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|QEP Resources Announces Review of Strategic Alternatives|
QEP cautions that there can be no assurance that any transaction will be approved or consummated. The Company does not intend to disclose developments relating to its strategic review unless and until the Board of Directors has approved a specific agreement or transaction or has terminated its review of strategic alternatives.
The Company also announced that, given the deterioration in commodity prices and that it was unlikely that the conditions to closing would be satisfied, the Company has agreed with
Additionally, in light of the reduction of the Company’s operational footprint over the last 12 months, QEP has reassessed its organizational needs and intends to significantly reduce its general and administrative expense by approximately 45%, when comparing 2018 to 2020, to ensure its cost structure is competitive with industry peers. The Company expects the majority of these reductions will be implemented during the first half of 2019.
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. Examples of forward-looking statements in this press release include, (i) the outcome of the Board of Directors review of strategic alternatives; (ii) the ability and timing to decrease general and administrative expenses and the expected benefits related thereto; and (iii) the effects of terminating the
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