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March 2016 Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Mar 3, 2016 · 26 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. March 2016 Investor Presentation – QEP Resources, Inc. – slide 1
    INVESTOR PRESENTATION MARCH 2016 NYSE: QEP
  2. March 2016 Investor Presentation – QEP Resources, Inc. – slide 2
    QEP AT A GLANCE Balanced upstream portfolio Proved reserves of 3.6 Tcfe at YE 2015 in multiple US basins Product diversity Crude oil Natural gas Natural gas liquids Focused investment in: Williston Basin crude oil play Permian…
  3. March 2016 Investor Presentation – QEP Resources, Inc. – slide 3
    QEP IS FOCUSED ON CAPITAL DISCIPLINE IN 2016 Maintain balance sheet strength with solid cash position Focus on continuing to drive down completed well costs and improving operating efficiency Reduce capital investments by more than…
  4. March 2016 Investor Presentation – QEP Resources, Inc. – slide 4
    OPERATIONS UPDATE
  5. March 2016 Investor Presentation – QEP Resources, Inc. – slide 5
    ASSET OVERVIEW QEP Energy 4Q 2015 QEP Resources Production Revenues 2015YE Proved Reserves ND Pinedale Anticline Williston Basin 33% 32% 61% 58% WY 6% 10% Uinta Oil plays Basin Liquidsrich plays UT Drygas play CO Oil NGL…
  6. March 2016 Investor Presentation – QEP Resources, Inc. – slide 6
    EXECUTING ON TRANSITION TO OIL 25 20 19.6 19.5 17.1 Oil production (MMBbl) 15 10.2 10 6.3 5 3.7 3.0 2010 2011 2012 2013 2014 2015 2016E (1) 2016E represents midpoint of guidance as of February 24, 2016 7
  7. March 2016 Investor Presentation – QEP Resources, Inc. – slide 7
    WILLISTON BASIN Net Production (MBoed) 60 50 40 30 Fort Berthold 20 10 South Antelope Bakken Formation wells Three Forks Formation wells Proved reserves of 181.0 MMBoe (1) Operated focus area QEP acreage (1) As…
  8. March 2016 Investor Presentation – QEP Resources, Inc. – slide 8
    WILLISTON BASIN SOUTH ANTELOPE Net acres: 29,700 Remaining locations: 400 Q4 Completions Gross well cost: 6.0 MM (drill & 1well pad (1 Bakken) complete) 10,000ft laterals (avg.) Additional gross costs: 0.8 MM per well…
  9. March 2016 Investor Presentation – QEP Resources, Inc. – slide 9
    WILLISTON BASIN HIGHDENSITY INFILL PILOTS Highdensity infill pilot wells continue to show strong results At 270 days, wells significantly outperforming original completion design (30 stages, 3 MM lbs. of proppant) on original spacing…
  10. March 2016 Investor Presentation – QEP Resources, Inc. – slide 10
    WILLISTON BASIN HIGH DENSITY INFILL PILOTS Original Completions Bakken Formation wells HighDensity Infill Wells Three Forks 1st Bench Three Forks 2nd Bench Three Forks 3rd Bench QEP acreage 11
  11. March 2016 Investor Presentation – QEP Resources, Inc. – slide 11
    WILLISTON BASIN HIGHDENSITY INFILL RESULTS 250,000 100 Original Completions: 3035 Stgs; 34 MMlbs (60 wells) HighProppant Completions: 4851 Stgs; 9.510 MMlbs (38 Wells) HighDensity Infill Test: 4851 Stgs; 9.510 MMlbs (10 wells)…
  12. March 2016 Investor Presentation – QEP Resources, Inc. – slide 12
    WILLISTON BASIN THREE FORKS 2ND & 3RD BENCH WELLS 250,000 100 Original Completions: 3035 Stgs; 34 MMlbs (60 Wells) HighProppant Completions: 4851 Stgs; 9.510 MMlbs (38 Wells) Three Forks 2nd Bench (8 wells) Three Forks 3rd Bench (1…
  13. March 2016 Investor Presentation – QEP Resources, Inc. – slide 13
    WILLISTON BASIN FORT BERTHOLD Net acres: 68,600 Gross well cost: 6.5 MM (drill & complete) 10,000ft laterals (avg.) Additional gross costs: 1.1MM per well (facilities and artificial lift) QEP Waiting on Completion (WOC, 3…
  14. March 2016 Investor Presentation – QEP Resources, Inc. – slide 14
    PERMIAN BASIN Existing vertical PDP well Net Production Q4 2015 horizontal completion (MBoed) QEP horizontal rig 16 QEP acreage 14 12 10 8 Middle Spraberry 6 4 Spraberry Shale 2 Well in Progress 0 Net acres: 26,500 (1)…
  15. March 2016 Investor Presentation – QEP Resources, Inc. – slide 15
    PERMIAN BASIN OPERATIONAL UPDATE Completion optimization program Zipper fracs reduce completion time Pumping higher rate fracs Continue to enhance completion design Completed five QEP operated wells in 4Q 2015 Spraberry Shale:…
  16. March 2016 Investor Presentation – QEP Resources, Inc. – slide 16
    PERMIAN BASIN WELL SPACING TESTS Existing vertical PDP well QEP acreage Leonard Shale Middle Spraberry Spraberry Shale Wolfcamp B Wolfcamp D 17
  17. March 2016 Investor Presentation – QEP Resources, Inc. – slide 17
    MIDLAND BASIN TYPE LOG Shale Carbonate 4,000 feet of oil Clearfork Shale Leonard Shale charged vertical U. Spraberry section M. Spraberry L. Spraberry Approximately 775 Jo Mill Sand Spraberry future horizontal Shale Dean…
  18. March 2016 Investor Presentation – QEP Resources, Inc. – slide 18
    GREEN RIVER BASIN PINEDALE ANTICLINE Net acres: 12,700 QEP Producing Well Proved reserves: 1.13 Tcfe (1) Other operators (No QEP interest) 4Q 2015 completions: 24 wells QEP Drilling (1) Gross well cost: 2.9 MM Additional gross…
  19. March 2016 Investor Presentation – QEP Resources, Inc. – slide 19
    UINTA BASIN RED WASH LOWER MESAVERDE Net acres: Approximately 253,800 in the Uinta Basin Over 48,000 net acres in the Red Wash Unit (100% WI, 86.5% NRI) Proved reserves: 559 Bcfe(1) Cumulative production of most recent vertical 8well…
  20. March 2016 Investor Presentation – QEP Resources, Inc. – slide 20
    WHY INVEST IN QEP Focused and balanced inventory of highquality crude oil and natural gas assets Well positioned for future growth Williston Basin crude oil play Permian Basin crude oil play Pinedale liquidsrich gas play Uinta…
  21. March 2016 Investor Presentation – QEP Resources, Inc. – slide 21
    APPENDIX
  22. March 2016 Investor Presentation – QEP Resources, Inc. – slide 22
    QEP RESOURCES DEBT MATURITY SCHEDULE 2,000 1,800 MM Revolving Credit 2.10% 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…
  23. March 2016 Investor Presentation – QEP Resources, Inc. – slide 23
    COMMODITY DERIVATIVES QEP ENERGY COMMODITY DERIVATIVE SWAP POSITIONS (as of 2/19/2016) Year Index Total Volumes Average price per unit (in millions) Gas sales (MMBtu) 2016 NYMEX HH 46.5 2.80 2016 IFNPCR 61.2 2.53 2017 NYMEX HH 65.7…
  24. March 2016 Investor Presentation – QEP Resources, Inc. – slide 24
    2016 GUIDANCE 2016 GUIDANCE (AS OF 2/24/2016) LOW HIGH Oil production (MMBbl) 18.5 20.5 NGL production (MMBbl) 4.0 5.0 Natural gas production (Bcf) 165.0 175.0 Total equivalent production (Bcfe) 300.0 328.0 LOE and transportation…
  25. March 2016 Investor Presentation – QEP Resources, Inc. – slide 25
    YEAREND 2015 RESERVE SUMMARY BY REGION DECEMBER 31, 2015 2014 Northern Region (Bcfe) (% of total) (Bcfe) (% of total) Pinedale 1,125.0 31% 1,450.1 37% Williston Basin 1,085.7 30% 858.9 22% Uinta Basin 558.9 16% 623.0 16% Other Northern…
  26. March 2016 Investor Presentation – QEP Resources, Inc. – slide 26
    YEAREND 2015 RESERVE SUMMARY BY CATEGORY DECEMBER 31, 2015 DECEMBER 31, 2014 Gas Oil NGL Total Gas Oil NGL Total (Bcf) (MMbbl) (MMbbl) (Bcfe)(1) (Bcf) (MMbbl) (MMbbl) (Bcfe)(1) Proved developed 1,245.3 109.7 34.4 2,109.4 1,288.4 99.3…

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