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Howard Weil Energy Conference – QEP Resources, Inc.

QEP Resources, Inc. · Mar 28, 2012 · 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. Howard Weil Energy Conference – QEP Resources, Inc. – slide 1
    The Resource Growth Company QEP Resources, Inc.
  2. Howard Weil Energy Conference – QEP Resources, Inc. – slide 2
    LTM PRO-FORMA * QEP Energy EBITDA 1.39 B (Exploration & Production) 3.6 Tcfe proved reserves 18% 4-yr production CAGR QEP Field Services (Gathering and NGL extraction) 76% 1.37 Bcfpd processing 2,000 miles of gathering lines…
  3. Howard Weil Energy Conference – QEP Resources, Inc. – slide 3
    45% Production growth per debt-adjusted diluted share (2007 11 CAGR) 18% 18% 16% 15% 14% 12% 11% 11% 11% 10% 8% 6% 6% 3% 3% 1% 1% -2% -6% -17% PXP WLL SWN XCO FST SM PXD XEC DVN EOG NBL EQT…
  4. Howard Weil Energy Conference – QEP Resources, Inc. – slide 4
    2011YE 2009 Reserves* Reserves* Powder 3,614 2,747 Bcfe Bcfe Pinedale River Basin Anticline Rockies: 2,312 Bcfe Bakken/TFS Uinta Basin Midcontinent: 1,302 Bcfe Northern Region Marmaton, 4Q 2011 2009 Production…
  5. Howard Weil Energy Conference – QEP Resources, Inc. – slide 5
    WILLISTON BASIN Bakken PINEDALE Probable (Bcfe): 195 Probable (Bcfe) 1,492 Possible (Bcfe): 526 Possible (Bcfe): 105 Resource Potential (Bcfe): 34 Resource Potential (Bcfe): 766 POWDER RIVER/DJ GREATER GREEN BASINS RIVER BASIN…
  6. Howard Weil Energy Conference – QEP Resources, Inc. – slide 6
    Proved Reserves Net Production (Bcfe) (Bcfe/yr) 307.5 275 3,614 229 3,031 2,747 190 171 2,218 140 1,868 2012 Guidance: 305 310 Bcfe 7
  7. Howard Weil Energy Conference – QEP Resources, Inc. – slide 7
    % Liquids of Total Net % Liquids of Total Proved Production 21% Reserves 24% 14% 13% 12% 11% 11% 14% 11% 9% 8% 2012 Guidance: mid-point range 8
  8. Howard Weil Energy Conference – QEP Resources, Inc. – slide 8
    EBITDA 2012 guidance as of 2/22/12: (MM/yr) EBITDA 1.35 B to 1.45 B 1,387 1,400 * 305 to 310 Bcfe production 1,311 Capital investment 1.30 B to 1.45 B 1,165 1,141 Approximately 65% of 2012 estimated gas production covered by…
  9. Howard Weil Energy Conference – QEP Resources, Inc. – slide 9
    Dry Gas Liquids Liquids + fee-based revenues 14% 20% 24% 43% 86% 80% 76% 57% YE 11 Proved Total E&P-only Total Total Reserves Production* Production** Revenues** * Full-yr 2011 ** Full-yr 2011, E&P + Midstream 10
  10. Howard Weil Energy Conference – QEP Resources, Inc. – slide 10
    1.44 B 1.45 B * Field Services Bakken/PRB 7% 12% Uinta MSV/GR Oil 17% 2% 26% Pinedale 20% 9% GW/Tonk/Marm/Cana 25% 23% Haynesville 19% 29% 11% 2011 Capital 2012 Capital Budget * Top end of guidance range of 1.30 - 1.45…
  11. Howard Weil Energy Conference – QEP Resources, Inc. – slide 11
    25.0% Avg Return on Capital Employed 2007-2011 (Cashflow from Operations / Gross PP&E) 20.0% QEP 15.0% Peer Average 10.0% 5.0% 0.0% (20%) (10%) 0% 10% 20% 30% 40% 50% Production Growth per Debt-Adjusted Diluted…
  12. Howard Weil Energy Conference – QEP Resources, Inc. – slide 12
    2011 average production cash cost (/Mcfe) structure 5.00 versus 46 E&P peers (LOE + transportation/gathering/processing + production taxes + G&A + interest + preferred dividends) 4.00 QEP Resources 2.06/Mcfe 3.00 2.00 1.00…
  13. Howard Weil Energy Conference – QEP Resources, Inc. – slide 13
    Geologic Age Formation Proved reserves of 203.8 Bcfe* UTAH Green River 136 PUD locations on 40-acre Uinta Basin TERTIARY Wasatch spacing* Mesaverde Vertical wells to average TD of 11,000' Blackhawk CRETACEOUS 2.1 MM average…
  14. Howard Weil Energy Conference – QEP Resources, Inc. – slide 14
    The stacked oil & liquids-rich zones in the Powder River Sussex Basin have the potential for 95 264 MMBoe net to QEP on 320 to 160-acre spacing We are early in the evaluation stage Shannon Several key Sussex & Shannon tests are…
  15. Howard Weil Energy Conference – QEP Resources, Inc. – slide 15
    QEP net production Fort Berthold Detail Map 6,000 (Boepd) Fat Cat Parshall/Sanish Fields 4,000 1 SI, 2 producing IPs: 750-3,000 Bopd 2,000 0 Fort Berthold 5,000 to 12,500-ft laterals 9.4 to 9.7 MM (long lateral) well costs…
  16. Howard Weil Energy Conference – QEP Resources, Inc. – slide 16
    QEP net production (MMcfepd) QEP PDP well 280 240 Other operators (No QEP interest) 200 160 QEP leasehold 120 80 40 1 Mile Proved reserves 1.53 Tcfe* 526 PUD locations on a combination of 5,10, and 20-acre density * Up…
  17. Howard Weil Energy Conference – QEP Resources, Inc. – slide 17
    Average days spud to TD 64 61 45 42 35 28 23 17 13.8 Record 10.6 days 18
  18. Howard Weil Energy Conference – QEP Resources, Inc. – slide 18
    QEP net production 60 (MMcfepd) 50 40 30 20 10 0 Proved reserves 303 Bcfe* 86 PUD locations* TIER II: 3,360 additional potential locations 44,731 net acres (including 1,978 in Tier 1) 20% average working interest in Tier I…
  19. Howard Weil Energy Conference – QEP Resources, Inc. – slide 19
    QEP net production 360 (MMcfepd) 300 240 180 120 60 0 CV/Hosston Haynesville Proved reserves 685 Bcf* 98 PUD locations* 1,200 additional potential locations on 80-acre density 9.1 MM average well cost Average EUR 6 to 8…
  20. Howard Weil Energy Conference – QEP Resources, Inc. – slide 20
    Avg. Net NYMEX Gross Avg. Gross Finding Price Play Remaining Working EUR Cost 10% BTAX Locations Interest (Bcfe/well) (/Mcfe) ROR** Pinedale 1,100 60% 4.6 1.06 2.05 Bakken + 420 80% 550* 21.86 65.50 Three Forks Uinta Red Wash…
  21. Howard Weil Energy Conference – QEP Resources, Inc. – slide 21
    Inventory Life at 2012 Activity Levels (Yrs) 80 75 Gross Unrisked Remaining Locations 60 4,000 3,200 3,360 40 3,000 22 21 20 11 14 8 2,000 0 1,100 1,200 1,000 715 420 0 QEP Energy Net Capex (MM) 8,000 6,720 6,000 5,578…
  22. Howard Weil Energy Conference – QEP Resources, Inc. – slide 22
    WY NW Louisiana CO2 treating / blending: 600 MMcfpd Gathering: 179 miles W. Green River Basin UT Interstate pipeline connections: 4 Processing: 840 MMcfpd CO Gathering: 886 miles Rendezvous transmission: 21 miles Interstate pipeline…
  23. Howard Weil Energy Conference – QEP Resources, Inc. – slide 23
    Field Services EBITDA (MM/yr) 320 Own and operate gathering, treating, and NGL extraction assets in core QEP producing areas Maximizes margins on QEP production 204 170 163 Iron Horse II processing plant in the Uinta Basin,…
  24. Howard Weil Energy Conference – QEP Resources, Inc. – slide 24
    NGL Volumes (Average Bpd) 12,700 9,251 6,629 6,537 6,300 5,746 5,835 4,891 3,013 Total Field Services NGL Actuals Total Field Services NGL Forecast QEP Energy Blacks Fork Complex only NGL Forecast 25
  25. Howard Weil Energy Conference – QEP Resources, Inc. – slide 25
    Visible organic production and reserve growth potential of 12 to 15+% per year from existing assets Acreage in core of high-quality, repeatable resource plays Concentrated, contiguous QEP-operated land positions Track record as…
  26. Howard Weil Energy Conference – QEP Resources, Inc. – slide 26
    The Resource Growth Company QEP Resources, Inc.
  27. Howard Weil Energy Conference – QEP Resources, Inc. – slide 27
    28
  28. Howard Weil Energy Conference – QEP Resources, Inc. – slide 28
    Gas, oil and NGL derivatives as of 2/15/12 (prices before deducts) 1.8 MMbls Oil 97.03 / Bbl 1.3 MMBbls Oil 0.2 MMBls Oil 85.00 115.75 / Bbl 105.80 / Bbl 0.9 MMBbls NGLs 42.63 / Bbl 93 Bcf Gas 160 Bcf Gas 5.13 / Mcf 4.90 /…
  29. Howard Weil Energy Conference – QEP Resources, Inc. – slide 29
    1,600 1,500 Revolver 1,400 Maturity Amount % of Total Coupon Duration (yrs) Available Revolver Capacity 9/1/2016 176,843,000 11.2% 6.050% 4.51 Drawn Revolver 4/1/2018 138,648,000 8.8% 6.800% 6.09 Long Term Notes 3/1/2020 137,968,000…
  30. Howard Weil Energy Conference – QEP Resources, Inc. – slide 30
    1.11 B 1.48 B 1.44 B 1.45 B 12% 33% 68% 84% 88% 67% 32% 16% 2009 Capital 2010 Capital 2011 Capital 2012 Capital Budget Liquids Driven + Fee Based Projects Low-Cost Gas Projects 31
  31. Howard Weil Energy Conference – QEP Resources, Inc. – slide 31
    Net Probable and Possible Reserves (Bcfe) 2,688 2,262 1,597 1,481 723 721 116 32
  32. Howard Weil Energy Conference – QEP Resources, Inc. – slide 32
    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…
  33. Howard Weil Energy Conference – QEP Resources, Inc. – slide 33
    Production Type Curve Capital Return Price Sensitivity 800 60% 50% 650 MBo 600 BTAX ROR 40% BOEPD 550 MBo 400 30% 450 MBo 20% 200 10% 0 0% 0 20 40 60 80 100 120 75.00 80.00 85.00 90.00 95.00 Months on Production…
  34. Howard Weil Energy Conference – QEP Resources, Inc. – slide 34
    Production Type Curve Capital Return Price Sensitivity 3,000 100% 80% BTAX ROR 2,000 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. Howard Weil Energy Conference – QEP Resources, Inc. – slide 35
    Production Type Curve Capital Return Price Sensitivity 6,000 60% 5,000 50% BTAX ROR 4,000 40% 3.7 Bcf & 86 MBo 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. Howard Weil Energy Conference – 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. Howard Weil Energy Conference – QEP Resources, Inc. – slide 37
    QEP Field Services Gobblers Knob Southwest Wyoming assets and Blacks Fork Processing Complex Blacks Fork Processing Complex Clear Creek Storage (100% ownership/capacity) Emigrant Trail Cryo Clay Basin Plant (QEP…
  38. Howard Weil Energy Conference – QEP Resources, Inc. – slide 38
    FACT SHEET CORPORATE DATA ANALYST CONTACTS Ticker symbol and stock exchange: QEP NYSE Richard J. Doleshek Executive Vice President, Spin-off from Questar Corporation: Distribution date June 30, 2010 to shareholders of record Chief…

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