Charles B. Stanley to Retire from QEP Resources; Timothy J. Cutt Named President and CEO
December 06 2018 - 6:30AM
The Board of Directors (the “board”) of QEP Resources, Inc. (NYSE:
QEP) (“QEP” or the “Company”) today announced that Chairman,
President and CEO Charles “Chuck” Stanley has elected to retire
from the Company, effective January 14, 2019. The board has named
Timothy “Tim” Cutt as QEP’s President and Chief Executive Officer,
effective January 15, 2019. Mr. Cutt will also serve as a member of
the Company’s board.
The board also announced it will separate the roles of Chairman
and Chief Executive Officer and that Lead Independent Director
David A. Trice has been named to succeed Stanley as Chairman of the
board.
“Earlier this year QEP announced several strategic and financial
initiatives intended to fundamentally change our business model and
become a leading, pure-play Permian company,” said Mr. Stanley.
“With the recent announcements of the sales of our Williston Basin
and Haynesville/Cotton Valley assets, we are well on our way to
accomplishing the initiatives. I am proud of what QEP has
accomplished over the last eight and a half years.”
Mr. Cutt brings 35 years of oil and gas experience – from
ExxonMobil, where he served as President of ExxonMobil de Venezuela
SA and President of Hibernia Management and Development Company, to
BHP Billiton Ltd., where he served as the President of Petroleum
from July 2013 through February 2016 and was accountable for its
global oil and gas business, including the company’s interests in
the Permian Basin. Most recently, he served as the CEO at Cobalt
International Energy, Inc.
“Tim has a history of providing exceptional leadership under a
variety of circumstances,” said Mr. Trice, “and he is the ideal
candidate to succeed Chuck. The board is confident in Tim’s ability
to take the helm and lead the Company forward. His character and
experience are exactly what QEP needs at this pivotal time in its
evolution.”
“I am honored and very excited to join the QEP team,” said Mr.
Cutt. “The Company’s high-quality Permian assets are proving to be
some of the best in the basin. The continued utilization of
‘tank-style’ development, combined with well density optimization
and unmatched completion efficiency, has positioned the Company to
thrive and grow in what is one of the most prolific oil basins in
the United States.”
Mr. Stanley has served as President, Chief Executive Officer and
a director of QEP since its spinoff in 2010 from Questar
Corporation.
“On behalf of the board, we would like to thank Chuck for his
loyal and dedicated service to QEP, and we wish him all the best in
his retirement,” concluded Mr. Trice.
About QEP Resources
QEP Resources, Inc. (NYSE:QEP) is an independent crude oil and
natural gas exploration and production company with operations in
two regions of the United States: the Southern Region (primarily
Texas and Louisiana) and the Northern Region (primarily North
Dakota). For more information, visit QEP's website at:
www.qepres.com.
Forward-Looking Statements
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, but are not limited to, statements regarding: QEP’s
proposed divestitures and QEP becoming a pure-play Permian company;
and QEP’s growth opportunities. Actual results may differ
materially from those included in the forward-looking statements
due to a number of factors, including, but not limited to: (i) the
occurrence of any event, change or other circumstance that could
delay the divestitures or give rise to the termination of the
agreements related thereto; (ii) changes in applicable laws or
regulations; and (iii) the possibility that QEP may be adversely
affected by other economic, business and/or competitive factors;
(iv) 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, 2017, and Quarterly Reports on Form
10-Q filed in 2018. QEP 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.
Contact
Investors & Media:William Kent, IRC303-405-6665
Qep Resources (NYSE:QEP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Qep Resources (NYSE:QEP)
Historical Stock Chart
From Apr 2023 to Apr 2024