QEP Sells Williston Basin Assets For $1.7 Billion
QEP Resources, Inc. of Denver sold its Williston Basin assets to Vantage Acquisition Operating Company LLC, also of Denver, for $1.725 billion in cash and common stock. It had rejected previous offers from other companies, who were not identified.
The agreement provides for the sale of all of QEP’s assets in North Dakota and Montana, which includes its South Antelope and Fort Berthold leases in the Williston Basin.
In August, company production in the basin was at 49,000 BOEPD.
“The Williston Basin assets have been a significant contributor to QEP for many years and were critical in our pivot towards a more oil-focused portfolio,” said QEP chairman, president, and CEO Chuck Stanley. “This transaction marks an important milestone in simplifying our asset portfolio as we continue on our path to becoming a Permian pure-play operator. We intend to use the proceeds from asset sales to fund the ongoing development of our core Permian assets, reduce debt, and return cash to shareholders through a share repurchase program.”