DENVER, Dec. 06, 2018 (GLOBE NEWSWIRE) — 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.