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Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Jun 30, 2014 · 29 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 June 2014
  2. Investor Presentation – QEP Resources, Inc. – slide 2
    QEP AT A GLANCE Diversified upstream portfolio Proved reserves of 4.1 Tcfe at YE 2013 in multiple US basins Product diversity In 1Q14, crude oil represented 50% of QEP Energy field-level revenues and 27% of production volumes…
  3. Investor Presentation – QEP Resources, Inc. – slide 3
    QEP IMPLIED VALUATION All figures in millions except multiples QEP Resources ownership of QEP Midstream Partners, LP (57.8%)1 738 Remaining QEP Field Services Adjusted EBITDA2 166 Est. Enterprise Value (EV) of remaining QEP Field…
  4. Investor Presentation – QEP Resources, Inc. – slide 4
    QEP ENERGY EXECUTING ON TRANSITION TO OIL 350 300 12% 20% 8% 10% 250 6% 31% 8% 9% 200 3% 8% Bcfe 150 86% 78% 89% 71% 100 61% 50 - 2010 2011 2012 2013 2014F Gas NGL equiv Oil equiv 2014 represents midpoint of…
  5. Investor Presentation – QEP Resources, Inc. – slide 5
    QEP ENERGY EXECUTING ON TRANSITION TO OIL 16,000 14,000 12,000 Oil production (MMBbl) 10,000 8,000 6,000 4,000 2,000 - 2010 2011 2012 2013 2014F* *Represents midpoint of guidance as of May 7, 2014 5
  6. Investor Presentation – QEP Resources, Inc. – slide 6
    2014 HIGHLIGHTS The Permian Basin acquisition closed on February 25, 2014 for total consideration of approximately 950 million Focused upstream portfolio High-graded asset portfolio with over 800 million in announced asset sales…
  7. Investor Presentation – QEP Resources, Inc. – slide 7
    QEP ENERGY ASSET OVERVIEW QEP Energy 1Q 2014 Production Revenues 11% Pinedale ND Anticline WY Williston Basin 39% 50% Uinta Basin CO Granite UT Wash Oil Natural Gas NGL QEP Resources 2013YE Proved Reserves OK Woodford…
  8. Investor Presentation – QEP Resources, Inc. – slide 8
    LOW COST STRUCTURE 2013 average production cash cost structure versus 63 E&P peers (/Mcfe) (LOE + transportation/gathering/processing + production taxes + G&A + interest + preferred dividends) 10.00 9.00 8.00 7.00 QEP 6.00…
  9. Investor Presentation – QEP Resources, Inc. – slide 9
    Areas Of Operations E&P
  10. Investor Presentation – QEP Resources, Inc. – slide 10
    WILLISTON BASIN Approx. Eastern Fat Cat field boundary 116,000 net acres 8 rigs as of 03/31/2014 Fort Berthold all on pad drilling 8 rigs S. Antelope South Antelope 1Q14 avg. net production 31.1 Mboe/d QEP net production…
  11. Investor Presentation – QEP Resources, Inc. – slide 11
    WILLISTON BASIN SOUTH ANTELOPE Acquisition closed on 9/27/2012 Pre-tax PV-10 proved reserves of over 2.2 billion as of 12/31/2013 Total net capital spend (including acquisition costs) less EBITDA of 1.5 billion through 2013 Reduced…
  12. Investor Presentation – QEP Resources, Inc. – slide 12
    WILLISTON BASIN FORT BERTHOLD RESERVATION Strong well performance Improvements in capital and operating cost LOE reduced substantially from 2012 Eastern Nearly all of oil, gas and water volumes edge being defined by now being…
  13. Investor Presentation – QEP Resources, Inc. – slide 13
    PERMIAN BASIN - ACREAGE LOCATION Vertical Rigs Deepest part of the Midland Basin Horizontal Rigs Andrews, TX Best Midland Basin horizontal well 24 hr. IP: 3,605 Boepd Midland, TX 10 miles Deepest part of the…
  14. Investor Presentation – QEP Resources, Inc. – slide 14
    PERMIAN BASIN Closed acquisition on February 25, 2014 Testing multiple horizontal benches 274 operated vertical PDP wells Third-party gas gathering system in place CURRENT ACTIVITY Number of vertical rigs 4 (as of 5/7/2014)…
  15. Investor Presentation – QEP Resources, Inc. – slide 15
    STACKED HORIZONTAL DRILLING TARGETS N. Midland Basin Type log Estimated Original Oil in Place U. Spraberry 40 MMBO/Sq. Mile Estimated 300+ MMBO per M. Spraberry 60 MMBO/Sq. Mile square mile of original oil in L. Spraberry place…
  16. Investor Presentation – QEP Resources, Inc. – slide 16
    GREEN RIVER BASIN PINEDALE CURRENT ACTIVITY QEP PDP well Number of rigs (as of 3/31/2014) 4 Other operators (No QEP interest) Well cost (MM) 4.0 QEP leasehold Avg. gross EUR (Bcfe) 4.6 1 Mile Gross locations remaining* 600 *…
  17. Investor Presentation – QEP Resources, Inc. – slide 17
    UINTA BASIN LOWER MESAVERDE CURRENT ACTIVITY 1 Mile 2013 Multi-well Number of rigs pads 1 & 2 1 New Completion (as of 3/31/2014) Design Avg. well cost (MM) 2.3 Avg. gross EUR (Bcfe) 2.0 Avg. liquids content 2.45 (gallons per…
  18. Investor Presentation – QEP Resources, Inc. – slide 18
    Areas Of Operations Midstream
  19. Investor Presentation – QEP Resources, Inc. – slide 19
    FIELD SERVICES A GROWING MIDSTREAM BUSINESS Owns and operates gathering, treating, and NGL fractionation assets in QEP producing areas Field Services Adjusted EBITDA Including its ownership in QEPM (MM/yr) QEPM provides access to…
  20. Investor Presentation – QEP Resources, Inc. – slide 20
    MIDSTREAM GREEN RIVER BASIN Pinedale System QEP contributed all gathering and transmission assets in the Green River Basin to QEPM Natural gas, crude oil and water gathering Rendezvous Gas Services Interconnects to multiple…
  21. Investor Presentation – QEP Resources, Inc. – slide 21
    MIDSTREAM UINTA BASIN 24B Processing Plant QEP contributed 50% ownership interest Uinta Gathering in the Three Rivers Gathering JV to QEPM Three Rivers Throughput capacity of 212 MMcf/d Gathering Transports gathered gas to…
  22. Investor Presentation – QEP Resources, Inc. – slide 22
    MIDSTREAM VERMILLION BASIN QEP contributed gathering and compression assets in SW Wyoming, NE Utah and NW Colorado to QEPM Throughput capacity of 212 MMcf/d Transports gathered gas to processing facilities owned by QEP and third…
  23. Investor Presentation – QEP Resources, Inc. – slide 23
    OTHER MIDSTREAM ASSETS QEP contributed gathering and related assets in North Dakota to QEPM Capacity of 7,000 Bbl/d with minimum volume commitments QEP retained Haynesville midstream assets Natural gas gathering and treating 2…
  24. Investor Presentation – QEP Resources, Inc. – slide 24
    WHY INVEST IN QEP Well positioned for future crude oil growth Williston Basin Permian Basin Balanced and focused inventory of high-quality assets Complementary midstream business and MLP Actively taking steps to unlock value…
  25. Investor Presentation – QEP Resources, Inc. – slide 25
    Appendix
  26. Investor Presentation – QEP Resources, Inc. – slide 26
    DEBT MATURITY SCHEDULE 1,500 1,500 MM Revolving Credit 2.25% 1,250 1,000 600 MM Term Loan* 6.875% 5.25% 750 2.96% 625.0 650.0 600.0 5.375% 500.0 500 6.80% 6.80% 250 176.8 MM 134.0 136.0 Senior Notes 6.05% 0 2013…
  27. Investor Presentation – QEP Resources, Inc. – slide 27
    COMMODITY DERIVATIVES QEP Energy - Gas, oil and NGL derivatives (as of 3/31/2014) (prices before deducts) 8.1 MMBbls Oil 92.61 / Bbl - WTI 4.0 MMBbls Oil 82.5 Bcf Gas 32.9 Bcf Gas 87.64 / Bbl - WTI 4.12 / Mcf 4.10 / Mcf 2014…
  28. Investor Presentation – QEP Resources, Inc. – slide 28
    2014 GUIDANCE 2014 Guidance (as of 05/07/2014) Low High QEP Energy Oil production (MMBbl) 14.2 15.2 QEP Energy NGL production (MMBbl) 3.8 4.3 QEP Energy natural gas production (Bcf) 166 181 QEP Energy total equivalent production…
  29. Investor Presentation – QEP Resources, Inc. – slide 29
    2014 CAPITAL EXPENDITURE FORECAST Capital Expenditures Percentage Amount (MMs) Williston Basin 52% 920 Permian 18% 310 Pinedale 15% 270 Uinta Basin 4% 65 Midcontinent 3% 55 Haynesville 2% 30 Field Services 5% 80 Corporate 1%…

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