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September 2016 Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Sep 1, 2016 · 34 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. September 2016 Investor Presentation – QEP Resources, Inc. – slide 1
    INVESTOR PRESENTATION SEPTEMBER 2016
  2. September 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: Williston Basin crude oil Permian Basin…
  3. September 2016 Investor Presentation – QEP Resources, Inc. – slide 3
    FOCUSED ON OPERATIONAL & CAPITAL EFFICIENCIES Maintain balance sheet strength with solid cash position Continue to drive down completed well costs and improve efficiencies Reduce capital investments by approximately 50% Match…
  4. September 2016 Investor Presentation – QEP Resources, Inc. – slide 4
    ASSET OVERVIEW 2015YE YTD 2016 Proved Reserves Production Revenues ND Pinedale Anticline Williston Basin 30% 32% 58% 64% WY 10% 6% Uinta Oil plays Basin Liquidsrich plays UT Drygas play CO Oil NGL Natural Gas Oil NGL…
  5. September 2016 Investor Presentation – QEP Resources, Inc. – slide 5
    EXECUTING ON TRANSITION TO OIL 25 19.6 20.0 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 July 27, 2016 6
  6. September 2016 Investor Presentation – QEP Resources, Inc. – slide 6
    PERMIAN BASIN ACQUISITION
  7. September 2016 Investor Presentation – QEP Resources, Inc. – slide 7
    ACQUISITION SUMMARY QEP agreed to acquire a contiguous acreage position in the core of the northern Midland Basin in Martin County, TX, for approximately 600 million* 10 miles east of existing QEP operations Approximately 9,400 net…
  8. September 2016 Investor Presentation – QEP Resources, Inc. – slide 8
    ACQUISITION ACREAGE LEVERAGES PROXIMITY TO EXISTING OPERATIONS Horseshoe Atoll Midland Basin 5 9
  9. September 2016 Investor Presentation – QEP Resources, Inc. – slide 9
    OFFSET OPERATOR ACTIVITY SUPPORTS POTENTIAL JonesHolton Area 2 Lower Spraberry wells avg. IP24 = 1,062 boed* Sale Ranch Area 13 Wolfcamp B wells avg. IP24 = 2,100 boed* QEP and others continue to deliver strong well…
  10. September 2016 Investor Presentation – QEP Resources, Inc. – slide 10
    PREDICTABLE GEOLOGY ACROSS ACREAGE ACQUISITION West East 10.5 miles 10.5 miles ACREAGE SALE RANCH QEP ACREAGE Spraberry Middle Spraberry Lower Spraberry Spraberry Shale Dean Wolfcamp Wolfcamp B Wolfcamp C…
  11. September 2016 Investor Presentation – QEP Resources, Inc. – slide 11
    ACQUISITION RATIONALE Increases oil production as a percentage of total production Adds significant inventory in Permian Basin Over 430 identified horizontal locations in four target reservoirs Additional potential in shallower and…
  12. September 2016 Investor Presentation – QEP Resources, Inc. – slide 12
    ACQUISITION ACREAGE PRIMARY TARGETS (UNRISKED) 3,500 feet of oilcharged vertical section 660 750 660 750 1 mile Upside horizontal targets 13
  13. September 2016 Investor Presentation – QEP Resources, Inc. – slide 13
    OPERATIONS UPDATE
  14. September 2016 Investor Presentation – QEP Resources, Inc. – slide 14
    PERMIAN BASIN OVERVIEW 2Q 2016 Program Highlights Profile (1) Continue to enhance completion design Net acres 26,800 Variations in rate, proppant type and cluster spacing Gross operated producing wells 393 Established initial…
  15. September 2016 Investor Presentation – QEP Resources, Inc. – slide 15
    PERMIAN BASIN ACTIVITY Q2 Completions 2 well pad (Spraberry Shale) Drilling 3 well pad Q2 Completions (1 Spraberry Shale) 2 well pad (Spraberry Shale) Q2 Completions 2 well pad (Spraberry Shale) WOC 3 well pad (2 Spraberry…
  16. September 2016 Investor Presentation – QEP Resources, Inc. – slide 16
    PERMIAN BASIN HORIZONTAL WELL PERFORMANCE 250,000 250,000 Spraberry Shale: 7500' (18 well avg) Middle Spraberry: 7500' (8 well avg) Spraberry Shale: 10,000' (2 well avg) Middle Spraberry: 10,000' (1 well) 200,000 200,000…
  17. September 2016 Investor Presentation – QEP Resources, Inc. – slide 17
    PERMIAN BASIN STACKED PAY POTENTIAL 4,000 feet of oilcharged vertical section 1 Mile 18
  18. September 2016 Investor Presentation – QEP Resources, Inc. – slide 18
    WILLISTON BASIN OVERVIEW 2Q 2016 Program Highlights Profile (1) Drill times continue to improve Net acres 116,000 11.5 days spud to TD average in Q2 2016 Gross operated producing wells 330 Updated completion design incorporates Plug…
  19. September 2016 Investor Presentation – QEP Resources, Inc. – slide 19
    WILLISTON BASIN Fort Berthold South Antelope Bakken Formation wells Three Forks Formation wells Operated focus area QEP acreage 20
  20. September 2016 Investor Presentation – QEP Resources, Inc. – slide 20
    WILLISTON BASIN SOUTH ANTELOPE WOC 9 well pad (5 MB / 2 TF1 / 1 TF2 / 1 TF3) WOC 6 well pad (3 MB / 2 TF1 / 1 TF2) WOC 6 well pad (2 MB / 2 TF2 / 2 TF3) Q2 Completions 1 well (MB) WOC 4 well pad QEP Q2 2016…
  21. September 2016 Investor Presentation – QEP Resources, Inc. – slide 21
    WILLISTON BASIN HIGH DENSITY INFILL RESULTS 300,000 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 (16 Wells)…
  22. September 2016 Investor Presentation – QEP Resources, Inc. – slide 22
    WILLISTON BASIN THREE FORKS 2ND & 3RD BENCH 350,000 Original Completions: 3035 Stgs; 34 MMlbs (60 Wells) HighProppant Completions: 4651 Stgs; 9.514 MMlbs (38 Wells) Three Forks 2nd Bench (12 Wells) 300,000 Three Forks 3rd Bench (1…
  23. September 2016 Investor Presentation – QEP Resources, Inc. – slide 23
    WILLISTON BASIN FORT BERTHOLD WOC 3 well pad (2 MB / 1 TF1) QEP Waiting on Completion (WOC, 3 wells) (1) Bakken wells (MB) Three Forks wells (Benches: TF1, TF2, TF3) QEP acreage (1) As of June 30, 2016 24
  24. September 2016 Investor Presentation – QEP Resources, Inc. – slide 24
    QEP INVESTMENT HIGHLIGHTS Focused and balanced inventory of highquality crude oil and natural gas assets Well positioned for future growth Williston Basin crude oil Permian Basin crude oil Pinedale liquidsrich gas Uinta Basin…
  25. September 2016 Investor Presentation – QEP Resources, Inc. – slide 25
    APPENDIX
  26. September 2016 Investor Presentation – QEP Resources, Inc. – slide 26
    QEP RESOURCES DEBT MATURITY SCHEDULE 2,000 1,800 MM Revolving Credit 2.40% 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% 250 134.0 136.0 0 2013 2014 2015 2016 2017 2018 2019…
  27. September 2016 Investor Presentation – QEP Resources, Inc. – slide 27
    COMMODITY DERIVATIVES AS OF JULY 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 24.5 2.78 2016 IFNPCR 30.6 2.53 2017…
  28. September 2016 Investor Presentation – QEP Resources, Inc. – slide 28
    2016 GUIDANCE 2016 GUIDANCE (AS OF 7/27/2016) LOW HIGH Oil production (MMBbl) 19.5 20.5 NGL production (MMBbl) 4.75 5.25 Natural gas production (Bcf) 165.0 175.0 Total equivalent production (Bcfe) 311.0 330.0 LOE and…
  29. September 2016 Investor Presentation – QEP Resources, Inc. – slide 29
    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…
  30. September 2016 Investor Presentation – QEP Resources, Inc. – slide 30
    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…
  31. September 2016 Investor Presentation – QEP Resources, Inc. – slide 31
    PINEDALE OVERVIEW 2Q 2016 Program Highlights Profile (1) Continuing to refine drilling program in Net acres 17,480 more challenging area of the field Gross operated producing wells 1,075 Evaluating horizontal potential Average…
  32. September 2016 Investor Presentation – QEP Resources, Inc. – slide 32
    PINEDALE Pinedale Field QEP drilled well Other Operator wells Q2 2016 Completions (4 wells) QEP Drilling (8 Wells) (1) QEP Waiting on Completion (32 wells) (1) QEP acreage QEP acquired acreage (1) As of June 30, 2016…
  33. September 2016 Investor Presentation – QEP Resources, Inc. – slide 33
    UINTA BASIN LOWER MESAVERDE OVERVIEW 2Q 2016 Program Highlights Profile (1) Strong results from recent vertical wells Net acres 110,300 Testing additional horizons Gross operated producing wells 106 Adding bypassed pay in existing…
  34. September 2016 Investor Presentation – QEP Resources, Inc. – slide 34
    UINTA BASIN LOWER MESAVERDE Producing Mesaverde vertical wells Mesaverde horizontal wells QEP acreage RW 4416A 8 wells completed Q1 2016 35

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