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QEP Resources to sell its midstream business to Tesoro Logistics LP for $2.5 billion


Published Oct 21, 2014
QEP Resources Inc.

QEP Resources’s wholly owned subsidiary, QEP Field Services Company ('Field Services'), has entered into a definitive agreement to sell its midstream business, including the Company's ownership interest in QEP Midstream Partners, LP, to Tesoro Logistics LP in an all cash transaction valued at $2.5 billion, including $230 million to refinance debt at QEPM. QEP will retain ownership of Field Services' Haynesville Gathering System.

The decision to sell the midstream business is a result of the Company's ongoing review of strategic alternatives to maximize shareholder value. After careful consideration of various potential transaction alternatives, QEP's Board of Directors, in consultation with its financial advisors, unanimously determined that the outright sale of the midstream business for cash is the best course to achieve the highest value for QEP shareholders.

Tags: QEP Resources Inc.




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