QEP Resources, Inc. (NYSE: QEP) (“QEP” or the “Company”) announced today that while it continues to evaluate strategic alternatives to enhance shareholder value with respect to certain of its midstream assets, QEP’s board of directors has authorized the formation of a master limited partnership (MLP) and the preparation and filing of a registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) of common units of the MLP. The Company expects to file a registration statement with the SEC in the second quarter of 2013. The MLP is intended to support the growth of QEP’s midstream business and is consistent with the Company’s focus on maximizing shareholder value and maintaining balance sheet strength. The Company expects to initially contribute a majority of its gathering assets in Wyoming and North Dakota to the MLP. Subject to final board approval and market conditions, QEP expects to sell a minority interest in the MLP in the IPO and raise $300 million to $400 million in gross proceeds. Proceeds from the offering would be used to fund ongoing operations, to repay debt under the Company’s revolving credit facility and for general corporate purposes. Additional detail will be included in the registration statement. There can be no assurance that there will be an initial public offering of the MLP or any other transaction. This announcement is made in accordance with Rule 135 of the Securities Act of 1933, as amended. As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Some of the statements included in this press release constitute “forward looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Such forward-looking statements are based on management’s beliefs and assumptions and on information currently available. You should not put undue reliance on any forward-looking statements. Forward-looking statements include all statements that are not historical facts and may be identified by the use of forward looking terminology such as the words “believe,” “expect,” “plan,” “project,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “will,” “should” or the negative of these terms or similar expressions. Forward-looking statements involve risks, uncertainties and assumptions.