QEP AT A GLANCE Diversified upstream portfolio Proved reserves of 4.1 Tcfe at YE 2013 in multiple US basins Product diversity In 2014, crude oil represented 49% of QEP Energy field-level revenues and 20% of production volumes…
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 February 25, 2014 3
2013 HIGHLIGHTS Focused upstream portfolio High-graded asset portfolio with over 200 million in asset sales Investment focused in core areas Launched IPO of QEP Midstream Partners, LP (MLP IPO) Contributed a subset of gathering…
QEP ENERGY ASSET OVERVIEW QEP Energy 2013 Production Revenues 10% Pinedale ND Anticline 41% WY Williston Basin 49% Uinta Basin CO Natural Gas Oil NGL UT Granite QEP Resources Wash 2013YE Proved Reserves OK Woodford…
QEPM IPO OVERVIEW Transaction Overview Units outstanding (MM) 54.5 Units sold to public (MM) (includes greenshoe) 23.0 Unit price at IPO (Pre-IPO range 19-21) 21 First day of trading August 9th Net cash proceeds to QEPM (MM) 451…
STRONG RESERVE GROWTH ON HIGH QUALITY ASSETS Reserve growth on a 20:1 gas to 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…
LOW COST STRUCTURE 2012 average production cash cost structure versus 60 E&P peers (/Mcfe) (LOE + transportation/gathering/processing + production taxes + G&A + interest + preferred dividends) 10.00 9.00 8.00 7.00 6.00 QEP…
Areas Of Operations E&P
WILLISTON BASIN Fat Cat Eastern edge 116,000 net acres being defined by drilling 8 rigs as of 12/31/2013 all on pad drilling Fort Berthold 6 rigs S. Antelope 2 rigs Ft. Berthold South Antelope 4Q13 avg. net production 27.7…
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…
WILLISTON BASIN FORT BERTHOLD RESERVATION Strong well performance Improvements in capital and operating cost LOE reduced substantially from 2012 Nearly all of oil, gas and water volumes Eastern edge now being transported by…
PERMIAN BASIN Closed acquisition on February 25, 2014 Ramping up to at least 6 rigs by year end 3 vertical Diamondback: UL III 4 1H 3 horizontal Wolfcamp B 264 existing operated vertical PDP wells* No producing horizontal wells…
GREEN RIVER BASIN PINEDALE CURRENT ACTIVITY QEP PDP well Number of rigs (as of 12/31/2013) 4 Other operators (No QEP interest) Well cost (MM) 4.2 QEP leasehold Avg. gross EUR (Bcfe) 4.6 Gross locations remaining* 600 1 Mile *…
UINTA BASIN LOWER MESAVERDE CURRENT ACTIVITY 1 Mile 2013 Multi-well pads 1 & 2 Number of rigs (as of 1 12/31/2013) Avg. well cost (MM) 2.3 Avg. gross EUR (Bcfe) 2.0 Avg. liquids content 2.45 (gallons per Mcf) 1 Gross…
Areas Of Operations Midstream
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…
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…
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…
MIDSTREAM VERMILLION BASIN QEP contributed gathering and compression assets in SW Wyoming, NE Utah and NW Colorado to QEPM Throughput capacity of 206 MMcf/d Transports gathered gas to processing facilities owned by QEP and third…
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…
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…
Appendix
DEBT MATURITY SCHEDULE 1,500 1,500 MM Revolving Credit 2.25% 1,250 1,000 6.875% 5.25% 750 625.0 650.0 5.375% 300 MM Term 500.0 500 Loan* 3.07% 300.0 6.80% 6.80% 250 176.8 MM 134.0 136.0 Senior Notes 6.05% 0 2013…
2014 GUIDANCE 2014 Guidance (as of 02/25/2014) Low High QEP Energy Oil production (MMBbl) 14.0 15.0 QEP Energy NGL production (MMBbl) 4.0 4.5 QEP Energy natural gas production (Bcf) 175 190 QEP Energy total equivalent production…
COMMODITY DERIVATIVES QEP Energy - Gas, oil and NGL derivatives (as of 2/20/2014) (prices before deducts) 10.5 MMBbls Oil 90.92/ Bbl - WTI 2.9 MMBbls Oil 85.7 Bcf Gas 25.5 Bcf Gas 87.09/ Bbl - WTI 4.08/ Mcf 4.14 / Mcf 2014…
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