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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