- on strategic initiatives;
- authorizes $500 mln share repurchase program;
- initiates non-core E&P asset sales;
- co to implement the separation of QEP Field Services into publicly-traded co and explore alternative strategic transactions (QEP)
- increasing the upstream and midstream expertise on its Board of Directors;
- preparing and filing documents to facilitate the separation of the midstream business, QEP Field Services co, from QEP Resources;
- commencing the sale process of non-core Midcontinent upstream assets; and,
- authorizing the return of capital to shareholders through a $500 million share repurchase program.
As previously announced, QEP plans to sell non-core E&P assets located in the Midcontinent during the first half of 2014. The co is working with an advisor to effectuate the sale of the assets in multiple packages, the first two of which, the Granite Wash and "Cana" Woodford packages, will be marketed beginning in mid-February. The co anticipates closing the asset sales by July.
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