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Wells Fargo Energy Conference – QEP Resources, Inc.

QEP Resources, Inc. · Dec 9, 2015 · 25 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. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 1
    INVESTOR PRESENTATION DECEMBER 2015 NYSE: QEP
  2. Wells Fargo Energy 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. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 3
    QEP IS FOCUSED ON REDUCING COSTS 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…
  4. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 4
    EXECUTING ON TRANSITION TO OIL 25 20 19.4 17.1 Oil production (MMBbl) 15 10.2 10 6.3 5 3.7 3.0 - 2010 2011 2012 2013 2014 2015E (1) 2015E represents midpoint of guidance as of October 28, 2015 5
  5. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 5
    ASSET OVERVIEW QEP Energy 3Q 2015 QEP Resources Production Revenues 2014YE Proved Reserves ND Pinedale 26% Anticline Williston Basin 36% 59% 59% 15% Uinta WY 5% Basin Oil plays Liquids-rich plays UT Dry-gas play Oil NGL…
  6. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 6
    WILLISTON BASIN Net Production (MBoed) 60 50 40 30 20 Fort Berthold 10 - South Antelope Bakken Formation wells Three Forks Formation wells Proved reserves of 143 MMBoe (1) Operated focus area QEP acreage (1) As of…
  7. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 7
    WILLISTON BASIN SOUTH ANTELOPE Net acres: 27,858 Q3 Completions Remaining locations: 400 4-well pad Q3 Completions (2 Bakken / 2 Three Forks) 5-well pad Gross well cost: 6.2 MM (drill & (3 Bakken / 1 Three Forks / 1 Three Forks 2nd…
  8. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 8
    WILLISTON BASIN HIGH-DENSITY INFILL PILOTS High-density infill pilot wells showing strong results At 180 days, wells significantly outperforming original completion design (30 stages, 3 MM lbs. of proppant) on original spacing (eight…
  9. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 9
    WILLISTON BASIN HIGH-DENSITY INFILL PILOTS Parent Wells Bakken Formation wells Producing Three Forks 1st bench Testing / WOC Three Forks 2nd bench Three Forks 3rd bench QEP acreage 10
  10. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 10
    WILLISTON BASIN HIGH-DENSITY RESULTS 200,000 100 Original Completion - 30-35 Stgs; 3-4 MMlbs (60 wells) 180,000 High Proppant Volume Completions: 48-51 Stgs; 9.5-10 MMlbs (32 wells) 160,000 High Density Infill Test: 48-51 Stgs;…
  11. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 11
    WILLISTON BASIN THREE FORKS 2ND BENCH WELLS 200,000 100 180,000 Original Completions - 30-35 Stgs; 3-4 MMlbs (60 wells) High Proppant Volume Completions: 48-51 Stgs; 9.5-10 MMlbs (32 wells) 160,000 80 Three Forks 2nd Bench (4…
  12. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 12
    WILLISTON BASIN FORT BERTHOLD Net acres: 67,289 Gross well cost: 6.7 MM (drill & complete) 10,000-ft laterals (avg.) Additional gross costs: 1.1 MM per well (facilities and artificial lift) Bakken wells Three Forks wells…
  13. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 13
    PERMIAN BASIN QEP Net Production Existing vertical PDP well (MBoed) Q3 2015 horizontal completion 16 14 QEP horizontal rig 12 QEP acreage 10 8 6 4 Leonard Shale 2 Middle Spraberry - Spraberry Shale Well in Progress Net acres:…
  14. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 14
    PERMIAN BASIN OPERATIONAL UPDATE Completion optimization program Zipper fracs reduce completion time Continue to enhance completion design Completed seven QEP operated wells in 3Q 2015 Spraberry Shale: University 7-1726 H1 SS…
  15. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 15
    MIDLAND BASIN TYPE LOG Shale Carbonate 4,000 feet of oil-charged Clearfork Shale vertical section Leonard Shale U. Spraberry Up to 775 future M. Spraberry horizontal locations, gross L. Spraberry Jo Mill Sand Offset horizontal…
  16. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 16
    GREEN RIVER BASIN PINEDALE ANTICLINE Net acres: 12,673 QEP Producing Well Proved reserves: 1.45 Tcfe (1) Other operators (No QEP interest) 3Q 2015 completions: 28 wells QEP Drilling (2) Gross well cost: 3.2 MM Additional gross…
  17. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 17
    PINEDALE ENHANCED COMPLETION RESULTS 800 200 Old completion well count 700 175 Enhanced completion design: 100 mesh sand 171 MMcfe uplift and slickwater 600 150 New Completion: Enhanced 99 99 Completion: wells wells Enhanced…
  18. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 18
    UINTA BASIN RED WASH LOWER MESAVERDE Net acres: Approximately 246,000 in the Uinta Basin Over 48,000 net acres in the Red Wash Unit (100% WI, 86.5% NRI) During Q3 2015 QEP closed on asset swap transaction acquiring 15,382 net acres,…
  19. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 19
    UINTA BASIN HORIZONTAL TARGETS Uinta Basin Type Log Braided 2,350 - Gas Saturated Sandstones & Siltstones Braided Upper Neslen Vertical testing shows potential for two horizontal targets in the western part of the Red Wash…
  20. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 20
    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…
  21. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 21
    APPENDIX NYSE: QEP
  22. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 22
    QEP RESOURCES DEBT MATURITY SCHEDULE 2,000 Senior Notes Summary 1,800 MM Maturity Amount Coupon Duration (yrs) Revolving Credit 9/1/2016 176,843,000 6.050% 0.83 2.10% 1,750 4/1/2018 133,998,000 6.800% 2.41 3/1/2020 135,968,000…
  23. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 23
    COMMODITY DERIVATIVES QEP ENERGY COMMODITY DERIVATIVE SWAP POSITIONS (as of 10/23/2015) Year Index Total Volumes Average price per unit (in millions) Gas sales (MMBtu) 2015 NYMEX HH 11.6 3.48 2015 IFNPCR 7.9 3.55 2016 NYMEX HH…
  24. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 24
    2015 GUIDANCE 2015 GUIDANCE (AS OF 10/28/2015) LOW HIGH QEP Energy Oil production (MMBbl) 19.2 19.6 QEP Energy NGL production (MMBbl) 4.3 4.6 QEP Energy natural gas production (Bcf) 177.5 182.5 QEP Energy total equivalent production…
  25. Wells Fargo Energy Conference – QEP Resources, Inc. – slide 25
    (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 48% Permian Basin 600 16% 8% 6%…

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