QEP Resources Announces Termination of Consent Solicitations Related to Senior Notes
12 Dezembro 2019 - 7:30PM
QEP Resources, Inc. (NYSE: QEP) (“QEP” or the “Company”) today
announced the termination of its previously announced solicitations
of consents (the “Consent Solicitations”) from holders of its
outstanding 5.375% Senior Notes due 2022 (the “2022 Notes”), 5.250%
Senior Notes due 2023 (the “2023 Notes”) and 5.625% Senior Notes
due 2026 (the “2026 Notes” and, together with the 2022 Notes and
2023 Notes, the “Notes”), proposing to amend the limitation on
liens covenant contained in the indentures governing the Notes (the
“Indentures”).
The Consent Solicitations have been terminated
in accordance with the terms and conditions set forth in the
Consent Solicitation Statement, dated November 26, 2019, effective
as of 5:00 p.m., Eastern time, on December 12, 2019. As a result of
the termination, no consent payments will be paid or become payable
to holders of the Notes who have delivered consents. All consents
previously delivered and not revoked will be of no effect, and the
Indentures will remain in their present form and will not be
amended.
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).
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. Actual results may
differ materially from those included in the forward-looking
statements due to a number of factors, including, but not limited
to: 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 (SEC),
including the Risk Factors section of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2018 and in the
Company's quarterly and current reports filed with the SEC
subsequent to the Annual Report on Form 10-K. QEP 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, IRCDirector, Investor
Relations303-405-6665
Qep Resources (NYSE:QEP)
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