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Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Nov 8, 2018 · 24 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 November 2018
  2. Investor Presentation – QEP Resources, Inc. – slide 2
    QEP Resources 2018 Strategic Initiatives Update Divesture of the Companys Williston and Uinta basin assets Entered into a definitive agreement to sell Williston Basin assets for up to 1.725 billion, subject to purchase price…
  3. Investor Presentation – QEP Resources, Inc. – slide 3
    QEP Resources 3Q 2018 Financial & Operational Overview Asset Overview(1) 3Q 2018 Highlights Total Net Equivalent Production: 14,400.0 Mboe Williston Basin Net Acres: 113,900 Oil Production: 6,640.5 Mbbl 3Q18: 4,381.1 Mboe Gas…
  4. Investor Presentation – QEP Resources, Inc. – slide 4
    QEP Resources Updated 2018 Guidance(1) 2018 Oil & Condensate Production (MMBbl) 23.75 -24.25 Gas Production (Bcf) 136.0 - 140.0 NGL Production (MMBbl) 4.38 - 4.63 Total oil equivalent production (MMBoe) 50.8 - 52.2 Adjusted lease…
  5. Investor Presentation – QEP Resources, Inc. – slide 5
    QEP Resources Permian Basin Pure-Play Strategic Rationale True black-oil play Midland Basin is a crude oil dominant province Current production stream from QEP wells is approximately 74% crude oil, 11% natural gas and 15% NGL (38-40…
  6. Investor Presentation – QEP Resources, Inc. – slide 6
    Midland Basin Delivering Industry-Leading Completed Well Cost Driving down DC&E costs per lateral foot Best-in-class frac crew efficiency (1) 1,600 400 1,400 350 1,200 300 Number of Stages/Crew/Month 1,000 250 /Lateral…
  7. Investor Presentation – QEP Resources, Inc. – slide 7
    Midland Basin Driving Lower LOE Permian LOE Trend vs. Peers(1) Higher than normal LOE driven Higher than normal LOE driven 10.00 by Mustang Springs acquisition by Robertson Ranch acquisition which closed in 4Q 16: which closed in 4Q…
  8. Investor Presentation – QEP Resources, Inc. – slide 8
    Asset Overview
  9. Investor Presentation – QEP Resources, Inc. – slide 9
    Midland Basin Profile(1) Net acres(2) 50,700 Gross operated producing wells 476/214 (Vertical/Horizontal) Average WI/average NRI 97 / 73% Proved reserves (MMboe)/% liquids(3) 273 / 88% Production Split oil/gas/NGL 74/11/15%…
  10. Investor Presentation – QEP Resources, Inc. – slide 10
    Midland Basin Outlook 2018 Key Statistics Production Profile Average of four and three-quarter operated rigs 800 - 820 million in drilling, completion & equip 50 capital 40 35 million of midstream capital 30 Up to 1,900 potential…
  11. Investor Presentation – QEP Resources, Inc. – slide 11
    Midland Basin 3Q 2018 Activity Well Progress (as of September 30, 2018) Gross Net Drilling 21 21.0 Thelma Pad (6 Wells) Avg. Lateral Length: 8,475 Marie Pad (7 Wells) Still Cleaning Up Avg. Lateral Length: 9,954 At total depth under…
  12. Investor Presentation – QEP Resources, Inc. – slide 12
    Midland Basin Crude Oil Marketing Strategy Methodology Physical Sales Summary(1) Utilize back-to-back physical sales that secure takeaway More than 90% of 2018 and 2019 QEP marketed Permian without large firm pipeline commitments oil…
  13. Investor Presentation – QEP Resources, Inc. – slide 13
    Midland Basin Infrastructure Benefits QEP has built significant infrastructure Water Infrastructure Centralized Gathering Infrastructure Ample supply and recycled water capacity to Capital efficiencies support tank development…
  14. Investor Presentation – QEP Resources, Inc. – slide 14
    Williston Basin Profile(1) Net acres 113,900 Gross operated producing wells 394 Average WI/average NRI 86/69% Proved reserves (MMboe)/% liquids(2) 147 / 88% Production Split oil/gas/NGL 68/17/15% (1) As of September 30, 2018…
  15. Investor Presentation – QEP Resources, Inc. – slide 15
    Williston Basin South Antelope 3Q 2018 Summary & Activity Over 115 gross operated remaining risked drilling locations (all reserve categories) Over 240 gross operated remaining refrac candidates (includes modern completions)…
  16. Investor Presentation – QEP Resources, Inc. – slide 16
    Williston Basin FBIR 3Q 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 126…
  17. Investor Presentation – QEP Resources, Inc. – slide 17
    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) 137 Average WI/average NRI(2) 95/73% (op) Proved…
  18. Investor Presentation – QEP Resources, Inc. – slide 18
    Haynesville 3Q 2018 Activity Put on production one new 10,000 lateral well at beginning of quarter Well reached peak 24-hour IP of 34.0 MMcfed Non-Op 5,000 lateral Bossier shale well completed Max 24-hour IP of 19.0 MMcfed…
  19. Investor Presentation – QEP Resources, Inc. – slide 19
    Appendix
  20. Investor Presentation – QEP Resources, Inc. – slide 20
    Permian Basin 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 Spraberry Shale…
  21. Investor Presentation – QEP Resources, Inc. – slide 21
    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…
  22. Investor Presentation – QEP Resources, Inc. – slide 22
    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…
  23. Investor Presentation – QEP Resources, Inc. – slide 23
    QEP Resources Derivative Positions The following tables present QEP's volumes and average prices for its open production derivative positions as of October 31, 2018: Production Commodity Derivative Swaps Total Average Price Year…
  24. Investor Presentation – QEP Resources, Inc. – slide 24
    QEP Resources Debt Maturity Schedule As of November 1, 2018 Maturity Amount Coupon Duration (yrs) 1,500 3/1/2020 51,753,000 6.800% 1.33 3/1/2021 397,579,000 6.875% 2.33 1,250 Revolving 10/1/2022 500,000,000 5.375% 3.92 Credit…

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