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June 2018 Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Jun 19, 2018 · 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. June 2018 Investor Presentation – QEP Resources, Inc. – slide 1
    Investor Presentation June 2018
  2. June 2018 Investor Presentation – QEP Resources, Inc. – slide 2
    QEP Resources 2018 Strategic Initiatives In February 2018, QEPs Board of Directors unanimously approved certain Strategic Initiatives to transition to a pure-play Permian Basin company Divest of the Companys Williston and Uinta basin…
  3. June 2018 Investor Presentation – QEP Resources, Inc. – slide 3
    QEP Resources Pure-Play Permian Basin Company Concentrating our efforts on our core Permian assets Contiguous 44,430 net acres in the core of the northern Midland Basin Avg. WI 96%/ NRI 73% Oil production growth of over 85% at the…
  4. June 2018 Investor Presentation – QEP Resources, Inc. – slide 4
    Midland Basin Outlook 2018 Key Statistics Production Profile Average of four and one-half operated rigs 725 - 775 million in drilling and completion capital 50 45 - 55 million of infrastructure capital 40 Up to 1,900 potential…
  5. June 2018 Investor Presentation – QEP Resources, Inc. – slide 5
    Midland Basin Crude Oil Marketing Strategy Methodology Physical Sales Summary(1) Utilize back-to-back physical sales that secure takeaway More than 95% of 2018 and 2019 QEP marketed Permian without firm pipeline commitments oil…
  6. June 2018 Investor Presentation – QEP Resources, Inc. – slide 6
    QEP Resources 1Q 2018 Financial & Operational Overview Asset Overview(1) 1Q 2018 Highlights Williston Basin Net Acres: 113,700 Total Net Equivalent Production: 11,724.6 Mboe 1Q18: 3,729.7 Mboe Oil Production: 4,974.0 Mbbl Gas…
  7. June 2018 Investor Presentation – QEP Resources, Inc. – slide 7
    QEP Resources Updated 2018 Guidance(1) 2018 Oil & Condensate Production (MMBbl) 21.5 - 23.0 Gas Production (Bcf) 135.0 - 145.0 NGL Production (MMBbl) 4.25 - 4.75 Total oil equivalent production (MMBoe) 48.3 - 51.9 Lease operating…
  8. June 2018 Investor Presentation – QEP Resources, Inc. – slide 8
    Asset Overview
  9. June 2018 Investor Presentation – QEP Resources, Inc. – slide 9
    Midland Basin Profile(1) Net acres(2) 51,500 Gross operated producing wells 496/155 (Vertical/Horizontal) Average WI/average NRI 96 / 73% Proved reserves (MMboe)/% liquids(3) 273 / 88% Production Split oil/gas/NGL 78/11/11%…
  10. June 2018 Investor Presentation – QEP Resources, Inc. – slide 10
    Midland Basin 1Q 2018 Activity Well Progress Gross Net Peeler Pad (9 Wells) Drilling 20 19.6 Avg. Lateral Length: 8,277 Still Cleaning Up ACT Pad (22 Wells) At total depth under drilling rig 8 7.7 Avg. Lateral Length: 9,351 Waiting…
  11. June 2018 Investor Presentation – QEP Resources, Inc. – slide 11
    Midland Basin Tank-Style Development Methodology Multiple stacked horizons from a single surface location Pressure Wall Large multi-well pads and advanced completion designs Wells completed in a top-down pattern Buffer…
  12. June 2018 Investor Presentation – QEP Resources, Inc. – slide 12
    Midland Basin Tank-Style Development Allows for Increased Densities Microseismic Study Tank-Style 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…
  13. June 2018 Investor Presentation – QEP Resources, Inc. – slide 13
    Midland Basin Tank-Style Development Maximizes Economic Recovery Total Drilling Unit EUR Maximizing Economic Recovery Drilling Unit EUR Drilling Unit NPV Optimum well Optimum well density to density to maximize value maximize…
  14. June 2018 Investor Presentation – QEP Resources, Inc. – slide 14
    Midland Basin Gas Lift Drives Significant Cost Savings QEP is shifting 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…
  15. June 2018 Investor Presentation – QEP Resources, Inc. – slide 15
    Midland Basin Mustang Springs Water Infrastructure QEP has built significant water infrastructure on Mustang Springs Water Infrastructure Mustang Springs Water Infrastructure Benefits 20 water supply wells Ample supply and…
  16. June 2018 Investor Presentation – QEP Resources, Inc. – slide 16
    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% decrease in…
  17. June 2018 Investor Presentation – QEP Resources, Inc. – slide 17
    Williston Basin Profile(1) Net acres 113,700 Gross operated producing wells 384 Average WI/average NRI 86/69% Proved reserves (MMboe)/% liquids(2) 147 / 88% Production Split oil/gas/NGL 70/15/15% Rig Count 1 (1) As of March…
  18. June 2018 Investor Presentation – QEP Resources, Inc. – slide 18
    Williston Basin South Antelope 1Q 2018 Activity Well Progress Gross Net Drilling 1 0.5 Tipi V (11 Wells) At total depth under drilling rig 5 5.0 Drilling: 1 Waiting on Completion: 10 Waiting to be completed 2 2.0 Undergoing…
  19. June 2018 Investor Presentation – QEP Resources, Inc. – slide 19
    Williston Basin FBIR 1Q 2018 Activity No activity in the quarter QEP Acreage as of 03/31/2018 20
  20. June 2018 Investor Presentation – QEP Resources, Inc. – slide 20
    Haynesville Profile(1) Net acres(2) 49,700 Gross operated producing wells(2) 135 Average WI/average NRI(2) 94/72% (op) Proved reserves (Bcfe)/% gas(3) 959/100% Production Split oil/gas/NGL 0/100/0% (1) As of March 31, 2018…
  21. June 2018 Investor Presentation – QEP Resources, Inc. – slide 21
    Haynesville 1Q 2018 Activity Put on production two new wells Both wells were 10,000 laterals Wiggins 2 well is one of the highest 24-hour IP wells on record in the Haynesville Field at 44.4 MMcfed Completed and returned to…
  22. June 2018 Investor Presentation – QEP Resources, Inc. – slide 22
    Uinta Basin Profile(1) 230,000(2) Greater Red Net acres 110,000(3) Wash Area Gross operated producing wells 766(2), 106(3) Average WI Current Producing Wells 84%(2), 98%(3) Average WI/NRI Remaining Locations (2) 94/81% Proved…
  23. June 2018 Investor Presentation – QEP Resources, Inc. – slide 23
    Appendix
  24. June 2018 Investor Presentation – QEP Resources, Inc. – slide 24
    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…
  25. June 2018 Investor Presentation – QEP Resources, Inc. – slide 25
    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…
  26. June 2018 Investor Presentation – QEP Resources, Inc. – slide 26
    QEP Resources Derivative Positions The following tables present QEP's volumes and average prices for its open production derivative positions as of April 20, 2018: Production Commodity Derivative Swaps Total Average Price Year Index…
  27. June 2018 Investor Presentation – QEP Resources, Inc. – slide 27
    QEP Resources Debt Maturity Schedule As of April 25, 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% 51.8 0 2018 2019…

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