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May 2016 Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · May 2, 2016 · 27 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. May 2016 Investor Presentation – QEP Resources, Inc. – slide 1
    INVESTOR PRESENTATION MAY 2016
  2. May 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. May 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. May 2016 Investor Presentation – QEP Resources, Inc. – slide 4
    OPERATIONS UPDATE
  5. May 2016 Investor Presentation – QEP Resources, Inc. – slide 5
    ASSET OVERVIEW QEP Energy 1Q 2016 QEP Resources Production Revenues 2015YE Proved Reserves ND Pinedale Anticline Williston Basin 35% 32% 59% 58% WY 10% 6% Uinta Oil plays Basin Liquidsrich plays UT Drygas play CO Oil NGL…
  6. May 2016 Investor Presentation – QEP Resources, Inc. – slide 6
    EXECUTING ON TRANSITION TO OIL 25 19.6 19.75 20 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 April 27, 2016 7
  7. May 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. May 2016 Investor Presentation – QEP Resources, Inc. – slide 8
    WILLISTON BASIN SOUTH ANTELOPE Net acres: 30,000 1Q 2016 Gross operated completions: 17 Gross well cost (AFE) Drill & complete: 5.3 MM 10,000ft lateral, sliding sleeve Facilities & artificial lift: 0.8 MM Q1 Completions Two 6…
  9. May 2016 Investor Presentation – QEP Resources, Inc. – slide 9
    WILLISTON BASIN HIGHDENSITY INFILL PILOTS Highdensity infill pilot wells continue to show strong results High proppant volume completion wells significantly outperforming original wells High proppant volume completion 50 stages, 10…
  10. May 2016 Investor Presentation – QEP Resources, Inc. – slide 10
    WILLISTON BASIN HIGHDENSITY INFILL PILOTS Original Completions HighDensity Infill Wells HighDensity Infill Pilots QEP acreage 11
  11. May 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. May 2016 Investor Presentation – QEP Resources, Inc. – slide 12
    WILLISTON BASIN THREE FORKS 2ND & 3RD BENCH Testing additional benches of the Three Forks Second Bench Producing eight wells with outstanding results Well with the longest time on production has produced 270 Mboe in its first 270…
  13. May 2016 Investor Presentation – QEP Resources, Inc. – slide 13
    WILLISTON BASIN THREE FORKS 2ND & 3RD BENCH 250,000 100 Original Compleions: 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 Well)…
  14. May 2016 Investor Presentation – QEP Resources, Inc. – slide 14
    WILLISTON BASIN FORT BERTHOLD Net acres: 69,700 1Q 2016 Gross operated completions: None Gross well cost (AFE) Drill & complete: 5.8 MM 10,000ft lateral, sliding sleeve Facilities & artificial lift: 1.1 MM QEP Waiting on…
  15. May 2016 Investor Presentation – QEP Resources, Inc. – slide 15
    PERMIAN BASIN Net Production Spraberry Shale (Mboed) Existing vertical PDP well Spraberry Shale 24hr IP: 1,785 boed 20 24hr IP: 1,566 boed Q1 2016 horizontal completion 15 QEP horizontal rig Spraberry Shale QEP acreage 24hr IP:…
  16. May 2016 Investor Presentation – QEP Resources, Inc. – slide 16
    PERMIAN BASIN OPERATIONAL UPDATE Completion optimization program Zipper fracs reduce completion time Pumping lower rate fracs (60 bpm vs 70 bpm) Continue to enhance completion design Six completed QEP operated wells reached peak…
  17. May 2016 Investor Presentation – QEP Resources, Inc. – slide 17
    PERMIAN BASIN CURRENT TARGETS Shale Carbonate Clearfork Shale Leonard Shale 4,000 feet of oilcharged vertical section 1 Mile U. Spraberry M. Spraberry L. Spraberry Jo Mill Sand Spraberry Shale Dean Wolfcamp…
  18. May 2016 Investor Presentation – QEP Resources, Inc. – slide 18
    GREEN RIVER BASIN PINEDALE ANTICLINE Pinedale Net Production Anticline (MMcfed) QEP Producing Well 350 300 Other operators 250 (No QEP interest) 200 150 QEP Drilling (2) 100 50 QEP acreage Net acres: 12,700 Proved…
  19. May 2016 Investor Presentation – QEP Resources, Inc. – slide 19
    UINTA BASIN RED WASH LOWER MESAVERDE Net Production (MMcfed) 120 100 Most recent 80 horizontal well 60 40 20 Net acres: 253,800 (1) 8well vertical pad 8well vertical pad 48,000 net acres in the Red completed Q1 16 on…
  20. May 2016 Investor Presentation – QEP Resources, Inc. – slide 20
    UINTA BASIN RED WASH LOWER MESAVERDE OPERATIONAL UPDATE New pad of eight directionallydrilled vertical wells targeting Lower Mesaverde completed in 1Q 2016 Wells achieved a combined peak 24hour IP rate of 29.1 MMcfed Combined gross…
  21. May 2016 Investor Presentation – QEP Resources, Inc. – slide 21
    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…
  22. May 2016 Investor Presentation – QEP Resources, Inc. – slide 22
    APPENDIX
  23. May 2016 Investor Presentation – QEP Resources, Inc. – slide 23
    QEP RESOURCES DEBT MATURITY SCHEDULE 2,000 1,800 MM Senior Notes Summary Revolving Credit Maturity Amount Coupon Duration (yrs) 2.40% 1,750 9/1/2016 176,843,000 6.050% 0.35 4/1/2018 133,998,000 6.800% 1.93 3/1/2020 135,968,000…
  24. May 2016 Investor Presentation – QEP Resources, Inc. – slide 24
    COMMODITY DERIVATIVES AS OF APRIL 22, 2016 QEP ENERGY COMMODITY DERIVATIVE SWAP POSITIONS Year Index Total Volumes Average price per unit (in millions) Gas sales (MMBtu) (/MMbtu) 2016 NYMEX HH 38.0 2.79 2016 IFNPCR 49.0 2.53 2017…
  25. May 2016 Investor Presentation – QEP Resources, Inc. – slide 25
    2016 GUIDANCE 2016 GUIDANCE (AS OF 4/27/2016) LOW HIGH Oil production (MMBbl) 19.0 20.5 NGL production (MMBbl) 4.0 5.0 Natural gas production (Bcf) 165.0 175.0 Total equivalent production (Bcfe) 303.0 328.0 LOE and transportation…
  26. May 2016 Investor Presentation – QEP Resources, Inc. – slide 26
    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…
  27. May 2016 Investor Presentation – QEP Resources, Inc. – slide 27
    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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