QEP Resources Partners With Elliott But Remains Independent
QEP Resources, which holds positions in the Permian and Williston basins, will work with Elliott Management as part of a cooperation agreement.
Pictured, a pumpjack in the Permian Basin where QEP Resources holds about 49,224 net acres focused within the Midland Basin in Martin County, Texas. (Source: QEP Resources Inc.)
Despite a multibillion-dollar buyout offer from its shareholder and hedge fund Elliott Management Corp., QEP Resources Inc. said Aug. 7 it will remain an independent company.
Instead, the Denver-based oil and gas producer entered into a cooperation agreement with Elliott, which owns about 4.9% of QEP’s common stock, that includes working together to identify two new board nominees.
The hedge fund’s roughly $2.1 billion takeover offer for QEP earlier this year represented a 44% premium to the company’s closing price at the time.