QEP Resources Issues Notice of Redemption for its 6.875% Senior Notes Due 2021
QEP Resources has announced its intention to redeem all outstanding 6.875% Senior Notes due 2021 with a planned redemption date around September 30, 2020. The redemption price will be calculated as per the indenture governing the notes. Holders are urged to consult their brokerage for further details. QEP is an independent crude oil and natural gas exploration and production company focused on the Southern and Northern Regions of the U.S., primarily Texas and North Dakota.
- QEP is proactively managing its debt by redeeming the 2021 Notes, which may strengthen its balance sheet.
- The redemption of the 2021 Notes could indicate liquidity constraints or the need to streamline financial obligations.
DENVER, Aug. 31, 2020 (GLOBE NEWSWIRE) -- QEP Resources, Inc. (NYSE:QEP) (QEP or the Company) today announced that it has issued a notice (the “Redemption Notice”) to holders of its outstanding
The redemption price for the 2021 Notes will be calculated pursuant to the formula set forth in the indenture governing the 2021 Notes.
Additional information concerning the terms and conditions of the redemption are fully described in the Redemption Notice distributed to the holders of the 2021 Notes. Beneficial holders with any questions about the redemption should contact their respective brokerage firm or financial institution.
About QEP Resources, Inc.
QEP Resources, Inc. (NYSE: QEP) is an independent crude oil and natural gas exploration and production company focused in two regions of the United States: the Southern Region (primarily in Texas) and the Northern Region (primarily in North Dakota). For more information, visit QEP's website at: www.qepres.com.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “anticipates,” “believes,” “forecasts,” “plans,” “estimates,” “expects,” “should,” “will” or other similar expressions. Such statements are based on management’s current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. These forward-looking statements include statements regarding the intended redemption of the 2021 Notes. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, but not limited to: the length and severity of the recent outbreak of the COVID-19 virus and its impact on QEP’s business; changes in oil, gas and NGL prices; liquidity constraints, including those resulting from the cost or unavailability of financing due to debt and equity capital and credit market conditions, changes in QEP’s credit rating, QEP’s compliance with loan covenants, the increasing credit pressure on QEP’s industry or demands for cash collateral by counterparties to derivative and other contracts; market conditions; global geopolitical and macroeconomic factors; the activities of the Organization of Petroleum Exporting Countries and other oil producing countries such as Russia; general economic conditions, including interest rates; changes in local, regional, national and global demand for natural oil, gas and NGL; impact of new laws and regulations, including the use of hydraulic fracture stimulation; impact of U.S. dollar exchange rates on oil, gas and NGL prices; elimination of federal income tax deductions for oil and gas exploration and development; guidance for implementation of the Tax Cuts and Jobs Act; actual proceeds from asset sales; actions of activist shareholders; tariffs on products QEP uses in its operations or on the products QEP sells; drilling results; shortages of oilfield equipment, services and personnel; the availability of storage and refining capacity; operating risks such as unexpected drilling conditions; transportation constraints, including gas and crude oil pipeline takeaway capacity in the Permian Basin; weather conditions; changes in maintenance, service and construction costs; permitting delays; outcome of contingencies such as legal proceedings; inadequate supplies of water and/or lack of water disposal sources; credit worthiness of counterparties to agreements; and the other risks discussed in the Company’s periodic filings with the Securities and Exchange Commission, including the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as updated by the Risk Factors section of the Company’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. QEP Resources 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/Media:
William I. Kent, IRC
Director, Investor Relations
303-405-6665
FAQ
What is QEP planning regarding its 6.875% Senior Notes due 2021?
When is the redemption date for QEP's 2021 Notes?
How will QEP calculate the redemption price for the 2021 Notes?
What should beneficial holders do regarding the redemption of 2021 Notes?
