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INVESTOR PRESENTATION – QEP Resources, Inc.

QEP Resources, Inc. · Sep 1, 2014 · 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. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 1
    Investor Presentation September 2014
  2. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 2
    QEP AT A GLANCE Balanced upstream portfolio Proved reserves of 4.1 Tcfe at YE 2013 in multiple US basins Product diversity In 2Q14, crude oil represented 56% of QEP Energy field-level revenues and 29% of production volumes Focused…
  3. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 3
    QEP ENERGY EXECUTING ON TRANSITION TO OIL 180 4.5 Bcfe 20:1 (left axis) 160 Natural Gas (left axis) 4.0 Bcfe 6:1 (left axis) 140 NGL (right axis) 3.5 Oil (right axis) Gas/Total production (Bcf/Bcfe) Oil/NGL production…
  4. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 4
    2014 HIGHLIGHTS The Permian Basin acquisition closed on February 25, 2014 for total consideration of approximately 942 million Focused upstream portfolio High-graded asset portfolio with over 700 million in asset sales (Woodford…
  5. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 5
    QEP ENERGY ASSET OVERVIEW QEP Energy 2Q 2014 Production Revenues 10% Pinedale ND Anticline 34% WY Williston Basin 56% Uinta Basin CO UT Oil Natural Gas NGL QEP Resources 2013YE Proved Reserves OK Midcontinent/ SCOOP…
  6. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 6
    LOW COST STRUCTURE 2013 average production cash cost structure versus 63 E&P peers (/Mcfe) (LOE + transportation/gathering/processing + production taxes + G&A + interest + preferred dividends) 10.00 9.00 8.00 7.00 QEP 6.00…
  7. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 7
    Areas Of Operations E&P
  8. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 8
    WILLISTON BASIN Approx. Eastern field boundary 109,000 net acres Changed to high volume completion design Fort Berthold 7 rigs as of 8/6/2014 all on pad drilling at South South Antelope Antelope 2Q14 avg. net production 35.6 Mboe/d QEP…
  9. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 9
    WILLISTON BASIN SOUTH ANTELOPE Acquisition closed on 9/27/2012 Pre-tax PV-10 proved reserves of over 2.2 billion as of 12/31/2013 Total net capital spend (including acquisition costs) less EBITDA of 1.5 billion through 2013 Reduced…
  10. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 10
    WILLISTON BASIN FORT BERTHOLD RESERVATION Strong well performance Substantial inventory for future development Eastern edge being defined by drilling CURRENT ACTIVITY Number of rigs (as of 6/30/2014) 0 Avg. gross EUR Bakken* (MBoe) 550…
  11. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 11
    PERMIAN BASIN - ACREAGE LOCATION Vertical Rigs Deepest part of the Midland Basin Horizontal Rigs Andrews, TX Best Midland Basin horizontal well 24 hr. IP: 3,605 Boepd Midland, TX 10 miles Deepest part of the basin = better charge,…
  12. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 12
    PERMIAN BASIN 284 operated vertical PDP wells* Completed 14 vertical wells in Q2, 6 WOC Average gross peak rate 358 Boed** (70% oil) Completed 1 horizontal well in Q2, 2 WOC Testing multiple horizontal benches CURRENT ACTIVITY Number…
  13. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 13
    PERMIAN BASIN OFFSET HORIZONTAL ACTIVITY 2 miles Wolfcamp B 24 hr IP = 613 Boepd Wolfcamp B 30-D Avg = 516 Boepd 24 hr IP = 1,029 Boepd 30-D Avg = 788 Boepd Wolfcamp D/ Cline 24 hr IP = 3,605 Boepd Wolfcamp B 24 hr IP = 630 Boepd Lower…
  14. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 14
    STACKED HORIZONTAL DRILLING TARGETS N. Midland Basin Type log Estimated Original Oil in Place U. Spraberry 40 MMBO/Sq. Mile Estimated 300+ MMBO per M. Spraberry 60 MMBO/Sq. Mile square mile of original oil in L. Spraberry place…
  15. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 15
    GREEN RIVER BASIN PINEDALE CURRENT ACTIVITY QEP PDP well Number of rigs (as of 6/30/2014) 4 Other operators (No QEP interest) Well cost (MM) 4.0 QEP leasehold Avg. gross EUR (Bcfe) 4.6 1 Mile Gross locations remaining* up to…
  16. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 16
    UINTA BASIN LOWER MESAVERDE 1 horizontal rig (at 6/30/2014) 1 Mile 2013 Multi-well pads 1 & 2 Proved reserves of 402 Bcfe* Approximately 250,000 net acres in the Uinta Basin Over 32,000 net acres in the Red Wash unit (100% WI,…
  17. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 17
    1,750 Gas Saturated Sandstones & Siltstones UINTA BASIN LOWER MESAVERDE HORIZONTAL POTENTIAL BRAIDED UPPER NESLEN Braided LOWER NESLEN Vertical testing shows potential for two horizontal targets in the western part of the…
  18. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 18
    Areas Of Operations Midstream
  19. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 19
    FIELD SERVICES A GROWING MIDSTREAM BUSINESS Owns and operates gathering, treating, and NGL fractionation assets in QEP producing areas Field Services Adjusted EBITDA Including its ownership in QEPM (MM/yr) QEPM provides access to…
  20. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 20
    QEP FIELD SERVICES OVERVIEW Overview Map of Operations Development of QEP Field Williston Services midstream systems Pinedale Gathering Williston began in the mid-90s while Basin part of Questar Corporation Gathering Areas of…
  21. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 21
    QEP FIELD SERVICES ASSET OVERVIEW QEPFS QEPM Total Miles of Gathering and Transmission Pipeline 710 1,512 2,222 Compression Horsepower (bhp) 59,666 77,759 137,425 Total Natural Gas Throughput Capacity (MMcf/d) 325 2,646 2,971 Total…
  22. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 22
    WHY INVEST IN QEP Well positioned for future crude oil growth Williston Basin Permian Basin Balanced and focused inventory of high-quality assets Complementary midstream business and MLP Actively taking steps to unlock value…
  23. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 23
    Appendix
  24. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 24
    DEBT MATURITY SCHEDULE 1,500 1,500 MM Revolving Credit 2.25% 1,250 1,000 600 MM Term Loan* 6.875% 5.25% 750 2.96% 625.0 650.0 600.0 5.375% 500.0 500 6.80% 6.80% 250 176.8 MM 134.0 136.0 Senior Notes 6.05% 0 2013…
  25. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 25
    COMMODITY DERIVATIVES QEP Energy - Gas, oil and NGL derivatives (as of 7/31/2014) (prices before deducts) 5.2 MMBbls Oil 93.54 / Bbl - WTI 7.0 MMBbls Oil 45.9 Bcf Gas 36.6 Bcf Gas 90.84 / Bbl - WTI 4.12 / Mcf 4.12 / Mcf 2014…
  26. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 26
    2014 GUIDANCE 2014 Guidance (as of 8/06/2014) Low High QEP Energy Oil production (MMBbl) 14.7 15.2 QEP Energy NGL production (MMBbl) 6.0 6.3 QEP Energy natural gas production (Bcf) 165 175 QEP Energy total equivalent production…
  27. INVESTOR PRESENTATION – QEP Resources, Inc. – slide 27
    QEP RESOURCES CAPITAL ALLOCATION 2,000 1,800 4% 1,600 5% Corporate 1,400 11% Field Services 1,200 49% Exploratory drilling million 28% 1,000 54% Williston Uinta 800 9% 4% Pinedale 600 26% 7% 17% Permian…

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