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February 2018 Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Feb 28, 2018 · 25 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. February 2018 Investor Presentation – QEP Resources, Inc. – slide 1
    Investor Presentation February 2018
  2. February 2018 Investor Presentation – QEP Resources, Inc. – slide 2
    QEP Resources 2018 Strategic & Financial Initiatives QEPs Board of Directors has unanimously approved several strategic and financial initiatives to transition to a pureplay Permian Basin company Strategic Initiatives Engaged…
  3. February 2018 Investor Presentation – QEP Resources, Inc. – slide 3
    QEP Resources PurePlay Permian Basin Company Concentrating our efforts on our core Permian assets Contiguous 44,000 net acres in the core of the northern Midland Basin Avg. WI 95%/ NRI 72% Oil production growth of over 70% at the…
  4. February 2018 Investor Presentation – QEP Resources, Inc. – slide 4
    Midland Basin Outlook 2018 Key Statistics Production Profile Five operated rigs 50 650 700 million in drilling and completion capital 35 45 million of infrastructure capital 40 Up to 1,900 potential future horizontal drilling…
  5. February 2018 Investor Presentation – QEP Resources, Inc. – slide 5
    QEP Resources 4Q 2017 Financial & Operational Overview Asset Overview(1) 4Q 2017 Highlights Williston Basin Net Acres: 115,900 Total Net Equivalent Production: 12,069.9 Mboe 4Q17: 4,479.8 Mboe Oil Production: 5,240.6 Mbbl Gas…
  6. February 2018 Investor Presentation – QEP Resources, Inc. – slide 6
    QEP Resources 2018 Guidance(1) 2018 Oil Production (MMBbl) 21.0 22.5 Gas Production (Bcf) 132.0 143.0 NGL Production (MMBbl) 4.7 5.2 Total oil equivalent production (MMBoe) 47.7 51.5 Lease operating and transportation expense (per…
  7. February 2018 Investor Presentation – QEP Resources, Inc. – slide 7
    Asset Overview
  8. February 2018 Investor Presentation – QEP Resources, Inc. – slide 8
    Midland Basin Profile(1) Net acres(2) 50,800 Gross operated producing wells 496/124 (Vertical/Horizontal) Average WI/average NRI 95 / 72% Proved reserves (MMboe)/% liquids(3) 273 / 88% Production Split oil/gas/NGL 75/11/14%…
  9. February 2018 Investor Presentation – QEP Resources, Inc. – slide 9
    Midland Basin 4Q 2017 Activity Completions: 24 UL 2730 (8 Wells) Middle Spraberry (6) Avg. Lateral Length: 7,350 Spraberry Shale (9) IP24: 1,143 Boepd Wolfcamp A (3) Thomas Pad (16 Wells) Wolfcamp B (5) Avg. Lateral Length:…
  10. February 2018 Investor Presentation – QEP Resources, Inc. – slide 10
    Midland Basin Tankstyle Development Methodology Multiple stacked horizons from a single surface location Pressure Wall Large multiwell pads and advanced completion designs Wells completed in a topdown pattern Buffer…
  11. February 2018 Investor Presentation – QEP Resources, Inc. – slide 11
    Midland Basin TankStyle Development Allows for Increased Densities Microseismic Study TankStyle Proof of Concept 1000 900 8 14 800 16 700 600 Increasing EUR 500 10 400 300 16 200 100 0 4 6 8 10 12 14 16 18 20…
  12. February 2018 Investor Presentation – QEP Resources, Inc. – slide 12
    Midland Basin Optimization & Pilot Test Results Optimization & Pilot Test Findings Higher initial flowing pressure in tank developed vs. nontank developed wells Increased initial pressures realized in all four zones and all…
  13. February 2018 Investor Presentation – QEP Resources, Inc. – slide 13
    Midland Basin Gas Lift Drives Significant Cost Savings QEP Has Shifted to Gas Lift in the Midland Basin ESP Installation Gas Lift Installation Pros Pros Potentially higher IP rates Lower capital and operating costs No fuel gas…
  14. February 2018 Investor Presentation – QEP Resources, Inc. – slide 14
    Midland Basin Centralized Infrastructure Benefits QEP Operated Centralized Infrastructure Drives Capital & Operating Cost Efficiencies Capital Efficiencies Operating Efficiencies 170K per well savings on facilities 20% decease in…
  15. February 2018 Investor Presentation – QEP Resources, Inc. – slide 15
    Williston Basin Profile(1) Net acres 115,900 Gross operated producing wells 387 Average WI/average NRI 86/69% Proved reserves (MMboe)/% liquids(2) 147 / 88% Production Split oil/gas/NGL 70/14/16% Rig Count 1 (1) As of…
  16. February 2018 Investor Presentation – QEP Resources, Inc. – slide 16
    Williston Basin South Antelope 4Q 2017 Activity Net Acres: 30,800 Rig Count: 1 Completions: 0 Tipi V (7 Wells) Refracs: 5 Drilling: 2 Waiting on Completion: 5 Waiting on Completion: 5 Bakken (3); Three Forks (2) Drilling: 2…
  17. February 2018 Investor Presentation – QEP Resources, Inc. – slide 17
    Williston Basin FBIR 4Q 2017 Activity Net Acres: 66,500 Rig Count: 0 Completions: 2 Bakken (1) Parshall Refracs (4 Wells) Average Incremental Three Forks (1) IP 30: 508 Boed/well Refracs: 4 Still cleaning up Waiting on…
  18. February 2018 Investor Presentation – QEP Resources, Inc. – slide 18
    Haynesville Profile(1) Net acres 50,300 Gross operated producing wells(2) 133 Average WI/average NRI(2) 94/72% Proved reserves (Bcfe)/% liquids(3) 959/ 0% Production Split oil/gas/NGL 0/100/0% (1) As of December 31, 2017…
  19. February 2018 Investor Presentation – QEP Resources, Inc. – slide 19
    Haynesville 4Q 2017 Activity Drilled and completed two new wells in 4Q 2017 5,000 new well IP24 hr of 21.1 MMcfd 10,000 new well cleaning up at quarter end Completed five refracs in 4Q 2017 with average refrac incremental 24hr IP…
  20. February 2018 Investor Presentation – QEP Resources, Inc. – slide 20
    Uinta Basin Profile(1) 230,050(2) Net acres 109,986(3) Gross operated producing wells 754(2), 103(3) Greater Red Wash Area Average WI Current Producing Wells 84%(2), 98%(3) Average WI/NRI Remaining Locations(3) 94/81% Proved…
  21. February 2018 Investor Presentation – QEP Resources, Inc. – slide 21
    Appendix
  22. February 2018 Investor Presentation – QEP Resources, Inc. – slide 22
    Midland & Williston Basins Detailed Well Cost Summary(1) Permian Gross Well Costs (AFE) Drill & Complete Facilities & Artificial Area Target Formation Lateral Length (ft.) (mm) Lift (mm) County Line Spraberry Shale 7,500 5.2 1.0…
  23. February 2018 Investor Presentation – QEP Resources, Inc. – slide 23
    Midland Basin Well Density Assumptions Upside Potential Upside Potential Stacked pay opportunity across core Permian acreage position Large upside opportunity in both proven and unproven zones Up to 1,900 potential future…
  24. February 2018 Investor Presentation – QEP Resources, Inc. – slide 24
    QEP Resources Derivative Positions The following tables present QEP's volumes and average prices for its open production derivative positions as of February 23, 2018: Production Commodity Derivative Swaps Total Average Price Year…
  25. February 2018 Investor Presentation – QEP Resources, Inc. – slide 25
    QEP Resources Debt Maturity Schedule As of February 26, 2018 1,500 1,250 Revolving Credit 1,250 1,000 ( in millions) 5.25% 750 650.0 5.625% 5.375% 500.0 500.0 500 6.875% 397.6 250 6.80% 51.7 0 2018 2019…

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