QEP Resources to Acquire Oil Properties in the Permian Basin for $950M
QEP Resources (NYSE: QEP) today announced
that its wholly owned subsidiary, QEP Energy Company, has entered into a
definitive agreement to acquire oil and gas properties in the Permian
Basin for an aggregate purchase price of approximately $950 million (the
“Acquisition”). The properties, which are located in the Midland
sub-basin, primarily in Martin and Andrews counties in west Texas, will
diversify the Company's exploration and production footprint, and
advance QEP's objective to create long-term shareholder value through
the continued emphasis on high-margin crude oil and natural gas liquids
production. The Company's Board of Directors was unanimous in its
approval of the Acquisition.
Acquisition Highlights:
Posted-In: M&A News Guidance Management Global
