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January 2015 Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Jan 8, 2015 · 22 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. January 2015 Investor Presentation – QEP Resources, Inc. – slide 1
    INVESTOR PRESENTATION JANUARY 2015
  2. January 2015 Investor Presentation – QEP Resources, Inc. – slide 2
    QEP AT A GLANCE Balanced upstream portfolio Proved reserves of 4.1 Tcfe at YE 2013 in multiple US basins Product diversity In 3Q14, crude oil represented 64% of QEP Energy field-level revenues and 35% of natural gas equivalent…
  3. January 2015 Investor Presentation – QEP Resources, Inc. – slide 3
    2014 HIGHLIGHTS The Permian Basin acquisition closed on February 25, 2014 for total consideration of approximately 942 million Completed sale of QEP Field Services, including QEPs ownership interest in QEPM (GP and LP) on December…
  4. January 2015 Investor Presentation – QEP Resources, Inc. – slide 4
    EXECUTING ON TRANSITION TO OIL 180 5.0 Bcfe 20:1 (left axis) 160 Natural Gas (left axis) 4.5 Bcfe 6:1 (left axis) 4.0 140 NGL (right axis) Gas/Total production (Bcf/Bcfe) Oil (right axis) 3.5 Oil/NGL production (MMBbl)…
  5. January 2015 Investor Presentation – QEP Resources, Inc. – slide 5
    EXECUTING ON TRANSITION TO OIL 18 16 14 Oil production (MMBbl) 12 10 8 6 4 2 - 2010 2011 2012 2013 2014F (1) 2014F represents midpoint of guidance as of November 5, 2014 5
  6. January 2015 Investor Presentation – QEP Resources, Inc. – slide 6
    ASSET OVERVIEW Oil plays QEP Energy 3Q 2014 Liquids-rich plays Production Revenues Dry-gas play Pinedale ND 28% Anticline 64% WY Williston Basin 8% Uinta Basin CO Oil NGL Natural Gas UT QEP Resources 2013YE Proved…
  7. January 2015 Investor Presentation – QEP Resources, Inc. – slide 7
    AREAS OF OPERATIONS E&P
  8. January 2015 Investor Presentation – QEP Resources, Inc. – slide 8
    WILLISTON BASIN 109,000 NET ACRES Approx. Eastern QEP net production field boundary (Boepd) 50,000 45,000 40,000 35,000 30,000 25,000 Fort Berthold 20,000 15,000 10,000 5,000 0 South Antelope 109,000 net acres Changed to high…
  9. January 2015 Investor Presentation – QEP Resources, Inc. – slide 9
    WILLISTON BASIN SOUTH ANTELOPE Acquisition closed on 9/27/2012 for 1.4 billion Pre-tax PV-10 proved reserves of over 2.2 billion as of 12/31/2013 Total net capital spend (including acquisition costs) less EBITDA of 1.5 billion through…
  10. January 2015 Investor Presentation – QEP Resources, Inc. – slide 10
    WILLISTON BASIN FORT BERTHOLD RESERVATION Strong well performance Substantial inventory for future development 5,000 to 12,500-ft laterals Proved reserves of 46 MMBoe (1) CURRENT ACTIVITY Number of rigs (as of 9/30/2014) 2…
  11. January 2015 Investor Presentation – QEP Resources, Inc. – slide 11
    PERMIAN BASIN ACREAGE LOCATION Vertical Rigs Horizontal Rigs Deepest part of the Midland Basin Andrews, TX Best Midland Basin horizontal well 24 hr. IP: 3,605 Boed Midland, TX 10 Miles Deepest part of the basin…
  12. January 2015 Investor Presentation – QEP Resources, Inc. – slide 12
    PERMIAN BASIN 5 horizontal and 306 vertical operated producing wells (1) Completed 21 vertical wells in third quarter 2014, 7 WOC (1) Completed 5 horizontal wells in Q3 (1 non-op), 2 WOC (1), 2 drilling Testing multiple horizontal…
  13. January 2015 Investor Presentation – QEP Resources, Inc. – slide 13
    PERMIAN BASIN OFFSET HORIZONTAL ACTIVITY 2 Miles Wolfcamp B Wolfcamp B 24 hr IP = 613 Boed 24 hr IP = 1,029 Boed 30-D Avg = 516 Boed 30-D Avg = 788 Boed Wolfcamp B 24 hr IP = 927 Boed 30-D Avg = 684 Boed Wolfcamp D/ Cline…
  14. January 2015 Investor Presentation – QEP Resources, Inc. – slide 14
    STACKED HORIZONTAL DRILLING TARGETS Estimated 300+ MMBO per square mile of original oil in place 3,000 feet of oil-charged vertical section Up to 775 future horizontal locations Martin/Andrews block alone holds an estimated 7.7…
  15. January 2015 Investor Presentation – QEP Resources, Inc. – slide 15
    GREEN RIVER BASIN PINEDALE CURRENT ACTIVITY QEP PDP well Other operators Number of rigs (as of 9/30/2014) 4 (No QEP interest) Well cost (MM) 4.0 QEP leasehold Avg. gross EUR (Bcfe) 4.6 Gross locations remaining (1) up to 600 (1)…
  16. January 2015 Investor Presentation – QEP Resources, Inc. – slide 16
    UINTA BASIN RED WASH LOWER MESAVERDE Proved reserves of 402 Bcfe (1) GEOLOGIC AGE FORMATION UTAH Green River Approximately 250,000 net TERTIARY acres in the Uinta Basin Uinta Basin Wasatch Over 32,000 net acres in the Mesaverde…
  17. January 2015 Investor Presentation – QEP Resources, Inc. – slide 17
    WHY INVEST IN QEP Focused inventory of high-quality crude oil and natural gas assets Well positioned for future growth Williston Basin crude oil play Permian Basin crude oil play Pinedale liquids-rich gas play Uinta Basin (Lower…
  18. January 2015 Investor Presentation – QEP Resources, Inc. – slide 18
    APPENDIX
  19. January 2015 Investor Presentation – QEP Resources, Inc. – slide 19
    DEBT MATURITY SCHEDULE* 2,000 1,800 MM Revolving Credit 1,750 2.00% 1,500 1,250 6.875% 5.25% 1,000 5.375% 750 650.0 625.0 500.0 500 176.8 MM Senior Notes 6.80% 6.80% 6.05% 250 134.0 136.0 0 2013 2014 2015 2016…
  20. January 2015 Investor Presentation – QEP Resources, Inc. – slide 20
    COMMODITY DERIVATIVES QEP Energy Gas, oil and NGL derivatives (as of 10/31/2014) (prices before deducts) 3.1 MMBbls Oil 93.54 / Bbl - WTI 8.1 MMBbls Oil 27.6 Bcf Gas 36.6 Bcf Gas 90.78 / Bbl - WTI 4.12 / Mcf 4.12 / Mcf Gas…
  21. January 2015 Investor Presentation – QEP Resources, Inc. – slide 21
    2014 GUIDANCE 2014 GUIDANCE (AS OF 11/05/2014) LOW HIGH QEP Energy Oil production (MMBbl) 16.3 16.5 QEP Energy NGL production (MMBbl) 6.6 6.7 QEP Energy natural gas production (Bcf) 175 178 QEP Energy total equivalent production…
  22. January 2015 Investor Presentation – QEP Resources, Inc. – slide 22
    (1) QEP RESOURCES CAPITAL ALLOCATION 2,000 1,800 1,600 Corporate 1,400 Exploratory drilling 51% 1,200 Williston million 32% 1,000 57% Uinta 800 10% 4% Pinedale Permian 600 17% 29% 8% Midcontinent/SCOOP 400 18%…

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