Questar completes spin-off of E&P business

By OGJ editors
HOUSTON, July 2
-- Questar Corp., Salt Lake City, has completed the spin-off of its exploration and production business into a new entity, QEP Resources Inc. (OGJ Online, Apr. 21, 2010).

Based in Denver, QEP produces more than 600 MMcfd of gas equivalent, 90% of which gas, and has reserves of 2.75 tcf of gas equivalent.

It has large acreage positions in US resource plays including Bakken-Three Forks, Haynesville, Granite Wash, Woodford-Cana, and Pinedale.

Questar made a $250 million equity contribution to the new company.

After the transaction, QEP Resources operates through three subsidiaries: QEP Energy Co., formerly Quester Exploration & Production; QEP Field Services Co., formerly Questar Gas Management, a gas gatherer and processor in the Rocky Mountains and northwestern Louisiana; and QEP Marketing Co., formerly Questar Energy Trading.

Questar retains Wexpro Co., Questar Pipeline Co., and Questar Gas Co., a distribution utility with customers in Utah, Wyoming, and Idaho. Wexpro produces natural gas for the utility company.

Keith O. Rattie remains chairman of Questar and becomes chairman of QEP. Charles B. Stanley is president and chief executive officer of QEP. Ronald W. Jibson becomes president and chief executive officer of Questar.

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