QEPs World Class Assets Williston Basin Net Acres: 94,610 7,057 Mboe 3Q20 Production: 2,680.6 Mboe 3Q 2020 Total Production (1) 63% Oil QEP Production Mix 18% NGL Permian Basin 3Q20 19% Gas Net Acres: 49,064 Permian Basin…
A Leading North American Independent E&P Company Focused asset footprint World Class High-quality, contiguous acreage Assets 382.3 MMboe of proved reserves(1) Well positioned to develop its portfolio of low-cost, high-quality…
Committed to Environmental Performance We strive to minimize our impact on the environment, and we focus on the protection of the health, safety and well-being of our employees, contractors, families, friends and neighbors. Water Air…
Third Quarter Results Driven by Continued Strong Execution Generated Net Cash Provided by Operating Activities of 329.6 million and reported a 49.2 million Net Loss 98.3MM Free Cash Flow (1) 160.4 MM 38.4 MM Adjusted EBITDA (2)…
2020 Business Plan QEP has focused activity across its operations to improve cash flow and preserve liquidity Permian Basin (1) Capital spend of 340 million (2) Increased rig count from one to two rigs in Produce 19.55 million…
Updated 2020 Guidance Prior 2020 Guidance (1) Updated 2020 Guidance Oil & condensate production (MMbbl) 19.0 - 19.5 19.4 19.7 Gas production (Bcf) 30.0 - 33.0 31.0 - 32.0 NGL production (MMbbl) 4.1 - 4.6 4.6 5.1 Total oil equivalent…
2020 Capital & Production Guidance Capital Program Production Reduced capital program in response to market conditions Peaked in 2Q20 as plan was adjusted in response to market Added second rig late in 3Q20 and resumed completion…
Permian Basin University 0312E/W & University 1125E 0312W 0312E Performance Observations 1125E mile mile Middle Spraberry Wolfcamp A and Spraberry Shale C-bench wells outperforming mile expectations Lower Spraberry Spraberry…
Williston Basin Performance Disco Performance 3,500 Disco Project (6 wells) Drilling Activity 3,000 Operated Drilled six operated 2,500 wells (Disco Project) Completed two Disco wells with strong Oil Rate (BOPD) 2,000…
Peer Leading Permian Efficiency D&C Costs Per Lateral Foot QEP has dramatically 2018/2019 Peer Avg. 832 1,000 lowered D&C costs and is 750 641 the most efficient 500 429 on a / Ft. basis 250 0 A B E D C F QEP 18/19 Avg. QEP YTD…
Industry Leading Permian Completion Efficiency Timeline 2019 to 2020 YTD 5,000,000 4,500,000 QEP Resources Proppant pumped per day per crew (lbs.) 4,000,000 3,500,000 A B C 3,000,000 E D F G H JK I L…
Corporate Overhead Continuing to Decline Significantly reduced G&A over last two years Annual G&A Lowered employee headcount by 60% 250.0 Decreased officer headcount by more than half Retained technical, operating and business…
2021 Capital & Production Outlook Capital Program Capital 1,200 Permian receiving majority of capital budget allocation with a 1,000 two rig program for the entire year 800 in millions Plan to complete the remaining four wells…
Debt Reduction in Focus Utilized Free Cash Flow, AMT refunds, cash on hand, and divestiture proceeds, to reduce debt balance by more Debt Reduction Waterfall than 900 million since January 2019 3,000 2019 2,500 Repaid 430 million…
Debt Maturity Schedule As of September 30, 2020 1,250 Senior Notes (Unsecured) Outstanding: 1.6 billion Unsecured 1,000 850 million Average coupon: 5.4% Credit Facility Average duration: 3.32 years Key covenant: Limitation on…
Credit Facility & Liquidity Overview QEP believes it has sufficient liquidity to meet all financial Commitment: 850 million commitments and navigate the current market cycle Maturity: 9/1/2022 NOT a Reserve Based Loan (RBL) Credit…
Creating Value for Shareholders World Class Assets QEPs commitment to execution excellence and capital discipline maximizes Differentiated Well Development value for shareholders Capital Discipline and Cost Improvement Annual…
Appendix 20
Derivative Positions As of October 21, 2020 Production Commodity Derivative Swaps Year Index Total Volumes Avg. Swap Price per Unit Oil Sales (MMBbls) (/Bbl) 2020 NYMEX WTI 3.9 57.60 2020 Argus WTI Midland 0.4 57.30 2021 (January…
General and Administrative (G&A) Expense Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 Change 2020 2019 Change (in millions) General and administrative (excluding share-based and 16.5 28.6 (12.1) 54.8…
Adjusted EBITDA Management defines Adjusted EBITDA as earnings before interest, income taxes, depreciation, depletion and amortization (EBITDA), adjusted to exclude changes in fair value of derivative contracts, exploration expenses,…
Free Cash Flow Management defines Free Cash Flow as Adjusted EBITDA plus certain non-cash items that are included in Net Cash Provided by (Used in) Operating Activities but excluded from Adjusted EBITDA less interest expense, excluding…
Communities, Safety and an Inclusive Corporate Culture Safety Total Recordable Incident Rate (TRIR) Achieved a TRIR for our employees of 0.32 for 2019; on track to achieve a peer leading TRIR for 2020 for our employees in spite of the…
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