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Investor Presentation – QEP Resources, Inc.

QEP Resources, Inc. · Jun 1, 2003 · 38 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
    The Resource Growth Company QEP Resources, Inc.
  2. Investor Presentation – QEP Resources, Inc. – slide 2
    LTM ADJUSTED QEP Energy EBITDA 1.43 B * (Exploration & Production) 3.9 Tcfe proved reserves 18% 5-yr production CAGR QEP Field Services 83% (Gathering and NGL extraction) 1.58 Bcfpd processing 2,300 miles of gathering lines…
  3. Investor Presentation – QEP Resources, Inc. – slide 3
    2013 Guidance* Adjusted EBITDA Adjusted EBITDA 1,575 to 1,675 MM (MM/yr) 315 to 320 Bcfe production Capital investment 1,625 to 1,725 MM Approximately 60% of natural gas 1,625* volumes hedged in 2013 with a weighted 1,387 1,416…
  4. Investor Presentation – QEP Resources, Inc. – slide 4
    1.44 B 1.49 B(1) 1.68 B* 1% Corporate 7% Field Services 11% Bakken/PRB 7% Uinta MSV/GR Oil 17% Pinedale 28% 53% GW/Tonk/Marm/Cana 20% 9% Haynesville 25% 26% 6% 14% 29% 19% 17% 5% 2% 2011 Capital 2012 Capital 2013 Capital…
  5. Investor Presentation – QEP Resources, Inc. – slide 5
    2012 2009 YEReserves* Reserves* 3,936 2,747 Bcfe Bcfe Pinedale ND Anticline Northern: 2,876 Bcfe WY Bakken UT Vermillion Uinta Basin Southern: 1,060 Bcfe CO 1Q13 Production OK Marmaton, 2009 Production Northern Region…
  6. Investor Presentation – QEP Resources, Inc. – slide 6
    WILLISTON BASIN (Bakken/TFS) Proved: 615 Probable: 606 Possible: 152 Resource: 264 PINEDALE ND Proved: 1,531 Probable: 1,012 Possible: 214 Resource: 806 WY LEGACY (Other UT Northern Region) UINTA BASIN Proved: 112 Proved:…
  7. Investor Presentation – QEP Resources, Inc. – slide 7
    Reserve growth on a 20:1 gas:oil ratio (2008 12 CAGR) 40% 30% Mean 12% 20% 10% 0% -10% -20% QEP Resources 27% 2012 price-related revisions as a percentage of 2011 proved reserves 0% * * * -10% -20% Mean (15%) QEP…
  8. Investor Presentation – QEP Resources, Inc. – slide 8
    2012 average production cash cost structure versus 60 E&P peers (/Mcfe) 10.00 (LOE + transportation/gathering/processing + production taxes + G&A + interest + preferred dividends) 9.00 8.00 7.00 6.00 QEP Resources 5.00 2.20/Mcfe…
  9. Investor Presentation – QEP Resources, Inc. – slide 9
    Net Production Proved Reserves (Bcfe/yr) 319 318* (Bcfe) 275 3,936 229 3,614 190 3,031 171 2,747 140 2,218 1,868 *Guidance midpoint (as of April 30, 2013 assumes ethane rejection) 10
  10. Investor Presentation – QEP Resources, Inc. – slide 10
    % Liquids of Total Net % Liquids of Total Proved Production 30%* Reserves 33% 22% 24% 14% 13% 12% 11% 11% 14% 11% 9% 8% *Guidance midpoint (as of April 30, 2013 assumes ethane rejection) 11
  11. Investor Presentation – QEP Resources, Inc. – slide 11
    Dry Gas Liquids Liquids + fee-based revenues 25% 27% 61% 75% 73% 39% 1Q13 E&P-only 1Q13 Total 1Q13 Total Production Production* Revenues* * E&P + Midstream 12
  12. Investor Presentation – QEP Resources, Inc. – slide 12
    QEP net production (Boepd) Approx. Eastern 25,000 field boundary Fat Cat 20,000 15,000 10,000 5,000 Fort Berthold 0 South Antelope Bakken Formation wells 20 Miles Three Forks Formation wells Operated focus area QEP…
  13. Investor Presentation – QEP Resources, Inc. – slide 13
    5,000 to 12,500-ft laterals 10.8 MM (long lateral) well costs Proved reserves of 55 MMBoe* Probable reserves of 70 MMBoe* 95 Bakken/Three Forks PUD locations* 4-well pad Average EUR of 1,160 MBoe/well for (1 well drilling, 3 wells…
  14. Investor Presentation – QEP Resources, Inc. – slide 14
    Fort Berthold Reservation 5,000 to 12,500-ft laterals 10.8 MM (long lateral) well costs Proved reserves of 45 MMBoe* 10-well Independence pad 152 Bakken/Three Forks PUD locations* (1 well drilling, 4 wells WOC) Eastern edge being…
  15. Investor Presentation – QEP Resources, Inc. – slide 15
    QEP net production (MMcfepd) QEP PDP well 320 280 Other operators (No QEP interest) 240 200 QEP leasehold 160 120 80 40 1 Mile Proved reserves 1.53 Tcfe* 452 PUD locations on a combination of 5 to 10-acre density * Up…
  16. Investor Presentation – QEP Resources, Inc. – slide 16
    70 26 64 61 24 60 22 20 50 18 45 Days, SPUD TO TD 42 16 Wells / Rig-Yr 40 34 14 12 30 27 10 22 20 8 16 14 13 6 11.9 10 4 2 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 ytd Record 2013 8.6 Days 17
  17. Investor Presentation – QEP Resources, Inc. – slide 17
    Geologic Age Formation Proved reserves of 429 Bcfe* UTAH Green River TERTIARY 225 PUD locations on Uinta Wasatch Basin 40-acre density* Mesaverde Vertical wells to average TD of 11,000' Blackhawk CRETACEOUS 2.3 MM average well…
  18. Investor Presentation – QEP Resources, Inc. – slide 18
    Pad 1 (7 wells WOC, 1 drilling) 20-acre bottom hole locations Pad 2 10-acre bottom hole locations 20-acre development pattern 10-acre infill development pattern Drilling WOC 19
  19. Investor Presentation – QEP Resources, Inc. – slide 19
    QEP net production 120 (MMcfepd) Blaine Co. 100 Dewey Co. 80 60 40 Kingfisher Co. 20 1 rig drilling 0 (75% WI) Custer Co. Proved reserves 337 Bcfe* 4 wells 156 PUD locations* TIER II: completed 3,236 additional…
  20. Investor Presentation – QEP Resources, Inc. – slide 20
    C K BL E TT O RC GW JACOBS QEP net production TU 60 BLK E G B&B BLK 1 60 59 58 57 1 2 3 2 (MMcfepd) 4 C&M RR CO 2 5 7 6 8 9 BLK C&M B&B 50 B&B 1 BLK 4 BLK 3 GO MCROHAN 1 BLK E B&B 53 54 B&B…
  21. Investor Presentation – QEP Resources, Inc. – slide 21
    QEP net production HARRISON TX LA CADDO BOSSIER WEBSTER (MMcfepd) BIENVILLE 360 Haynesville / Cotton Valley 300 240 180 PANOLA 120 60 0 DE SOTO RED RIVER RUSK Haynesville / Cotton Valley NATCHITOCHES SHELBY Proved…
  22. Investor Presentation – QEP Resources, Inc. – slide 22
    NW Louisiana CO2 treating / blending capacity: 600 MMcfpd Gathering: 200 miles W. Green River Basin Interstate pipeline connections: 4 Processing capacity: 890 MMcfpd WY Gathering: 916 miles Rendezvous transmission: 21 miles Interstate…
  23. Investor Presentation – QEP Resources, Inc. – slide 23
    Own and operate gathering, Field Services EBITDA treating, and NGL extraction assets (MM/yr) in core QEP producing areas 320 Maximizes margins on QEP 281 production Iron Horse II processing plant in the 204 Uinta Basin, Utah…
  24. Investor Presentation – QEP Resources, Inc. – slide 24
    High-quality assets with a proven execution strategy Acreage in core of high-quality, repeatable resource plays Concentrated, contiguous QEP-operated land positions Track record as low-cost leader Williston Basin acquisition adds…
  25. Investor Presentation – QEP Resources, Inc. – slide 25
    The Resource Growth Company QEP Resources, Inc.
  26. Investor Presentation – QEP Resources, Inc. – slide 26
    Gross Avg. Net NYMEX Avg. Remaining Gross Finding Price Play Working Locations (as EUR Cost 10% BTAX Interest of Dec. 2012) (Bcfe/well) (/Mcfe) ROR** Pinedale 900 60% 4.6 1.06 2.05 Bakken + Three Forks Reservation 450 77% 640*…
  27. Investor Presentation – QEP Resources, Inc. – slide 27
    Ethane Recovery Ethane Rejection Price Units Revenue Units Revenue per unit1 Produced per product2 Produced per product2 Natural Gas (Mcf) 3.75 s 8,527 31,977 w 8,964 34,657 Ethane (gal) 0.25 t 9,032 2,258 x - - Other NGL (gal) 1.43 u…
  28. Investor Presentation – QEP Resources, Inc. – slide 28
    Ethane Recovery Ethane Rejection Price Units Revenue Units Revenue per unit1 Produced per product2 Produced per product2 Natural Gas (Mcf) 3.75 s 8,085 30,684 w 8,483 32,607 Ethane (gal) 0.25 t 8,894 2,224 x - - Other NGL (gal) 1.44 u…
  29. Investor Presentation – QEP Resources, Inc. – slide 29
    Gas, oil and NGL derivatives (as of 4/26/13) (prices before deducts) 4.4 MMBbls Oil 98.33/ Bbl 54.8 Bcf Gas 4.7 MMBbls Oil 4.08 / Mcf 92.99/ Bbl 0.3 MMBbls Oil 107.80/ Bbl 98.7 Bcf Gas 4.74 / Mcf 2013 2014* Gas Swaps…
  30. Investor Presentation – QEP Resources, Inc. – slide 30
    1,500 1,500 MM Revolving Credit 2.00% 1,250 1,000 6.875% 5.25% 750 625.0 650.0 5.375% 300 MM Term Loan 500.0 500 2.82% 176.8 MM 300.0 Senior Notes 6.80% 6.80% 250 6.05% 134.0 136.0 0 2013 2014 2015 2016 2017 2018…
  31. Investor Presentation – QEP Resources, Inc. – slide 31
    Production Type Curve Capital Return Price Sensitivity 7,000 100% 6,000 6.9 Bcfe 5.4 Bcfe 80% 5,000 BTAX ROR MCFEPD 60% 4,000 4.6 Bcfe 3,000 40% 2,000 3.4 Bcfe 20% 1,000 2.3 Bcfe 0 0% 0 20 40 60 80 100 120 3.00…
  32. Investor Presentation – QEP Resources, Inc. – slide 32
    Production Type Curve Capital Return Price Sensitivity 800 40% 740 MBoe Daily Rate (BOEPD) 600 30% BTAX ROR 640 MBoe 400 20% 520 MBoe 200 10% 0 0% 0 20 40 60 80 100 120 75.00 80.00 85.00 90.00 95.00 Months on…
  33. Investor Presentation – QEP Resources, Inc. – slide 33
    Production Type Curve Capital Return Price Sensitivity 2,500 100% 1,035 MBoe 2,000 Daily Rate (BOEPD) 80% 920 MBoe BTAX ROR 1,500 60% 840 MBoe 1,000 40% 500 20% 0 0% 0 20 40 60 80 100 120 65.00 75.00 85.00 95.00…
  34. Investor Presentation – QEP Resources, Inc. – slide 34
    Production Type Curve Capital Return Price Sensitivity 3,000 100% 80% 2,000 BTAX ROR 60% MCFED 40% 1,000 20% 0 0% 0 20 40 60 80 100 120 3.00 3.50 4.00 4.50 5.00 5.50 6.00 Months on Production NYMEX Gas Price…
  35. Investor Presentation – QEP Resources, Inc. – slide 35
    Production Type Curve Capital Return Price Sensitivity 6,000 60% 5,000 50% 4,000 40% 3.7 Bcf & 86 MBo BTAX ROR MCFED 3,000 30% 5.3 Bcf & 26 MBo 2,000 20% 5.5 Bcf 1,000 10% 0 0% 0 20 40 60 80 100 120 3.00 3.50 4.00…
  36. Investor Presentation – QEP Resources, Inc. – slide 36
    Production Type Curve Capital Return Price Sensitivity 10,000 100% 8,000 80% 8 Bcf 7 Bcf BTAX ROR 6,000 60% MCFPD 6 Bcf 5 Bcf 4,000 40% 2,000 20% 0 0% 0 20 40 60 80 100 120 3.00 3.50 4.00 4.50 5.00 5.50 6.00…
  37. Investor Presentation – QEP Resources, Inc. – slide 37
    Red Wash Processing Northern Complex UT CO Utah assets, Red Wash and Iron Horse Stagecoach/Iron Horse Processing Processing Complex Complexes 38
  38. Investor Presentation – QEP Resources, Inc. – slide 38
    Southwest Wyoming assets and Gobblers Knob Blacks Fork Processing Complex Blacks Fork Processing Complex Clear Creek Storage (100% ownership/capacity) Emigrant Vermillion Trail Cryo Processing Plant Plant 39

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