Denver -based QEP Resources has filed a Form 10 registration statement for the tax-free spinoff of its midstream subsidiary QEP Field Services (QEPFS).
The new company will be spun off into a separate publicly traded company to be named Entrada Midstream Inc.
QEPFS owns gathering, processing, and fractionation assets in the Uinta and Green River basins.
It is also the general partner of QEP Midstream Partners LP (QEPM) and 55.8% limited partner interest in QEPM.
The company’s Haynesville gathering system will not be spun off in the transaction.
QEP said it is engaged in a process to solicit and evaluate proposals for alternative transactions for separating the midstream business.