North Dakota and Texas.
