US independent QEP Resources plans to divest all of its non-Permian assets with the aim to become a more oil-focused company.

The company has hired financial advisors to assist with the sale of the company’s assets in the Williston and Uinta basin. Data rooms are expected to open in late March or early April.

QEP expects to market its remaining non-Permian assets, including its Haynesville position, in the second half of the year.

"The strategic initiatives announced today are responsive to ongoing shareholder feedback and fit with our long-term goal of becoming a more oil-focused company," chief executive Chuck Stanley said.

"The initiatives will allow us to simplify our portfolio, streamline our operations, and sharpen our focus on our Permian basin assets, quickly resulting in QEP becoming a leading pure-play Permian company."

Proceeds from the asset sales will fund QEP's Permian development programme which is expected to reach operating cash flow neutrality in 2019. QEP also intends to use proceeds to reduce debt and return cash to shareholders through a $1.25 billion share repurchase programme.

The company's Permian position covers about 44,000 net acres in the core of the northern Midland basin. The assets produced 8.2 million barrels of oil equivalent of net production in 2017 and had estimated total proved year-end 2017 reserves of 272.7 million boe.

In October of last year, QEP bought roughly 15,000 acres in the Permian for $720.7 million. It announced the divestiture of some non-core assets, including its Central Basin Platform exploration project in Texas, shortly after. Before that, the company sold its Pinedale Anticline assets for $777.5 million.

In the fourth quarter of 2017, QEP agreed to sell or closed on the sale of "several" non-core assets for $18.9 million. For the year, the company received $806.8 million in total proceeds from sales.

This year, QEP plans to spend 65% of its $1.075 billion budget in the Permian, where it expects to run five to six rigs.

QEP reported net fourth-quarter income of $269.3 million, or $1.12 per share. The company produced 53.1 million barrels of oil equivalent, of which 37% was crude oil. Permian production increased 52% to 6.1 million barrels.