Press release from Business Wire
QEP Resources, Inc. Announces Executive Retirement
Wednesday, August 28, 2013
QEP Resources, Inc. Announces Executive Retirement09:00 EDT Wednesday, August 28, 2013
DENVER (Business Wire) -- QEP Resources, Inc. (NYSE: QEP) today announced that Jay Neese, Executive Vice President, will retire at the end of the year. He has served QEP and its predecessor company for more than 35 years.
“Jay helped grow QEP Energy into the successful, independent oil and gas company that it is today. He led initiatives that resulted in growth and diversification of the company, and he was instrumental in our 2010 spin-off,” said Chuck Stanley, Chairman, President and CEO of QEP Resources. “On behalf of the Board of Directors, employees and shareholders of QEP, I would like to thank Jay for his many years of dedicated service and for his many contributions to our company.”
Neese will be succeeded by Jim Torgerson, who is being promoted to Executive Vice President, QEP Energy, on September 1, 2013. Torgerson has been with QEP and its predecessor company for 10 years and most recently was QEP's Senior Vice President of Operations.
“Through his career of more than 25 years, Jim has gained extensive experience in a number of the key plays in North America. His strong leadership skills and knowledge of our assets will be critical to our organization moving forward,” said Stanley. “As Senior Vice President of Operations, Jim led our efforts to drive down drilling and completion costs, making QEP one of the lowest cost developers in our industry.”
About QEP Resources
QEP Resources, Inc. (NYSE: QEP) is a leading independent natural gas and crude oil exploration and production company focused in two major regions: the Northern Region (primarily in the Rockies and the Williston Basin) and the Southern Region (primarily Oklahoma, Louisiana, and the Texas Panhandle) of the United States. QEP Resources also gathers, compresses, treats, processes and stores natural gas. QEP Resources is the General Partner and a majority owner of QEP Midstream Partners, LP (NYSE:QEPM). For more information, visit QEP Resources' website at: www.qepres.com.
Safe Harbor Statement
This release includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “anticipates,” “believes,” “forecasts,” “plans,” “estimates,” “expects,” “should,” “will” or other similar expressions. Such statements are based on management's current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. These forward-looking statements include statements regarding the retirement and replacement of the Company's executive vice president and the Company's status as one of the lowest cost developers. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, but not limited to: the availability of capital; global geopolitical and macroeconomic factors; general economic conditions, including interest rates; changes in local, regional, national and global demand for natural gas, oil and NGL; natural gas, NGL and oil prices; access to debt and capital markets; impact of new laws and regulations, including regulations regarding the use of hydraulic fracture stimulation and the implementation of the Dodd-Frank Act; drilling results; shortages of oilfield equipment, services and personnel; operating risks such as unexpected drilling conditions; weather conditions; changes in maintenance and construction costs; risks related to the spin-off of certain assets from the Company's midstream business; acquisition risks; actions of the Company's competitors; loss of key personnel; and the other risks discussed in the Company's periodic filings with the Securities and Exchange Commission, including the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2012. QEP Resources undertakes no obligation to publicly correct or update the forward-looking statements in this news release, in other documents, or on the website to reflect future events or circumstances. All such statements are expressly qualified by this cautionary statement.
QEP Resources, Inc.
Greg Bensen, 303-405-6665
Director, Investor Relations