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July 2018 Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Jul 25, 2018 · 23 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. July 2018 Investor Presentation – QEP Resources, Inc. – slide 1
    Investor Presentation July 2018
  2. July 2018 Investor Presentation – QEP Resources, Inc. – slide 2
    QEP Resources 2Q 2018 Financial & Operational Overview Asset Overview(1) 2Q 2018 Highlights Williston Basin Net Acres: 113,700 Total Net Equivalent Production: 14,106.1 Mboe, up 20% 2Q18: 4,459.7 Mboe from 1Q 2018 Oil Production:…
  3. July 2018 Investor Presentation – QEP Resources, Inc. – slide 3
    QEP Resources Updated 2018 Guidance(1) 2018 Oil & Condensate Production (MMBbl) 23.0 24.0 Gas Production (Bcf) 137.0 143.0 NGL Production (MMBbl) 4.0 4.5 Total oil equivalent production (MMBoe) 49.8 52.3 Adjusted lease operating…
  4. July 2018 Investor Presentation – QEP Resources, Inc. – slide 4
    QEP Resources 2018 Strategic Initiatives Update Divesture of the Companys Williston and Uinta basin assets Uinta Basin divestiture for 155 million announced on July 10, 2018 Williston Basin divestiture process ongoing rejected bids…
  5. July 2018 Investor Presentation – QEP Resources, Inc. – slide 5
    Asset Overview
  6. July 2018 Investor Presentation – QEP Resources, Inc. – slide 6
    Midland Basin Profile(1) Net acres(2) 50,900 Gross operated producing wells 489/201 (Vertical/Horizontal) Average WI/average NRI 96 / 73% Proved reserves (MMboe)/% liquids(3) 273 / 88% Production Split oil/gas/NGL 80/9/11%…
  7. July 2018 Investor Presentation – QEP Resources, Inc. – slide 7
    Midland Basin Outlook 2018 Key Statistics Production Profile Average of four and onehalf operated rigs 50 725 775 million in drilling and completion capital 45 55 million of infrastructure capital 40 Up to 1,900 potential future…
  8. July 2018 Investor Presentation – QEP Resources, Inc. – slide 8
    Midland Basin 2Q 2018 Activity Well Progress (as of June 30, 2018) Gross Net Kingsfield Pad (11 Wells) Drilling 25 24.8 Poe Pad (10 Wells) 3 wells Cleaned Up Avg. Lateral Length: 7,419 Avg. Lateral Length: 7,466 Still Cleaning…
  9. July 2018 Investor Presentation – QEP Resources, Inc. – slide 9
    Midland Basin Crude Oil Marketing Strategy Methodology Physical Sales Summary(1) Utilize backtoback physical sales that secure takeaway More than 95% of 2018 and 2019 QEP marketed Permian without firm pipeline commitments oil…
  10. July 2018 Investor Presentation – QEP Resources, Inc. – slide 10
    Midland Basin Mustang Springs Water Infrastructure QEP has built significant water infrastructure on Mustang Springs Water Infrastructure Details Anticipated Benefits 20 water supply wells Ample supply and recycled water capacity…
  11. July 2018 Investor Presentation – QEP Resources, Inc. – slide 11
    Midland Basin Centralized Infrastructure Planned Benefits QEP operated centralized infrastructure drives capital & operating cost efficiencies Capital Efficiencies Operating Efficiencies 170K per well savings on facilities 20%…
  12. July 2018 Investor Presentation – QEP Resources, Inc. – slide 12
    Williston Basin Profile(1) Net acres 113,700 Gross operated producing wells 394 Average WI/average NRI 87/70% Proved reserves (MMboe)/% liquids(2) 147 / 88% Production Split oil/gas/NGL 71/14/15% Rig Count 0 (1) As of June…
  13. July 2018 Investor Presentation – QEP Resources, Inc. – slide 13
    Williston Basin South Antelope 2Q 2018 Summary & Activity Over 115 gross operated remaining risked drilling locations (all reserve categories) Tipi V (11 wells) Over 240 gross operated remaining refrac 7 wells Cleaned Up candidates…
  14. July 2018 Investor Presentation – QEP Resources, Inc. – slide 14
    Williston Basin FBIR 2Q 2018 Summary & Activity Over 240 gross operated remaining risked drilling locations (all reserve categories) Over 100 gross operated remaining refrac candidates (includes modern completions) Approximately…
  15. July 2018 Investor Presentation – QEP Resources, Inc. – slide 15
    Haynesville QEP owns & operates Profile(1) midstream gathering and treating infrastructure on a majority of its Haynesville asset Net acres 49,700 Gross operated producing wells(2) 136 Average WI/average NRI(2) 94/72% (op)…
  16. July 2018 Investor Presentation – QEP Resources, Inc. – slide 16
    Haynesville 2Q 2018 Activity Put on production one new 10,000 lateral well at end of quarter Well still cleaning up at quarter end and had not reached peak 24hour IP Completed and returned to production six refracs Williams…
  17. July 2018 Investor Presentation – QEP Resources, Inc. – slide 17
    Appendix
  18. July 2018 Investor Presentation – QEP Resources, Inc. – slide 18
    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 5.1 1.0…
  19. July 2018 Investor Presentation – QEP Resources, Inc. – slide 19
    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…
  20. July 2018 Investor Presentation – QEP Resources, Inc. – slide 20
    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…
  21. July 2018 Investor Presentation – QEP Resources, Inc. – slide 21
    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…
  22. July 2018 Investor Presentation – QEP Resources, Inc. – slide 22
    QEP Resources Derivative Positions The following tables present QEP's volumes and average prices for its open production derivative positions as of July 20, 2018 (excludes derivatives entered into in conjunction with the execution of the…
  23. July 2018 Investor Presentation – QEP Resources, Inc. – slide 23
    QEP Resources Debt Maturity Schedule As of July 25, 2018 1,500 Maturity Amount Coupon Duration (yrs) 1,250 Revolving 3/1/2020 51,753,000 6.800% 1.61 Credit 3/1/2021 397,579,000 6.875% 2.61 1,250 10/1/2022 500,000,000 5.375%…

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