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Black Fork Gas Processing Complex – QEP Resources, Inc.

QEP Resources, Inc. · Sep 15, 2011 · 16 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. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 1
    The Resource Growth Company QEP Resources, Inc.
  2. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 2
    NYSE: QEP 2
  3. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 3
    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…
  4. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 4
    Field Services EBITDA (MM/yr) Own and operate gathering, treating, and NGL extraction assets in core 250 QEP producing areas 204 Maximizes margins on QEP production 170 163 1st half 2011 EBITDA of 148.3 MM 113 Iron Horse…
  5. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 5
    NGL Volumes (Average Annual Bpd) 12,700 9,000 6,629 6,537 6,300 5,746 5,835 4,891 2,000 Total Field Services NGL Actuals Total Field Services NGL Forecast QEP Energy Blacks Fork Complex only NGL Forecast NYSE: QEP 5
  6. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 6
    QEP Energy QEP Energy volumes (46%) Working Interest Fee-Based Volumes Processing Contract 60% Non-QEP royalty 90% of QEP- volumes (14%) Operated Pinedale Blacks Fork II Gross Gas Gas Plant Production 3rd Party Working Interest…
  7. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 7
    Fee-Based: Producer pays processor a fee; producer receives 100% of the recovered NGLs plus 100% of the residue gas (less shrink and fuel) Keep-Whole: Producer receives 100% of the BTU value of natural gas originally delivered to…
  8. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 8
    Frac Spread = Value of the NGLs extracted less the local price of natural gas (/MMBtu) required to make up for the MMBtu extracted If Frac Spreads are positive, the liquids contained in the natural gas are more valuable as NGLs and…
  9. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 9
    Annualized Future 1st Half 2011 2nd Half 2011 Estimate (mid 2013) (Average MMcfpd **) (Average MMcfpd **) (Average MMcfpd) Blacks Fork II cryo 0 315 420 Blacks Fork JT 35 0 0 Interruptible 3rd Party 200 50 0 Processing Capacity *…
  10. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 10
    Annualized Future 1st Half 2011 2nd Half 2011 Estimate (mid 2013) (Average Bpd) (Average Bpd) (Average Bpd) Blacks Fork II cryo 0 15,350 (RSV mode) 16,500 (GSP mode) Blacks Fork JT 275 0 0 Interruptible 3rd Party 0 0 0 Processing…
  11. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 11
    Annualized Future 1st Half 2011 2nd Half 2011 * Estimate (mid 2013) * (EBITDA MM) (EBITDA MM) (EBITDA MM) Blacks Fork II cryo 0 49 120 - 125 Blacks Fork JT 3 0 0 Interruptible 3rd Party 16 5 0 Processing Capacity Blacks Fork I…
  12. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 12
    Average Pinedale Gas Blacks Fork II Plant Component Liquids Recovered Analysis Recovery (Gal per Inlet Mcf - GPM) (Gal per Inlet Mcf) Ethane 1.20 82.0% 0.98 Propane 0.35 99.0% 0.35 i-Butane 0.09 100% 0.09 n-Butane 0.08 100% 0.08…
  13. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 13
    At average 2011 natural gas prices and average Mt. Belvieu 2011 NGL prices: Average inlet gas (MMBtu per Inlet Mcf) = 1.082 Residue gas (MMBtu per Mcf) = 1.011 Weighted average NGL price (/Bbl) = 39.64 % of average NYMEX oil price =…
  14. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 14
    At full capacity of 420 MMcfpd (expected mid-2013) and average expected Blacks Fork II plant recoveries: QEP Resources = (420,000) * 1.65 gpm recovered / (42 gals/Bbl) = 16,500 bbls per day NGL gross = 14,200 net bbls per day NGL…
  15. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 15
    At the beginning of Q3 2011, QEP Energy booked an incremental 31.7 MMBoe (190 Bcfe) of proved reserves for the Pinedale field Reserve addition = 47.2 MMBbls net NGLs Reserve loss = 93 Bcf for shrink and fuel Net reserve addition =…
  16. Black Fork Gas Processing Complex – QEP Resources, Inc. – slide 16
    QEP Energy QEP Energy QEP Energy QEP Energy QEP Field NGL Avg net Oil Avg net Qtr/Yr Services NGL Production Realized NGL Production Realized Oil Sales (Bpd) (Bpd) Price (/Bbl) (Bopd) Price (/Bbl) 1Q 09 2,203 21.65 7,938 37.54…

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