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Q3 2016 Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Nov 3, 2016 · 31 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. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 1
    Investor Presentation November 2016
  2. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 2
    QEP at a Glance Williston Profile Basin 2016 YTD production 253 Bcfe % crude oil production 37% Pinedale Anticline Total proved reserves(1) 3,620 Bcfe Total net acreage(1) 1,270,000 Executing on a Transition to Oil 25 (2)…
  3. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 3
    QEPs 2016 Strategy for Growth Balanced & Diversified Focused investment in core oil plays with natural Upstream portfolio gas optionality Financial Strength Strong balance sheet with solid cash position Capital Efficiency…
  4. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 4
    Permian Basin County Line Woodford Play Mustang Springs QEP Acreage As of 10/19/2016 5
  5. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 5
    Permian Basin Overview 3Q 2016 Program Highlights Profile (1) Completed initial wine-rack geometry well Net acres 74,400 density test targeting the A and C benches of the Spraberry Shale Gross operated producing wells 491 Average…
  6. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 6
    Permian Basin Drilling & Completion Performance (1) Spud to TD (days) Drilling Cost (/ft)(2) Stage Length (ft) 300 250 30 250 25 200 200 20 150 15 150 100 10 100 50 50 5 0 0 0 2014 2015 2016 2014 2015 2016 2014 2015 2016…
  7. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 7
    Permian Basin Activity County Line Net Acres: 20,000 Rig Count: 3 horizontal Completions: 5 Spraberry Shale Drilling (4 Spraberry Shale) WOC: 2 Spraberry Shale Drilling (1 Leonard Shale) Drilling: 5 Rig Moving to Loc.…
  8. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 8
    Permian Basin Horizontal Well Performance County Line 300,000 300,000 Spraberry Shale: 7,500' (23 well avg) Middle Spraberry: 7,500' (8 well avg) Spraberry Shale: 10,000' (2 well avg) Middle Spraberry: 10,000' (1 well) 250,000…
  9. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 9
    Stacked Pay Potential County Line (unrisked) Formation Development Upside 10
  10. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 10
    Permian Basin Mustang Springs Acquisition closed October 19, 2016 Net Acres: 9,400 Rig Count: 0 Two rigs expected to arrive on acreage in 4Q 2016, from County Line QEP Acreage As of 10/19/2016 11
  11. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 11
    Stacked Pay Potential Mustang Springs (unrisked) Formation Development Upside 12
  12. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 12
    Williston Basin Ft. Berthold Indian Reservation South Antelope QEP Acreage 13
  13. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 13
    Williston Basin Overview 3Q 2016 Program Highlights Profile(1) Completed two 2nd bench wells and one 3rd Net acres 117,000 bench well in South Antelope Gross operated producing wells 340 2nd Bench 24-hour IP of 2,871 Boed Average…
  14. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 14
    Williston Basin Drilling & Completion Performance(1) Spud to TD (Days) Drilling Cost (/ft)(2) Stage Length (ft) 300 350 25 250 300 20 250 200 15 200 150 150 10 100 100 5 50 50 0 0 0 2014 2015 2016 2014 2015 2016 2014 2015…
  15. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 15
    Williston Basin Activity South Antelope WOC 9 wells Net Acres: 30,500 WOC 6 wells Rig Count: 0 Q3 Completions Completions: 6 4 wells Middle Bakken (2) TF 1 (1) TF 2 (2) TF 3 (1) WOC: 23 Middle Bakken (11) TF 1 (4) Q3…
  16. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 16
    Development Plan South Antelope Formation QEP Activity Development Upside * Assumes lease-line wells actually drilled within DSU for Middle Bakken, TF1 and TF3 17
  17. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 17
    Williston Basin Activity Fort Berthold Net Acres: 65,200 Rig Count: 1 horizontal Completions: 3 Middle Bakken (2) Drilling: 1 Rig TF 1 (1) 4 wells WOC: 0 Q3 Completions Drilling: 4 3 wells Middle Bakken (2) TF 1 (2) QEP…
  18. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 18
    Pinedale Pinedale QEP Acreage Greater Green River Basin Pinedale 19
  19. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 19
    Pinedale Overview 3Q 2016 Program Highlights Profile(1) Completed 34 wells during the quarter Net acres 17,400 Continuing to refine drilling program in more Gross operated producing wells 1,109 challenging area of the field Average…
  20. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 20
    Pinedale Activity Net Acres: 17,400 WOC Rig Count: 1 vertical 6 wells Completions: 34 Drilling: 1 Rig 8 well pad WOC: 6 Vertical Development Drilling: 8 Q3 Completions 2 wells Q3 Completions 8 well pad Q3 Completions 8 well…
  21. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 21
    Haynesville Haynesville Fairway Haynesville QEP Units Haynesville Haynesville Fairway As of 9/30/2016 22
  22. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 22
    Haynesville Overview 3Q 2016 Program Highlights Profile(1) Successful workover program and non-operated Net acres 48,100 volumes increased net production Gross operated producing wells 130 Rig activity in the area continues to…
  23. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 23
    QEP Investment Highlights Focused and balanced inventory of high-quality crude oil and natural gas assets Well positioned for future growth Permian Basin crude oil Williston Basin crude oil Pinedale liquids-rich gas Haynesville…
  24. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 24
    Appendix
  25. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 25
    2016 Guidance 2016 Guidance (As Of 10/26/2016) Oil production (MMBbl) 20.5 NGL production (MMBbl) 6.0 Natural gas production (Bcf) 178.0 Total equivalent production (Bcfe) 337.0 LOE and transportation expense (per Mcfe) 1.50 - 1.60…
  26. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 26
    Commodity Derivatives as of October 21, 2016 Production Commodity Derivative Swap Positions Year Index Total Volumes Average price per unit (in millions) Gas sales (MMBtu) (/MMbtu) 2016 NYMEX HH 12.8 2.90 2016 IFNPCR 12.2 2.53 2017…
  27. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 27
    QEP Resources Debt Maturity Schedule 2,000 1,750 1,500 1,800 MM Revolving Credit 2.55% 1,250 1,000 6.875% 5.25% 750 625.0 5.375% 650.0 500.0 500 6.80% 6.80% 250 134.0 136.0 0 2016 2017 2018 2019 2020 2021 2022…
  28. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 28
    Year-end 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 %…
  29. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 29
    Year-end 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…
  30. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 30
    Uinta Basin Red Wash Red Wash Uinta Basin QEPQEP Acreage Acreage QEP Acreage 31
  31. Q3 2016 Investor Presentation – QEP Resources, Inc. – slide 31
    Uinta Basin Overview Lower Mesaverde 3Q 2016 Program Highlights Profile(1) Continue to evaluate recent vertical well Net acres(2) 110,300 performance Gross operated producing wells(2) 106 Additional compression scheduled for 4Q…

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