QEP Resources, Inc.

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SEC Filings

10-Q
QEP RESOURCES, INC. filed this Form 10-Q on 04/25/2018
Entire Document
 


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In February 2018, the Board of Directors of QEP authorized the repurchase of up to $1.25 billion of the Company's outstanding shares of common stock (the February 2018 $1.25 billion Repurchase Program). The timing and amount of any QEP share repurchases will be subject to available liquidity, market conditions and proceeds from the asset sales. The share repurchase program does not obligate QEP to acquire any specific number of shares and may be discontinued at any time.

The following repurchases of QEP shares were made by QEP in association with vested restricted share awards withheld for
taxes and pursuant to the Company’s share repurchase authorization.
Period
 
Total shares purchased(1)(2)
 
Weighted-average price paid per share
 
Total shares purchased as part of publicly announced plans or programs
 
Remaining dollar amount that may be purchased under the plans or programs
 
 
 
 
 
 
 
 
(in millions)
January 1, 2018 - January 31, 2018
 
3,869

 
$
10.38

 

 
$

February 1, 2018 - February 28, 2018
 

 
$

 

 
$

March 1, 2018 - March 31, 2018
 
6,106,918

 
$
9.40

 
5,621,540

 
$
1,197.2

Total
 
6,110,787

 
 
 
5,621,540

 
 
 ____________________________
(1) 
During the three months ended March 31, 2018, QEP purchased 489,247 shares from employees in connection with the settlement of income tax and related benefit withholding obligations arising from the vesting of restricted share grants.
(2) 
During the three months ended March 31, 2018, QEP repurchased and retired 5,621,540 shares under the February 2018 $1.25 billion Repurchase Program at a weighted average price of $9.37 per share, excluding commission of $0.02 per share, for $52.8 million. Shares are as of the settlement date. Subsequent to March 31, 2018, the Company settled and retired the purchase of 592,310 shares at a weighted average price of $9.37, excluding commission of $0.02 per share, for $5.6 million, associated with trades that had been made prior to the end of the quarter.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.


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