QEP RESOURCES PROVIDES OPERATIONAL AND FINANCIAL UPDATE
QEP RESOURCES (QEP)
Last qep resources earnings: 4/29 04:15 pm
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US:NYSE Investor Relations:
ir.qepres.com
Company Research
Source: GlobeNewswire
DENVER, March 13, 2020 (GLOBE NEWSWIRE) -- QEP Resources, Inc. (NYSE: QEP) (QEP or the Company) today 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 2020Intend to release the intermediate drilling rig operating in the Permian Basin at the conclusion of its current operation in March 2020Plan to suspend the refracturing program in the Williston Basin upon completion of current projects for the remainder of 2020Expect 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 2020The adjusted plan is expected to generate Free Cash Flow in 2021 at current commodity strip pricesPlan to suspend $0.02 quart
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