QEP Resources Announces Sale Of Wyoming Assets - Quick Facts

(RTTNews) - QEP Resources, Inc. (QEP) announced its subsidiary, QEP Energy Company, has entered into two definitive agreements to sell natural gas assets in southwest Wyoming for combined proceeds of $777.5 million.

The first agreement provides for the sale of all of QEP's assets in the Pinedale Anticline field in Sublette County, Wyoming, for a purchase price of $740.0 million to Pinedale Energy Partners, LLC, an affiliate of Oak Ridge Natural Resources, LLC. In a separate deal, the company closed the sale of certain non-core natural gas assets in southern Wyoming to an undisclosed buyer on June 30, 2017. The purchase price was $37.5 million.

Chuck Stanley, CEO of QEP, stated: "As we continue to evolve as a company, these transactions are a necessary next step in simplifying our asset portfolio and delivering significant financial proceeds that will further strengthen our balance sheet and help fund future development projects and acquisition opportunities."