EXECUTION COPY

FOURTH AMENDMENT TO CREDIT AGREEMENT AND
COMMITMENT INCREASE AGREEMENT
This FOURTH AMENDMENT TO CREDIT AGREEMENT AND COMMITMENT INCREASE AGREEMENT
(this “Amendment”) is made and entered into as of December 2, 2014, by and among
QEP RESOURCES, INC., a Delaware corporation (the “Borrower”), the Lenders named
on the signature pages hereto (the “Lenders”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Administrative Agent for the Lenders (in such capacity, the
“Administrative Agent”).
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to
that certain Credit Agreement dated as of August 25, 2011, as amended by that
certain First Amendment to Credit Agreement dated as of July 6, 2012, that
certain Second Amendment to Credit Agreement dated as of August 13, 2013, and
that certain Third Amendment to Credit Agreement dated as of February 25, 2014
(the “Existing Credit Agreement” and as amended by this Amendment, the “Credit
Agreement”);
WHEREAS, the Borrower has requested that the Existing Credit Agreement be
amended to increase the aggregate amount of the Commitments by $300,000,000 to
an aggregate total amount of $1,800,000,000 (the “Commitment Increase”), to
extend the maturity date to the date that is five years after the Fourth
Amendment Effective Date (as hereinafter defined) and to make certain other
amendments to the Existing Credit Agreement as set forth herein;
WHEREAS, the Borrower, through its wholly-owned Subsidiary, QEP Field Services
Company, as seller (the “Seller”), and Tesoro Logistics LP, as buyer (the
“Buyer”), have entered into that certain Membership Interest Purchase and Sale
Agreement dated as of October 19, 2014, as it may be amended (the “Sale
Agreement”), pursuant to which the Buyer has agreed to purchase the Borrower’s
midstream business, which consists of (i) certain gas gathering systems in the
Uinta Basin and certain gas processing complexes in the Green River and Uinta
Basins, including any and all commercial contracts or agreements related
therewith, and (ii) an approximate 55.8% limited partner interest in QEP
Midstream Partners, LP, a publicly traded partnership (“QEPM”), and 100% of
QEPM’s general partner, which owns a 2.0% general partner interest in QEPM and
100% of QEPM’s incentive distribution rights, all as more particularly described
therein (such sale, the “QEP Field Services Sale”);
WHEREAS, in connection with the QEP Field Services Sale, the Seller will loan to
QEPM an amount equal to $230,000,000, which loan will be repaid in cash on the
Fourth Amendment Effective Date as hereinafter defined (such transaction, the
“MLP Loan Transaction”);
WHEREAS, in addition to the Joint Lead Arrangers and Joint Bookrunners named in
the Existing Credit Agreement, Citigroup Global Markets Inc. is now an
additional Joint Lead Arranger and Joint Bookrunner; and
WHEREAS, in addition to the Co-Documentation Agents named in the Existing Credit
Agreement, Citigroup, N.A. is now an additional Co-Documentation Agent; and
WHEREAS, subject to terms of this Amendment, the Lenders who have Commitments
pursuant to the Credit Agreement as reflected on Schedule 2.01 attached hereto,
the L/C Issuers and the Administrative Agent have agreed to the Commitment
Increase and to extend the Maturity Date and amend the Existing Credit Agreement
as set forth in Section 3 below, such amendments to be effective on the Fourth
Amendment Effective Date (hereinafter defined).

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NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Definitions.

(a)As used herein: “Existing Lender” means each Lender who is a party to the
Existing Credit Agreement; “Increasing Lender” means each Existing Lender whose
Commitment shown on Schedule 2.01 attached hereto is greater than its Commitment
set forth in Schedule 2.01 attached to the Existing Credit Agreement; “New
Lender” means each institution named on Schedule 2.01 attached hereto as a
Lender that is not an Existing Lender; and “Term Loan Agreement” means the Term
Loan Agreement dated as of April 18, 2012, by and among Borrower, the Wells
Fargo Bank as Administrative Agent and the lenders party thereto, as amended by
the First Amendment to Term Loan Agreement dated as of August 13 2013, and the
Second Amendment to Term Loan Agreement and Commitment Increase Agreement dated
as of February 25, 2014. “Transactions” means collectively, the repayment in
full of the loans made pursuant to the Term Loan Agreement, the QEP Field
Services Sale, the MLP Loan Transaction, the execution of this Amendment, the
Borrowing of Loans on the Fourth Amendment Effective Date (if any) and the
incurrence of Indebtedness by the Borrower or its Subsidiaries on the Fourth
Amendment Effective Date or in connection with the QEP Field Services Sale or
the MLP Loan Transaction.

(b)Unless otherwise defined in this Amendment, all other terms used in this
Amendment which are defined in the Existing Credit Agreement shall have the
meanings assigned to such terms in the Existing Credit Agreement. The
interpretive provisions set forth in Section 1.02 of the Existing Credit
Agreement shall apply to this Amendment.

2.Commitment Increase; Amended Schedule 2.01.

(a)Commitment Increase. On and as of Fourth Amendment Effective Date: (a)
Schedule 2.01 attached to the Existing Credit Agreement shall be amended to read
as set forth on Schedule 2.01 attached hereto, (b) each Increasing Lender agrees
that its Commitment shall increase to the amount set forth opposite its name on
Schedule 2.01 attached hereto, and (c) each New Lender agrees that it shall be a
“Lender” under and as defined in the Credit Agreement and shall have a
Commitment in the amount set forth opposite its name on the Schedule 2.01
attached hereto. Subject to the conditions to Borrowings set forth herein and in
the Credit Agreement, each Increasing Lender and each New Lender agrees to fund
Loans on the Fourth Amendment Effective Date in an amount equal to its Pro Rata
Share (as set forth in Schedule 2.01 attached hereto) of the Borrowings
requested by the Borrower on such date, in each case in an amount up to its
Commitment as shown on Schedule 2.01.

(b)Break Funding Charges. The Borrower acknowledges that if, as a result of the
refinancing of existing Loans on the Fourth Amendment Effective Date, any
Existing Lender incurs any loss, cost or expense as a result of any payment of a
Eurodollar Rate Loan prior to the last day of the Interest Period applicable
thereto and such Lender makes a request for compensation in accordance with
Section 3.05 of the Credit Agreement, the Borrower shall be obligated to
compensate such Lender in accordance with such Section.

(c)New Lenders. Each New Lender represents and agrees as follows: (i) it has
received a copy of the Existing Credit Agreement, and has received or has been
accorded the opportunity to receive copies of the most recent financial
statements delivered pursuant to Section 6.01 thereof, and such other documents
and information as it deems appropriate to make its own credit analysis and
decision to enter into this Amendment, (ii) it has, independently and without
reliance upon the Administrative Agent, any other agent, any Lender or any
arranger, and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this
Amendment, and (iii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender.

(d)Departing Lenders. As used herein, the term “Departing Lender” means any
Lender as defined in the Existing Credit Agreement that has a Commitment under
(and as defined in) the Existing Credit Agreement but does not have a Commitment
listed on Schedule 2.01 attached hereto. Each of the parties hereto agrees and
confirms that after giving effect to this Amendment, from and after the Fourth
Amendment Effective Date each Departing

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Lender’s Commitment shall be $0, its Commitment to make Loans, to purchase
participations in L/C Obligations, to purchase participations in Swing Line
Loans and to issue Letters of Credit and all other obligations of each Departing
Lender as a Lender and an L/C Issuer under the Existing Credit Agreement shall
be terminated, and each Departing Lender shall cease to be a Lender and an L/C
Issuer for all purposes under the Loan Documents (other than in respect of any
terms and conditions of the Existing Credit Agreement (including, without
limitation, Section 10.04 or Section 10.13 thereof), which by their terms
survive any cancellation of commitments, repayment in full of any Obligations or
the termination of any Loan Document).

3.Additional Amendments to the Existing Credit Agreement. The following
amendments to the Existing Credit Agreement shall be effective on the date (the
“Fourth Amendment Effective Date”) that the conditions set forth in Section 4 of
this Amendment have been satisfied.

(a)Certain Amended Definitions. The following defined terms appearing in Section
1.01 (Defined Terms) of the Existing Credit Agreement are amended as set forth
below:

(i)The definition of “Aggregate Commitments” is amended by replacing the
reference to “$1,500,000,000” with “$1,800,000,000”.

(ii)The definition of “Applicable Rate” is amended by replacing the column
titled “Consolidated Leverage Ratio” in its entirety with the following column
titled “Consolidated Leverage Ratio”:
Pricing Level
Consolidated Leverage Ratio
1
< 1.00:1.00
2
≥ 1.00:1.00 and
< 2.00:1.00
3
≥ 2.00:1.00 and
< 3.00:1.00
4
≥ 3.00:1.00

(iii)The definition of “Arrangers” is amended in its entirety to read as
follows:
“Arrangers” means Wells Fargo Securities LLC, BMO Capital Markets Financing,
Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan
Securities, LLC and U.S. Bank National Association, in their respective
capacities as joint lead arrangers and joint book managers.
(iv)The definition of “Audited Financial Statements” is amended by deleting
“December 31, 2010” and inserting in lieu thereof “December 31, 2013”.

(v)The definition of “Change in Law” is amended by adding the words “or taking
effect” after the word “adoption” in clause (a) thereof, and by adding the words
“or foreign” after the words “United States” in clause (ii) of the proviso
thereof.

(vi)The definition of “Change of Control” is amended by (1) amending clause (a)
by deleting “(a)” at the beginning thereof and deleting “; or” at the end
thereof, and (2) deleting clause (b) in its entirety.

(vii)The definition of “consolidated” or “Consolidated” is amended in its
entirety to read as follows:

“consolidated” or “Consolidated” means “consolidated” in accordance with GAAP.
(viii)The definition of “Consolidated EBITDAX” is amended by (1) amending clause
(b) thereof in its entirety to read as follows:

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“(b) the amount of cash dividends actually received during such period by the
Borrower and its Restricted Subsidiaries from Unrestricted Subsidiaries,”
and (2) by adding the following paragraph at the end thereof:
“From and after the Fourth Amendment Effective Date, Consolidated EBITDAX for
any four fiscal quarter period ending on or prior to September 30, 2015 will be
determined as follows:
(a)    for the four fiscal quarter period ending March 31, 2015, Consolidated
EBITDAX shall equal (i) the actual Consolidated EBITDAX for the fiscal quarter
ended March 31, 2015 times (ii) four;
(b)    for the four fiscal quarter period ending June 30, 2015, Consolidated
EBITDAX shall equal (i) the actual Consolidated EBITDAX for the two fiscal
quarters ended June 30, 2015 times (ii) two; and
(c)    for the four fiscal quarter period ending September 30, 2015,
Consolidated EBITDAX shall equal (i) the actual Consolidated EBITDAX for the
three fiscal quarters ended September 30, 2015 times (ii) four-thirds.”
(ix)The definition of “Consolidated Leverage Ratio” is amended by replacing
clause (a) thereof with the words “Consolidated Net Funded Debt as of such
date”.

(x)The definition of “Consolidated Net Tangible Assets” is amended by deleting
the last sentence thereof.

(xi)The definition of “Debt Ratings Trigger Event” is amended in its entirety to
read as follows:

“Debt Ratings Trigger Event” means any change in the Debt Ratings as a result of
which the Debt Ratings are (a) Ba2 by Moody’s and BB by S&P, or (b) Ba3 or lower
(or unrated) by Moody’s or BB- or lower (or unrated) by S&P.
(xii)The definition of “Defaulting Lender” is amended as follows: in the proviso
in clause (d)(ii), after the words “writs of attachment on its assets” add the
following: “(except in the case of Export Development Canada)”.

(xiii)The definition of “Eurodollar Rate” is amended by replacing the period at
the end of the first sentence thereof with a semicolon, and by adding the
following language after such semicolon:

“provided that if such rate that appears on such screen or page shall be less
than zero, such rate shall be deemed to be zero for the purposes of this
Agreement.”
(xiv)The definition of “FATCA” is amended in its entirety to read as follows:
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future
regulations or official interpretations thereof and any agreement entered into
pursuant to Section 1471(b)(1) of the Code.
(xv)The definition of “Fee Letter” is amended in its entirety to read as
follows:

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“Fee Letter” means the letter agreement, dated as of the Fourth Amendment
Effective Date, among the Borrower, the Administrative Agent, the Arrangers and
the other parties thereto.
(xvi)The definition of “Governmental Authority” is amended by adding the
following parenthetical at the end thereof:

“(including any supra-national bodies such as the European Union or the European
Central Bank)”
(xvii)The definition of “Interest Period” is amended by replacing clause (a)
thereof with the following:

“(a) one week or one, two, three or six months thereafter,”
(xviii)The definition of “L/C Issuer” is amended in its entirety to read as
follows:

“L/C Issuer” means, for purposes of Section 2.03(a), Wells Fargo Bank, National
Association, Bank of Montreal, Citibank, N.A., Deutsche Bank AG New York Branch,
JPMorgan Chase Bank, N.A. and U.S. Bank National Association (collectively, the
“Initial L/C Issuers”), or such other Lender that has agreed, at the request of
the Borrower, to issue Letters of Credit hereunder, and that is reasonably
acceptable to the Administrative Agent (such acceptance not to be unreasonably
withheld, conditioned or delayed). The dollar amount of the commitment of each
L/C Issuer to issue Letters of Credit hereunder is referred to as its “L/C
Commitment.” The L/C Commitment of each Initial L/C Issuer is $50,000,000. When
the term “L/C Issuer” is used herein with reference to any Letter of Credit
issued hereunder, such term shall mean the issuer of such Letter of Credit, and
as otherwise used herein, with reference to any Letter of Credit issued
hereunder, the term “the L/C Issuer” shall mean “each L/C Issuer” or “the
applicable L/C Issuer,” as the context may require.
(xix)The definition of “Letter of Credit Sublimit” is amended by replacing the
reference to “$250,000,000” with “$300,000,000”.

(xx)The definition of “Material Adverse Effect” is amended by (1) deleting
“December 31, 2010” and inserting in lieu thereof “December 31, 2013” and (2)
deleting the proviso therefrom.

(xxi)The definition of “Material Subsidiaries” is amended by deleting “QEP Field
Services Company” therefrom.

(xxii)The definition of “Maturity Date” is amended by deleting “August 25, 2016”
and inserting in lieu thereof “December 2, 2019”.

(xxiii)The definition of “Sanctioned Country” is amended in its entirety to read
as follows:

“Sanctioned Country” means, at any time, a country or territory which itself is
the subject or target of any Sanctions.
(xxiv)The definition of “Sanctioned Person” is amended in its entirety to read
as follows:

“Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of

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Foreign Assets Control of the U.S. Department of the Treasury or, the U.S.
Department of State, or by the Canadian Government, the United Nations Security
Council, the European Union or any European Union member state (whether
designated by name or by reason of being included in a class of person), (b) any
Person domiciled, registered as located or having its main place of business,
operating, organized or resident in a Sanctioned Country, (c) any Person owned
or controlled by any such Person or the Persons described in the foregoing
clauses (a) or (b), or (d) with which any Lender is prohibited from dealing or
otherwise engaging in a transaction by any authority listed in clauses (a) or
(b) of the definition of “Sanctions”.
(xxv)The definition of “Shareholders’ Equity” is amended by deleting the last
sentence thereof.

(xxvi)The definition of “Subsidiary” is amended by deleting the proviso from the
last sentence thereof.

(b)Certain Additional Definitions. The following defined terms are hereby added
to Section 1.01 (Defined Terms) of the Credit Agreement in the appropriate
alphabetical order:

“Anti-Corruption Laws” means all laws, rules, and regulations of any
jurisdiction applicable to the Borrower or any of its Subsidiaries from time to
time concerning or relating to bribery, money-laundering or corruption.
“Connection Income Taxes” means Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or
branch profits Taxes.
“Consolidated Net Funded Debt” means Consolidated Funded Debt less unrestricted
cash and cash equivalents (up to $500,000,000 from the period beginning on the
Fourth Amendment Effective Date through and including December 31, 2015, and up
to $50,000,000 thereafter) that is not subject to any Lien other than a Lien
granted pursuant to this Agreement or any other Loan Document.
“Fourth Amendment Effective Date” means December 2, 2014.
“Participant Register” has the meaning specified in Section 10.07(f).
“Present Value to Consolidated Funded Debt Ratio” means, as of any date of
determination, the ratio of (a) Present Value as of such date to (b)
Consolidated Funded Debt as of such date.
“QEP Field Services Sale” means the sale by the Borrower, through its
wholly-owned Subsidiary, QEP Field Services Company, to Tesoro Logistics LP,
pursuant to the Sale Agreement, of the Borrower’s midstream business, which
consists of (a) certain gas gathering systems in the Uinta Basin and certain gas
processing complexes in the Green River and Uinta Basins, including any and all
commercial contracts or agreements related therewith, and (b) an approximate
55.8% limited partner interest in QEP Midstream Partners, LP, a publicly traded
partnership (“QEPM”), and 100% of QEPM’s general partner, which owns a 2.0%
general partner interest in QEPM and 100% of QEPM’s incentive distribution
rights, for an aggregate consideration of $2,500,000,000, subject to customary
purchase price adjustments.
“Sale Agreement” means the Membership Interest Purchase and Sale Agreement dated
October 19, 2014, as it may be amended, among QEP Field Services Company,

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as seller, and Tesoro Logistics LP, as purchaser, together with all exhibits and
schedules thereto and other material agreements executed in connection
therewith, together with any amendments thereto.
“Sanctions” means economic or financial sanctions laws and/or regulations, trade
embargoes, prohibitions, restrictive measures, decisions, Executive Orders or
notices from regulators implemented adapted, imposed, administered, enacted
and/or enforced from time to time by (a) the U.S. government, including those
administered by the Office of Foreign Assets Control of the U.S. Department of
the Treasury, the U.S. Department of Commerce or the U.S. Department of State,
or (b) the Canadian Government, the Norwegian State, the United Nations Security
Council, the European Union, any European Union member state or Her Majesty’s
Treasury of the United Kingdom, and any authority acting on behalf of any of
them in connection with any economic or financial sanctions laws and/or
regulations, trade embargoes, prohibitions, restrictive measures, decisions,
Executive Orders or notices from regulators implemented, adapted, imposed,
administered, enacted and/or enforced from time to time by any of them.
“U.S. Person” means any Person that is a “United States Person” as defined in
Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning specified in Section
3.01(g)(ii)(B)(iii).
(c)Certain Deleted Definitions. The following defined terms are hereby deleted
in their entirety from Section 1.01 (Defined Terms) of the Credit Agreement:

“Consolidated EBITDA-Midstream”
“Consolidated Interest Charges-Midstream”
“Consolidated Net Income-Midstream”
“General Partner”
“Midstream Assets”
“Midstream Services”
“Midstream Subsidiaries”
“MLP”
“MLP Entities”
“MLP IPO”
“MLP IPO Contribution”
“MLP IPO Transactions”
“MLP Registration Statement”
(d)Amendment to Section 2.03(a). Section 2.03(a) (The Letter of Credit
Commitment) of the Existing Credit Agreement is amended by deleting the word
“or” at the end of Section 2.03(a)(iii)(E), replacing

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the period at the end of Section 2.03(a)(iii)(F) with “; or” and adding the
following new clause (G) after Section 2.03(a)(iii)(F), which shall read in its
entirety as follows:

“(G)    the proceeds of such Letter of Credit would be made available to any
Person (i) to fund any activity or business of or with any Sanctioned Person, or
in any country or territory that, at the time of such funding, is the subject of
any Sanctions or (ii) in any manner that would result in a violation of any
Sanctions by any party to this Agreement.”
(e)Amendment to Section 2.14(a). Section 2.14(a) (Increase in Commitments) of
the Existing Credit Agreement is amended in its entirety to read as follows:

“(a)     Provided there exists no Default, upon notice to the Administrative
Agent (which shall promptly notify the Lenders), the Borrower may from time to
time request an increase in the Aggregate Commitments by an amount (for all such
requests) not exceeding $500,000,000; provided that any such request for an
increase shall be in a minimum amount of $25,000,000. To achieve the requested
increase, the Borrower may invite additional Eligible Assignees to become
Lenders, which Eligible Assignees shall be approved by the Administrative Agent
(unless such Eligible Assignee is an Approved Fund or an Affiliate of a Lender)
and the L/C Issuers (which approval, in each case, shall not be unreasonably
withheld, conditioned or delayed) and/or ask one or more Lenders to increase
their existing Commitments. Any increase in the Aggregate Commitments shall be
evidenced by documentation in form and substance reasonably satisfactory to the
Administrative Agent, the Borrower, and the Lenders party thereto. For the
avoidance of doubt, no Lender shall be obligated to increase its Commitment
pursuant to this Section 2.14.”
(f)Amendments to Section 2.15.

(i)Section 2.15(a) (Extension of Maturity Date) of the Existing Credit Agreement
is amended by revising the first sentence thereof as follows: replace the phrase
“anniversary date of this Agreement” with the phrase “anniversary date of the
Fourth Amendment Effective Date” and by revising the proviso at the end to read
as follows: “provided that not more than two such extensions shall be effected
after the Fourth Amendment Effective Date.”

(ii)Sections 2.15(c)(iv), 2.15(c)(v) and 2.15(c)(vi) of the Existing Credit
Agreement are renumbered to be Sections 2.15(d), 2.15(e) and 2.15(f),
respectively. The following additional numbering and cross-reference changes are
necessary due to such renumbering, and such changes are hereby made, as follows:

(A)In the definition of “Non-Extending Lenders”, the reference to “Section
2.15(c)(iv)” is changed to “Section 2.15(d)”.

(B)Sections 2.15(d) and 2.15(e) are renumbered as Sections 2.15(g) and 2.15(h),
respectively.

(C)In Section 2.15(c)(v), the reference therein to “Section 2.15(d)” is changed
to “Section 2.15(g)”.

(D)In Section 2.15(c)(vi):

(1)the reference therein to “clause (iii)” is changed to “Section 2.15(c)(iii)”;

(2)the reference therein to “clause (iv)” is changed to “Section 2.15(d)”;

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(3)the references therein to “clause (v)” are changed to “Section 2.15(e)”; and

(4)the reference therein to “clause (vi)” is changed to “Section 2.15(f)”.

(g)Amendment to Section 2.16(b). Section 2.16(b) (Defaulting Lender Waterfall)
of the Existing Credit Agreement is amended by adding the words “to the extent
permitted by applicable Laws,” before the words “Cash Collateralize” in clause
third and clause fifth thereof.

(h)Amendments to Section 3.01. Section 3.01 (Taxes) of the Existing Credit
Agreement is amended as follows:
(i)By replacing all references in Section 3.01(g) to “executed originals” with
the words “executed copies”.

(ii)By replacing all references in Section 3.01(g) to “IRS Form W-8BEN” with the
words “IRS Form W-8BEN-E”.

(iii)By adding the following sentence at the end of Section 3.01(g)(ii)(D):

“For purposes of determining withholding Taxes imposed under FATCA, from and
after the Fourth Amendment Effective Date, the Borrower and the Administrative
Agent shall treat (and the Lenders hereby authorize the Administrative Agent to
treat) this Agreement as not qualifying as a "grandfathered obligation" within
the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).”
(i)Amendment to Section 3.04. The last paragraph of Section 3.04(a) (Increased
Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans) of
the Existing Credit Agreement is amended in its entirety to read as follows:

“and the result of any of the foregoing shall be to increase the cost to such
Lender or such other Recipient of making, converting to, continuing or
maintaining any Loan or of maintaining its obligation to make any such Loan, or
to increase the cost to such Lender, the L/C Issuer or such other Recipient of
participating in, issuing or maintaining any Letter of Credit (or of maintaining
its obligation to participate in or to issue any Letter of Credit), or to reduce
the amount of any sum received or receivable by such Lender, the L/C Issuer or
other Recipient hereunder (whether of principal, interest or any other amount)
then, upon request of such Lender, the L/C Issuer, or other Recipient, the
Borrower will pay to such Lender. the L/C Issuer or other Recipient, as the case
may be, such additional amount or amounts as will compensate such Lender, the
L/C Issuer or other Recipient, as the case may be, for such additional costs
incurred or reduction suffered.”
(j)Amendment to Section 5.09. Section 5.09 (Litigation) of the Existing Credit
Agreement is amended by deleting “December 31, 2010” and inserting in lieu
thereof “December 31, 2013”.

(k)Amendment to Section 5.12. Section 5.12 (Environmental and Other Laws) of the
Existing Credit Agreement is amended by deleting “December 31, 2010” and
inserting in lieu thereof “December 31, 2013”.

(l)Amendment to Section 5.19. Section 5.19 of the Existing Credit Agreement is
amended in its entirety to read as follows:

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“5.19 Anti-Corruption Laws and Sanctions. The Borrower, its Subsidiaries, their
joint ventures and their respective officers and employees and, to the knowledge
of the Borrower, the Borrower’s and its Subsidiaries’ directors and agents, have
been and are in compliance with Anti-Corruption Laws and applicable Sanctions in
all material respects. None of (a) the Borrower, any Subsidiary or, to the
knowledge of the Borrower or such Subsidiary, any of their respective directors,
officers, employees, agents or representatives, is (i) a Sanctioned Person, or
is involved in any transaction through which it is likely to become a Sanctioned
Person, or (ii) subject to or involved in any inquiry, claim, action, suit,
proceeding or investigation against it with respect to any Anti-Corruption Laws
or applicable Sanctions, or (b) to the knowledge of the Borrower, any agent of
the Borrower or any Subsidiary that will act in any capacity in connection with
or benefit from the credit facility established hereby, is a Sanctioned Person.
No Borrowing or issuance of any Letter of Credit, use of proceeds or other
transaction contemplated by this Agreement will violate any Anti-Corruption Laws
or applicable Sanctions.”
(m)Amendments to Section 6.01(a) and Section 6.01(b). Section 6.01(a) and
Section 6.01(b) of the Existing Credit Agreement are each amended by deleting
the following language therefrom:

“and with respect to any financial statements relating to a period that includes
any date occurring on or after the consummation of the MLP IPO, setting forth a
reasonably detailed reconciliation of each of the components reflected in such
calculations to the corresponding amounts set forth in such financial
statements,”
(n)Amendment to Section 6.01(d). Section 6.01(d) of the Existing Credit
Agreement is amended in its entirety to read as follows:

“Intentionally Deleted.”
(o)The first sentence of the paragraph immediately following Section 6.01(d) is
amended by replacing the reference therein to “Section 6.01(a), (b), (c) or (d)”
with the words “Section 6.01(a), (b) or (c)”.

(p)Amendment to Section 6.02. Section 6.02 (Other Information and Inspections)
of the Existing Credit Agreement is amended by adding the following sentence
after the first sentence thereof:

“The Borrower will furnish to the Administrative Agent (a) within 15 days of
becoming aware, the details of any inquiry, claim, action, suit, proceeding or
investigation pursuant to any Sanctions against it, any of its Subsidiaries, or
any of their respective directors, officers or employees, as well as information
on what steps are being taken with regards to answer or oppose such, and (b)
within 15 days of becoming aware, any information that it, any of its
Subsidiaries, or any of their respective directors, officers or employees has
become or is likely to become a Sanctioned Person.”
(q)Addition of Section 6.12. The following is added as a new Section 6.12 to the
Credit Agreement:

“6.12    Sanctions. The Borrower shall ensure that neither it, nor any of its
Subsidiaries, nor their respective directors, officers or employees, is or will
become a Sanctioned Person.”
(r)Amendment to Section 7.06. Section 7.06 (Transactions with Affiliates) of the
Existing Credit Agreement is amended by deleting clauses (d) and (e) therefrom,
by adding the word “and” before clause (c), and by adding a period at the end of
clause (c).

--------------------------------------------------------------------------------

(s)Amendments to Section 7.09. Section 7.09 (Dispositions of Property) of the
Existing Credit Agreement is amended as follows:

(i)    Section 7.09(j) is amended by deleting the reference to “Investments in
the MLP”, so that Section 7.09(j) as amended hereby reads in its entirety as
follows:
“(j) other property which is sold for fair consideration, provided that the net
book value of such property sold during any fiscal year, when added to the net
book value of other property sold during such fiscal year, do not exceed an
amount equal to fifteen percent (15%) of the consolidated net book value of the
Borrower’s and its Restricted Subsidiaries’ property, plant and equipment as of
the last day of the previous fiscal quarter;”
(ii)    Section 7.09(k) is amended in its entirety to read as follows:
“Intentionally Deleted;”
(iii)    Section 7.09(l) is amended in its entirety to read as follows:
“Intentionally Deleted; and”
(t)Amendment to Section 7.11(a). Section 7.11(a) (Consolidated Funded Debt to
Capitalization Ratio) of the Existing Credit Agreement is amended by adding the
following sentence at the end thereof:

“From and after the Fourth Amendment Effective Date, the first date for
measurement of the Consolidated Funded Debt to Capitalization Ratio shall be
March 31, 2015.”
(u)Amendment to Section 7.11(b). Section 7.11(b) (Leverage Ratio) of the
Existing Credit Agreement is amended in its entirety to read as follows:

“(b)    Leverage Ratio. As of the last day of each fiscal quarter of the
Borrower, the Consolidated Leverage Ratio will not exceed 3.75 to 1.0. From and
after the Investment Grade Date, this Section 7.11(b) shall cease to apply. From
and after the Fourth Amendment Effective Date, the first date for measurement of
the Consolidated Leverage Ratio shall be March 31, 2015.”
(v)Amendment to Section 7.11(c). Section 7.11(c) (Maximum Allowable Debt) of the
Existing Credit Agreement is amended in its entirety to read as follows:

“(c)    Present Value to Consolidated Funded Debt Ratio. The Borrower shall
maintain, at all times during a Debt Ratings Trigger Period, a Present Value to
Consolidated Funded Debt Ratio of at least 1.50 to 1.0. From and after the
Fourth Amendment Effective Date, the first date for measurement of the Present
Value to Consolidated Funded Debt Ratio shall be March 31, 2015.”
(w)Amendment to Section 7.13. Section 7.13 (MLP Entities) of the Existing Credit
Agreement is deleted and replaced with the following:

“7.13    Use of Proceeds. The Borrower will not request any Borrowing or Letter
of Credit, and the Borrower shall not use, and shall procure that its
Subsidiaries and its or their respective directors, officers, employees and
agents shall not use, the proceeds of any Borrowing or Letter of Credit (a) in
furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any Person in
violation of any Anti-Corruption Laws, (b) for the purpose of funding,

--------------------------------------------------------------------------------

financing or facilitating any activities, business or transaction of or with any
Sanctioned Person, or in any Sanctioned Country, or (c) in any manner that would
result in the violation of any Sanctions applicable to any party hereto.”
(x)Amendment to Section 10.07(d). Section 10.07(d) (Participations) of the
Existing Credit Agreement is amended by adding the words “or the Swing Line
Lender or the L/C Issuer,” before the word “sell”.

(y)Amendment to Section 10.07(f). Section 10.07(f) (Participant Register) of the
Existing Credit Agreement is amended by replacing the words “an agent” in the
first sentence thereof with the words “a non-fiduciary agent”.

(z)Amended Cover Page. The cover page of the Existing Credit Agreement is hereby
replaced in its entirety with the cover page attached hereto as Annex A.

(aa)Amendment to Schedule 5.12. Schedule 5.12 (Environmental Matters) of the
Existing Credit Agreement is amended by deleting “December 31, 2010” and
inserting in lieu thereof “December 31, 2013”.

(ab)Amendments to Exhibits E-1, E-2, E-3 and E-4. Exhibits E-1, E-2, E-3 and E-4
(Forms of U.S. Tax Compliance Certificate) to the Existing Credit Agreement are
amended by replacing all references therein to “IRS Form W-8BEN” with the words
“IRS Form W-8BEN-E”.

4.Conditions of Effectiveness. This effectiveness of this Amendment is subject
to the satisfaction of the following conditions precedent.

(a)The Administrative Agent shall have received each of the following:

(i)counterparts of this Amendment executed by the Borrower, the Administrative
Agent, each L/C Issuer and each Lender with a Commitment shown on Schedule 2.01
attached hereto;

(ii)a Note executed by the Borrower in favor of each New Lender requesting a
Note;

(iii)a certificate of a Responsible Officer of the Borrower (A) certifying as to
the incumbency and genuineness of the signature of each officer of the Borrower
executing this Amendment, (B) certifying that attached thereto is a true,
correct and complete copy of the Organization Documents of the Borrower, or
certifying that such Organization Documents were delivered on the Closing Date
and certifying that since such date there have been no changes thereto and (C)
attaching resolutions adopted by the board of directors (or other governing
body) of the Borrower authorizing and approving the transactions contemplated
hereunder and the execution, delivery and performance of this Amendment;

(iv)a certificate evidencing the existence and good standing of the Borrower,
issued as of a recent date by the applicable Governmental Authority of its
jurisdiction of organization;

(v)a favorable opinion of Latham & Watkins, LLP, covering such matters
concerning the Borrower and this Amendment as the Arrangers may reasonably
request, in form and substance reasonably satisfactory to the Arrangers, such
opinion to be addressed to the Administrative Agent and each Lender;

(vi)(A) quarterly financial statements and compliance certificate as required by
the Existing Credit Agreement for the fiscal quarter ended September 30, 2014,
and (B) pro forma consolidated financial statements for the Borrower and its
Subsidiaries for the nine-month period ended September 30, 2014 (the “Pro Forma
Financial Statements”), consisting of a consolidated statement of earnings and a
balance sheet, in each case giving pro forma effect to the Transactions as if
the Transactions had occurred as of such date (in the case of

--------------------------------------------------------------------------------

such balance sheet) or at the beginning of such period (in the case of such
statement of earnings), and in each case certified by a Responsible Officer of
the Borrower; and

(vii)A copy of the fully executed Sale Agreement, together with all exhibits and
schedules thereto and other material agreements executed in connection with the
QEP Field Services Sale, together with any amendments thereto.

(b)All consents, licenses and approvals required in connection with the
execution, delivery and performance by the Borrower and the validity against the
Borrower of the Credit Agreement and other Loan Documents shall have been
obtained and shall be in full force and effect, and a Responsible Officer shall
certify to such effect or shall certify that no such consents, license and
approvals are required.

(c)(i) The QEP Field Services Sale shall have been, or substantially
concurrently with the satisfaction of the other conditions precedent to the
Fourth Amendment Effective Date, shall be, consummated on the Fourth Amendment
Effective Date in accordance in all material respects with the terms of the Sale
Agreement, and (ii) no provision of the Sale Agreement, in the form of the Sale
Agreement filed with the SEC on October 19, 2014, shall have been waived,
amended, supplemented or otherwise modified, and no consent or request by the
Borrower or any of its Subsidiaries shall have been provided thereunder, in each
case in a manner which is materially adverse to the interests of the Lenders
without the Arrangers’ written consent. Without limiting the foregoing, it is
agreed that a reduction in the sales price of more than 25% of the sales price
shall be deemed “materially adverse to the interests of the Lenders.”

(d)The Borrower shall have repaid (or substantially concurrently with the
satisfaction of the other conditions precedent to the Fourth Amendment Effective
Date, shall repay) on the Fourth Amendment Effective Date all Loans and other
amounts owed under the Term Loan Agreement.

(e)The Borrower shall have terminated all lender and letter of credit issuer
commitments under the QEPM Credit Agreement and shall have repaid (or
substantially concurrently with the satisfaction of the other conditions
precedent to the Fourth Amendment Effective Date shall repay) on the Fourth
Amendment Effective Date all loans and other amounts owed under the QEPM Credit
Agreement. As used herein, the “QEPM Credit Agreement” means the Credit
Agreement dated as of August 14, 2013 among QEP Midstream Partners Operating,
LLC, as Borrower, QEP Midstream Partners, LP, as parent guarantor, Wells Fargo
Bank, N.A., as Administrative Agent, and the lenders and other parties thereto,
as amended.

(f)On and as of the Fourth Amendment Effective Date, both before and immediately
after giving effect to the Transactions, (i) there shall exist no Default, and
(ii) the representations and warranties of the Borrower set forth in the Credit
Agreement shall be true and correct in all material respects on and as of such
date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct in all
material respects as of such earlier date, provided that in each case, such
materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text
thereof, and except that the representations and warranties contained in
subsections (a) and (b) of Section 5.06 shall be deemed to refer to the most
recent statements furnished pursuant to subsections (a) and (b), respectively,
of Section 6.01.

(g)Before and after taking into account the Transactions, since December 31,
2013, there shall not have occurred any event or circumstance that has or could
reasonably be expected to, either individually or in the aggregate, result in a
Material Adverse Effect.

(h)The Administrative Agent shall have received a certificate of a Responsible
Officer of the Borrower (A) attaching and certifying as to a true, correct and
complete copy of the Sale Agreement or certifying as to a copy that has been
filed publicly or previously delivered and (B) a certificate of a Responsible
Officer of the Borrower attaching and certifying as to calculations that: (i)
indicate the amount of EBITDAX that would have been required for the four
quarters ending on September 30, 2014 in order to achieve a Consolidated
Leverage Ratio of 3.75 to 1.0 on such date assuming outstanding Consolidated Net
Funded Debt on such date in the amount that is outstanding on

--------------------------------------------------------------------------------

the Fourth Amendment Effective Date after giving effect to the Transactions, and
(ii) indicate the maximum amount of Consolidated Net Funded Debt that would be
allowed under a Consolidated Leverage Ratio of 3.75 to 1.0 assuming EBITDAX
(calculated using the Pro Forma Financial Statements delivered pursuant to
Section 4(a)(vi) above) for the three quarters ending September 30, 2014 times
4/3, (C) certifying that, after giving effect to the Transactions, the Borrower
and its Subsidiaries, on a consolidated basis, are solvent on such date, and (D)
certifying as to the matters set forth in clauses (b) - (g) of this Section
4.02(a) and as to the representations and warranties set forth in Section 5
below;

(i)The Administrative Agent shall have received, to the extent not previously
delivered and to the extent requested, at least two Business Days prior to the
Fourth Amendment Effective Date, all documentation and other information
required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the Act.

(j)The Borrower shall have paid all Lender upfront fees, Arranger fees and the
Administrative Agent and Lead Arranger expenses, including Attorney Costs of one
counsel to the Administrative Agent and Wells Fargo Securities, LLC.

(k)The Borrower shall have repaid (or substantially concurrently with the
satisfaction of the other conditions precedent to the Fourth Amendment Effective
Date shall repay on the Fourth Amendment Effective Date), to the Administrative
Agent for the account of the Lenders that are parties to the Existing Credit
Agreement, the principal balance of all outstanding Loans together with accrued
and unpaid interest thereon, accrued fees and other amounts if any then due and
payable to such Lenders under the Agreement.

(l)The Fourth Amendment Effective Date shall occur on or prior to December 31,
2014.

5.Representations and Warranties. The Borrower represents and warrants that on
the Fourth Amendment Effective Date both before and after giving effect to the
Transactions:

(a)This Amendment has been duly authorized, executed and delivered by the
Borrower, and this Amendment and the Credit Agreement as modified hereby each
constitutes a legal, valid and binding obligation of the Borrower enforceable in
accordance with its respective terms, except as such enforcement may be limited
by bankruptcy, insolvency or similar Laws of general application relating to the
enforcement of creditors’ rights or by general principles of equity, regardless
of whether considered in a proceeding in equity or at law.

(b)No Default exists.

(c)The Borrower (or its applicable Affiliate) has received (i) all approvals
required by the Organization Documents of the Borrower (or such Affiliate) for
the consummation of the QEP Field Services Sale and (ii) all material consents
and approvals of Governmental Authorities required for the consummation of the
QEP Field Services Sale. The QEP Field Services Sale has been consummated or is
being consummated on the Fourth Amendment Effective Date in accordance in all
material respects with the terms of the Sale Agreement and in compliance in all
material respects with applicable Laws and regulatory approvals.

(d)Other than Borrowings under the Existing Credit Agreement, the Borrower has
not incurred material Indebtedness for borrowed money since September 30, 2014.

6.Effect of Amendment. This Amendment, except as expressly provided herein,
shall not be deemed to be a consent to the modification or waiver of any other
term or condition of the Existing Credit Agreement. Except as otherwise
expressly provided by this Amendment, all of the terms, conditions and
provisions of the Existing Credit Agreement and the other Loan Documents shall
remain the same, and are hereby ratified and affirmed, and the Credit Agreement,
as amended hereby, and the other Loan Documents shall continue in full force and
effect. From and after the date hereof, each reference in the Credit Agreement,
including the schedules and exhibits thereto and the other

--------------------------------------------------------------------------------

documents delivered in connection therewith, to the “Credit Agreement,” “this
Amendment,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean
and be a reference to the Credit Agreement as amended hereby.

7.Limited Waivers. To the extent necessary to permit the QEP Field Services Sale
and the MLP Loan Transaction, the Administrative Agent and the undersigned
Lenders hereby waive the provisions of Section 7.09 and Section 7.13(e) of the
Existing Credit Agreement. The waivers set forth in this Amendment are limited
precisely as written and shall not be deemed to: (a) be a waiver of or a consent
to the modification of or deviation from any other term or condition of the
Credit Agreement or the other Loan Documents or any of the other instruments or
agreements referred to therein; or (b) prejudice any right or rights which any
Lender, the L/C Issuer, the Swing Line Lender or the Administrative Agent now
has or may have in the future under or in connection with the Credit Agreement,
the Loan Documents or any of the other instruments, agreements or other
documents referred to therein.

8.Miscellaneous. This Amendment shall for all purposes be construed in
accordance with and governed by the laws of the State of New York. The captions
in this Amendment are for convenience of reference only and shall not define or
limit the provisions hereof. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. Delivery of an executed
counterpart of this Amendment by facsimile or in electronic form shall be
effective as the delivery of a manually executed counterpart. This Amendment
shall be a “Loan Document” as defined in the Credit Agreement.

9.Waiver of Advance Notice of Prepayment and Termination of Commitments under
the Term Loan Agreement and under the QEPM Credit Agreement.

(a)Borrower shall have repaid (or substantially concurrently with the
satisfaction of the other conditions precedent to the Fourth Amendment Effective
Date, shall repay) on the Fourth Amendment Effective Date all Loans and other
amounts owed under the Term Loan Agreement, as required by Section 4(d) of this
Amendment. Execution of this Amendment by the Lenders who are lenders under the
Term Loan Agreement shall constitute a waiver of the notice provisions in
Section 2.05 of the Term Loan Agreement that would otherwise be applicable to
such prepayment, and the administrative agent under the Term Loan Agreement may
rely on this Section 9.

(b)QEPM has given, or contemporaneously with the Borrower’s execution and
delivery of this Amendment is giving, to the administrative agent under the QEPM
Credit Agreement, notice of the termination of commitments of the lenders under
the QEPM Credit Agreement, so that such commitments terminate on the Fourth
Amendment Effective Date. Execution of this Amendment by the Lenders who are
lenders under the QEPM Credit Agreement shall constitute a waiver of the notice
provisions in Section 2.06 of the QEPM Credit Agreement that would otherwise be
applicable to such termination, and the administrative agent under the QEPM
Credit Agreement may rely on this Section 9.

10.Entire Agreement. THE CREDIT AGREEMENT (AS AMENDED BY THIS AMENDMENT) AND THE
OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.
[SIGNATURES PAGES FOLLOW]

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers effective as
of the date first written above.
QEP RESOURCES, INC., as the Borrower

By: /s/ Richard J. Doleshek    
Name: Richard J. Doleshek
Title: Executive Vice President
and Chief Financial Officer

--------------------------------------------------------------------------------

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, L/C Issuer,
Swing Line Lender and a Lender
By: /s/ Leanne Phillips    
Name: Leanne Phillips
Title: Director

--------------------------------------------------------------------------------

BMO HARRIS FINANCING, INC., as a Lender
By: /s/ Kevin Utsey    
Name: Kevin Utsey
Title: Director

--------------------------------------------------------------------------------

CITIBANK, N.A., as a Lender
By: /s/ Lisa Huang    
Name: Lisa Huang
Title: Attorney-in-Fact

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DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
By: /s/ Kirk L. Tashjian    
Name: Kirk L. Tashjian
Title: Vice President

By: /s/ Peter Cucchiara    
Name: Peter Cucchiara
Title: Vice President

--------------------------------------------------------------------------------

JPMORGAN CHASE BANK, N.A., as a Lender
By: /s/ Robert Traband    
Name: Robert Traband
Title: Managing Director

--------------------------------------------------------------------------------

U.S. BANK NATIONAL ASSOCIATION, as a Lender
By: /s/ Ben J. Leonard    
Name: Ben J. Leonard
Title: Vice President

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender
By: /s/ Sherwin Brandford    
Name: Sherwin Brandford
Title: Director

--------------------------------------------------------------------------------

COMPASS BANK, as a Lender
By: /s/ Rhianna Disch    
Name: Rhianna Disch
Title: Vice President

--------------------------------------------------------------------------------

BNP PARIBAS, as a Lender

By: /s/ Sriram Chandrasekaran    
Name: Sriram Chandrasekaran
Title: Director

By: /s/ Julien Pecoud-Bouvet    
Name: Julien Pecoud-Bouvet
Title: Vice President

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CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

By: /s/ Mason McGurrin    
Name: Mason McGurrin
Title: Managing Director

--------------------------------------------------------------------------------

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
By: /s/ Mark Roche    
Name: Mark Roche
Title: Managing Director
By: /s/ Michael Willis    
Name: Michael Willis
Title: Managing Director

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DNB CAPITAL LLC, as a Lender
By: /s/ Asulv Tveit    
Name: Asulv Tveit
Title: Vice President
By: /s/ Joe Hykie    
Name: Joe Hykie
Title: Senior Vice President

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PNC BANK, NATIONAL ASSOCIATION, as a Lender
By: /s/ Jonathan Luchansky    
Name: Jonathan Luchansky
Title: Assistant Vice President

--------------------------------------------------------------------------------

SUNTRUST BANK, as a Lender
By: /s/ Chulley Bogle    
Name: Chulley Bogle
Title: Vice President

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TORONTO DOMINION (NEW YORK) LLC, as a Lender
By: /s/ Masood Fikree    
Name: Masood Fikree
Title: Authorized Signatory

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AMEGY BANK NATIONAL ASSOCIATION, as a
Lender

By: /s/ Kevin Donaldson    
Name: Kevin Donaldson
Title: SVP

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BRANCH BANKING AND TRUST COMPANY, as a Lender
By: /s/ Ryan K. Michael    
Name: Ryan K. Michael
Title: Senior Vice President

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CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender
By: /s/ Trudy Nelson    
Name: Trudy Nelson
Title: Authorized Signatory
By: /s/ William M. Reid    
Name: William M. Reid
Title: Authorized Signatory

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COMERICA BANK, as a Lender
By: /s/ John S. Lesikar    
John S. Lesikar
Vice President

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EXPORT DEVELOPMENT CANADA, as a Lender
By: /s/ Benoit Dumont    
Name: Benoit Dumont
Title: Senior Associate
By: /s/ Christiane de Billy    
Name: Christiane de Billy
Title: Senior Financing Manager

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FIFTH THIRD BANK, as a Lender
By: /s/ Jonathan H Lee    
Name: Jonathan H Lee
Title: Director

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GOLDMAN SACHS BANK USA, as a Lender
By: /s/ Rebecca Kratz    
Name: Rebecca Kratz
Title: Authorized Signatory

--------------------------------------------------------------------------------

SANTANDER BANK, N.A., as a Lender
By: /s/ Peter Lopoukhine    
Name: Peter Lopoukhine
Title: Sr Banker

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SUMITOMO MITSUI BANKING CORPORATION, as a Lender
By: /s/ James D. Weinstein    
Name: James D. Weinstein
Title: Managing Director

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Annex A

Revised Cover Page For Credit Agreement

See the following page

--------------------------------------------------------------------------------

Published CUSIP Number: 74733YAD6

CREDIT AGREEMENT

Dated as of August 25, 2011

as amended by First Amendment to Credit Agreement
dated as of July 6, 2013,
and by Second Amendment to Credit Agreement
dated as of August 13, 2013,
and by Third Amendment to Credit Agreement
dated as of February 25, 2014,
and by Fourth Amendment to Credit Agreement and Commitment Increase Agreement
dated as of December 2, 2014

among

QEP RESOURCES, INC.,
as the Borrower,
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, L/C Issuer and Swing Line Lender
and
The Lenders Party Hereto

DEUTSCHE BANK SECURITIES INC.
and
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
as Co-Syndication Agents

BANK OF MONTREAL,
CITIBANK, N.A.
and
U.S. BANK NATIONAL ASSOCIATION,
as Co-Documentation Agents

WELLS FARGO SECURITIES LLC,
BMO CAPITAL MARKETS FINANCING, INC.,
CITIGROUP GLOBAL MARKETS INC.,
DEUTSCHE BANK SECURITIES INC.,
J.P. MORGAN SECURITIES LLC,
and
U.S. BANK NATIONAL ASSOCIATION,
as Joint Lead Arrangers and Joint Bookrunners

--------------------------------------------------------------------------------

SCHEDULE 2.01
COMMITMENTS
AND PRO RATA SHARES
QEP Resources, Inc. Credit Agreement
Lender
Commitment
Pro Rata Share
Wells Fargo Bank, National Association
$112,500,000.00
6.250%
BMO Harris Financing, Inc.
$94,500,000.00
5.250%
Citibank, N.A.
$94,500,000.00
5.250%
Deutsche Bank AG New York Branch
$94,500,000.00
5.250%
JPMorgan Chase Bank, N.A.
$94,500,000.00
5.250%
U.S. Bank National Association
$94,500,000.00
5.250%
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
$76,500,000.00
4.250%
Compass Bank
$76,500,000.00
4.250%
BNP Paribas
$76,500,000.00
4.250%
Capital One, National Association
$76,500,000.00
4.250%
Credit Agricole Corporate and Investment Bank
$76,500,000.00
4.250%
DNB Capital LLC
$76,500,000.00
4.250%
PNC Bank, National Association
$76,500,000.00
4.250%
SunTrust Bank
$76,500,000.00
4.250%
Toronto Dominion (New York) LLC
$76,500,000.00
4.250%
Amegy Bank National Association
$58,500,000.00
3.250%
Branch Banking and Trust Company
$58,500,000.00
3.250%
Canadian Imperial Bank of Commerce, New York Branch
$58,500,000.00
3.250%
Comerica Bank
$58,500,000.00
3.250%
Export Development Canada
$58,500,000.00
3.250%
Fifth Third Bank
$58,500,000.00
3.250%
Goldman Sachs Bank USA
$58,500,000.00
3.250%
Santander Bank, N.A.
$58,500,000.00
3.250%
Sumitomo Mitsui Banking Corporation
$58,500,000.00
3.250%
Total
$1,800,000,000.00
100.000%