QEP Resources Names New Independent Chair of the Board
May 12 2020 - 12:00PM
QEP Resources, Inc. (NYSE: QEP) (QEP or the Company) today
announced that Mary Shafer-Malicki has been named independent Chair
of the Board of Directors. Ms. Shafer-Malicki succeeds David Trice,
who is retiring after serving nine years on QEP’s Board, including
the role of Board Chair since 2019.
“Mary is an inspirational leader who knows how to bring out the
best in the people. She has a proven track record leading energy
teams through challenging times. Her character and experience are
exactly what QEP needs in this unprecedented time in our industry,”
commented Tim Cutt, President and CEO of QEP.
Ms. Shafer-Malicki has been a QEP Director since 2017.
Previously, she worked for BP Exploration Operating Company and
Amoco Corporation for 26 years in a number of executive leadership
roles. She also serves on the Board of Directors of McDermott
International, Inc., Wood Group, PLC, and the University of Wyoming
Foundation.
“It has been a privilege to work with QEP over the last nine
years and I’m excited for what Mary will contribute to the Board as
Chair. I believe QEP’s current path, focusing on value over volume,
along with the exceptional leadership team and top-quality assets,
will allow the Company to prosper for years to come,” commented
David Trice, former Board Chair.
In addition to David’s retirement, Directors Bill Scoggins and
Bob Heinemann will be leaving QEP’s Board after ten and six years
of service, respectively. QEP’s Board will now be comprised of a
total of seven members, six of whom are independent.
“On behalf of the Board, leadership team and employees, I would
like to thank David, Bill and Bob for their service to QEP,”
concluded Cutt.
About QEP Resources, Inc.
QEP Resources, Inc. (NYSE: QEP) is an independent crude oil and
natural gas exploration and production company focused in two
regions of the United States: the Southern Region (primarily in
Texas) and the Northern Region (primarily in 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 statements regarding the Company’s future prospects. 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 length and severity of the recent outbreak
of the COVID-19 virus and its impact on QEP’s business; changes in
oil, gas and NGL prices; liquidity constraints, including those
resulting from the cost or unavailability of financing due to debt
and equity capital and credit market conditions, changes in QEP’s
credit rating, QEP’s compliance with loan covenants, the increasing
credit pressure on QEP’s industry or demands for cash collateral by
counterparties to derivative and other contracts; market
conditions; global geopolitical and macroeconomic factors; the
activities of the Organization of Petroleum Exporting Countries and
other oil producing countries such as Russia; general economic
conditions, including interest rates; changes in local, regional,
national and global demand for natural oil, gas and NGL; impact of
new laws and regulations, including the use of hydraulic fracture
stimulation; impact of U.S. dollar exchange rates on oil, gas and
NGL prices; elimination of federal income tax deductions for oil
and gas exploration and development; guidance for implementation of
the Tax Cuts and Jobs Act; actual proceeds from asset sales;
actions of activist shareholders; tariffs on products QEP uses in
its operations or on the products QEP sells; drilling results;
shortages of oilfield equipment, services and personnel; the
availability of storage and refining capacity; operating risks such
as unexpected drilling conditions; transportation constraints,
including gas and crude oil pipeline takeaway capacity in the
Permian Basin; weather conditions; changes in maintenance, service
and construction costs; permitting delays; outcome of contingencies
such as legal proceedings; inadequate supplies of water and/or lack
of water disposal sources; credit worthiness of counterparties to
agreements; 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, 2019. 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.
Contact
Investors/Media:William I. Kent, IRCDirector, Investor
Relations303-405-6665
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