Nature of Business

6 Months Ended

Jun. 30, 2014

QEP Resources, Inc. (QEP or the Company) is a holding company with three major lines of business: oil and gas exploration and production; midstream field services; and energy marketing. These businesses are conducted through the Company’s three principal subsidiaries:


•	QEP Energy Company (QEP Energy) acquires, explores for, develops and produces gas, oil, and NGL;


•	QEP Field Services Company (QEP Field Services), which includes the ownership and operations of QEP Midstream Partners, LP (QEP Midstream or QEPM), provides midstream field services, including the gathering of natural gas, oil and water, natural gas processing, compression, and treating services, as well as NGL fractionation and marketing services for affiliates and third parties; and


•	QEP Marketing Company (QEP Marketing) markets affiliate and third-party oil and gas, and owns and operates an underground gas storage reservoir.

QEP's operations are focused in two geographic regions: the Northern Region (primarily in North Dakota, Wyoming and Utah) and the Southern Region (primarily in Texas, Louisiana, and Oklahoma) of the United States. QEP's corporate headquarters are located in Denver, Colorado.

In December 2013, QEP's Board of Directors authorized the Company to develop a plan to separate the business of QEP Field Services, including the Company's interest in QEP Midstream, from QEP. In June 2014, in conjunction with evaluating separation alternatives, QEP Field Services filed a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission in connection with the separation of QEP Field Services into a separate publicly traded company. The separation transaction is expected to close in the second half of 2014.

Shares of QEP’s common stock trade on the New York Stock Exchange (NYSE) under the ticker symbol “QEP.”