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QEP Resources has announced its intention to redeem all outstanding 6.875% Senior Notes due 2021 with a planned redemption date around September 30, 2020. The redemption price will be calculated as per the indenture governing the notes. Holders are urged to consult their brokerage for further details. QEP is an independent crude oil and natural gas exploration and production company focused on the Southern and Northern Regions of the U.S., primarily Texas and North Dakota.
QEP Resources has announced the receipt of a $170.7 million alternative minimum tax credit refund, which includes $5.1 million in accrued interest. The company plans to utilize these funds to repay senior notes due in March 2021. Tim Cutt, President and CEO, highlighted the importance of this refund in achieving corporate goals of balance sheet de-leveraging and liquidity improvement. Despite challenging market conditions, QEP remains committed to protecting shareholder value.
QEP Resources reported its second quarter 2020 results, revealing a net loss of $184.4 million, contrasting with a profit of $48.8 million in Q2 2019. Liquidity was bolstered by amending its credit agreement, increasing liquidity by over $500 million. Capital expenditures were sharply reduced to $36.6 million, down from $178.5 million in Q1 2020. However, oil equivalent production rose by 6% to 8.0 MMboe. The company generated $95.3 million in free cash flow, compared to a $32 million outspend in Q2 2019. Updated guidance for 2020 projects reduced oil and gas production but maintains a focus on cost efficiency.
QEP Resources announced a teleconference for discussing its second quarter 2020 results on July 30, 2020, at 9:00 a.m. ET. A news release detailing financial and operational results will be issued after market close on July 29, 2020. The conference call can be accessed via QEP's website or by dialing specific numbers provided for domestic and international attendees. A replay of the call will be available until August 30, 2020. QEP is involved in crude oil and natural gas exploration and production across the Northern and Southern Regions of the U.S.
QEP Resources has amended its existing credit agreement with Wells Fargo and other lenders, boosting liquidity by over $500 million. This enhancement is aimed at providing the company with the financial flexibility required to continue its business operations amid challenging market conditions. Key changes in the credit facility include revised leverage ratio covenants, the ability to repurchase senior notes, and a reduction in aggregate commitments from $1.25 billion to $850 million. The company aims to strengthen its financial position through these amendments.
QEP Resources, Inc. has appointed Mary Shafer-Malicki as the new Chair of the Board, succeeding David Trice, who retires after nine years of service. Shafer-Malicki, a director since 2017 with extensive experience in the energy sector, is expected to guide QEP through challenging industry conditions. The board will now consist of seven members, with six being independent. Tim Cutt, President and CEO, emphasizes the company's focus on value over volume. This leadership change may impact QEP's strategic direction amid ongoing uncertainties in the energy market.
