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QEP +3.6% after approving midstream spinoff, $500M buyback

  • QEP Resources (QEP) authorizes a spinoff of its midstream business, QEP Field Services Co., into a stand-alone public company.
  • QEP says it is preparing the necessary filings for the move but will continue to evaluate proposals for alternate transactions for separating the midstream business.
  • In an update on previously announced plans to sell non-core E&P assets, QEP plans to market its Granite Wash and Cana Woodford packages in mid-February.
  • QEP also unveils a $500M share repurchase program.
  • Jana Partners has been arguing since October for a more drastic restructuring of the company to spark shares; QEP +3.6% premarket.
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