QEP Resources Inc. announced that its wholly owned subsidiary QEP Field Services Co. entered into a definitive agreement to sell its midstream business, including its ownership interest in QEP Midstream Partners LP, to Tesoro Logistics LP. The sale will be an all-cash transaction valued at $2.5 billion, including $230 million to refinance debt at QEP Midstream. QEP Resources will maintain ownership of Field Services’ Haynesville Gathering System.

The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close before the end of the year.

Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are acting as financial advisors to QEP and Latham & Watkins LLP and Wachtell, Lipton, Rosen and Katz are serving as legal advisors.