Oil producer QEP Resources Inc said on Monday it would spin off its pipeline business, bowing to pressure from activist hedge fund Jana Partners LLC. QEP plans to spin off its QEP Field Services division, as well as its 25 percent stake in QEP Midstream Partners LP .Jana, which is QEP's largest shareholder, had for months said it would prefer that QEP spin off its pipeline business as a separate business, contending QEP did not have the expertise to run the unit.Shares of QEP rose 5.1 percent to $33.97 in after-hours trading on Monday.
QEP Resources, Inc. (QEP) is a holding company. The Company operates in three lines of business: gas and oil exploration and production, midstream field services, and energy marketing. Shares of QEP traded higher by 0.94% or $0.3/share to $32.32. In the past year, the shares have traded as low as $26.24 and as high as $34.24. On average, 1960140 shares of QEP exchange hands on a given day and today's volume is recorded at 1481460.
QEP Midstream Partners, LP (QEP) is a limited partnership formed by QEP Resources, Inc. Shares of QEPM traded higher by 0.04% or $0.01/share to $22.65. In the past year, the shares have traded as low as $21.52 and as high as $23.95. On average, 131320 shares of QEPM exchange hands on a given day and today's volume is recorded at 76694.
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