QEP Resources moves ahead with midstream spinoff

QEP Resources Inc., Denver, has filed a Form 10 registration statement for the tax-free spinoff of wholly owned, midstream subsidiary QEP Field Services Co. (QEPFS) into a separate publicly traded company to be named Entrada Midstream Inc. (OGJ Online, Dec. 3, 2013).

QEPFS owns gathering, processing, and fractionation assets in the Uinta and Green River basins, along with the general partner of QEP Midstream Partners LP (QEPM) and 55.8% limited partner interest in QEPM.

QEP will not be spinning off its Haynesville gathering system in the transaction.

QEP said, concurrent with the preparation of the Form 10, the company is engaged in a process to solicit and evaluate proposals for alternative transactions for separating the midstream business.