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June 26, 2014
17:57 EDTQEPQEP Resources files for spin-off of midstream business
QEP Resources announced that its wholly owned subsidiary, QEP Field Services Company, QEPFS, filed a Registration Statement on Form 10 with the SEC in connection with the spinoff of QEPs midstream field services business into a separate publicly traded company. The Form 10 contains a preliminary Information Statement about the potential terms and conditions of a spin-off of QEPFS to QEP shareholders. The Form 10 also provides initial information about QEPFS as a standalone business, including financial information, risk factors and a discussion of the business strengths and strategies. Immediately prior to the completion of the spin-off, QEPFS intends to change its name to Entrada Midstream. In addition to owning natural gas gathering and processing assets, QEPFS owns the general partner of QEP Midstream Partners and an approximate 55.8% limited partner interest in QEPM. Concurrent with the preparation of the Form 10, and as part of its previously announced strategic alternatives process, QEP is engaged in a process to solicit and evaluate proposals for alternative transactions for separating the midstream business. Following analysis of any such proposals, QEP will select the alternative it believes creates the most value for its shareholders. We continue to make good progress on the separation of our midstream business, commented Chuck Stanley, Chairman, President and CEO of QEP. We believe that the filing of the Form 10 and the parallel process to solicit alternative transactions gives QEP the most options to unlock value for shareholders.
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