Benzinga | Aug 27, 2020 04:13PM EDT

Qep Resources Inc Received Its Expected Alternative Minimum Tax Credit Refund Of $170.7M

DENVER, Aug. 27, 2020 (GLOBE NEWSWIRE) -- QEP Resources, Inc. (NYSE:QEP) (QEP or the Company) today announced that it has received its expected alternative minimum tax credit refund of $170.7 million, which includes $5.1 million of accrued interest. The Company expects to use the proceeds from the refund towards the repayment of its senior notes due in March 2021.

"We are pleased to have received our tax refund ahead of our expected timeline," commented Tim Cutt, President and CEO of QEP. "The tax refund is another important step toward our corporate goal of organically de-levering our balance sheet and improving liquidity. As we continue to navigate through the challenging market conditions, we remain focused on protecting shareholder value over the long term," concluded Cutt.