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Q4 2016 Corporate Update – QEP Resources, Inc.

QEP Resources, Inc. · Feb 22, 2017 · 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. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 1
    4Q 2016 Corporate Update February 22, 2017
  2. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 2
    QEP at a Glance Profile 2016 Production by Asset(3) 2016 production 55.8 MMboe Williston Basin 20.4 MMboe % crude oil production 36% Total proved reserves(1) 731.4 MMboe Total net acreage(1) 1,198,000 Pinedale 15.8 MMboe…
  3. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 3
    QEPs Strategy for Growth Balanced & Diversified Focus investment in core crude oil plays with Upstream portfolio natural gas optionality Financial Strength Maintain a strong balance sheet Capital Efficiency Allocate capital…
  4. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 4
    Permian Basin Central Basin Midland Basin Platform County Line Woodford Play Mustang Springs QEP Acreage As of 12/31/2016 5
  5. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 5
    Permian Basin Overview 4Q 2016 Program Highlights Profile (1) Peak quarterly production of 18.0 Mboed Net acres 75,800 Closed Mustang Springs acquisition Gross operated producing wells 475 Spud first two wells in Mustang Springs…
  6. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 6
    Permian Basin Drilling & Completion Performance (1) Spud to TD (days) Drilling Cost (/ft) (2) Stage Length (ft) 30 300 250 25 250 200 20 200 150 15 150 100 10 100 5 50 50 0 0 0 2014 2015 2016 2014 2015 2016 2014 2015…
  7. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 7
    Permian Basin Activity County Line Net Acres: 20,000 1,000 net acres added via bolt-on and swaps since original acquisition Waiting on Rig Count: 1 horizontal Completion (WOC) (5 Spraberry Shale) Completions: 2 Spraberry Shale…
  8. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 8
    Well Density Assumptions County Line Formation Well Density Assumptions (1) Includes proven, probable and possible locations 9 (2) Includes non-reserve locations
  9. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 9
    Permian Basin Mustang Springs Net Acres: 9,600 Rig Count: 2 horizontal Completions: 0 WOC: 0 Drilling: 2 Middle Spraberry (1) Wolfcamp B (1) Drilling (1 Wolfcamp B) Drilling (1 Middle Spraberry) QEP Acreage As of…
  10. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 10
    Well Density Assumptions Mustang Springs Formation Well Density Assumptions (1) Includes proven, probable and possible locations 11 (2) Includes non-reserve locations
  11. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 11
    Williston Basin Ft. Berthold Indian Reservation South Antelope QEP Acreage 12
  12. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 12
    Williston Basin Overview 4Q 2016 Program Highlights Profile(1) Completed 14 wells on South Antelope Net acres 116,200 Average peak 24-hour IP of 2,589 Boed Gross operated producing wells 354 Focused on optimizing artificial lift…
  13. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 13
    Williston Basin Activity South Antelope WOC (9 wells) Net Acres: 30,900 4Q Completions (6 wells) Rig Count: 0 Completions: 14 Middle Bakken (6) Three Forks 1 (2) Three Forks 2 (4) Three Forks 3 (2) WOC: 9 Middle Bakken (5)…
  14. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 14
    Well Performance Optimization South Antelope 2012 2014 2014 2016 2016 Low Density Spacing; Low Density Spacing; High Density Infill; Small Completion Large Completion Customized Completion Completion design: Completion design:…
  15. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 15
    Williston Basin Activity Fort Berthold Net Acres: 66,200 Rig Count: 1 horizontal Completions: 0 WOC: 6 WOC Middle Bakken (3) (6 wells) Three Forks 1 (3) Drilling: 3 Middle Bakken (2) Three Forks 1 (1) Drilling: 1 Rig (3…
  16. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 16
    Haynesville Haynesville Fairway QEP Units As of 12/31/2016 17
  17. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 17
    Haynesville Overview 4Q 2016 Program Highlights Profile(1) Successful workover program and non-operated Net acres 48,100 volumes, increased net production by 8% Gross operated producing wells 130 Completed four workovers 74/57%…
  18. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 18
    Haynesville Activity Net acres: 48,100 Rig Count: 0 Workovers Completed: 4 Non-op Completions: 4Q Workovers (4 wells) 6 gross / 0.8 net 1Q 3Q Workovers (6 wells) 4Q Non-op Completions (6 wells on 2 pads) QEP Operated…
  19. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 19
    Pinedale Pinedale QEP Acreage Greater Green River Basin Pinedale 20
  20. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 20
    Pinedale Overview 4Q 2016 Program Highlights Profile(1) Completed six wells during the quarter Net acres 17,400 Continued to refine drilling program in more Gross operated producing wells 1,113 challenging area of the field Average…
  21. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 21
    Pinedale Activity Net Acres: 17,400 WOC Rig Count: 1 vertical (8 wells) Completions: 6 4Q Completions (6 wells) WOC: 8 Drilling: 1 Rig Drilling: 6 (8 well pad vertical development) Development Area QEP Acreage As of…
  22. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 22
    Mustang Springs Development Plan
  23. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 23
    Permian Basin Fracture Stimulation Design Evolution SPRABERRY WOLFCAMP SPRABERRY WOLFCAMP 1,400 lbs/ft proppant 1,500 lbs/ft proppant 1,400 lbs/ft proppant 1,800 lbs/ft proppant 30 bbls/ft fluid 35 bbls/ft fluid 32 bbls/ft fluid…
  24. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 24
    Development Plans Mustang Springs Parent well tests: Middle Spraberry Spraberry Shale Wolfcamp A Density Tests Wolfcamp B (4 formations) Well density optimization test starting in Q1 2017 Centralized oil, gas, and water…
  25. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 25
    Development Optimization & Pilot Tests Mustang Springs Development Optimization Parent well tests Provide baseline well performance in four zones Middle Spraberry (MS), Spraberry Shale (SS), Wolfcamp A (WA) and Wolfcamp B (WB)…
  26. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 26
    2017 Drilling & Completion Timeline Mustang Springs Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Parent Wells MS, SS, Drilling Completion WA, WB (4 Wells) West Pilot Low Density Drilling Completion WA & WB (6 Wells) West…
  27. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 27
    Appendix
  28. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 28
    2017 Guidance 2017 Guidance As of February 22, 2017 Current Forecast Guidance Assumptions Oil production (MMbbl) 21.0 22.0 Seven operated rigs in 2017 Gas production (Bcf) 180.0 190.0 Five rigs in the Permian Basin NGL production…
  29. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 29
    Derivative Positions The following tables present QEP's volumes and average prices for its open derivative positions as of February 17, 2017: Production Commodity Derivative Swap Positions Year Index Total Volumes Average price per…
  30. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 30
    QEP Resources Debt Maturity Schedule 2,000 1,750 1,800 MM 1,500 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…
  31. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 31
    Estimated Proved Reserves Oil Gas NGL Total (MMbbl) (Bcf) (MMbbl) (MMboe)(1) Balance at December 31, 2015 193.1 2,108.9 58.8 603.4 Revisions of previous estimates (9.7) 412.8 (0.3) 58.8 Extensions and discoveries 13.0 158.1 3.3 42.6…
  32. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 32
    Estimated Proved Reserves By Operating Area Total (in MMboe) % of total PUD % liquids % For the year ended December 31, 2016 Northern Region Williston Basin 160.2 22% 37% 86% Pinedale 160.7 22% 14% 13% Uinta Basin 106.1 14% 62% 15%…
  33. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 33
    Uinta Basin Red Wash Red Wash Uinta Basin QEPQEP Acreage Acreage QEP Acreage 34
  34. Q4 2016 Corporate Update – QEP Resources, Inc. – slide 34
    Uinta Basin Overview Lower Mesaverde 4Q 2016 Program Highlights Profile(1) Additional compression brought online in 4Q Net acres(2) 110,300 2016 Gross operated producing wells(2) 106 Average WI/average NRI(2) 98/85% Proved reserves…

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