Forecast - Production | Capital Markets | Capital Expenditure | Drilling Program-Rig Count | Capital Expenditure - 2019
QEP's 2019 Plan Sees Steep Drop from Prior Years; Capex, Completions Down Over 45%
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QEP Resources has detailed its 2019 capital plans.
This coincides with the company noting that it is exploring strategic alternatives in a bid to increase company value. Vantage's cancellation of the $1.7B buyout of QEP's Williston Basin assets likely contributed to the decision.
QEP Rig / Completions Dropping Fast Since 2Q18QEP's rig and completion activity has been on a steep decline since 2Q18 (see charts below).
The company has been grappling with financial issues since 2017 - which spurred it to sell off its Uinta and Haynesville assets in 2018 for a combined ~$900 million. As noted above, the QEP inked a deal to unload its Williston assets for $1.7B, but that deal has since fallen through, adding to the pressure.
These struggles are likely the cornerstone of its falling activity…
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