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QEP Resources sells gas assets in Wyoming for $777.5 mln

QEP Resources sells gas assets in Wyoming for $777.5 mln

Jul 25, 2017
2 min read
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The Denver-based QEP Resources has announced that it is selling natural gas assets in southwest Wyoming for a combined total of $777.5 million.

In the first agreement QEP's is selling assets in the Pinedale Anticline field in Sublette County, Wyoming, for$740 million to Pinedale Energy Partners, an affiliate of Oak Ridge Natural Resources. The Pinedale Divestiture includes an estimated 964 Bcfe of proved reserves as of December 31, 2016, and net production in the first quarter of 2017 was 234 MMcfed.

The first deal is subject to regulatory approval and should be closed by September 30, 2017.

"Our Wyoming assets have been significant contributors to the company for many years and were critical to our early success. 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," said Chuck Stanley, Chairman, president and CEO of QEP.

In another deal, QEP is selling non-core natural gas assets in southern Wyoming to an undisclosed buyer on June 30, 2017. The purchase price was $37.5 million. The divestiture includes an estimated 15.2 Bcfe of proved reserves as of December 31, 2016, and net production in the first quarter of 2017 was approximately 4 MMcfed.

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