People | General News | Job Cuts / Downsize / Layoff | Capital Markets
QEP Mulling Strategic Options as $1.7B Williston Deal Falls Through
Print
|
QEP Resources has commenced a comprehensive review of strategic alternatives.
This coincides with Vantage's cancellation of the $1.7B buyout of QEP's Williston Basin assets, likely contributed to the decision.
QEP intends to engage in discussions with a variety of parties that have expressed interest in a potential transaction, including Elliott Management Corporation.
Plans to 'Significantly Reduce' General Expenses
Additionally, QEP has reassessed its organizational needs and intends to significantly reduce its general and administrative expense by approximately 45%, when comparing 2018 to 2020.
This will likely lead to a large chunk of QEP's workforce being cut.
The Company expects the majority of these reductions will be implemented during the first half of 2019.
Evercore and BMO Capital Markets are acting as financial advisors to QEP and Latham & Watkins LLP and Wachtell, Lipton, Rosen and Katz are serving as legal advisors.
More Financial Trouble News
Silverbow Resources Board Adopts 'Poison Pill' Strategy
SilverBow Resources Inc.'s board has unanimously adopted a limited-duration stockholder rights plan (a so-called poison pill strategy) following "significant accumulations" of the company's outstanding common stock. Activist investor…
Hess Corp. Second Quarter 2022 Results
Hess Corp. reported its 2Q 2022 results. Hess reported net income of $667 million, or $2.15 per common share, in the second quarter of 2022, compared with a…
Basic Energy Services Files for Bankruptcy; Inks Stalking Horse Deals
Basic Energy Services has filed for bankruptcy. Concurrently, the company has entered into several deals to sell off its assets. The transactions are being undertaken as the “stalking…
Amplify Energy Regains Compliance with NYSE
Amplify Energy Corp. has received notice from the NYSE that it had regained compliance with the continued listing standards set forth in Item 802.01B of the NYSE Listed…
Report: Chesapeake Poised to Emerge from Bankruptcy
Chesapeake Energy Corp. is poised to emerge from bankruptcy after a lengthy trial period, according to a report by Reuters. Per the report, the company's bankruptcy plan was…
Permian - Midland Basin News
Bakken Midstream Project shelved; as future growth projects thin
Hess Midstream highlighted continued throughput growth across its Williston Basin (Bakken/Three Forks) systems, signaling higher utilization in gas gathering and processing. For producers, the only forward-looking capacity signal…
Empire Petroleum First Quarter 2023 Results
Empire Petroleum announced first quarter 2023 results. Highlights Increased year-over-year per day sales volumes by 4% to 2,206 barrels of oil equivalent per day ("Boe/d") (61% oil, 19%…
Ring Energy, Inc., First Quarter 2023 Results
Ring Energy, Inc., announced first quarter 2023 results. Highlights Grew first quarter 2023 sales volumes 2% to a record 18,292 barrels of oil equivalent per day ("Boe/d") (69%…
HighPeak Energy, Inc., First Quarter 2023 Results
HighPeak Energy, Inc., announced first quarter 2023 results. Highlights Produced average sales volumes of 37,222 barrels of crude oil equivalent per day ("Boe/d"), consisting of 85% crude oil…
Vitesse Energy, Inc. First Quarter 2023 Results
Vitesse Energy, Inc. announced first quarter 2023 results. Highlights Completed spin-off from Jefferies Financial Group Inc. (the "Spin-Off") and closed the acquisition of Vitesse Oil, LLC on January…
Williston Basin News
Callon Petroleum Company First Quarter 2023 Results
Callon Petroleum Company announced first quarter 2023 results. Highlights Net income of $220.6 million, or $3.57 per diluted share (all share amounts are stated on a diluted basis),…
Diamondback Energy Reducing 2023 Drilling Program
Diamondback Energy, Inc. announced first quarter 2023 results. However during the earnings call. Here are a few things the company said. "We are going to reduce our rig…
SM Energy Company announced its first quarter 2023 results
SM Energy Company announced its first quarter 2023 results. Highlights Growing profitability. In the first quarter 2023, net income was $198.6 million, or $1.62 per diluted common share,…
Exxon Mobil First Quarter 2023 Results
Exxon Mobil Corp. announced its first quarter 2023 results. Highlights: Delivered record first quarter earnings of $11.4 billion, demonstrating structural earnings improvements through growth of advantaged assets, mix…
ExxonMobil Fourth Quarter, Full Year 2022 Results
Exxon Mobil Corp. reported its fourth quarter and full year 2022 results. Exxon announced fourth-quarter 2022 earnings of $12.8 billion, or $3.09 per share assuming dilution, resulting in…