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Barclays Capital CEO Energy Power Conference – QEP Resources, Inc.

QEP Resources, Inc. · Sep 2, 2015 · 24 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. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 1
    INVESTOR PRESENTATION SEPTEMBER 2015
  2. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 2
    QEP AT A GLANCE Balanced upstream portfolio Proved reserves of 3.9 Tcfe at YE 2014 in multiple US basins Product diversity Crude oil Natural gas Natural gas liquids Focused investment in: Williston Basin crude oil play Permian…
  3. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 3
    2015 OUTLOOK Focus on driving down completed well costs and improving operating efficiency Well costs in our oil plays have declined over 30% since 4Q 2014 Well costs in Pinedale have declined over 14% since 4Q 2014 Reduce capital…
  4. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 4
    EXECUTING ON TRANSITION TO OIL 20 18.5 18 17.1 16 14 Oil production (MMBbl) 12 10.2 10 8 6.3 6 4 3.7 3.0 2 - 2010 2011 2012 2013 2014 2015E (1) 2015E represents midpoint of guidance as of August 3, 2015 4
  5. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 5
    ASSET OVERVIEW QEP Energy 2Q 2015 QEP Resources Production Revenues 2014YE Proved Reserves ND Pinedale 29% Anticline 26% Williston Basin 59% 64% WY 7% 15% Uinta Oil plays Basin Liquids-rich plays UT Dry-gas play CO Oil…
  6. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 6
    WILLISTON BASIN QEP net production (Boed) 60,000 50,000 40,000 30,000 Fort Berthold 20,000 10,000 - South Antelope Bakken Formation wells Three Forks Formation wells Proved reserves of 143 MMBoe (1) Operated focus area QEP…
  7. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 7
    WILLISTON BASIN SOUTH ANTELOPE Net acres: 27,858 Remaining locations: 400+ Q2 Completions 5-well pad Current gross well cost: 6.2 MM (2 Bakken / 2 Three Forks / (drill & complete) 1 Three Forks 2nd Bench ) 10,000-ft laterals…
  8. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 8
    WILLISTON BASIN HIGH-DENSITY INFILL PILOTS High-density infill pilot wells showing strong results At 90 days, wells significantly outperforming original completion design (30 stages, 3 MM lbs. of proppant) on original spacing (eight…
  9. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 9
    WILLISTON BASIN HIGH-DENSITY INFILL PILOTS Existing Wells Bakken Formation wells Producing Three Forks Formation wells WOC Drilling wells Drilling QEP acreage 9
  10. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 10
    WILLISTON BASIN SOUTH ANTELOPE HIGH-DENSITY RESULTS 180,000 Original Completions - 30-35 Stgs; 3-4 MMlbs (60 Wells) 160,000 High Proppant Volume Completions - 48-51 Stgs; 9.5-10 MMlbs (16 Wells) 75 High-Density Infill Test - 48-51…
  11. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 11
    WILLISTON BASIN FORT BERTHOLD Net acres: 67,289 Current gross well cost: 6.7 MM (drill & complete) 10,000-ft laterals (avg.) Additional costs: 1.1 MM per well (facilities and artificial lift) Q2 Completions 4-well pad (2…
  12. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 12
    PERMIAN BASIN Existing vertical PDP well QEP Net Production Q2 2015 vertical completion (Boed) 14,000 Q2 2015 horizontal completion 12,000 QEP horizontal rig (2) 10,000 QEP acreage 8,000 6,000 Middle Spraberry 4,000 Spraberry…
  13. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 13
    PERMIAN BASIN OPERATIONAL UPDATE Converted to pad development Reduce offset frac downtime Reduce drilling and completion costs Completed strongest QEP operated wells to date in 2Q 2015 Wolfcamp D: Mabee Y UL H1 WD (1,310 Boed 24-hr…
  14. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 14
    MIDLAND BASIN TYPE LOG Estimated Original Oil in Place N. Midland Basin Type log 40 MMbo/Sq. Mile Estimated 300+ MMBo per U. Spraberry square mile of original oil in M. Spraberry 60 MMbo/Sq. Mile place L. Spraberry 3,000 feet of…
  15. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 15
    GREEN RIVER BASIN PINEDALE ANTICLINE Net acres: 12,673 QEP Producing Well Proved reserves: 1.45 Tcfe(1) Other operators 35 well completions in Q2 2015 (No QEP interest) QEP Drilling(2) Current gross well cost: 3.2 MM QEP acreage…
  16. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 16
    PINEDALE ENHANCED COMPLETION RESULTS 700 175 Old completion well count Enhanced completion 600 150 design: 100 mesh sand New Completion: Enhanced 67 wells Completion: 67 wells and slickwater Old Completion: 171 wells 500 125…
  17. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 17
    UINTA BASIN RED WASH LOWER MESAVERDE Net acres: Approximately 232,000 in the Uinta Basin Over 48,000 net acres in the Red Wash Unit (100% WI, 86.5% NRI) Proved reserves: 623 Bcfe(1) Cumulative production of most recent horizontal…
  18. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 18
    2,350 Gas Saturated Sandstones & Siltstones UINTA BASIN HORIZONTAL TARGETS BRAIDED Braided Vertical testing shows potential for two horizontal targets in UPPER NESLEN the western part of the Red Wash Unit Upper Neslen An…
  19. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 19
    WHY INVEST IN QEP Focused and balanced 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…
  20. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 20
    APPENDIX
  21. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 21
    DEBT MATURITY SCHEDULE(1) 1,800 MM 2,000 Revolving Credit 2.00% 1,750 1,500 1,250 6.875% 5.25% 1,000 5.375% 750 625.0 650.0 500.0 500 6.80% 6.80% 6.05% 250 176.8 134.0 136.0 0 2013 2014 2015 2016 2017 2018 2019…
  22. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 22
    COMMODITY DERIVATIVES QEP ENERGY COMMODITY DERIVATIVE POSITIONS (as of 7/29/2015) Total Average price Year Type of Contract Index Volumes per unit (in millions) Gas sales (MMBtu) 2015 Swap NYMEX HH 35.0 3.48 2015 Swap IFNPCR 23.9…
  23. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 23
    2015 GUIDANCE 2015 GUIDANCE (AS OF 8/3/2015) LOW HIGH QEP Energy Oil production (MMBbl) 18.0 19.0 QEP Energy NGL production (MMBbl) 4.0 4.3 QEP Energy natural gas production (Bcf) 165 175 QEP Energy total equivalent production (Bcfe)…
  24. Barclays Capital CEO Energy Power Conference – QEP Resources, Inc. – slide 24
    (1) QEP RESOURCES CAPITAL ALLOCATION 2,000 1,800 1,600 Corporate 1,400 50% Exploratory drilling 1,200 Williston Basin million 57% 1,000 Uinta Basin 800 8% Pinedale Anticline 49% Permian Basin 600 16% 8% 6%…

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