Illegal Activity
none
Blackmail
none
Date
January 2015
Document Type
report
Model
gemini-2.0-flash-001
Processed
2026-02-07T18:42
Summary
This report analyzes QEP Resources' financial position following the divestiture of its midstream business and the subsequent drop in oil prices. It concludes that while QEP has a strong financial footing, its business risk is relatively less attractive, leading to a downgrade of QEP bonds to SELL.
Metadata
- Subject
- QEP Resources
- Sender
- —
- Recipients
- —
- Document ID
- DB-SDNY-0044640
- Date
- January 2015
Relationships 1
| Entity 1 | Relationship | Entity 2 | Description |
|---|---|---|---|
| QEP Resources (QEP) | impacted by | oil prices | QEP's plans were impacted by the drop in oil prices after divesting its midstream business. |
Notable Quotes 2
Thanks to this fortuitous timing, QEP is starting off the current commodity cycle on strong financially footing - net leverage levels pro forma for the transaction are 0.6x (the lowest within the peer group along with XEC) and liquidity is an impressive 83.2 billion including $1.4 billion in cash (the company paid down -$900 million of revolver borrowings and unsecured term loan).
Taking all of the above into account, we are moving to a SE I I. from a HOLD on all QEP bonds (YTVV: 6.3-6.5% on longer-dated bonds).
Red Flags 1
- Potential levering acquisitions
Financial Information
Amounts:52.5 billion83.2 billion$1.4 billion-$900 million$1.7 billion$1.2 billion$1.3 billion$550 million
Assets:
- Bakken acreage (109K net acres)
- South Antelope acreage (27K net acres)
- Permian acquisition (26.5K net acres)
Transactions:
- QEP divested its midstream business in October 2014 for 52.5 billion
- Company paid down -$900 million of revolver borrowings and unsecured term loan
- Annual capex to be about $1.4 billion
- Cumulative FCF burn of $550 million during the next two years
Raw Analysis JSON
click to expand
Themes
Financial transactions/money flowBusiness dealings
Organizations 2
QEP Resources (QEP)Deutsche Bank Securities Inc.
Locations 2
South AntelopePermian
Text Analysis
- Tone
- Analytical
- Purpose
- To provide an analysis of QEP Resources' financial position and outlook.
- Significance
- The document provides an investment recommendation for QEP bonds based on the company's financial situation and the outlook for the energy sector.
File Info
- File Name
- EFTA01357821.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:42:37.815640
- DOJ Source
- View on DOJ