QEP reports financial update
by QEP Resources, Inc.
March 13, 2020
DENVER, March 13, 2020 (GLOBE NEWSWIRE) -- QEP Resources, Inc. (NYSE: QEP) (QEP or the Company) today (Friday, March 13, 2020) provided an operational and financial update in response to current market conditions.
- Expect to reduce planned 2020 and 2021 combined capital expenditures by more than an aggregate $300 million, or nearly 30%
- Plan to suspend completion operations in the Permian Basin from early May through at least the beginning of the fourth quarter 2020
- Intend to release the intermediate drilling rig operating in the Permian Basin at the conclusion of its current operation in March 2020
- Plan to suspend the refracturing program in the Williston Basin upon completion of current projects for the remainder of 2020
- Expect to generate approximately $75 million of Free Cash Flow (a non-GAAP measure)1 in 2020 at $35/bbl WTI, which excludes the $37.5 million tax refund expected in 2020
- The adjusted plan is expected to generate Free Cash Flow in 2021 at current commodity strip prices
- Plan to suspend $0.02 quarterly dividend following payment on March 20, 2020 of the dividend for fourth quarter 2019
- The Company expects to update 2020 guidance in connection with reporting its first quarter 2020 financial results and as such, the 2020 guidance issued on February 26, 2020 should no longer be relied upon.
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