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…
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…
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…
Permian Basin Central Basin Midland Basin Platform County Line Woodford Play Mustang Springs QEP Acreage As of 12/31/2016 6
Permian Basin Offset Activity Supports Potential Jones-Holton Area 2 Lower Spraberry wells avg. IP24 = 1,062 boed* Sale Ranch Area 13 Wolfcamp B wells avg. IP24 = 2,100 boed* * Production data is from publicly…
Permian Basin Predictable Geology Across Acreage MUSTANG SPRINGS West East 10.5 miles 10.5 miles ACREAGE SALE RANCH COUNTY LINE ACREAGE Spraberry Middle Spraberry Lower Spraberry Spraberry Shale Dean Wolfcamp Wolfcamp…
Permian Basin Activity County Line Net Acres: 20,000 1,000 net acres added via bolt-on and swaps since original acquisition 4Q Waiting on Rig Count: 1 horizontal Completion (WOC) (5 Spraberry Shale) Completions: 2 Spraberry…
Well Density Assumptions County Line Formation Well Density Assumptions (1) Includes proven, probable and possible locations 10 (2) Includes non-reserve locations
Permian Basin Mustang Springs Net Acres: 9,600 Rig Count: 2 horizontal Completions: 0 WOC: 0 Drilling: 2 Middle Spraberry (1) Wolfcamp B (1) 4Q Drilling (1 Wolfcamp B) 4Q Drilling (1 Middle Spraberry) QEP Acreage As of…
Well Density Assumptions Mustang Springs Formation Well Density Assumptions (1) Includes proven, probable and possible locations 12 (2) Includes non-reserve locations
Permian Basin Activity 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…
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)…
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…
Williston Basin Ft. Berthold Indian Reservation South Antelope QEP Acreage 16
Williston Basin Activity South Antelope 4Q 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…
Williston Basin Activity Fort Berthold Net Acres: 66,200 Rig Count: 1 horizontal Completions: 0 WOC: 6 4Q WOC Middle Bakken (3) (6 wells) Three Forks 1 (3) Drilling: 3 Middle Bakken (2) Three Forks 1 (1) 4Q Drilling: 1…
Haynesville Haynesville Fairway QEP Units As of 12/31/2016 19
Haynesville Activity Net acres: 48,100 Rig Count: 0 Workovers Completed: 4 Non-op Completions: 4Q Workovers (4 wells) 6 gross / 0.8 net 4Q Non-op Completions (6 wells on 2 pads) QEP Operated Unit QEP Non-op Unit As…
Pinedale Pinedale QEP Acreage Greater Green River Basin Pinedale 21
Pinedale Activity Net Acres: 17,400 4Q WOC Rig Count: 1 vertical (8 wells) Completions: 6 4Q Completions (6 wells) WOC: 8 4Q Drilling: 1 Rig Drilling: 6 (8 well pad vertical development) Development Area QEP Acreage…
Basin Operating Summaries
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…
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…
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%…
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…
Appendix
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…
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…
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%…
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