QEP Resources Makes Big Move in the Permian Basin
December 13, 2013 Action in the Permian Basin continues to thrive. According to a recent report by Reuters, QEP Resources, a Denver-based exploration and production company, has committed to purchase $950 million worth of oil assets within the Permian Basin. According to the report, the move is intended to help QEP Resources transform itself into a pure-play exploration and production company.
QEP representatives said that the purchase of oil and gas properties will add significant production to the company's current holdings. The assets will produce an estimated 6,700 barrels of oil equivalent daily. Much of that is predicted to be crude oil.
QEP Resources Chief Executive Chuck Stanley issued a statement regarding the company's goals with the move.
"The investment in the Permian Basin is designed to help QEP Resources become more focused on crude oil and natural gas liquids," Stanley said. "Additional actions will support this move, including refocusing the QEP Field Services division and the company's stake in QEP Midstream Partners LP."
The move has also been spurred by some outside influence. QEP Resources largest shareholder has long pushed for the company to restructure operations, and focus on oil and natural gas operations, rather than pipeline operations.
QEP Resources will sell some of its non-core assets in the first half of 2014, and will focus spending on oil assets in the Permian Basin and the Williston Basin in North Dakota.
Ames Factoring Companies Supports Companies Working for QEP Resources
The additional focus by QEP Resources on the Permian Basin gives Texas oilfield service providers and oilfield suppliers an opportunity for additional work. Ames Factoring Companies is proud to support customers who do business with QEP Resources, including service providers like water haulers, rig movers and more. Ames Factoring Companies also supports oilfield supply companies that serve QEP Resources, including coal ash suppliers, equipment rental firms and more.
By providing instant payment for service and supply invoices, Ames Factoring Companies gives Texas companies the operating capital needed to pursue additional work opportunities with QEP Resources.
To learn more about how Ames Factoring Companies can help you explore work opportunities with QEP Resources, call 800-707-4845.